# EDGAR Filing Document

**Accession Number:** 0002026053
**File Stem:** 0001140361-25-030618
**Filing Date:** 2025-8
**Character Count:** 1339866
**Document Hash:** ab48dd0234c226e4b9a4a1217da6db50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-030618.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001140361-25-030618

**CONFORMED SUBMISSION TYPE**: DRS/A

**PUBLIC DOCUMENT COUNT**: 21

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PERSHING SQUARE HOLDCO, L.P.
- **CENTRAL INDEX KEY:** 0002026053
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 992840341
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** DRS/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 377-07658
- **FILM NUMBER:** 251208120

**BUSINESS ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-813-3700

**MAIL ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

#### **TABLE OF CONTENTS**

#### As confidentially submitted to the Securities and Exchange Commission on August 12, 2025.

#### Registration No. 333-

### UNITED STATES <br>

### SECURITIES AND EXCHANGE COMMISSION <br>

#### Washington, D.C. 20549

### Amendment No. 2<br>

### to<br>

### FORM S-1 <br>

#### REGISTRATION STATEMENT <br>

#### UNDER <br>

#### THE SECURITIES ACT OF 1933

## Pershing Square Holdco, L.P. <br>

#### to be converted as described herein to a corporation named

## Pershing Square Inc. <br>

#### (Exact Name of Registrant as Specified in its Charter)

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| | | |
|:---|:---|:---|
| **Nevada** | **6282** | **99-2840341** |
| (State or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial <br>Classification Code Number) | (I.R.S. Employer<br>Identification No.) |

---

#### 787 Eleventh Avenue <br>

#### 9th Floor <br>

#### New York, New York 10019 <br>

#### Telephone: (212) 813-3700 <br>

#### (Address, including zip code and telephone number, including area code, of Registrant's principal executive offices)

#### Halit Coussin <br>

#### Pershing Square Inc. <br>

#### 787 Eleventh Avenue <br>

#### 9<sup>th</sup> Floor <br>

#### New York, New York 10019 <br>

#### Telephone: (212) 813-3700 <br>

#### (Name, address, including zip code and telephone number, including area code, of agent for service)

#### Copies to:

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| | | |
|:---|:---|:---|
| **Joshua Ford Bonnie**<br>**William R. Golden III**<br>**Katharine L. Thompson**<br>**Simpson Thacher & Bartlett LLP**<br>**900 G Street, N.W.**<br>**Washington, D.C. 20001**<br>**Telephone: (202) 636-5500** | **Scott D. Miller**<br>**William G. Farrar**<br>**Ken Li**<br>**Sullivan & Cromwell LLP**<br>**125 Broad Street**<br>**New York, NY 10004**<br>(212) 558-4000 | **Kevin T. Hardy**<br>**Skadden, Arps, Slate, Meagher & Flom LLP**<br>**320 S Canal Street**<br>**Chicago, Illinois 60606**<br>**Michael J. Schwartz**<br>**Skadden, Arps, Slate, Meagher & Flom LLP**<br>**One Manhattan West**<br>**New York, New York 10001** |

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Approximate date of commencement of the proposed sale of the securities to the public: **As soon as practicable after the Registration Statement is declared effective.**

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, check the following box. ☐

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐  |
| Non-accelerated filer | ☒ | Smaller reporting company | ☐  |
|  |  | Emerging growth company | ☒ |

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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.** 

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#### **TABLE OF CONTENTS**

#### EXPLANATORY NOTE
Pershing Square Holdco, L.P., the registrant whose name appears on the cover of this registration statement on Form S-1 (this "Registration Statement"), is a Delaware limited partnership. Prior to the effectiveness of each of this Registration Statement and the PSUS Registration Statement (as defined below), Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc. This conversion is referred to throughout the prospectus included in this Registration Statement as the "Corporate Conversion." Except as disclosed in the prospectus included in this Registration Statement, the historical consolidated financial statements and summary historical consolidated financial information and other financial information included in this Registration Statement are those of Pershing Square Holdco, L.P. or its predecessor Pershing Square Capital Management, L.P., as described in the section captioned "Financial Statement Presentation" in the prospectus included in this Registration Statement, and do not give effect to the Corporate Conversion. Shares of the common stock of Pershing Square Inc. are being offered by the prospectus included in this Registration Statement.

This initial public offering of common stock of Pershing Square Inc. ("this offering"), together with the initial public offering (the "PSUS IPO") of common shares of beneficial interest (the "PSUS Shares" and each, a "PSUS Share") of Pershing Square USA, Ltd. ("PSUS"), a Delaware statutory trust, as contemplated by the registration statement on Form N-2 (File Nos. 333- and 811-23932) (the "PSUS Registration Statement"), are component parts of a single offering, which we refer to as the "combined offering." PSUS is a non-diversified, closed-end investment company that is registered under the Investment Company Act of 1940, as amended. Our wholly owned subsidiary, Pershing Square Capital Management, L.P., serves as the investment manager of PSUS. The PSUS Shares are being offered at a public offering price of $50.00 per share. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, between and shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in the PSUS IPO in connection with the exercise of their option to purchase additional PSUS Shares, as described in the prospectus of PSUS. Each investor in the PSUS IPO will be delivered the prospectus of PSUS and the prospectus of Pershing Square Inc.

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#### **TABLE OF CONTENTS**

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.SUBJECT TO COMPLETION** 

<br> #### PRELIMINARY PROSPECTUS, DATED AUGUST 12, 2025
![](logo_pershingsquareinc.jpg)<br>

### Pershing Square Inc.

### Common Stock

### (par value $0.001)
This prospectus is being provided to you along with the separate prospectus ("PSUS Prospectus") of Pershing Square USA, Ltd. ("PSUS") related to the proposed distribution (together with related transactions, the "PSUS IPO") of common shares of beneficial interest of PSUS (the "PSUS Shares" and each, a "PSUS Share") at a public offering price of $50.00 per share. This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." PSUS is a non-diversified, closed-end investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Our wholly owned subsidiary, Pershing Square Capital Management, L.P., serves as the investment manager of PSUS.

We are issuing our shares in this offering only to the initial investors in the PSUS IPO. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, between and shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares, as described in the accompanying PSUS Prospectus. The combined offering will not result in any proceeds to us.

Prior to the combined offering, there has been no public market for our common stock. We intend to list our shares of common stock on the New York Stock Exchange (the "NYSE") under the trading symbol "PS" concurrently with the listing on the NYSE of the PSUS Shares in connection with the PSUS IPO. Shares of our common stock and the PSUS Shares will each trade separately on the NYSE, and investors may freely sell each security separately.

Upon completion of the combined offering, certain members of our senior management will initially own, directly or indirectly, % of the outstanding shares of our common stock (or % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus). PS Holdco GP Managing Member, LLC ("ManagementCo"), an entity managed by these members of our senior management, will have voting power over a portion of these shares, and as a result, will initially have voting power over % of our outstanding common stock (or % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares). As a result, upon completion of the combined offering, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. See "Summary—Implications of Being a Controlled Company."

In addition, we have implemented a special voting arrangement that would have no impact for so long as members of our senior management continue to own a majority of our common stock, but, in the event this were no longer the case, would protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Investment Advisers Act of 1940, as amended, or a "change of control" under the indentures governing the senior notes of Pershing Square Holdings, Ltd. More specifically, ManagementCo will hold a Special Voting Share (as defined herein) that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of our common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo.

We are an "emerging growth company" as defined under the federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements. See "Summary—Implications of Being an Emerging Growth Company."

#### In reviewing this prospectus, you should carefully consider the matters described in the section titled "Risk Factors" beginning on page 28 of this prospectus.
Neither the Securities and Exchange Commission (the "SEC'') nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0  | &nbsp;&nbsp;$0 |
| Underwriting discounts and commissions<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| Proceeds, before expenses, to Pershing Square Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |

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(1)<br> The shares of our common stock in this offering are being issued only to the initial investors in the PSUS IPO for no additional consideration.

(2) The underwriters for this offering and the offering of PSUS Shares in the PSUS IPO will be the same. The underwriters will receive no discounts or commissions in connection with this offering. In connection with the PSUS IPO, the underwriters will receive a commission and be reimbursed for certain out-of-pocket expenses and certain underwriters will also receive structuring fees. Please see the section titled "Underwriting" in the accompanying PSUS Prospectus and in this prospectus for a description of arrangements with the underwriters. 

The underwriters expect to deliver the shares of our common stock to the initial investors in the PSUS IPO in New York, New York on or about , .

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| | | | | |
|:---|:---|:---|:---|:---|
| **Citigroup** | **UBS Investment** <br>**Bank** | **BofA** <br>**Securities** | **Jefferies** | **Wells Fargo** <br>**Securities** |

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The date of this prospectus is ,

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#### **TABLE OF CONTENTS**
**Table of Contents**

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| | |
|:---|:---|
| [Summary](#tSUM) | &nbsp;&nbsp;[1](#tSUM) |
| [Risk Factors](#tRF) | [28](#tRF) |
| [Forward-Looking Statements](#tFLS) | [57](#tFLS) |
| [Market and Industry Data](#tMAR) | [57](#tMAR) |
| [Trademarks, Service Marks and Trade Names](#tTRA) | [57](#tTRA) |
| &nbsp;&nbsp;[Use of Proceeds](#tUSE) | [58](#tUSE) |
| [Dividend Policy](#tDIV) | [59](#tDIV) |
| [Capitalization](#tCAP) | [60](#tCAP) |
| [Unaudited Pro Forma Consolidated Financial Information](#tUPF) | [61](#tUPF) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDA) | [68](#tMDA) |
| [Business](#tBUS) | [89](#tBUS) |

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| | |
|:---|:---|
| [Management](#tMAN) | [120](#tMAN) |
| [Executive Compensation](#tEC) | [126](#tEC) |
| [Director Compensation](#tDC) | [134](#tDC) |
| [Certain Relationships and Related Person Transactions](#tCER) | [135](#tCER) |
| &nbsp;&nbsp;[Principal Stockholders](#tPS) | [139](#tPS) |
| &nbsp;&nbsp;[Description of Capital Stock](#tDES) | [141](#tDES) |
| &nbsp;&nbsp;[Shares Eligible for Future Sale](#tSE) | [153](#tSE) |
| [Underwriting](#tUNW) | [155](#tUNW) |
| &nbsp;&nbsp;[Legal Matters](#tLM) | [166](#tLM) |
| [Experts](#tEX) | [166](#tEX) |
| [Where You Can Find More Information](#tWYC) | [166](#tWYC) |
| &nbsp;&nbsp;[Index to Financial Statements](#tFS) | [F-1](#tFS) |

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Neither we nor the underwriters have authorized anyone to provide any information other than that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters are offering shares of our common stock only in jurisdictions where offers are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any delivery of shares of our common stock. Our business, financial condition, results of operations, and prospects may have changed since that date.

Through and including , (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter.

For investors outside the United States: Neither we nor the underwriters have done anything that would permit our initial public offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.

#### Financial Statement Presentation
Except as disclosed in the prospectus, the historical consolidated financial statements and summary historical consolidated financial information and other financial information included in this registration statement are those of Pershing Square Holdco, L.P. or its predecessor, Pershing Square Capital Management, L.P. ("PSCM LP"), and do not give effect to the Corporate Conversion and the other transactions described in "Summary—Reorganization Transactions." See "Summary—Reorganization Transactions" and "Unaudited Pro Forma Consolidated Financial Information" for more information.

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#### **TABLE OF CONTENTS**

#### Certain Definitions
As used in this prospectus, "Pershing Square," the "Company," "our company," "we," "us" and "our" refer (i) prior to the consummation on May 31, 2024 of the transaction pursuant to which a consortium of strategic investors (the "Strategic Investors") acquired minority interests in our business (the "Strategic Investment"), to PSCM LP, a Delaware limited partnership, and its consolidated subsidiaries, (ii) after the Strategic Investment but prior to the consummation of the Corporate Conversion, described under "Summary—Reorganization Transactions," to Pershing Square Holdco, L.P. and its consolidated subsidiaries and (iii) following the Corporate Conversion and the combined offering, to Pershing Square Inc. and its consolidated subsidiaries, including PSCM LP. In addition, unless otherwise noted or the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;• "core funds" or "funds" refers collectively to PSLP, PSINTL, PSH and, following the combined offering, PSUS;

&nbsp;&nbsp;&nbsp;&nbsp;• "Howard Hughes Transaction" or "HHH Transaction" refers collectively to the transactions contemplated by the Share Purchase Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P., and related agreements, including (i) the HHH Services Agreement pursuant to which HHH will pay PSCM LP certain fees in consideration of the investment advisory and other services we provide to HHH, (ii) the Shareholder Agreement, dated May 5, 2025, by and between HHH, Pershing Square Holdco, L.P. and PSCM LP, (iii) the Standstill Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P. and (iv) the Registration Rights Agreement, dated May 5, 2025, by and between the HHH, Pershing Square Holdco, L.P., Pershing Square, L.P., Pershing Square Holdings, Ltd. and Pershing Square International, Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;• "Founder" refers to William A. Ackman, our Founder and Chief Executive Officer and Chairman of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;• "HHH" refers to Howard Hughes Holdings Inc., a Delaware corporation (NYSE: HHH);

&nbsp;&nbsp;&nbsp;&nbsp;• "HHH Services Agreement" refers to the Services Agreement, dated May 5, 2025, by and between HHH and PSCM LP, attached hereto as Exhibit 10.18;

&nbsp;&nbsp;&nbsp;&nbsp;• "ManagementCo" refers to PS Holdco GP Managing Member, LLC, an entity managed by members of our senior management;

&nbsp;&nbsp;&nbsp;&nbsp;• "Net Asset Value" or "NAV," means, with respect to PSH, net assets, calculated as total assets less total liabilities, in accordance with International Financial Reporting Standards ("IFRS"). Net Asset Value or NAV, with respect to PSLP and PSINTL, means the net assets of each such fund, calculated as total assets less total liabilities (including any accrued performance fee or incentive allocation) and, with respect to PSUS, means its net assets, calculated as securities, cash and other assets (including interest accrued but not collected) less all liabilities (including accrued expenses, the liquidation preference of any outstanding preferred shares and dividends payable), in each case, in accordance with U.S. Generally Accepted Accounting Principles ("GAAP");

&nbsp;&nbsp;&nbsp;&nbsp;• our "other investment vehicles" refers to PSVII, for periods prior to its liquidation on December 31, 2024, and other co-investment vehicles which we may sponsor from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;• "permanent capital" means capital that is not subject to withdrawal or redemption at the election of the fund investor or stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• our "pre-IPO owners" refers to the stockholders of Pershing Square Inc. immediately following the Corporate Conversion but prior to the combined offering;

&nbsp;&nbsp;&nbsp;&nbsp;• our "private funds" refers to PSINTL and PSLP;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSH" refers to Pershing Square Holdings, Ltd., a Guernsey limited liability company, which commenced investing on December 31, 2012 and has its shares admitted to trading on the London Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSINTL" refers to Pershing Square International, Ltd., a Cayman Islands exempted company, which commenced investing in January 2005;

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• "PSLP" refers to Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership, which commenced investing in January 2004;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSUS" refers to Pershing Square USA, Ltd., a Delaware statutory trust, which has filed the registration statement on Form N-2 (File Nos. 333-   and 811-23932) with the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSUS Prospectus" refers to the prospectus filed by PSUS related to the proposed distribution of its common shares of beneficial interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• "PSVII" refers to PS VII Master, L.P. and its affiliated funds.

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#### Questions And Answers About This Offering
*The following questions and answers briefly address some questions you may have about this offering. They do not include all the information that may be important to you. We encourage you to read carefully this entire prospectus.* 

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|:---|:---|
| ***Q:***<br>| ***Will I be able to participate in this offering if I do not participate in the PSUS IPO?*** |

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| A:<br>| No. This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." We are issuing our shares in this offering only to the initial investors in the PSUS IPO. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, between and shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO. If you elect to purchase PSUS Shares in the PSUS IPO, you are not required to take any action in order to participate in and receive shares of our common stock in this offering.  |

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|:---|:---|
| ***Q:***<br>| ***Will Pershing Square Inc. receive any proceeds from the combined offering?*** |

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|:---|:---|
| A:<br>| No. We are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration, and we will not receive any proceeds from the PSUS IPO. Accordingly, the combined offering will not result in any proceeds to us. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS. |

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| ***Q:***<br>| ***What are the reasons for this offering?*** |

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|:---|:---|
| A:<br>| The purpose of this offering is to give investors in PSUS an interest in Pershing Square Inc. at no additional cost in recognition of the importance of the PSUS IPO to our long-term success and to provide an additional incentive for prospective investors to purchase PSUS Shares in the PSUS IPO. Although the combined offering will not result in any proceeds to us, we expect to benefit from a successful PSUS IPO, which we anticipate will result in a material expansion of our fee-paying permanent capital AUM and revenue. |

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In addition, the combined offering will result in Pershing Square Inc. becoming publicly traded, which we believe will enhance our access to capital for our growth initiatives and our ability to attract and retain investment professionals and other employees.

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| ***Q:***<br>| ***When will shares of common stock in Pershing Square Inc. begin trading on the NYSE?*** |

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|:---|:---|
| A:<br>| We intend to list our shares of common stock on the NYSE under the trading symbol "PS" concurrently with the listing on the NYSE of the PSUS Shares in connection with the PSUS IPO. We anticipate that separate trading on the NYSE of each security will begin on the first trading day following the pricing of the PSUS IPO. Investors who purchase PSUS Shares in the PSUS IPO and receive shares of our common stock in the combined offering may freely sell each security separately on the NYSE once trading begins. See "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock—*No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.*"  |

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#### **TABLE OF CONTENTS**

#### SUMMARY
*This summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in shares of our common stock. You should read this entire prospectus carefully, including the section titled "Risk Factors" and the financial statements and the related notes thereto included elsewhere in this prospectus before you decide to invest in shares of our common stock.* 

#### Who We Are
We are an alternative asset management company that manages pools of permanent capital invested in long-term investment strategies that focus on generating high rates of return. Our growth is principally driven by the long-term compounding of our assets under management and the opportunistic launch of new permanent capital vehicles that enable us to pursue new investment verticals or to pursue our core investment strategies in new jurisdictions.

***Durable Permanent Capital Base. Nearly all of our assets under management consist of permanent capital—assets that are not subject to withdrawal or redemption at the election of the fund investor or shareholder. The permanency of our capital is due to durable contractual arrangements. Our growth is largely organic, driven by the long-term compound annual returns of our permanent capital vehicles and the retention and reinvestment of our assets, rather than by continual fundraising and the launch of an ever-increasing number of new products and strategies. In contrast to other private equity alternative asset managers who must raise increasingly larger funds in order to replace liquidated funds and to grow their Fee-Paying AUM (as defined below), our Fee-Paying AUM growth is largely driven by our long-term investment returns. Even if one were to ignore the potential additions to our growth from the future launch of new investment vehicles, we believe that our existing permanent capital funds and vehicles, which will include PSUS following the combined offering, will enable us to achieve high, long-term, compound rates of growth in Fee-Paying AUM, revenues and profits driven by our long-term investment returns and asset retention. Our strategy of organic growth via the compounding and retention of our assets is less sensitive to the market for raising capital and does not require the organizational complexity and expense of a large fundraising operation. While new fund launches can lead to step-change 'overnight' increases in our Fee-Paying AUM, we believe that they are not required for us to generate highly attractive long-term returns for shareholders.***

***Simple, Lean, High-Margin Business Model. We pursue a unified investment strategy across our investment vehicles that leverages the core competencies of a limited number of investment professionals, resulting in a highly scalable and profitable operating model. We believe our systems, investment team, and other organizational resources are capable of managing an asset base many multiples larger than our current AUM.***

***Predictable and Recurring Fee-Related Earnings. We benefit from predictable and recurring revenues primarily consisting of management fees, which, in the case of our core funds, are typically 1.5% of net asset value per annum paid quarterly, and a senior claim on performance fees, which are paid annually as long as our funds have generated a positive return above a previous year's high-water mark. Unlike private equity fund managers whose incentive fees are earned only when the manager generates realized gains in excess of an annual preferred return (typically 8%), our performance fees are paid annually as long as the mark-to-market value of a fund's holdings at year-end increases above its high-water mark, whether these gains are realized or unrealized, and without the requirement for a fund to achieve a preferred return.***

Unlike other publicly traded alternative asset managers that receive a pro rata share of the performance fees paid by their funds with the balance paid to compensate employees, Pershing Square Inc. retains a preferred interest in performance fees—the annual performance fees from each fund earned on the first five percentage points of return net of the management fee, which we refer to as "Preferred Performance Fees"—and pays the balance of performance fees, which we refer to as the "Subordinated Performance Fees," to VariableCo, an entity that compensates employees. Pershing Square Inc. retains a senior claim on the Preferred Performance Fees, a claim which accrues to a subsequent year or years in the event it is not fully paid in any one year. This arrangement increases the certainty and predictability to Pershing Square Inc. of performance-related revenue because as long as the Pershing Square funds can achieve a 5% annual compound return net of their management fees over the long-term, the Preferred Performance Fees will be fully paid.

***Long-Tenured and Highly Aligned Investment Team. We believe we have been able to attract and retain some of the best industry talent in the investment management business. We believe the attractive economics of***

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our business with one of the highest amounts of invested capital per employee in the industry, our unique permanent capital base, and our family-oriented collaborative culture make us a highly desirable place to work. We believe that our approach to employee compensation, together with the significant levels of employee investment in our funds, creates a high degree of alignment between our team and our investors.

***Governance and C-Corporation Structure. We have designed the governance arrangements of Pershing Square Inc. to foster alignment between our management and our public investors. Despite the fact that the substantial majority of our stock is held by our management, our board is comprised of a majority of independent directors, our board committees are comprised of independent directors, and we have committed to operate with best-in-class governance principles that are not required for controlled companies. Furthermore, both our management and public shareholders will own common stock of our publicly traded corporation in contrast to the two-tiered, "UP-C" ownership structures frequently employed by other publicly-traded alternative investment managers, in which differences in the ownership interests held by management and public investors and complicated tax receivable agreements can create misaligned incentives.***

***Brand and Reputation. Since our founding more than 21 years ago, we have established a strong track record of outperforming the market and have built substantial reputational equity due to our history of constructive engagements with portfolio company leadership teams and retail and institutional shareholders. We believe we have also earned a reputation for doing the right thing for our fund investors even if such actions come at a cost to us and are not contractually required. We believe our brand and reputation have enabled us to launch new funds and investment vehicles and raise capital to pursue new opportunities.***

We believe this combined offering, which coincides with two milestone transactions that we believe are transformational for our business, represents an attractive entry point for new owners of Pershing Square. Upon completion of the combined offering, PSUS will be our first permanent capital vehicle marketed to U.S. investors and represents a material expansion of our permanent capital AUM.

On May 5, 2025, we completed the Howard Hughes Transaction in which we acquired a 15% economic interest in Howard Hughes Holdings Inc. ("HHH"), which we expect will further drive our long-term growth. We intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. HHH has announced that it intends to acquire or create an insurance company, the investment assets of which will be managed by us. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business.

\* \* \*

Pershing Square is a leading alternative asset manager with approximately $29.6 billion in total assets under management ("AUM") and approximately $20.1 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 95% is permanent capital, in each case as of June 30, 2025. For the year ended December 31, 2024 and for the six months ended June 30, 2025, we generated total revenue of approximately $455.5 million and $ million, respectively, and GAAP net loss attributable to Pershing Square Holdco, L.P. of approximately $14.2 million and $ million, respectively. We believe our business has an attractive earnings and cash flow profile. Our net loss for 2024 included a number of non-cash and cash expenses that are one-time in nature, which include: (i) $111 million of non-cash compensation expense to increase the Permanent Profits-Interests (as defined bleow) of two partners, including our former president, (ii) $85 million of partner compensation that will be treated as equity distributions, and not as an expense under GAAP, following the combined offering, (iii) $69 million related to a fee rebate arrangement for fund investments by our affiliates, which is described in more detail in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Expenses—Affiliates Fee Rebate," that will not continue following the combined offering, and (iv) $25.9 million of general and administrative expenses related to the potential offering of PSUS Shares and the Strategic Investment.

We view the stability of our capital base as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth generally relies principally on fundraising to maintain and grow fee-paying assets.

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We believe our permanent capital AUM also enables superior, long-term investment returns and produces a financial profile for our business characterized by steady, predictable and recurring management fees because our results are less sensitive to the market for raising capital. Our financial profile further benefits from performance fees, earned and paid annually, contingent only on fund mark-to-market appreciation above an annual high-water mark, rather than episodic and unpredictable realization events and the need to generate realized returns in excess of preferred returns or a hurdle rate.

Permanent capital has been and is expected to continue to be a highly attractive talent attraction and retention tool, enabling us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital is also an excellent recruitment tool when our portfolio companies seek to hire experienced CEOs who greatly prefer the stability and backing afforded by a major long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or the necessity to exit due to their finite-lived funds.

Our investment strategy has proven to be highly scalable and profitable because fewer professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Over the last 21 years, we have built the systems and organizational talent capable of managing an asset base many times larger than our current AUM.

We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital AUM at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. From time to time, we may choose to complement our organic growth by selectively launching new permanent capital funds and other vehicles that leverage our brand and core competencies to create large 'overnight' (after the completion of a new offering or negotiated transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. The HHH Transaction and the combined offering are good examples of this growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 33 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 14 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to the $5.6 billion (as of June 30, 2025) invested by our employees and their affiliates in our funds and HHH, our approach to performance compensation, and our employee ownership of our company. We are headquartered in New York City and had 40 employees as of June 30, 2025.

In our core investment strategy, we seek to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. We seek investments in companies with simple, predictable, free-cash-flow generative businesses, strong financial profiles, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors we cannot control. We look for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value.

On May 5, 2025, we completed the Howard Hughes Transaction, in which we acquired a 15% economic interest in HHH. We provide HHH with investment advisory, corporate development, transaction execution and capital markets advisory services to support HHH's new diversified holding company strategy. In consideration of our services, HHH pays us the HHH Base Fee and the HHH Variable Fee (each as defined below). See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

We complement our investment strategy by opportunistically utilizing hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. We typically structure our hedges using asymmetric instruments, such as options and credit default swaps, which offer the opportunity for large gains if potential risks occur without exposing our funds to significant costs or meaningful losses if such risks do not occur. Historically, we have reinvested the profits from these asymmetric hedges in existing portfolio positions and new investments during periods of market disruption when valuations are generally low. Our asymmetric hedging strategy has proven to be a substantial contributor to our investment strategy's long-term performance.

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The graph below illustrates the cumulative net returns that an investor who invested in our first core fund, PSLP, at its inception on January 1, 2004 and transferred its capital account to our first core permanent capital fund, PSH, at its launch on December 31, 2012 would have received as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Cumulative Net Returns vs. S&P 500 <br>

#### Since Inception Through June 30, 2025
![](ny20040230x5_linechart0x7.jpg)<br>

(1) Represents the cumulative net returns assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012, after performance fees, management fees and other expenses incurred by each fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the hypothetical returns of an investor assuming these dates of investment in such funds. **Actual performance returns of each investor in PSLP and/or PSH during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. For example, if an investor had invested in PSLP at a later date and/or had not converted from PSLP to PSH on December 31, 2012, its respective returns might have been lower.** Illustrates the past performance of PSLP and PSH, and past returns are not indicative of future performance. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSLP, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.

(2) Represents the multiple of invested capital assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012 equal to the Net Asset Value, after performance fees, management fees and other expenses incurred by each fund, divided by cumulative invested capital.

(3) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than 

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our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance.

(4) Represents the cumulative net returns from investing in the S&P 500 with dividend reinvestment. Illustrates the hypothetical returns of an investor assuming these dates of investment in the S&P 500. Actual performance returns of each investor in the S&P 500 during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. If an investor had invested in the S&P 500 at a later date, for example, its respective returns might have been lower.

(5) Represents the multiple of invested capital from investing in the S&P 500 with dividend reinvestment equal to total fair value divided by cumulative invested capital.

(6) The three bear markets of the last 21 years were the global financial crisis in 2008; the COVID-19 pandemic in 2020; and the recent elevated interest rate environment in 2022. Our asymmetric hedging strategy has contributed to our substantial outperformance versus the S&P 500 during these bear markets.

As depicted in the chart above, the history of our firm may be thought of as comprising three distinct phases. In the first 12 years, our approach evolved from an initial period of transactional activism, in which we executed on value-creation opportunities by catalyzing corporate events, to a form of more "quiet" long-term corporate engagement as we established a reputation for helping portfolio companies create value. We went through a challenging period of underperformance from August 2015 to December 2017, after which we made a number of strategic changes, including ending active fundraising for our two open-ended private funds, Pershing Square, L.P. ("PSLP") and Pershing Square International, Ltd. ("PSINTL").

In January 2018, we began our "permanent capital era" by focusing on growing our permanent capital base through generating and compounding long-term returns and renewing our commitment to our core investment principles. On May 31, 2024, we sold a 10% interest in our business for $1.05 billion to a consortium of strategic investors (the "Strategic Investors"), which included institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment"). In connection with the Strategic Investment, we completed an internal reorganization of our ownership structure pursuant to which PS Holdco became the parent company of PSCM LP. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

We currently manage three primary investment funds, which we refer to as our existing core funds. Our fund investors include retail investors, high net worth individuals, family offices, funds of funds, and institutional investors. Our largest vehicle, Pershing Square Holdings, Ltd. ("PSH"), is a FTSE 100 listed, closed-end investment company publicly traded on the London Stock Exchange. With approximately $15.1 billion in Fee-Paying AUM, PSH accounts for approximately 75% of our total Fee-Paying AUM as of June 30, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.6 billion and $505 million in AUM, respectively, and $730 million and $310 million in Fee-Paying AUM, respectively, in each case as of June 30, 2025. We no longer market our private funds to investors, but we keep the private funds open for employees and long-term investors of Pershing Square. Our core funds each have a similar investment program and generally invest in the same assets in the same proportions, subject to regulatory, tax, liquidity and other considerations.

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#### Overview of Our Existing Core Funds, HHH and PSUS<br>

#### As of June 30, 2025 (except in the case of PSUS)
![](ny20040230x5_table01x8.jpg)<br>

\* In the case of AUM, represents the assumed offering size in the PSUS IPO, including amounts invested by us and in the case of Fee Paying AUM, represents the assumed offering size in the PSUS IPO, excluding amounts invested by us.

Following the combined offering, our core funds will include PSUS, which we expect to be our flagship NYSE-listed permanent capital vehicle, which will also pursue our core investment strategy and will represent a material expansion of our permanent capital AUM. As a registered and regulated investment company, PSUS will be subject to certain restrictions pursuant to the 1940 Act and the Code, including investment, leverage and derivative restrictions and diversification requirements. We do not anticipate that compliance with these restrictions will materially impede the ability of PSUS to pursue our core investment strategy. See "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy—*The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets."*

Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on Net Asset Value, which are paid on a quarterly basis and (ii) other than with respect to PSUS, we receive annual performance fees based on NAV appreciation above a high-water mark. Generally, we pay our investment professionals and other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees and certain other offsetting fees, above the applicable high-water mark from certain core funds. To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for additional information. We believe this Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements employed by other alternative asset managers, while enabling us to allocate substantial performance fees to compensate, attract and retain investment professionals and other employees.

Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of (i) a quarterly base fee of $3,750,000 (the "HHH Base Fee") and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the agreement (the "HHH Variable Fee" and

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together with the HHH Base Fee, the "HHH Fees"), in each case, subject to annual adjustments for inflation based on the Personal Consumption Expenditures Price Index, Excluding Food and Energy, as reported by the Bureau of Economic Analysis (the "Core PCE Price Index"). See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

Since our founding in 2003, we have also raised capital through seven single-name, co-investment special purpose vehicles ("SPVs") to increase economic exposure to certain investments. For example, in September 2021, we raised approximately $1.1 billion through PS VII Master, L.P. and its affiliated funds (collectively, "PSVII") for our funds' investment in Universal Music Group.

#### Our Core Investment Strategy
Our core investment strategy involves acquiring large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their business. At any given time, we intend for our core funds to own a concentrated portfolio of such positions with the expectation of holding each position for the long term. We historically have not concentrated such positions in any one or group of industries.

This investment approach enhances our ability to operate efficiently as fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Our long-term investment horizon also increases our influence at our portfolio companies, which we believe helps to drive our investment performance. We constructively engage with management teams and boards of directors of our portfolio companies with a goal of accelerating growth, increasing efficiency, improving capital allocation, managing through challenges, and/or better positioning companies which have underperformed or have unrecognized sources of value generation. As part of our corporate engagement, our investment professionals have from time to time served on the boards of our portfolio companies. Historically, we have shown that we can achieve meaningful influence over companies in which we invest and assist them in creating long-term value, with ownership stakes that we have acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For example, since initiating our investment in Chipotle Mexican Grill, Inc. in 2016, we were able to add new directors to the board, help identify and retain new senior leadership, and help implement key strategic initiatives to drive a turnaround of the company.

Our collaborative investment process is an important competitive advantage of our firm. Our idea generation process yields more opportunities than we utilize, which allows us to allocate capital to only what we believe to be our best ideas. Investments are originated through a wide range of sources, including our proprietary library in which we continuously track, update and review hundreds of investments that we have considered over time. Our investment professionals have a working knowledge of a large number of companies and are the primary sources of our investment ideas. Each investment idea typically goes through an initial due diligence process conducted by a two-member investment team, at least one of whom typically has relevant industry expertise. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and does financial analysis to determine our initial view of a company's business quality and intrinsic value.

Once sufficient work is completed and we determine that an investment idea meets a threshold of potential viability as an investment, Mr. Ackman, our Portfolio Manager, and/or Ryan Israel, our Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed in meetings with the investment team. We typically begin to acquire positions in approved ideas immediately upon investment team approval. Because compensation for our investment professionals is based on overall fund performance rather than the performance of any specific investment, our investment professionals are incentivized to deliver long-term, overall fund performance.

We complement our core investment strategy by opportunistically utilizing asymmetric hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. In order to generate asymmetric investment ideas, our investment professionals continuously analyze macroeconomic, political, and other global developments, which has the additional benefit of providing insights into

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macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research also yields variant macroeconomic insights, making our asymmetric hedging strategy highly synergistic with the research-intensive approach of our core investment strategy.

We believe our core investment strategy and commitment to always doing the right thing for our investors have been responsible, in significant part, for the successful growth of our business; however, our strategy and approach to doing business comes with certain risks.

While we believe the concentrated portfolios of our core funds create operational efficiencies, they necessarily involve more exposure for our funds to the performance of each investment, with the attendant risk that a material loss in any one investment position could have a material adverse impact on the NAV of our funds and, in turn, adversely impact our results.

While our core investment strategy of acquiring non-controlling stakes generally enables us to avoid paying a control premium and gives us substantial influence over our portfolio companies, we face the risk that a portfolio company may make business, financial or management decisions contrary to our expectations or with which we do not agree, or otherwise act in a manner that does not serve our interests. In the event a portfolio company were to resist or act against our influence, we may be forced to reconsider the investment value proposition, including whether to take a more engaged role in effectuating corporate change or exit the investment. For a discussion of other risks associated with our core investment strategy, see "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy."

We have historically taken steps to benefit our investors that in the short term can impact the fees we collect. For example, in an effort to address the persistent discount at which PSH trades to NAV, in February 2024, we expanded the fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, including the management fees that we will receive from PSUS upon completion of the combined offering, in order to increase demand for PSH shares by making it a more attractive fund for investors. The goal of the revised fee offset arrangement is to eventually eliminate the incentive fees PSH pays by increasing the fee income from growing other existing and new funds under management. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for doing the right thing for our investors, even if not required by the governing fund contracts, has been and will continue to be a long-term driver of Pershing Square Inc.'s long-term intrinsic value.

#### HHH's Diversified Holding Company Strategy
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. As a first step, HHH has announced that it intends to acquire or create an insurance company, the investment assets of which will be managed by us. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business. Assets of the HHH insurance company will likely include minority positions in the common stock of public companies and will be managed by us similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We will support HHH's new diversified holding company strategy by providing HHH with investment advisory and other services that leverage our existing core competencies. For example, we believe the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies and institutional investors throughout our history, will allow us to help HHH successfully pursue privately negotiated control investments. In addition, we believe the variant insights from our asymmetric hedging strategy, which has proven to be a substantial contributor to our long-term investment performance, will allow us to help protect HHH against macroeconomic risks and capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH. We do not anticipate that the Howard Hughes Transaction will disrupt the operation of our core funds or require us to materially increase our fixed cost base.

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There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company, with a potential future insurance subsidiary, will be a new and complex process for us, and there can be no assurance that the anticipated benefits of the transaction will be fully realized. For a discussion of risks associated with the Howard Hughes Transaction, see "Risk Factors."

#### Our History and Evolution

Over time, our approach began to evolve toward deeper long-term active operating engagements. For instance, in 2010, Mr. Ackman joined the board of directors of General Growth Properties, Inc. ("GGP") and led a financial restructuring with the perspective and influence of a major common stockholder, which included the identification and recruitment of new management for the company. In 2012, we won a proxy fight for control of the board of directors of Canadian Pacific Railway (now known as Canadian Pacific Kansas City), replaced the substantial majority of the incumbent board with our nominees, and then proceeded to recruit a leading industry veteran to lead a turnaround of the company. In 2016, our affiliates joined the board of Chipotle Mexican Grill, Inc. in the midst of a food safety crisis and assisted the company in recruiting a new CEO and senior leadership team who executed a successful turnaround. We believe that these and other such corporate engagements and our record of recruiting experienced senior leadership have allowed us to steadily establish a reputation and credibility as a preferred partner to portfolio companies and their shareholders, especially during challenging periods in these businesses.

Prior to 2014, we primarily raised capital through private funds with periodic redemption rights. One historical impediment to our strategy of long-term corporate engagements was the open-ended nature of our capital base where the liquidity needs of our shorter-term fund investors was inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam, with the largest European IPO that year with an offering size of $2.9 billion, to become our first publicly traded permanent capital fund, with $6.2 billion in AUM at the completion of the offering (PSH subsequently listed on the London Stock Exchange in May 2017 and recently delisted from Euronext Amsterdam in January 2025). At that time, as of October 1, 2014, 34% of our assets under management for our funds and other investment vehicles was in the form of permanent capital.

We made an investment in 2015 that led to a period of poor investment performance, during which our investment strategy's annual returns substantially underperformed that of the S&P 500. The loss on this one investment had a disproportionate effect on our overall fund performance because market participants sold and/or shorted our portfolio company holdings and attempted to cause a short squeeze by buying stock in the one company we were short because they believed, correctly as it turned out, that the occurrence of a large publicly visible loss on one high-profile investment would trigger investor redemptions and require us to liquidate positions in our two open-ended funds, PSLP and PSINTL, which comprised two-thirds of our assets under management at that time.

In 2017, we reflected on the root causes of our underperformance and formulated a turnaround strategy, which we believe has been largely responsible for our funds' track record of substantial outperformance since that time. Our turnaround strategy consisted of four pillars: (1) exiting the problematic investments, which included exiting activist short selling as an investment strategy (though short selling had never been a material component of our investment strategy); (2) restructuring Pershing Square into a smaller investment-centric organization; (3) stabilizing our capital base; and (4) reinforcing the implementation of our core investment principles.

Early in 2018, we announced that we would no longer seek to raise capital for our two open-ended funds. This decision to focus on PSH and permanent capital was largely driven by our experience in our challenging period. Through compounded returns, net of dividends and stock buybacks of 28% of shares outstanding, PSH has grown organically to reach $15.1 billion in Fee-Paying AUM as of June 30, 2025. Including the Fee-Paying

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AUM of HHH, permanent capital represents 95% of our Fee-Paying AUM as of June 30, 2025. Permanent capital will represent an even greater portion of our Fee-Paying AUM following the completion of the PSUS IPO.

At the time we launched PSH, we believed the ability to earn a performance fee was critical to our ability to attract and retain talent. We chose a listing venue outside of the United States for PSH where applicable regulatory requirements would not preclude us from earning a performance fee. Organizing PSH as a non-U.S. fund listed outside of the United States has presented certain challenges. We believe that certain tax attributes of PSH make it an unattractive investment for many taxable U.S. investors. Furthermore, applicable regulatory restrictions both limit the ability of many U.S. investors to own PSH and inhibit our ability to market PSH to U.S. investors. We believe that these factors have caused PSH to trade at a discount to its NAV.

The establishment of PSUS represents the next evolution of our strategy. As our flagship NYSE-listed permanent capital vehicle which charges only a management fee, and without the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH, we believe that PSUS will not experience the challenges inherent to PSH and other offshore closed-end investment companies.

Our shift to a permanent capital strategy has enabled us to deemphasize marketing and fundraising efforts, allowing our investment professionals to dedicate substantially all of their business time and attention to the identification, monitoring and oversight of our portfolio companies. Our permanent capital base has enabled us to invest with a long-term ownership horizon, as we are no longer beholden to short-term investor capital flows, like we experienced during our challenging period. Our last activist investment was initiated in 2016, and our investment approach is now characterized by constructive and productive corporate engagements. By exiting short selling as an investment strategy, our funds are also no longer exposed to the risk of a short squeeze.

We believe the benefits from our investment strategy's evolution are significant, as our current approach focused on long-term constructive engagement and investment in high-quality large-capitalization companies is highly scalable, allowing us to continue to generate high returns and compound our assets and reputational equity over the long-term.

#### Our Market Opportunity
As alternative asset management remains a broadly attractive and growing industry, we believe our differentiated business model positions us to capitalize on favorable market trends:

#### Greater Equity Market and Single-Name Stock Price Volatility
In recent years, there has been significant equity market and single-name stock price volatility, even for large publicly traded companies. We believe this volatility is due to several factors. Index funds have increasingly become larger and effectively permanent owners of a growing percentage of the market capitalization of public companies. This large index ownership has increased the impact that short-term, highly leveraged investors who rapidly buy and sell securities can have on price discovery as such investors now comprise a growing percentage of the daily trading of companies. Because these shorter-term investors generally have a low tolerance for mark-to-market losses, this creates large amounts of stock price volatility for even the largest companies that disappoint or surprise investors. Unexpected macroeconomic data and unanticipated geopolitical events have also contributed to market volatility. We believe such volatility is beneficial to concentrated fundamental value investors that manage permanent capital as it can create attractive buying opportunities coupled with a high degree of share price liquidity.

#### Democratization of Alternative Investments
Individual investors are expected to be the fastest growing segment among investors allocating to alternative assets and are projected to increase their alternatives allocations from $4 trillion to $13 trillion over the 10-year period from 2022 to 2032. High minimum initial investment commitment requirements and limited liquidity have historically been and in some cases remain barriers for individual investors to invest in alternative investments. We believe we are well positioned to benefit from the democratization of alternative investments as PSUS will not have any minimum investment requirements, and retail investors, following the PSUS IPO, will be able to purchase PSUS Shares directly on the NYSE.

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#### Retail Investor Growth in Public Equity Market Participation
Direct ownership of stocks increased from 15% to 21% of U.S. families between 2019 to 2022, the largest change on record, according to the U.S. Federal Reserve. PSUS, which we expect will be our flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors.

#### Our Competitive Strengths

#### Track Record of Outperformance
We have a strong track record of low-correlated outperformance and resilience driven by investment discipline, constructive engagement with our portfolio companies, and profits from our unique asymmetric hedging strategy. Our core investment strategy has exhibited relatively low market correlation to the broader equity market (i.e., average returns of the investment strategy, net of fees, have been higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased). Our permanent capital strategy has generally proven to be defensive in down markets, outperforming the S&P 500 during the global financial crisis, the COVID-19 pandemic, and the recent elevated interest rate environment, as illustrated in the graph above titled "Pershing Square Cumulative Net Returns vs. S&P 500." We have underperformed the S&P 500 in certain years, for example, during our challenging period from 2015 to 2017 and in 2024 when our performance lagged the overall performance of the S&P 500. Our long-term goal is to substantially outperform market indexes; however, we do not expect to be able to outperform the stock market each year.

The chart below presents the annualized net returns an investor who invested in PSH would have experienced from January 1, 2018, the beginning of our current permanent capital era, through June 30, 2025, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Permanent Capital Era Annualized Net Returns vs. S&P 500<br>

#### From January 1, 2018 Through June 30, 2025
![](ny20040230x5_barchart01x5.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

(1) Represents the annualized net returns from investing in PSH, after performance fees, management fees and other expenses incurred by the fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the past performance of PSH, and past returns are not indicative of future performance. If the annualized net returns from investing in PSLP and PSINTL from January 1, 2018 through June 30, 2025, after performance fees, management fees and other expenses incurred by such funds, were also included, the annualized net returns of our core funds, on a weighted-average aggregate basis, would have been 23.1%, representing 930 bps of outperformance per annum versus the S&P 500. The lower net returns of our core funds, on such aggregate basis, versus of PSH are primarily attributed to the higher percentage payable as performance fees by PSLP and PSINTL, as compared to PSH, and the fact that PSLP and PSINTL do not employ leverage in the form of low-cost, long-term debt in pursuing our core investment strategy, unlike PSH. **This performance information is presented in connection with** 

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**the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective. Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.**

(2) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

#### Permanent Capital with a Capital-Light, High-Growth Business Model
We believe that we are the only publicly traded alternative asset manager with permanent capital comprising nearly all of our AUM, with a small percentage of our Fee-Paying AUM comprised of investors who have invested with us for many years, typically a decade or more. We define "permanent capital" as capital that is not subject to withdrawal or redemption at the election of the fund investor or stockholder. In contrast to the non-traded "perpetual" capital vehicles sponsored by other alternative asset managers, PSH does not have any redemption provisions or mandatory share repurchase requirements that are at the election of the fund investor or stockholder and has comparatively low distributions as a percentage of NAV. Similarly, any return of capital by HHH, a NYSE-listed operating company, whether in the form of dividends or share repurchases, would be made only in the discretion of its board of directors and not at the election of its stockholders, and HHH intends to retain all of its capital for long-term investment. As of June 30, 2025, 95% of our Fee-Paying AUM is permanent capital. Permanent capital will represent an even greater portion of our AUM following the completion of the PSUS IPO and the continued growth of HHH.

#### Composition of Fee-Paying AUM <br>

#### As of June 30, 2025
![](ny20040230x5_piechart01x2.jpg)<br>

We view the stability of our capital base as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth relies principally on fundraising to maintain and grow AUM. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile that is characterized by steady, predictable and recurring fees. Because we do not require the headcount and other substantial costs required of a large fundraising operation, we can achieve greater operating leverage as our AUM can grow without the need to grow our organization.

Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing us to hire and retain top analysts for our investment team and other high-quality

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employees throughout our company. Permanent capital is also an excellent recruitment tool when our portfolio companies seek to hire experienced senior executives who greatly prefer the stability and backing afforded by a major long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment term limits due to fund life considerations.

Our permanent capital base is managed through durable contractual arrangements. Our investment management agreement with PSH can only be terminated with the approval of 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH. Because our Founder and certain other of our employees, together with their affiliates, directly or indirectly hold % of the outstanding public shares of PSH at , 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of % of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain other of our employees and their affiliates at any time after the fifth anniversary of the combined offering and on or prior to the tenth anniversary of the combined offering.

Similarly, the HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except in limited prescribed circumstances such as fraud, misrepresentation or embezzlement by PSCM LP and with the approval of two-thirds of the disinterested members of its board of directors or in the event of a sale of the company which must be approved by a majority vote of the board of directors and a subsequent vote of a majority of shareholders present at a shareholder meeting. We note that Pershing Square Inc. and our core funds own 47% of the outstanding shares of HHH. HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. Under the HHH Standstill Agreement, we, and our affiliates, are limited to an ownership cap of 47% and a voting cap of 40% of the outstanding shares of HHH common stock. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" for additional information.

#### Recurring Fee-Related Earnings Stream
We generate substantially all of our revenue from management fees and performance fees. We retain the management fees earned from our funds, reduced by certain offsetting fees. We pay our investment professionals and other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are performance fees earned on the first five percentage points of fund returns, net of management fees and certain other offsetting fees, above the applicable high-water mark for certain of our core funds. To the extent realized performance fees from a fund are insufficient to pay us some or all of the Preferred Performance Fee in any year, the unpaid portion accrues to subsequent periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of this arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the five-year period ending December 31, 2024.

We have structured the Preferred Performance Fees as a senior claim on our funds' performance fees to increase the stability and certainty of these future cash flows. Because our Preferred Performance Fees are paid from the first dollars of realized performance fees, which are contingent on the mark-to-market appreciation in the NAV of our funds above an applicable high-water mark, the amount of the Preferred Performance Fees that is paid in any year can vary depending upon the performance of our funds. In other words, if a fund does not generate a 5% return, net of the management fee, the amount of Preferred Performance Fees from that fund will be lower than if the fund generated a return in excess of 5% net of the management fee. The applicable high-water mark used to calculate the Preferred Performance Fees also can vary from year to year depending on changes in the Net Asset Value and the amount of fee-paying capital in a fund. Because the Preferred Performance Fees are paid from the first dollars of fund profit and are accrued in the event there are insufficient fund returns in any one year, as long as each fund that pays performance fees generates a 5% annual return, net of the management fee, over the long-term, the Preferred Performance Fees will be fully paid.

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We believe that our Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable over the long-term when compared with conventional performance fee arrangements for two reasons: (1) our performance fees are paid annually subject only to our funds generating a return in excess of their high-water mark, and (2) our performance fees are determined based on mark-to-market returns including realized and unrealized gains. The structure of our Preferred Performance Fee arrangement makes for more consistent and stable cash flows compared to the performance fees of other alternative investment managers whose private equity funds generally require the sale of an asset at a price which generates cash returns in excess of a preferred return or hurdle rate. As a result of our Preferred Performance Fee arrangement, we believe that effectively all of our revenues from management fees and Preferred Performance Fees can be considered to be stable and recurring fee-related earnings.

#### Core Investment Strategy Creates a High-Margin Business with a Largely Fixed Cost Base
Our core funds each have a similar investment program, which is to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. Our core funds generally invest in the same assets in the same proportions, subject to regulatory, tax, liquidity and other applicable considerations. We view our core investment strategy as an important competitive advantage as we allocate capital only to our best ideas. Our core investment strategy also has proven to benefit from economies of scale, as, in general, the greater our percentage ownership of a company, the greater our influence at that company, influence which has helped us drive portfolio company and fund performance as well as organic growth in our AUM.

Our core investment strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. We have nine investment professionals managing $29.6 billion in AUM as of June 30, 2025, and believe that we can significantly increase our AUM without materially increasing our headcount, infrastructure or other assets. The result is a high-margin operating model with a primarily fixed cost base (which excludes incentive compensation-related expense which is paid to employees out of realized performance fees only after first allocating to the Company the accrued Preferred Performance Fee).

Our business is also minimally capital intensive, apart from investments we make alongside other investors when we have launched new funds or completed corporate transactions. In light of our largely fixed cost base, highly scalable investment strategy, and minimal capital intensity, we benefit from substantial operating leverage as we grow our AUM.

#### History of Innovation
From time to time throughout our history, we have complemented our organic growth in AUM by launching new funds or completing innovative transactions that leverage our core competencies to create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. We have been at the forefront of two pronounced recent shifts in the asset management industry: the democratization of alternative investments and the surge in retail investor participation in public equity markets. For example, in 2014, we converted PSH into a closed-end investment company and listed its shares on Euronext Amsterdam (and later listed PSH on the London Stock Exchange in May 2017). As a result of PSH's public listing on the London Stock Exchange, PSH became our first publicly traded permanent capital fund with AUM of $6.2 billion as of October 2014.

In July 2020, our core funds sponsored the largest special purpose acquisition company ("SPAC") in history, Pershing Square Tontine Holdings, Ltd. ("PSTH"), which raised $4 billion in its initial public offering, before it was ultimately liquidated and all capital raised was returned to investors in 2022 due to PSTH's inability to close a transaction with Universal Music Group ("UMG") because necessary regulatory approvals were unable to be obtained in a timely fashion. We fulfilled our obligation to acquire 10% of UMG by acquiring the stake directly in our core funds along with a co-investment vehicle we raised for that purpose.

We created a new form of acquisition company, Pershing Square SPARC Holdings, Ltd. ("SPARC"), a special purpose acquisition rights company, which we believe to be a more efficient and improved successor to the traditional SPAC, thereby providing investors in PSTH a free option to invest in our next acquisition

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company transaction. Our registration statement for SPARC became effective on September 29, 2023. We have been seeking to identify potential business combination opportunities for SPARC. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with PSCM LP as an anchor, committed capital sponsor.

The launch of PSUS, which we expect will be our first flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors. Subject to the applicable requirements of the 1940 Act and the Code, as discussed elsewhere, PSUS is designed to be a near-mirror image of PSH, but without performance fee compensation and the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH.

The Howard Hughes Transaction has enabled us to create a permanent capital vehicle in a corporate form that we intend to use to acquire controlling interests in public and private companies in addition to an insurance company whose assets we will manage.

#### PSUS IPO Drives a Substantial Percentage Increase in Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to growth in our predictable and recurring management fee revenue and fee-related earnings. PSUS will pursue our core investment strategy enabling it to leverage our existing investment acumen and infrastructure. We believe the launch and management of PSUS will not require an increase in our fixed cost base, making the additional revenue from PSUS a highly material contribution to our earnings and cash flows. See "Unaudited Pro Forma Consolidated Financial Information" and the accompanying PSUS Prospectus for additional information on PSUS.

#### Howard Hughes Transaction Drives Long-Term Value Creation
We believe the Howard Hughes Transaction will allow us to build a fast-growing, high-returning diversified holding company that acquires control positions in companies meeting our criteria for business quality and durable growth in addition to continuing to grow HHH's master planned communities real estate business. Our first initiative for HHH is to acquire or create an insurance company, the investment assets of which will be managed by us. The risk assets of HHH's insurance subsidiary will be managed by us similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We view the Howard Hughes Transaction as highly synergistic to our core investment strategy and competencies. We intend to leverage the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies, to assist HHH in pursuing privately negotiated control investments. We also intend to leverage our variant insights from our asymmetric hedging strategy to help protect HHH from macroeconomic risks and capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed cost base, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM LP and incentive-based management fees, highly accretive to our earnings and cash flows.

#### Highly Collaborative Culture and Reputation as a Preferred Partner to Portfolio Companies
We believe our firm's culture is fundamental to our success. Our company combines investment excellence with a flat organizational structure. Each member of our investment team plays a meaningful role in the construction and management of our portfolio. Our collaborative partnership culture, permanent capital base, the highly attractive economics of our business and our approach to employee compensation have resulted in limited employee turnover over time.

Our collaborative culture is also demonstrated in our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish a reputation and credibility as a preferred partner. We believe our reputation has been an important driver of our outperformance since inception, allowing us to garner substantial influence and drive long-term value creation in our portfolio companies without paying a control premium.

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#### Alignment of Interests
We believe we have successfully built a business model that aligns our interests with our portfolio companies, investors in our funds, and the stockholders of Pershing Square Inc. Our employees and their affiliates' capital invested in our funds and HHH totaled $5.6 billion as of June 30, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV and HHH's market capitalization, which is substantially higher, both as a percentage and absolute dollar investment, than the typical amount of sponsor investments of other alternative asset manager teams. We also intend to invest $ million in the PSUS IPO alongside other stockholders and an additional $ million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. Our employees will own the substantial majority of Pershing Square Inc. shares after this IPO.

Our employee compensation is tied to aggregate fund performance rather than the performance of any one or more portfolio companies or investments of our funds. Our Preferred Performance Fee arrangement increases our alignment with our investors as the substantial majority of our investment professionals' compensation comes from realized performance fees remaining after payment by PSCM LP of the Preferred Performance Fee to us. To further align our employees with our long-term investment horizon, in connection with the combined offering, our employees will become participants in the Management Incentive Plan and their interests in our Company will be subject to a 10-year, back-end-weighted vesting schedule. For additional information, see "—Reorganization Transactions" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Management Incentive Plan" below.

To minimize circumstances that may lead to or give the appearance of conflicts of interest with our fund investors, we maintain policies that restrict the type of investments our employees can make in their personal accounts and require regular disclosure to us of their personal securities holdings and transactions.

#### Our Growth Strategy
We intend to drive long-term shareholder value by pursuing a growth strategy of compounding our permanent capital at high rates of return and by launching new permanent capital funds and executing corporate transactions that will enable us to grow our permanent capital assets.

#### Generate High Rates of Long-Term Returns To Drive Organic Growth in Fee-Paying AUM
Generating high rates of long-term returns is key to our strategy and has been fundamental to our ability to scale our business over time. Since our founding, a long-term investment in our funds has generated substantially superior returns for investors versus an investment in the S&P 500, our benchmark index. Our strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity, and because our long-term, large ownership stakes increase our influence at our portfolio companies, which we believe helps to drive our investment performance.

We view our selective asymmetric hedging strategy as highly synergistic to our core investment strategy and a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance. Accordingly, we believe that our core investment strategy complemented by our asymmetric hedging strategy will allow us to continue to compound our permanent capital at high rates of return, creating continued organic growth in our AUM. Because of our high-margin, minimally capital intensive operating model, our growth in Fee-Paying AUM from investment returns and new permanent capital initiatives should drive substantial increases in our revenues, our earnings, and our cash flow, which will be available for future investment opportunities and for dividends or share repurchases.

#### Selective Launches of New Permanent Capital Funds Can Drive Large Percentage Increases in Fee-Paying Assets
We will continue to evaluate opportunities to selectively launch new permanent capital funds that leverage our core competencies and create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. In light of our relatively small current Fee-Paying AUM compared with other publicly traded alternative asset managers, new permanent capital fund

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launches can drive large percentage increases in Fee-Paying AUM, operating profits and cash flow. The combined offering and the HHH Transaction are emblematic of this approach to growth. In the event we identify additional compelling opportunities for selective expansion, we believe we are well positioned to capitalize on such opportunities.

#### Reorganization Transactions

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM LP completed an internal reorganization of its ownership structure (the "Holdco Reorganization") pursuant to which Pershing Square Holdco, L.P., a Delaware limited partnership formed for purposes of the Holdco Reorganization, became the indirect, sole owner of PSCM LP. As a result of the Holdco Reorganization, our employees and other owners who previously held interests directly in PSCM LP now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group"), which prior to the combined offering owns approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such employees and other owners also hold interests in PS VariableCo, LLC, a Delaware limited liability company ("VariableCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (the "VCA"), with Pershing Square Holdco, L.P. and PSCM LP. For further discussion of the VCA and its contemplated termination and replacement in connection with the combined offering, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest."

The diagram below depicts our current organizational structure prior to the Corporate Conversion and the combined offering.

![](ny20040230x5_diagram01b.jpg)<br>

(1)<br> Following the Holdco Reorganization, our current and former employees of PSCM LP, including our Founder, as well as former members of our advisory board (collectively, the "Partners") own interests in Pershing Square Partner Group, LLC ("PS Partner Group").

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(2)<br> Following the Holdco Reorganization, PS Holdco GP Managing Member, LLC ("ManagementCo") is the managing member of PS Partner Group. As managing member of PS Partner Group, ManagementCo has no economic interests in PS Partner Group but sole voting control over PS Partner Group.

(3) ManagementCo is directly or indirectly owned by certain members of our senior management comprising our Founder, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin. Our Founder owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% of such voting interests each).

(4) Following the Holdco Reorganization but prior to the Corporate Conversion, Pershing Square Holdco GP, LLC ("Holdco GP") is the general partner of Pershing Square Holdco, L.P. As general partner of Pershing Square Holdco, L.P., Holdco GP has no economic interests in Pershing Square Holdco, L.P. but has the power to manage the business and affairs of Pershing Square Holdco, L.P. Holdco GP, in turn, is managed by a board of directors. ManagementCo, as sole member of Holdco GP, controls the election of the members of such board of directors.

(5) Following the Holdco Reorganization, our Partners own interests in VariableCo. As described in "Business—Advisory Fees and Compensation—Allocation of Performance Fee Revenue," generally we pay our investment professionals and other employees our realized performance fees remaining after payment by PSCM LP of the Preferred Performance Fee to us. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest."

(6)<br> Represents a contractual entitlement under the VCA. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement."

(7) Following the Holdco Reorganization but prior to the Corporate Conversion, our Founder owns % of VariableCo and % of PS Partner Group.

(8) Each of the Strategic Investors owns an interest of 2% or less in our business.

(9)<br> Certain wholly owned intermediate holding companies are not depicted in the structure chart.

#### Corporate Conversion
Prior to the effectiveness of each of the registration statement of which this prospectus forms a part and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. We refer to this conversion throughout this prospectus as the "Corporate Conversion." Prior to the Corporate Conversion, (i) the economic interests of Pershing Square Holdco, L.P. are owned by its limited partners, (ii) the non-economic controlling interest in Pershing Square Holdco, L.P. is owned by its general partner, Pershing Square Holdco GP, LLC ("Holdco GP") and (iii) Holdco GP is managed by a board of directors, where ManagementCo, as sole member of Holdco GP, controls the election of the members of such board of directors. As a result of the Corporate Conversion, (i) the limited partners of Pershing Square Holdco, L.P. will become holders of shares of common stock of Pershing Square Inc., (ii) the board of directors of Holdco GP will become the board of directors of Pershing Square Inc. and the non-economic interest of Holdco GP will be cancelled and (iii) ManagementCo will become the holder of the Special Voting Share in Pershing Square Inc. and, accordingly, will continue to control the election of the members of the board of directors of Pershing Square Inc., and generally control the outcome of all other matters requiring the approval of our stockholders, including the amendment of our articles of incorporation and bylaws and the approval of significant corporate transactions such as a change in control, merger, consolidation or sale of assets.

In contrast to the two-tiered, "UP-C" ownership structures frequently employed in initial public offerings by businesses that have been organized as partnerships for U.S. federal income tax purposes, including many publicly traded alternative asset management companies, our public stockholders and our pre-IPO owners will hold their economic interests in our company through a single class of common stock issued by Pershing Square Inc. We believe this single-tier traditional C-corporation structure, without a tax receivable agreement, provides greater simplicity and materially improved alignment among all of our shareholders.

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The diagram below depicts our organizational structure immediately following the combined offering assuming no exercise by the underwriters of their option to purchase additional PSUS Shares (including the delivery of the applicable number of additional shares of our common stock).

![](ny20040230x5_diagram01a.jpg)<br>

(1) Certain of our investment professionals and employees will continue to own interests in PS Partner Group. A portion of such interests will vest upon the consummation of the combined offering and be redeemed for corresponding shares of our common stock held by PS Partner Group. Following the combined offering, the remaining unvested interests in PS Partner Group will be eligible for vesting in accordance with the terms of the Management Incentive Plan whereupon such vested interests may be redeemed at the election of the holders, subject to certain requirements, for corresponding shares of our common stock held by PS Partner Group. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Management Incentive Plan."

(2) Prior to the completion of the combined offering, PS Partner Group will contribute a number of shares to us in an amount equal to the number of shares of our common stock offered in this offering. Accordingly, although this offering will result in a decrease in the ownership of our common stock by PS Partner Group, on the one hand, and an increase in the ownership by the initial investors in the PSUS IPO, on the other hand, it will not result in any change in the total number of our shares of common stock outstanding. See "—The Offering" below.

(3) ManagementCo will remain the managing member of PS Partner Group. As managing member of PS Partner Group, ManagementCo will have no economic interests in PS Partner Group but sole voting control over PS Partner Group. ManagementCo will also hold the Special Voting Share that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share."

(4) ManagementCo will continue to be directly or indirectly owned by certain members of our senior management comprising our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin. Our Founder will continue to own 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% of such voting interests each). 

(5) Certain of our investment professionals and employees will continue to own interests in VariableCo. As described in "Business— Advisory Fees and Compensation—Allocation of Performance Fee Revenue," generally we pay our investment professionals and other employees our realized performance fees remaining after payment by PSCM LP of the Preferred Performance Fee to us. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest." 

(6)<br> Represents a profits interest economically equivalent to the current contractual entitlement under the VCA. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest."

(7) Our Founder will own % of VariableCo and % of PS Partner Group.

(8) Each of the Strategic Investors will continue to own an interest of 2% or less in our business. 

(9)<br> Certain wholly owned intermediate holding companies are not depicted in the structure chart.

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#### Implications of Being a Controlled Company
Following the combined offering, ManagementCo will continue to control a simple majority of the voting power of shares eligible to vote on matters submitted to the vote of our stockholders and, accordingly, will generally control the outcome of all matters requiring the approval of our stockholders, including the election of our directors, the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. We have chosen to be a controlled company because we believe that it will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Investment Advisers Act of 1940, as amended (the "Advisers Act"), or a "change of control" under the indentures governing the senior notes of PSH.

Under the NYSE corporate governance standards, a company of which more than 50% of the voting power is beneficially owned by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements that (1) a majority of its board of directors consist of independent directors, (2) its board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) its board of directors have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

We do not intend to rely on these exemptions from certain corporate governance standards although we are permitted to do so. At the time of the combined offering, a majority of our board of directors will consist of independent directors and our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee each will be composed entirely of independent directors.

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our most recently completed fiscal year prior to the initial filing date of the registration statement of which this prospectus forms a part, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies that are not emerging growth companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;• presentation of only two years of audited financial statements and only two years of related management's discussion and analysis of financial condition and results of operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• no non-binding stockholder advisory votes on executive compensation or golden parachute arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• exemption from any requirement of the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis); and

&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting.

We may take advantage of these exemptions for up to five years or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest of: (1) the end of the fiscal year following the fifth anniversary of the combined offering; (2) the first fiscal year after our annual gross revenues are $1.235 billion or more; (3) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (4) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have taken advantage of reduced disclosure regarding executive compensation arrangements and the

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presentation of certain historical financial information in this prospectus, and we may choose to take advantage of some but not all of these reduced disclosure obligations in future filings. If we do, the information that we provide stockholders may be different than you might get from other public companies in which you hold stock.

The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. Accordingly, this election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies. When a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, will adopt the new or revised standard at the time private companies adopt the new or revised standard, unless early adoption is permitted by the standard. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

#### Investment Risks
An investment in shares of our common stock involves substantial risks and uncertainties that may adversely affect our business, financial condition and results of operations. Some of the more significant challenges and risks relating to an investment in our company include, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Difficult global market, economic or geopolitical conditions may materially adversely affect our business.

&nbsp;&nbsp;&nbsp;&nbsp;• A period of economic slowdown, which may occur across one or more industries, sectors or geographies, has contributed and could in the future create operating performance challenges for certain of our funds' investments, which could adversely affect our operating results and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;• We depend on our Founder, Chief Investment Officer, and other key personnel and the loss of their services would have a material adverse effect on our business, results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• We are substantially dependent upon our investment management agreements with PSH and PSUS, each of which may be terminated under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• We are also dependent upon the HHH Services Agreement, which may be terminated under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our common stock is not an investment in our funds or HHH, and their returns should not be considered as indicative of any returns expected on our common stock, although poor investment performance by our funds or HHH could have a materially adverse impact on our revenues and, therefore, the returns on our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• We could be financially harmed by employee misconduct and damage to our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business.

&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation and regulatory proceedings and negative publicity.

&nbsp;&nbsp;&nbsp;&nbsp;• No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;• ManagementCo controls us and its interests may conflict with ours or yours in the future.

&nbsp;&nbsp;&nbsp;&nbsp;• The disproportionate voting rights of ManagementCo will have the effect of concentrating voting control with ManagementCo, will limit or preclude your ability to influence corporate matters and may have a potential adverse effect on the price of our common stock.

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&nbsp;&nbsp;&nbsp;&nbsp;• Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;• You may have additional difficulty determining liability and monetary damages for claims brought under the liability provisions of the Securities Act in connection with the combined offering.

Please see "Risk Factors" for a more fulsome discussion of these and other factors you should consider before making an investment in shares of our common stock. Please also refer to the matters described under the heading "Risk Factors" in the accompanying PSUS Prospectus with respect to various material risks related to an investment in PSUS Shares.

#### Corporate Information
Pershing Square Holdco, L.P. is a Delaware limited partnership. Prior to the effectiveness of each of the registration statement of which this prospectus forms a part and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc. Our principal executive offices are located at 787 Eleventh Avenue, 9th Floor, New York, New York 10019 and our telephone number is +1 (212) 813-3700. We maintain a website at . The information on, or accessible from, our website is not part of this prospectus by reference or otherwise.

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#### The Offering

#### Common stock offered by Pershing Square Inc.
This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, between and shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus. No fractional shares of our common stock will be delivered in the combined offering. If an initial investor in the PSUS IPO would be entitled to receive a fractional interest in a share of our common stock, we will round down to the nearest whole number of shares to be issued to such investor.

#### Common stock outstanding after giving effect to this offering
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares. As described in "Summary—Reorganization Transactions," the issuance of shares of our common stock to the initial investors in the PSUS IPO will be accompanied by a contribution to us of an equal number of shares of our common stock by PS Partner Group. Accordingly, although this offering will result in a decrease in the ownership of our common stock by PS Partner Group, on the one hand, and an increase in the ownership by the initial investors in the PSUS IPO, on the other hand, it will not result in any change in the total number of our shares of common stock outstanding. See "Summary—Reorganization Transactions" for additional information.

#### Use of proceeds
The combined offering will not result in any proceeds to Pershing Square Inc. We are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS.

#### Voting rights
Holders of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally.

Upon completion of the combined offering, ManagementCo will initially have voting power over % of our outstanding common stock (or % if underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus). In addition, ManagementCo will hold a Special Voting Share that will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo

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then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because ManagementCo will initially have voting power in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo. The Special Voting Share will provide ManagementCo with additional voting power only in the event the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power.

We believe this voting arrangement will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act or a "change of control" under the indentures governing the senior notes of PSH. See "Summary—Implications of Being a Controlled Company" and "Description of Capital Stock—Preferred Stock—Special Voting Share."

#### Dividend policy
The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. See "Dividend Policy."

#### Controlled company
Upon completion of the combined offering, ManagementCo will initially have voting power over % of our outstanding common stock (or % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus). As a result, we will be a "controlled company" under the corporate governance standards of the NYSE. Although as a controlled company, we qualify for exemptions from certain corporate governance requirements of the NYSE, we do not intend to rely on such exemptions. See "Summary—Implications of Being a Controlled Company" and "Description of Capital Stock—Preferred Stock—Special Voting Share" for additional information.

#### Risk factors
See "Risk Factors" for a discussion of risks you should carefully consider before deciding to invest in our common stock.

#### Trading symbol
"PS."

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In this prospectus, unless otherwise indicated, the number of shares of common stock outstanding and the other information based thereon does not reflect shares of common stock that are available for award under our long-term incentive plan (the "Equity Incentive Plan"). See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan."

#### Summary Historical and Pro Forma Consolidated Financial Information
The following table presents the summary historical consolidated financial and other data for Pershing Square Holdco, L.P. and its consolidated subsidiaries and Pershing Square Capital Management, L.P., the predecessor reporting entity of Pershing Square Holdco, L.P., and its consolidated subsidiaries and the summary pro forma consolidated financial and other data for Pershing Square Inc. and its consolidated subsidiaries for the periods and at the dates indicated.

We derived the summary historical consolidated statements of operations and cash flow data for the years ended December 31, 2024 and 2023 from the audited consolidated financial statements of Pershing Square Holdco, L.P. and Pershing Square Capital Management, L.P. included elsewhere in this prospectus.

Our historical results are not necessarily indicative of the results that may be expected for any future period. You should read the summary historical consolidated financial data below, together with the consolidated financial statements and related notes thereto, as well as "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the other financial information included elsewhere in this prospectus.

We derived the summary unaudited pro forma consolidated financial data of Pershing Square Inc. presented below from our unaudited pro forma consolidated financial statements included elsewhere in this prospectus. The summary unaudited pro forma consolidated statement of operations data for the year ended December 31, 2024 give effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information" as if they had occurred on January 1, 2024. The summary unaudited pro forma consolidated statement of financial condition data as of December 31, 2024 give effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information" as if they had occurred on December 31, 2024. The following summary unaudited condensed consolidated pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the relevant transactions had been consummated on the dates indicated, nor is it indicative of future operating results or financial position. See "Unaudited Pro Forma Consolidated Financial Information."

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| | | | |
|:---|:---|:---|:---|
|  | **Pershing Square** <br>**Capital Management, L.P.**  | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Inc.**  |
|  | **Historical**  | **Historical**  | **Unaudited Pro** <br>**Forma**  |
| **(in thousands)** | **Year Ended** <br>**December 31,** <br>**2023**  | **Year Ended** <br>**December 31,** <br>**2024** | **Year Ended** <br>**December 31,** <br>**2024** |
| **Summary Statement of Operations Data:**<br>|  |  |  |
| Revenue <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Management fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$170801  | &nbsp;&nbsp;$206067 | &nbsp;&nbsp;&nbsp;$216533 |
| &nbsp;&nbsp;&nbsp;Performance fees<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341855  | &nbsp;&nbsp;&nbsp;&nbsp;249431 | &nbsp;&nbsp;&nbsp;249431 |
| Total revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512656  | &nbsp;&nbsp;&nbsp;&nbsp;455498 | &nbsp;&nbsp;&nbsp;465964 |
| Expenses<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Profit-sharing partner compensation<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115829  | &nbsp;&nbsp;&nbsp;&nbsp;339133 | &nbsp;&nbsp;&nbsp;339133 |
| &nbsp;&nbsp;&nbsp;Affiliates fee rebate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115706  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69301 | &nbsp;&nbsp;&nbsp;69301 |
| &nbsp;&nbsp;&nbsp;General and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22649  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50812  | &nbsp;&nbsp;&nbsp;50812 |
| &nbsp;&nbsp;&nbsp;Employee compensation and benefits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13124  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13164 | &nbsp;&nbsp;&nbsp;13164 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2758  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp;&nbsp;2778 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270066  | &nbsp;&nbsp;&nbsp;&nbsp;475188 | &nbsp;&nbsp;&nbsp;475188 |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242590  | &nbsp;&nbsp;&nbsp;&nbsp;(19690) | &nbsp;&nbsp;&nbsp;&nbsp;(9224) |
| Other income (expenses)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Gain allocated from Pershing Square, L.P.<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp;6986 |
| &nbsp;&nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5666 | &nbsp;&nbsp;&nbsp;&nbsp;5666 |
| &nbsp;&nbsp;&nbsp;Interest income (expense), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6330)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) |
| Total non-operating income (expenses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9302  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38065 | &nbsp;&nbsp;&nbsp;12274 |
| Net income before taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251892  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375  | &nbsp;&nbsp;&nbsp;&nbsp;3050 |
| &nbsp;&nbsp;&nbsp;Income tax expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18170  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;16404 |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233722  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;(13354) |
| Net (income) loss attributable to non-controlling interest<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24261)  | &nbsp;&nbsp;&nbsp;&nbsp;(16541) | &nbsp;&nbsp;&nbsp;(16541) |
| &nbsp;&nbsp;Net income (loss) attributable to Pershing Square Holdco, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$209461 | &nbsp;&nbsp;$(14151) | &nbsp;&nbsp;&nbsp;$(29895)  |
| **Summary Statement of Financial Condition Data (at period end):**<br>|  |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4271  | &nbsp;&nbsp;$964857 |  |
| Total assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523656  | &nbsp;&nbsp;1318793 |  |
| &nbsp;&nbsp;Total debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108726  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 |  |
| &nbsp;&nbsp;Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398964  | &nbsp;&nbsp;&nbsp;&nbsp;351534 |  |
| Total partners' capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$124692 | &nbsp;&nbsp;$967258 |  |
| **Summary Statement of Cash Flows Data:**<br>|  |  |  |
| Net cash provided by operating activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$83800  | &nbsp;&nbsp;$294481 |  |
| Net cash (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558) |  |
| Net cash (used in) financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(84290) | &nbsp;&nbsp;&nbsp;&nbsp;667399 |  |

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| | | | |
|:---|:---|:---|:---|
|  | **Pershing Square** <br>**Capital Management, L.P.**  | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Inc.**  |
|  | **Historical**  | **Historical**  | **Unaudited Pro** <br>**Forma**  |
| **(in thousands)** | **Year Ended** <br>**December 31,** <br>**2023**  | **Year Ended** <br>**December 31,** <br>**2024** | **Year Ended** <br>**December 31,** <br>**2024** |
| **Summary Other Financial and Operational Data:<sup>(3)</sup>**<br>|  |  |  |
| Assets Under Management (at period end) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17910058  | $17090738 |  |
| Fee-Paying Assets Under Management (at period end) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13298461  | &nbsp;&nbsp;14010882 |  |
| Permanent Capital AUM (at period end) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12062607  | &nbsp;&nbsp;13011230 |  |
| Fee-Related Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316956  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271917 |  |
| Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297330 |  |

---

(1)<br> For periods prior to May 31, 2024, the historical financial results presented of Pershing Square Holdco, L.P. reflect the financial results of its predecessor reporting entity, Pershing Square Capital Management, L.P.

(2) Includes amounts attributable to consolidated variable interest entities ("VIEs") for which Pershing Square Holdco, L.P. does not have any direct equity interests.

(3) See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" for additional information regarding our use of these metrics and data and a reconciliation of distributable earnings and fee-related earnings to the most directly comparable financial measure calculated in accordance with GAAP.

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#### RISK FACTORS
*An investment in shares of our common stock involves risks. You should carefully consider the following information about these risks, together with the other information contained in this prospectus, before investing in shares of our common stock. Please also refer to the matters described under the heading "Risk Factors" in the accompanying PSUS Prospectus with respect to various material risks related to an investment in PSUS Shares.* 

#### Risks Related to Our Business and Industry

#### Difficult global market, economic or geopolitical conditions may materially adversely affect our business.
The success and growth of our business are highly dependent upon conditions in the global financial markets and economic and geopolitical conditions throughout the world that are outside of our control and difficult to predict. Our revenue is comprised, in part, of management fees based on the Net Asset Value of our funds and the market capitalization of HHH. Declines in the value of the investments held by our funds or HHH may reduce the fees we earn and, in turn, have a material adverse effect on our revenues. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows*" and "—*Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows*."

Factors such as economic slowdowns, equity prices, equity market volatility, asset or market correlations, interest rates, inflation, counterparty risks, availability of credit, economic uncertainty, changes in laws or regulation (including laws relating to the financial markets generally or the taxation or regulation of asset managers), trade barriers and tariffs, disease, supply chain pressures, commodity prices, currency exchange rates and controls, heightened geopolitical tensions, governmental instability or dysfunction, wars or other armed conflicts, terrorist acts (including cyberterrorism), major or prolonged power outages or network interruptions, pandemics or severe public health events, the effects of climate change and changes in law and/or regulation, and uncertainty regarding government and regulatory policy can have a material impact on the value of the investments held by our funds or HHH or our general ability to conduct business. Difficult market, economic and geopolitical conditions can negatively impact those valuations and our ability to conduct business, which in turn would reduce or even eliminate our revenues and profitability, thereby having a material adverse effect on our business, financial condition or results of operations. For example, geopolitical instability has in recent years become more prevalent. The ongoing conflicts in Eastern Europe and the Middle East, and the global responses thereto, have contributed, and may continue to contribute to volatility in the global financial markets, which may adversely impact the performance of our funds' investments and/or our ability to selectively expand into complementary businesses.

As our funds primarily invest in publicly traded equity securities, stock market volatility, including a sharp decline in the stock market may adversely affect our results, including our revenues and net income. Moreover, in the pursuit of our core investment strategy, our funds typically invest the substantial majority of their capital in a limited number of core investments, thereby making their unrealized mark-to-market valuations particularly sensitive to sharp changes in the price of any of these positions. Further, although the equity markets are not the only markets in which we invest, should we experience another period of challenging equity markets, our funds may experience increased difficulty in realizing value from investments.

***A period of economic slowdown, which may occur across one or more industries, sectors or geographies, has contributed and could in the future create operating performance challenges for certain investments held by our funds or HHH, which could adversely affect our operating results and cash flows.***

Despite overall resilience in some geographies, many global economies have in recent years experienced periods of deceleration. Further economic deceleration or contraction in the rate of global growth in certain industries, sectors or geographies, including as a result of the ongoing conflicts in Eastern Europe and the Middle East, and any global responses thereto, as discussed above, may contribute to poor financial results at the companies in which our funds and HHH invest, which may result in lower investment returns for our funds and HHH. For example, periods of economic weakness have contributed and may in the future contribute to decreased consumer demand for certain goods and services, which could have an adverse effect on certain investments held by our funds or HHH. The performance of these portfolio companies would also likely be negatively impacted if pressure on wages and other inputs increasingly pressures profit margins. To the extent the performance of those companies (as well as valuation multiples) does not improve, our funds may exit positions at values that are less than we projected or even at a loss,

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thereby significantly affecting investment performance. In addition, as our funds typically invest the substantial majority of their capital in a limited number of core investments, we may have outsized exposure to particular sectors or regions, which can exacerbate the impact on our funds of an economic slowdown in such sectors or regions. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Our funds and our other investment vehicles are exposed to a concentration of investments, which can exacerbate volatility and investment risk.*"

***We depend on our Founder, Chief Investment Officer and other key personnel and the loss of their services would have a material adverse effect on our business, results and financial condition.***

The success of our business depends on the efforts, judgment, skill and personal reputations of our Founder and Chief Executive Officer, Mr. Ackman, our Chief Investment Officer, Mr. Israel, and other key personnel. The expertise in investing and risk management of our key personnel, their business contacts and their relationships with investors and third parties are each critical elements in operating and expanding our business. For example, all of the investment decisions of our funds are made by our investment team, with Mr. Ackman having ultimate decision-making authority for all portfolio positions. Mr. Ackman, Mr. Israel and the investment team also rely on the diligence, skill and network of business contacts of our other professionals as well as external advisers and professionals. Accordingly, our success will depend on the continued service of these individuals, who are not obligated to remain employed with us. Although we have historically experienced low turnover, senior investment professionals and other key personnel have left our company in the past and others may do so in the future, and we cannot predict the impact that the departure of any key personnel will have on our ability to achieve our investment objectives.

#### We are substantially dependent upon our investment management agreements with PSH and PSUS, each of which may be terminated under certain circumstances.
PSH represents a significant majority of our assets under management and we expect PSUS to represent a material portion of our assets under management in periods following the combined offering. Accordingly, we are substantially dependent on our investment management agreements with PSH and PSUS.

Our investment management agreement with PSH may be terminated by PSH as of December 31 of each year upon four months' prior notice. In addition, any assignment by us of the PSH investment management agreement under the Advisers Act would require the consent of PSH. PSH is managed by a majority-independent board of directors that is elected by its stockholders (the "PSH Board"). Any decision by the PSH Board to terminate the investment management agreement or to withhold consent to an assignment by us under the Advisers Act would only be effective if 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH support such decision. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection—PSH." Termination by PSH, or failure to obtain the consent of PSH for any assignment, of our investment management agreement with PSH would have a material adverse effect on our business, financial condition and the results of our operations. Our Founder and certain other of our employees, together with their affiliates, directly or indirectly hold % of the outstanding public shares of PSH as of , 2025. As a result, a decision to terminate the investment management agreement by record holders as of such date would have required the affirmative approval of % of the remaining outstanding public shares. As described in "Certain Relationships and Related Person Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain other of our employees and their affiliates at any time after the fifth anniversary of the combined offering and on or prior to the tenth anniversary of the combined offering. However, if we do not exercise our right to acquire these shares on or before the tenth anniversary of the closing of the combined offering our Founder and other employees and their affiliates will not be restricted from selling or otherwise transferring their PSH shares after that date. Any sale or transfer of such PSH shares could increase the risk that our investment management agreement with PSH might be terminated.

Our investment management agreement with PSUS may be terminated as a whole at any time by PSUS, without the payment of any penalty, upon the vote of a majority of the PSUS board of trustees (the "PSUS Board") or a majority of the outstanding voting securities of PSUS, on 60 days' written notice. Five of the six trustees of the PSUS Board are not "interested persons" of us or PSUS for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the PSUS Board. Following the PSUS IPO, subject to certain exceptions, the PSUS Board will be elected by PSUS's public shareholders. Pursuant to the requirements of the 1940 Act, at least 40% of the trustees serving on the PSUS Board at any time must not be "interested persons" of us or PSUS. See "Business—Termination of Investment Management Agreements and HHH Services

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Agreement and Key Man Protection—PSUS" and refer to the accompanying PSUS Prospectus for more detail. In addition, our investment management agreement with PSUS will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act). Termination of our investment management agreement with PSUS would have a material adverse effect on our business, financial condition and the results of our operations.

As described under "Summary—Implications of Being a Controlled Company," we have chosen to be a controlled company because we believe that it will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act.

#### We are also dependent upon the HHH Services Agreement, which may be terminated under certain circumstances.
Our revenues depend in part upon the fees earned from HHH in connection with the Howard Hughes Transaction. Accordingly, we are also dependent on the HHH Services Agreement.

The HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except with the approval of two-thirds of the disinterested members of its board of directors and only under limited prescribed circumstances, such as fraud, misrepresentation or embezzlement by PSCM LP, or a change in control of HHH, and HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" for additional information. The HHH board of directors, subject to certain exceptions, will be elected by HHH's public stockholders, and we will not be able to fully control the outcome of matters submitted to a vote of HHH's stockholders. See also "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*We will not fully control HHH, exposing us to the risk of decisions made by others with whom we may not agree*." Termination by HHH of the HHH Services Agreement would have a material adverse effect on our business, financial condition and the results of our operations.

***An investment in our common stock is not an investment in our funds or HHH, and their returns should not be considered as indicative of any returns expected on our common stock, although poor investment performance by our funds or HHH could have a materially adverse impact on our revenues and, therefore, the returns on our common stock.***

An investment in shares of our common stock is not an investment in our funds or HHH. The returns on our common stock are not directly linked to the historical or future performance of the funds or other investment vehicles we manage or of HHH. See also "Risks Relating to Our Funds and HHH and Our Investment Strategy—*The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock*." Even if our funds or HHH experience positive performance and their assets under management increase, holders of our common stock may not experience a corresponding positive return on their shares.

However, poor performance of our funds will cause a decline in the management fee revenue from such funds and, in some cases, in the performance fee revenue we receive that year, and accordingly, our business, financial condition or results of operations would suffer, thus negatively impacting the price of our common stock. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows*." Similarly, poor performance of HHH's stock price could cause a decline in the HHH Variable Fee we receive, which could negatively impact our business, financial condition or results of operations or the price of our common stock. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows.*"

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#### We face intense competition in attracting and retaining talented professionals.
Our investment performance and ability to successfully manage our business is largely dependent on the talents and efforts of highly skilled individuals. Accordingly, our ability to continue to perform effectively in our business and our future success and growth depend on our ability to retain and motivate our active key personnel and to strategically recruit, retain and motivate new talent to the extent necessary. We may not be successful in our efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive. Although we believe our arrangement for the allocation of performance fee revenue, as described in "Business— Advisory Fees and Compensation—Allocation of Performance Fee Revenue" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement," provides substantial incentives to attract and retain talent, poor performance of our funds could reduce the incentive compensation available for our employees. Under our allocation arrangement, our investment professionals and other employees are generally entitled to participate in any realized performance fees remaining after payment by PSCM LP of the Preferred Performance Fee to us. In the event of poor performance of our funds, there may be no realized performance fees, or no realized performance fees in excess of the Company's preferred entitlement, which could materially adversely impact our ability to attract and retain investment professionals and other employees.

#### We face substantial competition in all aspects of our business.
The investment management industry is highly competitive, and investors are increasingly fee sensitive. Our funds and HHH compete against a large number of investment funds and vehicles offered by other investment management companies, investment dealers and banks, and institutions we compete with may have greater infrastructure and financial resources than us. We compete with these firms on the basis of investment performance, diversity of funds and products, scope and quality of services, reputation and the ability to develop and successfully launch new investment strategies to meet the changing needs of investors and generate strong returns. In the case of a new product or strategy, our lack of available long-term records of prior investment performance for such product or strategy may put us at a competitive disadvantage until such records are established. We also may compete against similarly positioned passive strategies. Market demand for index funds and other passive strategies may reduce opportunities for active managers and contribute to fee compression. To the extent current or potential investors decide to invest in funds or products sponsored by our competitors, our business, financial condition or results of operations may be materially adversely affected.

#### We could be financially harmed by employee misconduct and damage to our reputation.
Our business is highly competitive and we benefit from being highly regarded in our industry. We view our reputation as one of our most carefully guarded assets which we believe has enabled us to attract and retain world-class talent to our firm and our portfolio companies and to create opportunities for investment. Negative publicity about us could give rise to reputational risk which could significantly harm our existing business and business prospects.

There is a risk that our employees could engage in misconduct or other behavior that adversely affects our reputation, business and ability to successfully implement our investment strategy and in turn harm the operations and financial condition of our funds or HHH. Our business often requires that we deal with confidential matters relating to our portfolio companies. Additionally, we are subject to a number of obligations and standards arising from our asset management business and our authority over the assets we manage, and it is not always possible to detect or deter employee misconduct. The violation of these obligations, or the accusation of any such violation, and standards by any of our key personnel, employees, joint venture partners, consultants or anyone acting on our behalf could materially adversely affect our reputation which could consequently negatively impact the operating performance of our funds or HHH and the price of our common stock.

While we believe we have effective policies and procedures in place designed to deter and detect employee misconduct, the steps we have taken may not be effective in all cases. If any of our employees were to engage in misconduct or were to be accused of such misconduct, whether or not substantiated, our business and reputation could be adversely affected and a loss of investor confidence could result, which would harm our funds or HHH and, consequently, harm us. We could also be subject to litigation, regulatory investigations or sanctions and suffer serious harm to our reputation, financial position and current and future business relationships as a result of this employee misconduct. In addition, a prolonged period of remote work, such as the one experienced during

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the COVID-19 pandemic, may require us to develop and implement additional precautions in order to detect and prevent employee misconduct. Such additional precautions, which may include the implementation of security and other restrictions, may make our systems more difficult and costly to operate and may not be effective in all cases in preventing employee misconduct in a remote work environment.

***Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business.***

Our business is subject to extensive regulation, including periodic examinations, inquiries and investigations, by governmental agencies and self-regulatory organizations in the jurisdictions in which we operate around the world. As a public company subject to the registration and reporting provisions of the Exchange Act, we will be subject to regulation and oversight by the SEC. In addition, PSCM LP is registered as an investment adviser under the Advisers Act and subject to regulation by the SEC and registered with the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator and subject to regulation by the CFTC. These and other authorities have regulatory powers dealing with many aspects of financial services, including the authority to grant, and in specific circumstances to cancel, permissions to carry on particular activities. Many of these regulators, including U.S. and foreign government agencies and self-regulatory organizations, as well as state securities commissions in the United States, are also empowered to conduct examinations, inquiries, investigations and administrative proceedings that can result in fines, suspensions of personnel, changes in policies, procedures or disclosure or other sanctions, including censure, the issuance of cease-and-desist orders, the suspension or expulsion of a broker-dealer or investment adviser from registration or memberships, a requirement to cease operating as an investment adviser to certain types of funds, or the commencement of a civil or criminal lawsuit against us or our personnel.

We are subject to U.S. and foreign laws related to trade controls and the prevention of financial crime, including anti-corruption and anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act ("FCPA"), anti-money laundering laws, and economic sanctions. Anti-money laundering and anti-terrorist financing ("AML/CFT") laws may impose certain regulatory obligations, including as relates to disclosure of certain information to relevant governmental authorities. For instance, the U.S. Corporate Transparency Act and its implementing regulations (collectively, the "CTA") went into effect January 1, 2024 and requires certain legal entities to report beneficial ownership information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN"), though due to various ongoing litigation, legislative, and regulatory efforts, the go-forward enforceability of the CTA and scope of the CTA's reporting requirements are somewhat unclear. Additionally, in August 2024, FinCEN issued a final rule that will, effective January 1, 2026, require certain investment advisers, including registered investment advisers, to, among other measures, adopt an AML/CFT program, file certain reports (such as suspicious activity reports) with FinCEN, and maintain certain associated records. Further, on May 21, 2024, FinCEN and the SEC issued a proposed rule that would require certain investment advisers to establish, document, and maintain customer identification programs, though as of the date of this prospectus, it is unclear when this rulemaking will be finalized.

Economic sanction laws in the United States and other jurisdictions may prohibit transacting with or in certain countries and with certain individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions which prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities, and individuals. Further, the U.S. Treasury Department's Outbound Investment Security Program, which became effective on January 2, 2025, provides for a targeted national security regulatory framework directed at controlling outbound investment activities from the United States in certain sectors that pose a threat to national security, including the semiconductors and microelectronics, quantum information technologies and artificial intelligence sectors in the People's Republic of China (PRC), Hong Kong and Macau (collectively, "China"). The framework imposes notification requirements and prohibitions on specified investments activities. As a result of these types of sanctions and restrictions, we may incur delays and costs or be altogether prohibited from making a particular investment, all of which could adversely affect our ability to meet our investment objectives.

While we have policies and procedures designed to ensure compliance by us and our personnel with applicable trade controls and financial crimes laws, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated such laws could subject us to, among other things, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct,

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securities litigation, and reputational harm or a general loss of investor confidence, any one of which could adversely affect our business prospects, financial position or the price of our common stock. Additionally, anti-corruption, anti-money laundering, economic sanctions, and other financial crimes and trade control laws imposed by non-U.S. jurisdictions, such as EU and UK sanctions or blocking statutes and the UK Bribery Act, may also impose stricter or more onerous requirements than those imposed by the United States, and complying with such requirements may disrupt our business or cause us to incur significantly more costs to comply with those laws. Different laws may also contain conflicting provisions, making compliance with all laws more difficult.

The financial services industry in recent years has been the subject of heightened scrutiny. In recent years, the SEC staff's stated examination priorities and published observations from examinations have included investment management firms' collection of fees and allocation of expenses, their marketing and valuation practices and the existence of, and adherence to, policies and procedures with respect to conflicts of interest, among other topics. Any additional rulemaking by the SEC may result in material alterations to how we operate our business. There can be no assurance that any new SEC or other regulatory rules and amendments will not have a material adverse effect on us, our funds or HHH or their investors.

In addition, prior to the launch of PSUS, we did not have experience managing a fund registered under the 1940 Act, which imposes additional obligations on a registered fund's manager. Should we not succeed in meeting those obligations, the risk of regulatory action or sanction, which could adversely impact our reputation, would be heightened.

We are also subject from time to time to requests for information, inquiries and informal or formal investigations by the SEC and other regulatory authorities, with which we routinely cooperate. Such investigations have previously and may in the future result in penalties and other sanctions. SEC actions and initiatives can have an adverse effect on our financial results, including as a result of the imposition of a sanction, a limitation on our or our personnel's activities or a change in our historic practices. Even if an investigation or proceeding did not result in a sanction, or the sanction imposed against us or our personnel by a regulator were small in monetary amount, the legal costs associated with the investigation may be significant and any adverse publicity relating to the investigation, proceeding or imposition of sanctions could harm our reputation and cause us to lose existing investors or fail to gain new investors.

In addition, certain states and other regulatory authorities have required investment managers to register as lobbyists, and we are currently registered as such in Texas and California and may in the future so register in additional jurisdictions. Other states or municipalities may consider similar legislation or adopt regulations or procedures with similar effect. These registration requirements impose significant compliance obligations on registered lobbyists and their employers, which may include annual registration fees, periodic disclosure reports and internal recordkeeping.

#### Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business.
The regulation of derivatives and commodity interest transactions in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Our funds and HHH may enter into derivatives transactions for various purposes, including to manage the financial risks related to their investments and businesses. Accordingly, the impact of this evolving regulatory regime on our business and our funds is difficult to predict, but it could be substantial and adverse.

Certain of our funds are registered with the CFTC as commodity pools, and their risk management or other commodities interest-related activities may be subject to CFTC oversight. Certain CFTC rules expose asset management firms, such as us, to increased registration and reporting requirements in connection with transactions in futures, swaps, and other derivatives regulated by the CFTC. Our business may incur increased ongoing costs associated with monitoring compliance with CFTC regulations and complying with the various registration and reporting requirements. In addition, newly instituted and amended regulations could significantly increase the cost of entering into derivative contracts (including through requirements to post collateral, which could negatively impact our available liquidity), materially alter the terms of derivative contracts, reduce the availability of derivatives to protect against risks that we encounter, reduce our ability to restructure existing derivative contracts and increase exposure to less creditworthy counterparties. If we reduce use of derivatives as a result of such regulations (and any new regulations), our results of operations may be adversely impacted.

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***We are subject to scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation.***

We, our funds and other investment vehicles and HHH are subject to scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance ("ESG") matters. We may be subject to competing demands from different investors and other stakeholder groups with divergent views on ESG matters, including the role of ESG in the investment process. For example in recent years, certain investors have placed increasing importance on the impacts of investments made by private funds, while certain other investors have raised concerns as to whether the incorporation of ESG factors in the investment process may be inconsistent with maximizing returns for investors. This divergence in views increases the risk that any action by us or our funds, or lack thereof, with respect to ESG matters, consistent with and subject to our desire to create long-term value for investors and shareholders and applicable legal, regulatory and contractual requirements, will be perceived negatively by at least some stakeholders and adversely impact our reputation and business.

Regulatory initiatives to require asset managers to make disclosures regarding ESG matters have become increasingly common, which may further increase the number and type of investors who place importance on these issues and who demand certain types of reporting from us or our funds, as well as potentially increasing our regulatory and compliance costs. Governmental authorities of certain U.S. states have also requested information from and scrutinized certain asset managers with respect to such managers' ESG policies or involvement in certain alliances or other multi-stakeholder initiatives relating to issues such as climate change and responsible investment, and some have departed those organizations as a result of this scrutiny. In addition, there has been increased regulatory focus on ESG-related practices by asset managers, particularly with respect to the accuracy of statements made regarding ESG practices, initiatives and investment strategies. Outside of the United States, the European regulatory environment on ESG matters for asset managers and financial services firms similarly continues to evolve and increase in complexity, making compliance more costly and time-consuming.

***Climate change, and climate change and sustainability-related legislation and regulation, business trends and physical impacts, could adversely affect our business and the operations of our funds, and any actions we take or fail to take in response to such matters could damage our reputation.***

We, our funds and HHH face risks associated with climate change including risks related to the impact of climate and sustainability-related legislation and regulation, risks related to business trends on climate change and sustainability, and risks stemming from the physical impacts of climate change.

Climate and sustainability-related regulations or interpretations of existing laws may result in enhanced disclosure obligations, which could negatively affect us and our funds or HHH and materially increase our compliance costs and regulatory scrutiny. For example, in October 2023, California enacted climate disclosure laws that could require us and/or certain of our funds to report on our Scope 1, 2 and 3 greenhouse gas emissions, among other climate-related financial risks and matters.

The European Union ("EU") and the United Kingdom ("UK") have also adopted several initiatives to improve transparency around how asset managers define, measure and disclose the impact of sustainability-related factors on the performance of their funds and financial products, including but not limited to the EU Corporate Sustainability Reporting Directive ((EU) 2022/2464) ("CSRD"), the EU Corporate Sustainability Due Diligence Directive ((EU) 2024/1760) ("CSDDD"), the EU Sustainable Finance Disclosure Regulation ((EU) 2022/1288) ("SFDR"), the EU Regulation on the establishment of a framework to facilitate sustainable investment ((EU) 2020/852) (the "Taxonomy Regulation") and the UK Sustainability Disclosure Requirements ("SDR") and investment labels regime. Compliance with any of the foregoing may give rise to substantial costs and failure to comply may result in fines and/or other regulatory sanctions as well as potential civil liability. To the extent that our funds, other investment vehicles or HHH are offered to investors in the EU or the UK, they may become subject to, respectively, the SFDR and Taxonomy Regulation and/or the UK's SDR and investment labels regime. Such regimes may impose costs on us and may adversely impact our ability to manage our funds and investment vehicles in a profitable manner. In addition, for funds taking into account environmental or social factors other than as they relate to risk management in the investment management of their portfolios, the regulatory requirements under SFDR, the Taxonomy Regulation and the SDR are extensive

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and prescriptive. Our funds are not currently subject to these more detailed requirements, but if they were to become so, additional costs would result which may decrease the earnings of Pershing Square Inc. Furthermore, companies that are in scope of CSRD are required to provide detailed reporting on an extensive set of ESG data points, including in relation to policies and procedures, sustainability-related risks to, and adverse sustainability impacts caused by, the relevant company. While we and our funds are not currently expected to be in scope of CSRD, certain of our funds' investments may be and there can be no guarantee that we will not be determined to be in scope of CSRD in the future. Similarly, the CSDDD which entered into force on July 25, 2024 and must be implemented into the law of each EU member state by July 26, 2027, imposes requirements on in-scope companies to conduct upstream and downstream due diligence on its business partners along its chain of activities in order to identify, assess, prevent, mitigate or cease adverse impacts on human rights and the environment. While our funds are not expected to be in scope of CSDDD, whether we or our subsidiaries are in scope will depend on the level of revenue generated in the EU, and it is possible that certain of our funds' investments will be in scope of CSDDD. On February 26, 2025, the European Commission proposed an "omnibus simplification package" aimed at simplifying sustainability regulatory requirements, which is expected to introduce significant changes to CSRD, CSDDD, and the EU Taxonomy Regulation with respect to their scope of application and the substantive sustainability reporting and due diligence obligations set out therein. While the proposed simplifications under the omnibus simplification package are expected to reduce the burden of complying with EU sustainability reporting and due diligence requirements, there is significant uncertainty with respect to the final outcome of such changes. Our business may incur increased ongoing costs associated with monitoring developments and assessing whether we fall in scope of these rules. The reduced sustainability reporting contemplated by the proposed omnibus simplification package could potentially also have a negative impact on data availability for SFDR reporting requirements.

In addition to increasing climate and sustainability-related disclosure obligations, initiatives seeking to address climate change through regulation of greenhouse gas emissions have been adopted by, are pending or have been proposed before international and regional regulatory authorities around the world, which could result in, among other risks, changing legal requirements that could result in increased permitting and compliance costs, changes in business operations or the discontinuance of certain operations, litigation seeking monetary or injunctive relief related to climate impacts, a declining market for products and services seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions and risks tied to changing customer or community perceptions of an asset's relative contribution to greenhouse gas emissions. These risks could result in a material adverse effect on the value of certain investments and, therefore, the returns, of our funds or HHH. Further, significant chronic or acute physical effects of climate change, including extreme weather events such as hurricanes or floods, can also have an adverse impact on certain of these investments, especially those investments that rely on physical factories, stores, plants or other assets located in the affected areas or that focus on tourism or recreational travel.

Our reputation may be harmed if certain stakeholders believe that we are not adequately or appropriately responding to climate change, including through the way in which we operate our business, the composition of the investments held by our funds and HHH, the new investments made by our funds or HHH or the decisions we make to continue to conduct or change our activities in response to climate change considerations. Moreover, we face business trends related to climate change risks. See "—*We are subject to increasing scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation*."

***Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.***

Our operations are highly dependent on our technology platforms and other information technology systems (including third-party information technology systems). Such systems face ongoing cybersecurity threats and attacks, which, if successful, could result in the loss of the confidentiality, integrity or availability of such systems and the data held by such systems. Attacks on such systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to our proprietary information, destroy data, disable, degrade or sabotage our systems, or divert or otherwise steal funds, including through the introduction of computer viruses, "phishing" attempts and other forms of social engineering. Attacks on such systems could also

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involve ransomware or other forms of cyber extortion. Cyberattacks and other data security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other security threats could also originate from the malicious or accidental acts of insiders, such as employees, consultants, independent contractors or other service providers.

There has been an increase in the frequency and sophistication of the cyber and data security threats we face, with attacks ranging from those that are common to many businesses to those that are more advanced and persistent, which may target us because we hold a significant amount of confidential and sensitive information about our investors, our funds and our investments. As a result, we may face a heightened risk of a security breach, ransomware attack or other disruption with respect to this information. Measures we take to ensure the integrity of our systems may not provide adequate protection, especially because cyberattack techniques are continually evolving, may persist undetected over extended periods of time and may not be mitigated in a timely manner to prevent or minimize the impact on us, our funds or our investors. Such attacks also may be enhanced through malicious actors' use of artificial intelligence. Further, the use of remote work environments, mobile technology and virtual platforms as well as geopolitical tensions or conflicts, such as the ongoing conflicts in Eastern Europe and in the Middle East, may create a heightened risk to us of cyberattacks or other data security breaches.

In addition, we could also suffer losses in connection with updates to, or the failure to timely update, our technology platforms. We rely on third-party service providers for certain aspects of our business, including for the administration of certain fund operations, as well as for certain technology platforms, including cloud-based services. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*We are reliant on third-party service providers for certain aspects of our business, and are subject to risks in using custodians, counterparties, administrators and other agents*." These third-party service providers also face ongoing cybersecurity threats and the risk of compromises of their systems, and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data of their clients.

Breaches in our security or in the security of our third-party service providers, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the information of our business, including our employees, investors, funds and other investment vehicles, HHH, investments and business partners, that is processed and stored in, and transmitted through, our computer systems, or otherwise cause interruptions or malfunctions in businesses and operations. If our systems or those of our third-party service providers (or our data stored within) are compromised, either as a result of malicious activity or through inadvertent transmittal or other loss of data, or do not operate properly or are disabled, and if this occurs and we fail to provide the appropriate regulatory or other notifications in a timely manner, we could suffer financial loss, increased costs, a disruption of our businesses, liability to our counterparties, funds or investors, regulatory actions (and resulting fines or other penalties), negative publicity or reputational damage. The costs related to cyber or other data security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, any such breach may cause our investors to lose confidence in the effectiveness of our security measures and in us more generally.

Our portfolio companies also rely on data processing systems and the secure processing, storage and transmission of information, including payment and health information, which in some instances are provided by third parties. The businesses of our portfolio companies, or their national or regional profile, could also expose them to a greater risk than others of being subject to a cyberattack or security breach, which could have material adverse consequences on the value of their investments.

Finally, technology platforms, data and intellectual property are also subject to a heightened risk of theft or compromise to the extent we, our funds or HHH, or their portfolio companies engage in operations outside the United States, in particular in those jurisdictions that do not have comparable levels of legal protection or that require companies to forego certain intellectual property or related rights in order to operate there. Any such direct or indirect compromise of these assets could have a material adverse impact on us and our funds and their investments.

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***Use of artificial intelligence technology by us or third parties could lead to the exposure of our data or other adverse effects and such technology also may lead to more effective threat actors.***

Recent technological advances in artificial intelligence ("AI") and machine-learning technologies (collectively, "AI Technologies"), including, for example, the OpenAI ChatGPT application, may create opportunities for us, our funds and our other investment vehicles and HHH, as well as risks. As AI Technologies and their current and potential future applications continue to rapidly evolve, it is not possible to predict the full extent of the current or future risks related to AI Technologies. While the actual use of AI Technologies varies across our business, funds, other investment vehicles and HHH, we continue to evaluate the rapidly evolving landscape of AI Technologies and their attendant risks.

AI Technologies are reliant on the collection and analysis of large amounts of data and complex algorithms. In this respect, it is not possible or practical to incorporate all relevant data into models that AI Technologies utilize, nor do we expect to be involved in the collection of such data or development of algorithms in the ordinary course of our business. Therefore, it is possible that the data in such models may contain a degree of inaccuracy and error, potentially to a material degree, and that such data and algorithms could otherwise be inadequate or flawed, which would likely degrade the effectiveness of AI Technologies and could adversely impact us to the extent we, our funds, our other investment vehicles and HHH, our affiliates and our service providers or other third parties engaged by us rely on the work product of such AI Technologies.

AI Technologies may also be more susceptible to cybersecurity threats given the volume of data they utilize, which, in turn, could make us more susceptible to cybersecurity threats (such as those described under "—*Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations*") to the extent we rely on AI Technologies. Further, we, our funds and HHH could be exposed to risks to the extent third-party service providers or any counterparties use AI Technologies in their business activities notwithstanding any preventative policies aimed at restricting or governing the use of such technologies. We are not able to control the way third-party products are developed, trained or maintained or the way third-party services utilizing AI Technologies are provided to us.

Use of AI Technologies could include the input of our confidential information (including non-public information and personal information) by third parties in contravention of non-disclosure agreements or by our personnel or other related parties in contravention of our policies and procedures and, in each case, could result in such confidential information becoming part of a dataset that is generally accessible by AI Technologies applications and users. The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions.

Furthermore, the use of AI Technologies could be affected by claims of infringement, misappropriation or other violations of intellectual property, including based on the use of large datasets used to train AI Technologies or the use of output generated by AI Technologies, in either case which contain or are substantially similar to material protected by intellectual property, including patents, copyrights or trademarks. Moreover, AI Technologies will likely be competitive with certain business practices, or increase the obsolescence of certain organizations' products or services (which might include competitiveness with, or causing the obsolescence of, other AI Technologies). In addition, AI Technologies could significantly disrupt the markets in which we operate, which could have a material effect on our business, financial condition and results of operations. Any such developments could affect any use of our or related third parties' AI Technologies and adversely impact, whether directly or indirectly, our business and funds or HHH.

The legal and regulatory frameworks within which AI Technologies operate also continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. Regulations related to AI Technologies, which can have extraterritorial effect, may impose on us certain obligations and costs related to monitoring and compliance. For example, various U.S. states are in the process of enacting (or have already enacted) laws and regulations pertaining to the development and use of AI Technologies. In addition, in January 2025, the current Presidential Administration signed an Executive Order that rescinded the prior administration's October 2023 Executive Order on AI and requires the development of an AI action plan that is consistent with the current Presidential Administration's policy within 180 days. In the EU, a regulation applicable to certain AI Technologies and the data used to train, test and deploy them (the "EU AI Act") entered into force in August 2024 and became applicable, on a staggered basis, beginning February 2, 2025. The EU AI Act has

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already prohibited certain AI practices and imposed certain literacy requirements and will impose significant requirements on both the providers and deployers of AI Technologies, and significant sanctions for breaches. Moreover, claims for damages in respect of AI Technologies may also be possible (and in certain jurisdictions, facilitated by revisions to regulations on liability). The costs of preparing for, monitoring and complying with regulations related to AI Technologies, and any claims or penalties as the result of any use of or reliance on AI Technologies, could, if applicable, adversely affect us and/or third parties connected to us (whether directly or indirectly), which could affect our business and funds.

***Failure or alleged failure to comply with applicable data and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm.***

We are subject to numerous laws and regulations in the United States and around the world regarding privacy and the collection, storage, use, processing, transfer, transmission, disclosure and protection of personal, sensitive or other regulated data, the scope of which is rapidly evolving, subject to differing interpretations, and may be inconsistent between states within a country or between countries. Any inability or perceived inability to adequately address privacy concerns, or comply with applicable laws and regulations, even if unfounded, could result in regulatory and third-party liability, increased costs, disruption to our operations, and reputational damage.

We and the companies in which our funds and HHH invest are subject to data security and privacy compliance obligations that impose compliance costs and risks of penalties, and which could increase significantly as such laws and regulations evolve globally. For example, we have obligations under existing laws and regulations, including, by example but without limitation, the requirements of the General Data Protection Regulation (EU) 2016/679 ("GDPR"), the UK version of the GDPR ("UK GDPR") as supplemented by the Data Protection Act 2018, the Cayman Islands Data Protection Act (2021 Revision), the Gramm Leach Bliley Act ("GLBA"), Regulation S-P issued by the SEC under GLBA ("Regulation S-P") and the California Consumer Privacy Act of 2018, as amended. The SEC has adopted changes to Regulation S-P, which require, among other things, that registered investment advisers notify affected individuals of a breach involving their personal information when there has been an incident that rises to the level of being a reportable breach and develop, implement and maintain written policies and procedures for an incident response program.

Certain jurisdictions are considering passing laws and regulations relating to data and digital services, and we may need to comply with additional laws or reporting obligations in the future. We cannot predict how such laws or regulations may develop, and the costs of monitoring, interpreting and, where applicable, complying with such laws and regulations could adversely affect our business, financial condition and results of operations, and could also impact the companies in which our funds invest, which could (directly or indirectly) affect our investment results. The continued development of these laws and regulations and their interpretations may increase our compliance costs, restrict our ability to offer services in certain locations, result in negative publicity and subject us to significant costs or penalties associated with litigation and/or regulatory action, all of which could adversely affect our business, financial condition, and results of operations.

As data protection and privacy laws continue to develop, it could be more difficult and/or more costly for us or the companies in which our funds and HHH invest to collect, store, use, transmit and process personal and sensitive information. Further, in addition to imposing substantial data protection governance and security requirements on companies, giving individuals extensive rights to control how companies handle their personal data and imposing data breach notification and other requirements, some data protection and privacy laws, such as the GDPR and UK GDPR, restrict cross-border transfers of personal information. Even where such transfers can be made, subject to compliance with certain conditions under the applicable data protection and privacy laws, analyzing, selecting and adhering to a relevant mechanism in order to make cross-border transfers permissible can still result in operational costs and complexities. Furthermore, requirements for data transfers continue to evolve and are subject to legal challenge. If mechanisms used by us for cross-border transfers are deemed to be insufficient, we may face increased exposure to regulatory actions, substantial fines and injunctions against processing personal information. Moreover, certain jurisdictions have passed or are considering passing laws requiring or which may encourage local data residency, which could increase the cost and complexity of delivering our services.

Although we take reasonable efforts to comply with all applicable laws and regulations and have invested and continue to invest human and technology resources into data privacy compliance efforts, there can be no assurance that we will not be subject to regulatory or individual legal action, including fines, in the event of a security incident,

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alleged non-compliance with applicable data protection and privacy laws or regulations, or other claim that an individual's privacy rights have been violated. We could incur significant costs in investigating and defending such claims and, if found liable, or be required to make changes to our business practices. Further, these proceedings and any subsequent adverse outcomes may subject us to negative publicity and an erosion of trust. In addition, we could be adversely affected if legislation or regulations are expanded to require changes in our business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that adversely affect our business, financial condition and results of operations. Many regulators have indicated an intention to take more aggressive enforcement actions regarding data privacy matters, and private litigation resulting from such matters is increasing and resulting in large judgments and settlements.

***We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation and regulatory proceedings and negative publicity.***

In the ordinary course of business, we are subject to the risk of litigation and face significant regulatory oversight. In recent years, the volume of claims and amount of damages sought in litigation and regulatory proceedings against the financial services industry in general have been increasing. The investment decisions we make in our asset management business and the activities of our investment professionals may subject our funds, HHH and us to the risk of third-party litigation. For example, we may be subject to litigation arising from investor dissatisfaction with the performance of our funds, including certain losses due to the failure of a particular investment strategy or improper trading activity if we violate restrictions in our funds' organizational documents. We also are exposed to risks of litigation relating to claims that we have not properly addressed conflicts of interest. From time to time we, our funds and HHH have been and may in the future be subject to litigation, including securities class action lawsuits by stockholders. For example, in December 2017 our funds paid $193.75 million to settle a class action with stockholders of Allergan who had brought insider trading allegations against us and Valeant Pharmaceuticals International Inc. Any litigation arising in such circumstances is likely to be protracted, expensive and surrounded by circumstances that could be materially damaging to our reputation and business. We are also subject from time to time to formal or informal investigations or inquiries by the SEC and other governmental and self-regulatory organizations in connection with our trading and other activities.

In addition, to the extent investors in our funds or HHH suffer losses resulting from fraud, gross negligence, willful misconduct or other similar misconduct, investors may have remedies against us, our funds or HHH, our investment professionals or our affiliates under the federal securities law and/or state law. While the boards of directors or trustees to our funds or HHH, including their officers, other employees and affiliates, are generally indemnified to the fullest extent permitted by law with respect to their conduct in connection with the management of the entity's business and affairs, such indemnity does not extend to actions determined to have involved fraud, willful misconduct or other similar misconduct.

Any private lawsuits or regulatory actions brought against us and resulting in a finding of substantial legal liability could materially adversely affect our business, financial condition or results of operations or cause significant reputational harm to us, which could seriously harm our business. Recently, there has been increased activity on the part of certain activist and other organized groups with respect to investments made by private funds. Such groups have at times contacted and otherwise sought to engage with government and regulatory bodies and fund investors, which could lead to negative publicity that could harm our reputation.

We depend to a large extent on our business relationships and our reputation for doing the right thing to pursue investment opportunities for our funds. As a result, allegations of improper conduct by private litigants, regulators or employees, whether the ultimate outcome is favorable or unfavorable to us, as well as negative publicity and press speculation about us, our investment activities, our workplace environment, or the asset management industry in general, whether or not valid, may harm our reputation, which may be more damaging to our business than to other types of businesses. Additionally, the pervasiveness of social media, coupled with increased public focus on the externalities of business activities, could further magnify the reputational risks associated with negative publicity.

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#### We may not be able to maintain sufficient insurance to cover us for potential litigation or other risks.
We may not be able to obtain or maintain sufficient insurance on commercially reasonable terms or with adequate coverage levels against potential liabilities we may face in connection with potential claims, which could have a material adverse effect on our business. We may face a risk of loss from a variety of claims, including claims related to securities, antitrust, contracts, cybersecurity, fraud and various other potential claims, whether or not such claims are valid. Insurance and other safeguards might only partially reimburse us for our losses, if at all, and if a claim is successful and exceeds or is not covered by our insurance policies, we may be required to pay a substantial amount in respect of such successful claim. Certain losses of a catastrophic nature, such as losses arising as a result of wars, systemic risk associated with cyber-kinetic warfare, earthquakes, floods, typhoons, terrorist attacks or other similar events, may be uninsurable or may only be insurable at rates that are so high that maintaining coverage would cause an adverse impact on our business and our funds. In general, losses related to terrorism and catastrophic nation-state hacks are becoming harder and more expensive to insure against. Some insurers are excluding coverage of terrorist acts and catastrophic nation-state hacks from their all-risk policies. In some cases, insurers are offering significantly limited coverage against terrorist acts for additional premiums, which can greatly increase the total cost of casualty insurance for a property. As a result, we and our funds or HHH may not be insured or fully insured against terrorism or certain other catastrophic losses.

#### Another pandemic or global health crisis like the COVID-19 pandemic may adversely impact our performance and results of operations.
From 2020 to 2022, in response to the COVID-19 pandemic, many countries instituted quarantine restrictions and took other measures to limit the spread of the virus. This resulted in labor shortages and disruption of supply chains and contributed to prolonged disruption of the global economy. A widespread reoccurrence of another pandemic or global health crisis could increase the possibility of periods of similar restrictions on business operations, which may materially adversely impact our business, financial condition, results of operations, liquidity and prospects and exacerbate many of the other risks discussed in this "Risk Factors" section.

In the event of another pandemic or global health crisis like the COVID-19 pandemic, our portfolio companies may experience decreased revenues and earnings, which may adversely impact our ability to realize value from such investments and in turn reduce our revenues. Certain sectors in which our funds and HHH have or may have investments, including hospitality, retail and travel, could be particularly negatively impacted, as was the case during the COVID-19 pandemic. The companies in which our funds and HHH invest may also face increased credit and liquidity risk due to volatility in financial markets and limited access to or higher cost of financing, which may adversely impact the value of these investments.

A pandemic or global health crisis may also pose enhanced operational risks. For example, our employees may become sick or otherwise unable to perform their duties for an extended period, and extended public health restrictions and remote working arrangements may impact employee morale, integration of new employees and preservation of our culture. Remote working environments may also be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts, as discussed above. Moreover, our third-party service providers could be impacted by an inability to perform due to pandemic-related restrictions or by failures of, or attacks on, their technology platforms.

***If Pershing Square Inc. were deemed an "investment company" under the 1940 Act, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.***

The 1940 Act and the rules thereunder contain detailed parameters for the organization and operation of investment companies. Among other things, the 1940 Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance of debt and equity securities, generally prohibit the issuance of options and impose certain governance requirements. We intend to conduct our operations so that Pershing Square Inc. will not be deemed to be an investment company under the 1940 Act. In applying the tests under Section 3(a)(1) of the 1940 Act to Pershing Square Inc., we believe that we are not captured by the definition of an investment company because the most substantial portions of our assets (measured by fair market value as determined in good faith by our board) and our income each quarter is derived from our asset management business rather than any other source including our principal investment activities. If anything were to happen which would cause Pershing Square Inc. to be deemed to be an investment company under the 1940 Act,

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requirements imposed by the 1940 Act, including limitations on our capital structure, ability to transact business with affiliates and ability to compensate key employees, could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between Pershing Square Inc. and its investment professionals, and materially adversely affect our business, financial condition and results of operations. In addition, we could be required to limit the amount of investments that we make as a principal and structure such investments or otherwise conduct our business in a manner that does not subject us to the registration and other requirements of the 1940 Act.

#### Risks Relating to Our Funds and HHH and Our Investment Strategy

#### Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows.
We derive revenue from management and performance fees based on assets under management and the performance of each of our funds and our other investment vehicles. If such funds and/or other investment vehicles perform poorly, our revenues, results of operations and cash flows decline because the value of our assets under management decreases, which in turn results in a reduction in our management fees and, in some cases, may result in a reduction in the performance fee revenue we receive that year from our funds.

#### Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows.
Pershing Square Inc. owns 15% and our core funds own 32% of the common shares of HHH. A decrease in the market capitalization of HHH would cause a decline in the value of our HHH shares. We also derive revenue from the HHH Fees based, with respect to the HHH Variable Fee, on the value of the HHH stock price relative to a reference price, as determined at the end of each quarter in accordance with the HHH Services Agreement. See "Business— Advisory Fees and Compensation—HHH Fees" for more information. Accordingly, we may experience fluctuations in the HHH Variable Fee earned from quarter to quarter. Furthermore, if the HHH stock price were to decline below the reference price in a given quarter, we would receive no HHH Variable Fee for that quarter which could adversely impact our revenues, results of operations and cash flows. The HHH stock price could decline if HHH performs poorly or for other factors beyond HHH's control, including but not limited to general economic, market or political conditions.

***The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock.***

Although the historical and potential future returns of our funds and HHH are correlated with our financial results, returns on our common stock are not directly linked to such returns. As disclosed in "Management's Discussion and Analysis of Financial Condition and Results of Operation," our primary source of income comes from the management and performance fees derived from our funds and not from an investment of our own capital in our funds. We also receive management fees from HHH in return for our investment advisory and other services and not from a return on an investment of our own capital in HHH. Accordingly, any positive performance of our funds or HHH will not necessarily result in positive returns on an investment in our common stock. See "—Risks Related to the Combined Offering and Ownership of Our Common Stock—*The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline*" for a discussion of the factors other than performance of our funds and of HHH which could have an impact on the price of shares of our common stock. However, poor performance of our funds and HHH's stock price would cause a decline in our revenue and would therefore have a negative effect on our performance and likely the returns on an investment in our common stock. Moreover, with respect to the historical returns of our funds:

&nbsp;&nbsp;&nbsp;&nbsp;• we may create new products or strategies in the future that reflect different investment strategies (or whose management fees represent a more significant proportion of the fees than has historically been the case), as well as a varied geographic and industry exposure as compared to our present funds, and any such new product or strategy could have different returns from our existing or previous funds;

&nbsp;&nbsp;&nbsp;&nbsp;• the rates of returns of our funds reflect unrealized gains as of the applicable measurement date that may never be realized, which may adversely affect the ultimate value realized from those funds' investments;

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&nbsp;&nbsp;&nbsp;&nbsp;• our funds' returns in some years benefited from investment opportunities and general market conditions that may not repeat themselves, our current or future investment funds might not be able to avail themselves of comparable investment opportunities or market conditions, and the circumstances under which our current or future funds may make future investments may differ significantly from those conditions prevailing in the past; and

&nbsp;&nbsp;&nbsp;&nbsp;• the rates of return reflect our historical cost structure, which may vary in the future due to various factors enumerated elsewhere in this prospectus and other factors beyond our control, including changes in laws.

The future internal rate of return for any current or future fund may vary considerably from the historical internal rate of return generated by any particular fund, or for our funds as a whole. Similarly, the future rate of return and stock price for HHH may vary considerably from its historical rate of return and stock price, particularly because HHH will pursue a different investment strategy as a result of the Howard Hughes Transaction. In addition, future returns will be affected by the applicable risks described elsewhere in this prospectus, including risks of the industries and businesses in which a particular fund or in which HHH invests.

#### The anticipated benefits of the Howard Hughes Transaction may not be realized, or those benefits may take longer to realize than expected.
We believe that there are significant benefits and synergies that may be realized from the Howard Hughes Transaction. However, the anticipated transformation of HHH pursuant to the Howard Hughes Transaction will be a new and complex process for us, and the efforts to realize the benefits of this transaction may disrupt our and HHH's existing operations. The full benefits of the transaction may not be realized as expected or may not be achieved within the anticipated time frame, or at all. Failure to achieve the anticipated benefits of the Howard Hughes Transaction could adversely affect HHH's and our future business, financial condition, operating results and prospects and negatively impact the price of our common stock.

In addition, although we do not anticipate that the Howard Hughes Transaction will disrupt the operation of our core funds or materially increase our fixed cost base, the Howard Hughes Transaction involves a number of special risks, including the diversion of management's and our investment team's attention from our core funds; entry into markets or businesses in which we or HHH may have limited or no experience; increasing demands on our investment processes and infrastructure; and enhanced regulatory scrutiny and greater reputational and litigation risk. Such risks may disrupt HHH's or our ongoing business and limit the anticipated benefits to us of the Howard Hughes Transaction.

#### We will not fully control HHH, exposing us to the risk of decisions made by others with whom we may not agree.
We do not have full discretionary authority over the investments of HHH. In connection with the Howard Hughes Transaction, we agreed to limit the voting power of the shares of HHH common stock held by us and our affiliates to 40% of the total voting power of the outstanding shares of HHH common stock and we and our affiliates have limited our beneficial ownership of the outstanding shares of HHH common stock to 47%. As a result, while we have more control over HHH than any other stockholder, we do not fully control HHH. Although we provide investment advisory and other services to support HHH's new diversified holding company strategy, and its potential future insurance subsidiary, we are subject to the risk that HHH may make business, financial or management decisions contrary to our expectations or with which we do not agree (including with respect to the use of the capital we have invested in HHH in connection with the Howard Hughes Transaction) or that the other stockholders or the management of HHH may take risks or otherwise act in a manner that does not serve our interests. If any of the foregoing were to occur, our business, financial condition and results of operations could suffer as a result.

#### Our funds and our other investment vehicles are exposed to a concentration of investments, which can exacerbate volatility and investment risk.
In the pursuit of our core investment strategy, our funds and our other investment vehicles accumulate significant positions in particular investments, typically investing the substantial majority of their capital in a limited number of core investments. Our investment strategy of concentrating investment positions can increase the volatility of investment results over time and may exacerbate the risk that a loss in any such position could

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have a material adverse impact on the NAV of the funds and other investment vehicles and, in turn, the management fees we receive from them. Although we may at times choose to do so, we are under no obligation to hedge positions to mitigate such risks. See "—*Risk management activities may not be successful and, in some cases, may negatively impact our business*." In addition, we may in the future concentrate such investment positions in any one or group of industries, which could further exacerbate the impact of an economic slowdown in such industries on the NAV and performance of our funds and other investment vehicles and, in turn, our management fees and performance fees. Such volatility and investment risk could have a material adverse effect on our business, financial condition and results of operations.

#### Our investment strategies may not be successful, which would negatively affect us.
Investments are exposed to the risk of the loss of capital. Our funds and HHH invest in securities and operating companies utilizing an investment strategy that may involve substantial risks. The prices of their respective investments and assets are volatile and market movements are difficult to predict. No guarantee or representation is made that their investment strategies will be successful. In addition, our funds may utilize such investment techniques as concentration of investments, forward transactions, foreign currency transactions, uncovered option transactions, securities lending, short sales, investments in non-marketable securities and futures and options on futures transactions, among others, which could under certain circumstances magnify the impact of any adverse market or investment developments.

There can be no assurance that the securities purchased or investments made by our funds or HHH will increase in value or that our funds and HHH will not incur significant losses. Such investment risk could have a material adverse effect on our business, financial condition and results of operations.

#### We may fail to identify suitable investment opportunities.
Our investment strategies for our funds and HHH depend on our ability to successfully identify attractive investment opportunities. Any failure to identify and make appropriate investment opportunities would increase the amount of their assets invested in cash or cash equivalents and, as a result, may reduce their rates of return. Our funds and HHH face competition for investments from, for example, public and private investment funds, strategic buyers and/or investment banks. Many of these competitors may be substantially larger and have greater financial resources than are available to our funds and HHH. There can be no assurance that we will be able to identify and make investments for our funds, or that HHH will be able to make investments, that are consistent with our investment objectives or that generate attractive returns for investors, or that our funds and HHH will not be significantly affected by competitive pressures for investment opportunities, which could in turn have a material adverse effect on our business, financial condition and results of operations.

#### The due diligence we perform may not reveal all relevant facts in connection with such investment.
When assessing an investment opportunity, we have relied and will continue to rely on resources that may provide limited or incomplete information. In some cases, whether or not known to us at the time, such resources may not be sufficient, accurate, complete or reliable. In particular, we have relied and will continue to rely on publicly available information and data filed with various government regulators. Although we have evaluated and will continue to evaluate information and data as we deemed or deem appropriate, and have sought and will continue to seek independent corroboration when reasonably available, we have not and may choose not to evaluate all publicly available information and data with respect to any investment and have often not been and will often not be in a position to confirm the completeness, genuineness or accuracy of the information and data that we did or will evaluate.

In addition, when assessing an investment opportunity, our investment analyses and decisions may be undertaken on an expedited basis in order to take advantage of what we perceive to be short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete.

As a result, there can be no assurance that due diligence investigations we carry out will reveal or highlight all relevant facts (including fraud) or risks that may be necessary or helpful in evaluating investment opportunities or foresee future developments that could have a material adverse effect on an investment. Any

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failure to identify relevant facts may result in inappropriate investment decisions, which may have a material adverse effect on the value of the investments of our funds and HHH, which in turn may have a material adverse effect on our business, financial condition and results of operations.

***Our funds and other investment vehicles generally make investments in companies that we do not control, exposing us to the risk of decisions made by others with whom we may not agree.***

Our funds and our other investment vehicles generally make investments in companies that we do not control. As a result, these investments are subject to the risk that the company in which the investment is made may make business, financial or management decisions contrary to our expectations or with which we do not agree or that the majority stakeholders or the management of the company may take risks or otherwise act in a manner that does not serve our interests. If any of the foregoing were to occur with respect to one or more significant investments, the values of such investments by our funds and our other investment vehicles could decrease and our business, financial condition and results of operations could suffer as a result.

#### Risk management activities may not be successful and, in some cases, may negatively impact our business.
When managing exposure to market risks, our funds and HHH may from time to time use futures and forward contracts, options, interest rate swaps, caps, collars and floors or pursue other strategies or use other forms of derivative instruments (over the counter ("OTC") and otherwise) to limit our exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing interest rates, currency exchange rates and commodity prices. The use of derivative financial instruments and other risk management strategies may not be properly designed to hedge, manage or otherwise reduce the risks we have identified. In addition, we may not be able to identify, or may not have fully identified, all applicable material market risks to which we are exposed. Our funds and HHH may also choose not to hedge, in whole or in part, any of the risks that have been identified. The scope of risk management activities undertaken by us varies based on the level and volatility of interest rates, the prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. We do not seek to hedge our exposure in all currencies or all investments, which means that our exposure to certain market risks are not limited. The use of hedging transactions and other derivative instruments to reduce the effects of a decline in the value of a position does not eliminate the possibility of fluctuations in the value of the position or prevent losses if the value of the position declines. Moreover, it may not be possible to limit the exposure to a market development that is so generally anticipated that a hedging or other derivative transaction cannot be entered into at an acceptable price. Further, it may not be possible to fully or perfectly limit our exposure against all changes in the value of investments because the value of investments is likely to fluctuate as a result of a number of factors, some of which will be beyond our control or ability to hedge. As such, the portfolios of our funds and HHH will always be exposed to certain risks that cannot be hedged.

In addition, the success of any hedging or other derivative transaction generally will depend on our ability to correctly predict market changes, the degree of correlation between price movements of a derivative instrument and the position being hedged, the creditworthiness of the counterparty and other factors, some of which may be beyond our ability to hedge. The degree of correlation between price movements of the instruments used in connection with hedging activities and price movements in a position being hedged may vary. For various reasons, we may not seek to establish, or be successful in establishing, a perfect correlation between the instruments used in hedging or other derivative transactions and the positions being hedged. An imperfect correlation could prevent us from achieving the intended result and give rise to a loss. As a result, while our funds and HHH may enter into such a transaction in order to reduce exposure to market risks, unintended market changes may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for gain if the value of a hedged position increases.

Hedging arrangements themselves also may entail certain other risks. These arrangements may require the posting of cash collateral at a time when a fund has insufficient cash such that the posting of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. In addition, if our derivative counterparties or clearinghouses fail to meet their obligations with respect to the posting of cash collateral, our efforts to mitigate certain risks may be ineffective. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, that reduce the returns generated by a fund.

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Finally, the regulation of derivatives and commodity interest transactions in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Newly instituted and amended regulations could significantly increase the cost of entering into derivative contracts (including through requirements to post collateral, which could negatively impact available liquidity), materially alter the terms of derivative contracts, reduce the availability of derivatives to protect against risks, reduce our ability to restructure our existing derivative contracts and increase our exposure to less creditworthy counterparties. Furthermore, the CFTC may in the future require certain foreign exchange products to be subject to mandatory clearing, which could increase the cost of entering into currency hedges. See also "—Risks Related to Our Business and Industry—Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business."

#### Our foreign investments may be subject to various risks, thus exposing us to risk.
Our funds and HHH may invest in securities trading in markets less mature than those of the United States. Investing in these securities involves particular risks for our funds and our other investment vehicles, including:

&nbsp;&nbsp;&nbsp;&nbsp;• political and economic risks, such as expropriation and nationalization, the potential difficulty of repatriating any investment returns and general social, political and economic instability;

&nbsp;&nbsp;&nbsp;&nbsp;• potential lack of liquidity and greater price volatility, which may affect, among other things, the ability to exit a position;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in pricing securities;

&nbsp;&nbsp;&nbsp;&nbsp;• defaults on foreign government securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of withholding or other taxes on interest, dividends or other distributions, payments on certain derivative instruments, capital gains, other income or gross sale or disposition proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the rate of exchange between currencies and costs associated with currency conversion or foreign exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;• certain government policies that may restrict our investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• lower quality accounting and financial reporting standards;

&nbsp;&nbsp;&nbsp;&nbsp;• a less effective or less developed regulatory environment, including limited or no supervision and regulation of stock exchanges, brokers and the sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;• differences in the legal and regulatory environment, including less developed or less comprehensive bankruptcy laws;

&nbsp;&nbsp;&nbsp;&nbsp;• fewer investor protections and less stringent requirements relating to fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in enforcing contractual obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• heightened exposure to corruption risk;

&nbsp;&nbsp;&nbsp;&nbsp;• higher transaction costs of investing;

&nbsp;&nbsp;&nbsp;&nbsp;• less publicly available information about companies;

&nbsp;&nbsp;&nbsp;&nbsp;• absence of an independent judicial system and exposure to economic, political or nationalistic influences, resulting in difficulties in pursuing legal remedies or obtaining and enforcing judgments or in voting proxies and exercising stockholder rights; and

&nbsp;&nbsp;&nbsp;&nbsp;• a less favorable environment for pursuing our investment strategy.

#### Our trading orders may not be timely executed.
Our investment and trading strategies depend on the ability to establish and maintain overall market positions in a combination of investments and financial instruments. Our trading orders may not be executed in a timely and efficient manner due to various circumstances, including, for example, trading volume surges, systems failures or human error attributable to us, our funds or HHH, counterparties, brokers, dealers, agents or other service providers. In such event, our funds and HHH might only be able to acquire or dispose of some, but not

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all, of the components of such position, or if the overall position were to need adjustment, our funds and HHH might not be able to make such adjustment. As a result, our funds and HHH would not be able to achieve the desired market position, which may result in a loss. In addition, our funds and HHH rely heavily on electronic execution systems (and may rely on new systems and technology in the future), and such systems may be subject to certain systemic limitations or mistakes, causing the interruption of trading orders made by our funds and HHH. Losses resulting from delays in trade execution and settlement could have a material adverse effect on the performance of our funds and HHH, which in turn could lead to lower management fees and, in some cases, may lead to lower performance fee revenue, causing a material adverse effect on our business, financial condition and results of operations.

***We are reliant on third-party service providers for certain aspects of our business, and are subject to risks in using custodians, counterparties, administrators and other agents.***

We are reliant on third-party service providers for certain investment services and technology platforms that facilitate the continued operation of our business, including but not limited to prime brokerage and cloud-based services. We generally have less control over the delivery of such third-party services, and as a result, may face disruptions to our ability to operate our business as a result of interruptions of such services. For example, a prolonged global failure of cloud services provided to us could result in cascading systems failures.

Our funds and HHH depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. We are subject to risks of errors and mistakes made by these third parties, which may be attributed to us and subject us to reputational damage, penalties or losses. The terms of the contracts with these third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are subject to limited or no regulatory oversight. We may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.

Our funds and HHH are subject to the risk that the counterparty to one or more of these contracts defaults, either voluntarily or involuntarily, on its performance under the contract. Any such default may occur suddenly and without notice to us. Moreover, if a counterparty defaults, we may be unable to take action to cover our exposure, either because we lack contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, which is when defaults are most likely to occur. In addition, we may not accurately anticipate the effects of market stress or counterparty financial condition, and as a result, we may not have taken sufficient action to reduce our risks effectively. Default risk may arise from events or circumstances that are difficult to detect, foresee or evaluate. In addition, concerns about, or a default by, one large participant could lead to significant liquidity problems for other participants, which may in turn expose us to significant losses.

In the event of a counterparty default, particularly a default by a major investment bank or a default by a counterparty to a significant number of our contracts, one or more of our funds or HHH may have outstanding trades that they cannot settle or are delayed in settling. As a result, our funds or HHH could incur material losses and the resulting market impact of a major counterparty default could harm our business, financial condition and results of operation.

In the event of the insolvency of a custodian, counterparty or any other party that is holding assets of our funds or HHH as collateral, our funds or HHH might not be able to recover equivalent assets in full as they will rank among the custodian's or counterparty's unsecured creditors in relation to the assets held as collateral. In addition, our cash held with a custodian or counterparty generally will not be segregated from the custodian's or counterparty's own cash, and our funds and HHH may therefore rank as unsecured creditors in relation thereto.

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#### Our investment strategies are subject to numerous additional risks.
Our investment strategies are subject to numerous additional risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest in risky instruments, such as swaps and certain options and other custom instruments, which are subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty, market risk, liquidity risk and operations risk; credit-default swaps, characterized by volatile pricing, potentially illiquid markets, difficulty in predicting triggering events and various other risks; and future contracts and forward contracts, which are subject to the risk of bank failure or non-performance;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest in risky investments, such as distressed securities or illiquid investments, and such investments may involve material risks;

&nbsp;&nbsp;&nbsp;&nbsp;• New investment instruments are continually developing and investments in such investment instruments may involve material and as yet unanticipated risks;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may employ hedging, including dynamic hedging approaches which may ultimately fail to achieve the intended risk mitigation if the market experiences rapid changes in price, volatility, or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;• While we pursue a long-term investment strategy, our funds and HHH retain the flexibility to engage in short-selling as a short-term trading-related technique, which could result in material losses due to the theoretical risk of an unlimited increase in the market price of a short sale of an investment instrument;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may be limited in their ability to engage in short-selling or other short-term trading-related techniques as a result of regulatory mandates which may limit our ability to engage in hedging activities and therefore impair our investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH retain the flexibility to use margin leverage for short-term management of cash flows, which subjects the funds to changes in the value that broker-dealers ascribe to a given security or position, the amount of margin required to support such security or position, the borrowing rate to finance such security or position and/or such broker-dealers' willingness to continue to provide any such credit to the funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH depend on their ability to access sufficient sources of debt financing at attractive rates to execute any leverage strategies, and there is no guarantee that they will be able to access sufficient debt or other financing at attractive rates or at all; and

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest through their respective affiliates, in which case their investments may be subordinated to the claims of such affiliates' creditors.

***Given the priority we afford the interests of the investors in our funds and our other investment vehicles and our focus on achieving superior investment performance, we may reduce our fees or otherwise alter the terms under which we do business when we deem it in the best interest of our fund investors — even in circumstances where such actions might be contrary to the short-term interests of our stockholders.***

In pursuing the interests of the investors in our funds and our other investment vehicles, we may take actions that could reduce the profits we could otherwise realize in the short term. While we believe that our commitment to the investors in our funds and our other investment vehicles and our discipline in this regard is in the long-term interest of us and our stockholders, this approach may have an adverse impact on our short-term profitability, and there is no guarantee that it will be beneficial in the long term. We may voluntarily reduce management fee rates and terms for certain of our funds or other investment vehicles and/or certain investors in such funds or other investment vehicles, when we deem it appropriate, even when doing so may reduce our short-term revenue. For example, for eight consecutive quarters beginning in 2018, we reduced the management fees paid to us by certain of our funds to account for their litigation settlement-related expenses. Similarly, in connection with the Howard Hughes Transaction, we agreed to reduce the management fees paid to PSCM LP by each of the core funds by an amount equal to the fees paid to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by each such fund and attributable to its fee-paying assets. As another example, we waived performance fees for certain investors in our private funds until such time as any losses incurred by them from a direct investment in one of our co-investment vehicles were recovered. In

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addition, due to the fee offset arrangement described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of our Results of Operations—Income—Performance Fees," our revenue may not grow directly in proportion to the increased Fee-Paying AUM we expect to realize from the PSUS IPO. Furthermore, employees and affiliates of PSCM LP, or other individuals who have provided material assistance to PSCM LP, benefit from preferential fees.

#### The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets.
The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets. Neither we nor PSCM LP or any of our other affiliates has previously served as an investment adviser to an investment company registered under the 1940 Act. As a result, we will be addressing certain operational and compliance requirements of the 1940 Act for the first time in connection with the launch of PSUS. None of the other funds we currently manage prior to the combined offering are registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If any of the other funds we manage had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. As a result, our future performance will depend on our ability to implement the operational and compliance-related requirements of the 1940 Act, while also successfully implementing our investment strategy within the investment and regulatory parameters applicable to registered investment companies under the 1940 Act. Any failure to do so may have a material adverse effect on the performance of PSUS, which in turn could lead to lower management fees causing a material adverse effect on our business, financial condition and results of operations.

#### Risks Related to Taxation
***Changes in relevant tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely impact our effective tax rate and tax liability.***

Our effective tax rate and tax liability are based on the application of current income tax laws, regulations and treaties, including state and local income tax laws and regulations. These laws, regulations and treaties are complex, and the manner in which they apply to us and our funds is sometimes open to interpretation. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. Although management believes its application of current laws, regulations and treaties to be correct and sustainable upon examination by the tax authorities, the tax authorities (including the Internal Revenue Service ("IRS")) could challenge our interpretation, resulting in additional tax liability or adjustment to our income tax provision that could increase our effective tax rate.

In addition, past and future changes to tax laws and regulations, including to state and local tax laws and regulations, may have an adverse impact on us. For example, the Inflation Reduction Act of 2022 imposes, among other things, a minimum "book" tax on certain large corporations and creates a new excise tax on net stock repurchases made by certain publicly traded corporations. Furthermore, President Trump recently signed into the law the One Big Beautiful Bill Act which includes several new provisions (and other amendments) to the Code. The application and implication of the One Big Beautiful Bill Act to the Company is not yet clear given the lack of official guidance and interpretation or practical application. These and other changes could materially change the amount and/or timing of taxes we could be required to pay and may increase tax-related regulatory and compliance costs.

#### Risks Related to the Combined Offering and Ownership of Our Common Stock
***No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.***

There currently is no public trading market for shares of our common stock. Following the combined offering, our common stock will be listed on the NYSE. Our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the combined offering as described in the

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accompanying PSUS Prospectus. We cannot predict the extent to which investor interest in our company will lead to the development of an active trading market on the NYSE or how liquid that market might become. An active public market for our common stock may not develop or be sustained after the combined offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your shares of our common stock at a price that is attractive to you, or at all.

We cannot predict the prices at which our common stock may trade after the combined offering. Prior to the opening trade, there will not be a price at which the underwriters initially sell shares of our common stock to the public. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by the underwriters from various broker-dealers. Consequently, upon listing on the NYSE, the public trading price of our common stock may be more volatile than where an initial public offering is conducted with a predetermined initial offering price and could decline significantly and rapidly from the opening price. As a result, we also cannot assure you that, following the combined offering, the combined trading prices of a PSUS Share and a share of our common stock will equal or exceed the public offering price of a PSUS Share in the PSUS IPO. A range of other factors, some of which may be beyond our control, may cause the market price of our common stock to fluctuate widely. See "—*The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.*" Low trading volume for our common stock, which may occur if an active trading market does not develop, among other reasons, would amplify the effect of such factors on our stock price volatility.

In connection with the combined offering, the underwriters may purchase and sell shares of our common stock and/or PSUS Shares in the open market, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, which may require corresponding purchases or sales by the underwriters of shares of the other component security in the open market. In connection with the combined offering, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the trading price of shares of the subject securities. Generally, the Underwriters would not be expected to engage in stabilizing transactions or cover syndicate short positions, unless the combined trading price of a PSUS Share and a share of our common stock is in the aggregate less than the public offering price of $50.00.

To the extent that the underwriters do not engage in stabilizing transactions with respect to the trading of our common stock on the NYSE, there could be greater volatility in the public price of our common stock during the period immediately following the closing of the combined offering. Furthermore, stabilizing transactions by the underwriters with respect to the trading of the PSUS Shares on the NYSE, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the PSUS IPO, may require corresponding purchases or sales by the underwriters of shares of our common stock in the open market, and therefore stabilizing transactions with respect to the trading of PSUS Shares may affect the trading market for our common stock, including in potentially unexpected ways. Each of these factors contributes to the potential volatility in the price for our common stock following the combined offering.

#### ManagementCo controls us and its interests may conflict with ours or yours in the future.
Upon completion of the combined offering, ManagementCo, an entity managed by members of our senior management, will initially have voting power over % of our outstanding common stock (or % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus) and will also hold a Special Voting Share that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to

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ManagementCo. Even should the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share means ManagementCo will still be able to control the election of our board of directors and generally control the outcome of all other matters requiring the approval of our stockholders, including the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets. Accordingly, ManagementCo will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular, ManagementCo will be able to significantly influence or effectively prevent a change of control of our company or a change in the composition of our board of directors and could preclude any unsolicited acquisition of our company. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of common stock as part of a sale of our company and ultimately might affect the market price of our common stock. See "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Voting Rights of ManagementCo."

***The disproportionate voting rights of ManagementCo will have the effect of concentrating voting control with ManagementCo, will limit or preclude your ability to influence corporate matters, may discourage or delay acquisition attempts for us that you might consider favorable and may have a potential adverse effect on the price of our common stock.***

Following the Reorganization Transactions, ManagementCo will hold our single outstanding Special Voting Share. The Special Voting Share will have no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share initially provide only a single additional vote to ManagementCo. However, should the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share would create a disparity between ManagementCo's voting power and its economic interest in us, which disparity could be significant. ManagementCo will be able to control all matters submitted to our stockholders for majority approval, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock. See "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Voting Rights of ManagementCo."

Our common stockholders' voting rights are further restricted by the provision in our articles of incorporation stating that if any person (other than ManagementCo) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation. See "Description of Capital Stock—Common Stock" and "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Loss of Voting Rights."

This concentration of control with ManagementCo and restriction on the voting rights of other holders of our common stock will limit or preclude the ability of other holders of our common stock to influence corporate matters for the foreseeable future, which, in turn increases the risk of divergent views over strategy or business combination and an increased risk of conflict or litigation caused by such divergent views. This concentrated control also could discourage, delay or prevent a transaction involving a change in control of our company, including actions that our stockholders may deem advantageous, or negatively affect the trading price of our common stock. In addition, this concentrated control could discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and to cause us to take other corporate actions you desire. For further discussion of these and other such anti-takeover provisions, see "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law."

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#### Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure.
Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure. In a typical multi-class capital structure, the shares of a certain class may give its holder additional voting power that is in direct proportion to the number of shares held by such holder. Consequently, the disposition by such holder of a number of such shares would result in a proportionate decrease in such holder's voting power. In contrast, the Special Voting Share will provide ManagementCo with voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo. However, should the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share would create a disparity between ManagementCo's voting power and its economic interest in us, which disparity could be significant. ManagementCo will be able to control all matters submitted to our stockholders for majority approval, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock. Accordingly, you should have no expectation of having the ability to influence the outcome of any matters that are subject to stockholder approval.

#### We cannot predict the impact our share structure may have on the trading price of our common stock.
We cannot predict whether our share structure will result in a lower or more volatile market price of our common stock, in adverse publicity or other adverse consequences. Certain index providers have in the past announced restrictions on including companies with multiple class share structures in certain of their indices. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices would likely preclude investment by many of these funds and could make our common stock less attractive to other investors. As a result, the market price of our common stock could be materially adversely affected.

#### The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.
Even if a trading market develops, the market price of our common stock may be highly volatile and could be subject to wide fluctuations. Securities markets worldwide experience significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could reduce the market price of shares of our common stock regardless of our operating performance. In addition, our operating results could be below the expectations of public market analysts and investors due to a number of potential factors, including variations in our quarterly operating results or dividends, if any, to stockholders, additions or departures of key personnel, failure to meet analysts' earnings estimates, publication of research reports about our industry, litigation and government investigations, changes or proposed changes in laws or regulations or differing interpretations or enforcement thereof affecting our business, adverse market reaction to any indebtedness we may incur or securities we may issue in the future, changes in market valuations of similar companies or speculation in the press or investment community, announcements by our competitors, adverse publicity about the industries we participate in or individual scandals, and in response the market price of shares of our common stock could decrease significantly.

In the past few years, stock markets have experienced extreme price and volume fluctuations. In the past, following periods of volatility in the overall market and the market price of a company's securities, securities class action litigation has often been instituted against these companies. Such litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

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***We will be a "controlled company" within the meaning of the corporate governance standards of the NYSE and, as a result, will qualify for exemptions from certain corporate governance requirements. If we rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After the completion of the combined offering, ManagementCo will continue to control a majority of the combined voting power of our capital stock entitled to vote generally in the election of directors. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these corporate governance standards, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements. For example, controlled companies:

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a board that is composed of a majority of "independent directors," as defined under the rules of such exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we do not intend to rely on the exemptions from these corporate governance requirements, if we do rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act. We will remain an "emerging growth company" until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year during which our total annual revenue equals or exceeds $1.235 billion (subject to adjustment for inflation);

&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year following the fifth anniversary of the combined offering;

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we are deemed to be a "large accelerated filer" under the Exchange Act.

We may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including but not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, the JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. Accordingly, this election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies. When a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, will adopt the new or revised standard at the time private companies adopt the new or revised standard, unless early adoption is permitted by the standard. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

Investors may find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our per share trading price may be materially adversely affected and more volatile.

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***We will incur increased costs and become subject to additional regulations and requirements as a result of becoming a public company, which could lower our profits, make it more difficult to run our business or divert management's attention from our business.***

As a public company, we will be required to commit significant resources and management time and attention to the requirements of being a public company, which will cause us to incur significant legal, accounting and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. We also will incur costs associated with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and related rules implemented by the SEC and the NYSE, and compliance with these requirements will place significant demands on our legal, accounting and finance staff and on our accounting, financial and information systems. In addition, we might not be successful in implementing these requirements. The expenses incurred by public companies generally for reporting (including the aforementioned increasingly prominent reporting requirements related to greenhouse gas emissions activity and climate-related financial risks) and corporate governance purposes have been increasing. We expect these rules and regulations to increase our legal and financial compliance costs and to make some activities more time-consuming and costly, although we are currently unable to estimate these costs with any degree of certainty. These laws and regulations also could make it more difficult or costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. These laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

***Failure to comply with requirements to design, implement and maintain effective internal controls could have a material adverse effect on our business and stock price.***

As a privately held company, we were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act, or Section 404. As a public company, we will have significant requirements for enhanced financial reporting and internal controls. We are an emerging growth company, and thus we are exempt from the auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act until such time as we no longer qualify as an emerging growth company. See also "—*We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.*" Regardless of whether we continue to qualify as an emerging growth company, we will still need to implement substantial internal control systems and procedures in order to satisfy the reporting requirements under the Exchange Act and applicable requirements.

The process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements and harm our results of operations. In addition, we will be required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting in the second annual report following the completion of this offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible remediation. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. Once we are no longer an "emerging growth company," our auditors will be required to issue an attestation report on the effectiveness of our internal controls on an annual basis.

In connection with the implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems or delays in completing the remediation of any deficiencies identified by our independent registered public accounting firm in connection with the issuance of their attestation report. Our testing, or the subsequent testing (if required) by our independent registered public accounting firm, may reveal

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deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. Any material weaknesses could result in a material misstatement of our annual or quarterly consolidated financial statements or disclosures that may not be prevented or detected, which may in turn result in sanctions or investigations by the NYSE, the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

***If securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding our common stock, our stock price and trading volume could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If any of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our common stock price may decline. If analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our common stock price or trading volume to decline and our common stock to be less liquid.

#### We may not have sufficient funds to pay dividends or other distributions on our common stock.
Although we intend to pay dividends on our common stock to the extent that we have sufficient funds legally available for such purpose, the declaration, amount and payment of any future dividends or other distributions on shares of common stock will be at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends or other distributions from funds we receive from our subsidiaries. In addition, our ability to pay dividends or other distributions may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future. Therefore, we cannot assure you that you will receive any dividends or other distributions on your common stock. See "Dividend Policy."

#### You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.
After the combined offering we will have shares of common stock authorized but unissued. Our articles of incorporation will authorize us to issue these shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion, whether in connection with acquisitions or otherwise. Additionally, we have reserved an aggregate of shares of common stock for issuance under our Equity Incentive Plan. Any common stock that we issue, including under our Equity Incentive Plan or other equity incentive plans that we may adopt in the future, would dilute the percentage ownership held by the initial investors in the PSUS IPO who receive shares of our common stock in the combined offering.

#### We may issue additional series of preferred stock whose terms could materially adversely affect the voting power or value of our common stock.
Upon the completion of the combined offering, ManagementCo will hold the Special Voting Share, a series of preferred stock, that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share."

Our articles of incorporation will authorize us to issue, without the approval of our stockholders, one or more additional classes or series of preferred stock having such voting powers, designations, preferences, limitations, restrictions and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. See "Description of Capital Stock—Preferred Stock—Additional Series of Preferred Stock." The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified

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events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.

#### Substantial sales of our common stock following the combined offering could cause the market price of our common stock to decline.
The sale of substantial amounts of shares of our common stock in the public or private markets, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for you to sell shares of our common stock in the future at a time and at a price that you deem appropriate. Upon completion of the combined offering, we will have a total of shares of our common stock outstanding. See "Summary—Reorganization Transactions" for more information.

All of the shares of our common stock delivered to the initial investors in the PSUS IPO in the combined offering will be freely tradable, without restriction or further registration under the Securities Act, by persons other than our "affiliates," as that term is defined under Rule 144 of the Securities Act. See "Shares Eligible for Future Sale." The initial investors in the PSUS IPO that receive shares of our common stock in the combined offering generally may sell those shares immediately in the public market. Although we have no actual knowledge of any plan or intention of any significant initial investor in the PSUS IPO to sell our common stock following the offering, it is likely that some of the initial investors in the PSUS IPO, possibly including significant investors, will sell their shares of our common stock. The sales of significant amounts of our common stock or the perception in the market that this will occur may decrease the market price of our common stock.

The shares of our common stock held by our pre-IPO owners and management, including our Founder, after the combined offering will be subject to certain restrictions on resale. We, our officers, directors and our pre-IPO owners, including our Founder and the Strategic Investors, will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of the shares of our common stock held by them for 12 months following the date of this prospectus. The representatives of the underwriters may, in their sole discretion, release all or any portion of the shares of common stock subject to lock-up agreements at any time. See "Underwriting" and "Shares Eligible for Future Sale—Lock-Up Agreements and Registration Rights" for a description of these lock-up agreements. Possible sales of these shares in the market following the waiver or expiration of such agreements could exert downward pressure on our stock price.

Upon the expiration of the lock-up agreements described above, all of such shares will be eligible for resale in the public market subject, in the case of shares held by our affiliates, to the volume, manner of sale and other limitations under Rule 144. We expect that our Founder will continue to be considered an affiliate following the expiration of the lock-up period based on his expected share ownership. Certain other of our stockholders may also be considered affiliates at that time. However, as a result of the registration rights agreement, shares of our common stock held by our Founder, our named executive officers and certain other employees and the Strategic Investors may be eligible for future sale without complying with the conditions of Rule 144. See "Shares Eligible for Future Sale—Lock-Up Agreements and Registration Rights" and "Certain Relationships and Related Person Transactions—Registration Rights Agreement."

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Equity Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market. We expect that the initial registration statement on Form S-8 will cover shares of our common stock. If equity securities are granted under the Equity Incentive Plan and it is perceived they will be sold in the public market, then the price of our common stock could decline.

In the future, we may also issue our securities in connection with investments or acquisitions. The number of shares of our common stock issued in connection with an investment or acquisition could constitute a material portion of our then outstanding shares of common stock. As restrictions on resale end, the market price of our shares of common stock could drop significantly if the holders of these restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our common stock or other securities or to use our common stock as consideration for acquisitions of other businesses, investments or other corporate purposes.

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***You may have additional difficulty determining liability and monetary damages for claims brought under the liability provisions of the Securities Act in connection with the combined offering.***

The Securities Act contains several provisions providing for private rights of action for investors who suffer losses due to material misstatements or omissions in connection with the offer and sale of securities. You may have additional difficulty determining liability and damages for claims brought under these provisions in connection with the combined offering. Even though this offering and the PSUS IPO are component parts of a single offering, it is uncertain how a court would assess liability and calculate any damages to which you may be entitled from us in a successful claim, given that investors in the combined offering will pay no additional or separate consideration for our shares of common stock.

***Our articles of incorporation will designate the Eighth Judicial District Court of the State of Nevada or the federal district courts of the United States of America, as applicable, as the sole and exclusive forum, and waive trial by jury, for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with the Company or the Company's directors, officers or other employees.***

Our articles of incorporation will provide that, unless we consent to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder or employee of the Company to the Company or our stockholders; (iii) any internal action (as defined in NRS 78.046), including any action arising under Nevada Revised Statutes ("NRS") Chapter 78, our articles of incorporation, our bylaws, any agreement entered into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the District Court of the State of Nevada; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

Our articles of incorporation further will provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the federal securities laws of the United States, including, in each case, the applicable rules and regulations promulgated thereunder.

Our articles of incorporation further will provide that, to the fullest extent not inconsistent with any applicable U.S. federal laws, any and all "internal actions" (as defined in NRS 78.046) must be tried in a court of competent jurisdiction (subject to the exclusive forum provisions in our articles of incorporation) before the presiding judge as the trier of fact and not before a jury. Pursuant to NRS 78.046 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), such requirement will conclusively operate as a waiver of the right to trial by jury by each party to any such internal action.

Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to the forum and jury waiver provisions in our articles of incorporation. These choice-of-forum and jury waiver provisions may limit a stockholder's ability to bring a claim in a different judicial forum, even if such stockholder may believe such different forum or trial by jury to be favorable or convenient for a specified class of disputes with the Company or the Company's directors, officers, other stockholders or employees, which may discourage such lawsuits. Alternatively, if a court were to find these provisions of our articles of incorporation inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions or before a jury, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

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#### FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under "Risk Factors." These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

#### MARKET AND INDUSTRY DATA
This prospectus includes market and industry data and forecasts that we have derived from independent consultant reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable.

Although we believe that these third-party sources are reliable, we do not guarantee the accuracy or completeness of this information, and neither we nor the underwriters have independently verified this information. Some market data and statistical information are also based on our good faith estimates, which are derived from management's knowledge of our industry and such independent sources referred to above. Certain market, ranking and industry data included elsewhere in this prospectus, including the size of certain markets and our size or position and the positions of our competitors within these markets, including our services relative to our competitors, are based on estimates of our management. These estimates have been derived from our management's knowledge and experience in the markets in which we operate, as well as information obtained from surveys, reports by market research firms, our investors, business organizations and other contacts in the markets in which we operate and have not been verified by independent sources. Unless otherwise noted, all of our market share and market position information presented in this prospectus is an approximation.

Our internal data and estimates are based upon information obtained from business organizations and other contacts in the markets in which we operate and our management's understanding of industry conditions. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those described in "Risk Factors." These and other factors could cause our future performance to differ materially from our assumptions and estimates. See "Forward-Looking Statements."

#### TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have the right to use the trademarks, service marks and trade names used in connection with our business. All trademarks, service marks and trade names referred to in this prospectus are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus are without the® and™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, service marks and trade names. We do not intend our use or display of other companies' trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

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#### USE OF PROCEEDS
The combined offering will not result in any proceeds to Pershing Square Inc. We are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS.

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#### DIVIDEND POLICY
The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends or other distributions from funds we receive from our subsidiaries. In addition, our ability to pay dividends or other distributions may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future.

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#### CAPITALIZATION
The following table sets forth our consolidated cash and cash equivalents and capitalization as of December 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;• on a historical basis; and

&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, giving effect to the combined offering and the other transactions described in "Summary—Reorganization Transactions" and "Unaudited Pro Forma Consolidated Financial Information."

The information below is illustrative only and our capitalization following the combined offering will be adjusted based on the actual number of PSUS Shares purchased in the PSUS IPO (including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus) and the specific number of shares of our common stock that we deliver for every 100 PSUS Shares purchased in the PSUS IPO. Cash and cash equivalents are not components of our total capitalization. You should read this table together with the other information contained in this prospectus, including "Summary—Reorganization Transactions," "Unaudited Pro Forma Consolidated Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the historical financial statements and related notes thereto included elsewhere in this prospectus.

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** |
|  | **Pershing Square** <br>**Holdco, L.P.** <br>**Actual** | **Unaudited** <br>**Pershing Square** <br>**Inc.** <br>**Pro Forma**  |
| **(in thousands, except per share amounts)**<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;$ | &nbsp;&nbsp;$ |
| Partners' capital controlling interests |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common stock, par value $0.001 per share; shares authorized and shares issued and outstanding on an actual basis; shares authorized and shares issued and outstanding on a pro forma basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Special Voting Share, par value $0.001 per share; no shares authorized and no shares issued and outstanding on an actual basis; and one share authorized and one share issued and outstanding on a pro forma basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Non-controlling interests<sup>(1)</sup> |  |  |
| Additional paid-in capital |  |  |
| &nbsp;&nbsp;Total equity |  |  |
| Total capitalization | &nbsp;&nbsp;$ | &nbsp;&nbsp;$ |

---

(1) Amount relates to consolidated VIEs for which we do not have any direct equity interests. 

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#### UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
The following unaudited pro forma condensed consolidated financial information gives pro forma effect to the Howard Hughes Transaction, the transactions described in "Summary—Reorganization Transactions—Corporate Conversion," and the consummation of the combined offering (collectively, the "Transactions") as though they had occurred as of the dates specified in accordance with Article 11 of the SEC's Regulation S-X, as amended.

The unaudited pro forma condensed consolidated financial information has been derived from the historical consolidated financial statements included elsewhere in this prospectus. The pro forma adjustments to the unaudited pro forma condensed consolidated statement of operations for the six months ended June 30, 2025 and the year ended December 31, 2024 assume that the Transactions occurred on January 1, 2024. The pro forma adjustments to the unaudited pro forma condensed consolidated statement of financial condition as of June 30, 2025 assume that the Transactions occurred on June 30, 2025. No adjustments related to the Howard Hughes Transaction have been applied to the unaudited pro forma condensed combined balance sheet as of June 30, 2025, as the impact is already reflected in the historical consolidated balance sheet as of June 30, 2025.

The unaudited pro forma condensed consolidated financial information is based upon available information and assumptions that we believe are reasonable and supportable. The unaudited pro forma condensed consolidated financial information is for illustrative and informational purposes only and is not necessarily indicative of the results of operations or financial position of the Company that would have occurred if the Transactions had been completed as of the dates set forth above, nor is it indicative of the future consolidated results of operations or financial condition of the Company. Further, pro forma adjustments represent management's best estimates based on information available as of the date of this prospectus and are subject to change as additional information becomes available.

Transaction accounting adjustments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• The effect of the Howard Hughes Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• The effect of the "Offering Transactions" including:

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of our anticipated capital structure following the combined offering and related transactions, including (1) the conversion of Pershing Square Holdco, L.P. into a Nevada corporation pursuant to a statutory conversion and (2) the delivery by us of shares of our common stock in this offering to each initial investor in the PSUS IPO, for no additional consideration;

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of replacing, in part, the LTIP with the Management Incentive Plan, which is discussed in further detail in "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest";

&nbsp;&nbsp;&nbsp;&nbsp;○ The one-time expenses associated with this offering and related transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of the consummation of the PSUS IPO, as described in further detail below.

We have not made any pro forma adjustments relating to any incremental reporting, compliance, or investor relations costs that we may incur as a public company, as estimates of such expenses are not determinable.

The unaudited pro forma condensed consolidated financial information should be read together with "Summary—Reorganization Transactions—Corporate Conversion," "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Certain Relationships and Related Person Transactions" and the historical consolidated financial statements and related notes thereto included elsewhere in this prospectus.

#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction. Upon completion of the transaction, we along with our existing funds owned 46.9% of outstanding shares of HHH common stock, although we have agreed to limit our voting power to 40.0% and our beneficial ownership to 47.0% of which 15.0% is held by PSI and 32.0% is held by the core funds. Under the terms of the HHH Services Agreement, we provide investment advisory and other services to HHH and earn (i) a quarterly base fee of $3,750,000 ($15,000,000 on an annual

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basis) (the "HHH Base Fee") and (ii) a quarterly variable fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over a reference share price multiplied by a reference share count (the "HHH Variable Fee" and together with the HHH Base Fee, the "HHH Fees"), in each case, subject to annual adjustments for inflation based on the Core PCE Price Index. See "Business—Advisory Fees and Compensation—HHH Fees" for more information. Because the HHH Variable Fee, if any, will be based on the future equity market capitalization of HHH, the impact of the HHH Variable Fee has been excluded from the unaudited pro forma condensed consolidated financial information presented herein.

In connection with the Howard Hughes Transaction, we have agreed to reduce the management fees paid to PSCM LP by each of the core funds by an amount equal to the fees paid to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by each such fund and attributable to its fee-paying assets.

We have elected to account for the Howard Hughes Transaction using the fair value option, in accordance with ASC 825-10, *Financial Instruments*. As a part of the election, we will recognize any changes in the fair value of the transaction each reporting period. The impact of any future changes in the fair value of the transaction has been excluded from the unaudited pro forma condensed consolidated financial information presented herein.

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#### Unaudited Pro Forma Condensed Consolidated Statement of Operations <br>

#### For the Six Months Ended June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Historical** |  | **As Adjusted** <br>**Before** <br>**Offering** <br>**Transactions** |  |  |
| **Revenue**<br>|  |  |  |  |  |
| Management fees | $| $1(a)<br>1(b) |  | $1(g) | $— |
| Performance fees<sup>(1)</sup> |  |  |  | 1(i)  |  |
| **Total revenue** |  |  |  |  |  |
| **Expenses**<br>|  |  |  |  |  |
| Profit-sharing partner compensation<sup>(1)</sup> |  |  |  | 1(j)<br>1(k)  |  |
| &nbsp;&nbsp;Affiliates fee rebate |  |  |  | 1(d)  |  |
| General and administrative expense |  |  |  | 1(l) |  |
| Employee compensation and benefits |  |  |  |  |  |
| Depreciation and amortization expense |  |  |  |  |  |
| **Total expenses** |  |  |  |  |  |
| **Operating income (loss)** |  |  |  |  |  |
| Interest income |  |  |  |  |  |
| Gain (loss) allocated from Pershing Square, L.P.<sup>(1)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;Other income |  |  |  |  |  |
| &nbsp;&nbsp;Interest expense |  |  |  |  |  |
| **Total non-operating income (expenses)** |  |  |  |  |  |
| **Net income before taxes** |  |  |  |  |  |
| Income tax expense |  | 1(c) |  | 1(e)<br>1(f)  |  |
| **Net income** |  |  |  |  |  |
| Less: Net income attributable to non-controlling interest<sup>(1)</sup> |  |  |  |  |  |
| **Net loss attributable to Pershing Square Inc.** | $| $— | &nbsp;&nbsp;&nbsp;$ | $— | $— |
| Basic and diluted weighted average shares outstanding |  |  |  |  | 1(h) |
| Basic and diluted earnings per share |  |  |  |  | 1(h) |

---

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.

The accompanying notes form an integral part of these unaudited pro forma condensed consolidated financial statements.<br>

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#### Unaudited Pro Forma Condensed Consolidated Statement of Operations <br>

#### For the Year Ended December 31, 2024

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | **Historical**  | **Howard** <br>**Hughes** <br>**Transaction**  |  | **As Adjusted** <br>**Before** <br>**Offering** <br>**Transactions**  | **Offering** <br>**Transactions** <br>**Adjustments**  |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma**  |  |
| **Revenue**<br>|  |  |  |  |  |  |  |  |
| Management fees | $206067  | &nbsp;&nbsp;&nbsp;$15000 <br>(4534)  | 1(a) <br>1(b)  | $216533  |  | 1(g)  | $216533  |  |
| Performance fees<sup>(1)</sup>  | &nbsp;&nbsp;249431  |  |  | &nbsp;&nbsp;249431  |  | 1(i)  | &nbsp;&nbsp;249431  |  |
| **Total revenue** | &nbsp;&nbsp;**455498**  | &nbsp;&nbsp;&nbsp;**10466**  |  | &nbsp;&nbsp;**465964**  |  |  | &nbsp;&nbsp;**465964**  |  |
| **Expenses** <br>|  |  |  |  |  |  |  |  |
| Profit-sharing partner compensation<sup>(1)</sup> | &nbsp;&nbsp;339133  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;339133  |  | 1(j) <br>1(k)  | &nbsp;&nbsp;339133  |  |
| &nbsp;&nbsp;Affiliates fee rebate | &nbsp;&nbsp;&nbsp;69301  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;69301  |  | 1(d)  | &nbsp;&nbsp;&nbsp;69301  |  |
| General and administrative expense | &nbsp;&nbsp;&nbsp;50812  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;50812  |  | 1(l)  | &nbsp;&nbsp;&nbsp;50812  |  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp;13164  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;13164  |  |  | &nbsp;&nbsp;&nbsp;13164  |  |
| Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;2778  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;2778  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2778  |  |
| Loss on issuance of PSUS shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 1(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| **Total expenses** | &nbsp;&nbsp;**475188**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  |  | &nbsp;&nbsp;**475188**  |  |  | &nbsp;&nbsp;**475188**  |  |
| **Operating income (loss)** | &nbsp;&nbsp;**(19690)**  | &nbsp;&nbsp;&nbsp;**10466**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(9224)**  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**(9224)**  |  |
| Interest income | &nbsp;&nbsp;&nbsp;28508  | &nbsp;&nbsp;(25790)  | 1(n)  | &nbsp;&nbsp;&nbsp;&nbsp;2718  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2718  |  |
| &nbsp;&nbsp;&nbsp;Gain allocated from<br>Pershing Square,<br>L.P.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6986  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;6986  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;6986  |  |
| &nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;5666  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;5666  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;5666  |  |
| Interest income (expense), net | &nbsp;&nbsp;&nbsp;&nbsp;(3096)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;(3096)  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(3096)  |  |
| **Total non-operating income (expenses)** | &nbsp;&nbsp;&nbsp;**38064**  | &nbsp;&nbsp;**(25790)**  |  | &nbsp;&nbsp;&nbsp;**12274**  |  |  | &nbsp;&nbsp;&nbsp;**12274**  |  |
| **Net income before taxes** | &nbsp;&nbsp;&nbsp;**18374**  | &nbsp;&nbsp;**(15324)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3050**  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3050**  |  |
| Income tax expense | &nbsp;&nbsp;&nbsp;15985  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419  | 1(c)  | &nbsp;&nbsp;&nbsp;16404  |  | 1(e) <br>1(f)  | &nbsp;&nbsp;&nbsp;16404  |  |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;**2389**  | &nbsp;&nbsp;**(15743)**  |  | &nbsp;&nbsp;**(13354)**  |  |  | &nbsp;&nbsp;**(13354)**  |  |
| Net (income) loss attributable to non-controlling interest<sup>(1)</sup> | &nbsp;&nbsp;(16541)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;(16541)  |  |  | &nbsp;&nbsp;(16541)  |  |
| **Net loss attributable to Pershing Square Inc.** | **$(14152)**  | **$(15743)**  |  | **$(29895)**  |  |  | **$(29895)**  |  |
| Basic and diluted weighted average shares outstanding  |  |  |  |  |  |  |  | 1(h)  |
| &nbsp;&nbsp;Basic and diluted earnings per share  |  |  |  |  |  |  |  | 1(h) |

---

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

The accompanying notes form an integral part of these unaudited pro forma condensed consolidated financial statements.<br>

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#### Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition <br>

#### As of June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
| **(in thousands)** | **Historical** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma**  |
| **Assets:**<br>|  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $| $(2a) <br>(2b) | &nbsp;&nbsp;&nbsp;$ |
| Restricted cash |  |  |  |
| Performance fees receivable |  |  |  |
| Due from affiliates<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Deferred tax assets |  |  |  |
| Prepaid expenses |  |  |  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Investment in PSUS, at fair value |  | (2b) |  |
| Howard Hughes Transaction, at fair value |  |  |  |
| Lease right-of-use assets |  |  |  |
| Fixed assets and leasehold improvements, net of accumulated depreciation |  |  |  |
| &nbsp;&nbsp;Deferred sublease incentive |  |  |  |
| Other assets |  |  |  |
| **Total assets** |  |  |  |
| **Liabilities:**<br>|  |  |  |
| Accrued compensation and benefits<sup>(1)</sup> |  |  |  |
| Performance fee distribution payable<sup>(1)</sup> |  |  |  |
| Affiliates fee rebate payable |  |  |  |
| &nbsp;&nbsp;Taxes payable |  |  |  |
| Pass-through entity tax payable |  |  |  |
| Accounts payable |  |  |  |
| Operating lease liabilities |  |  |  |
| Loans payable |  |  |  |
| **Total liabilities** |  |  |  |
| Commitments and Contingencies |  |  |  |
| **Equity**<br>|  |  |  |
| Partners' capital controlling interests |  | (2c) |  |
| Common stock |  | (2d) |  |
| &nbsp;&nbsp;Special voting stock |  |  |  |
| &nbsp;&nbsp;Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;Retained earnings |  | (2a) <br>(2c) |  |
| Additional paid-in capital |  |  |  |
| **Total equity** |  |  |  |
| **Total liabilities and equity** |  |  |  |

---

(1) Includes amounts attributable to consolidated variable interest entities ("VIEs") for which Pershing Square Holdco, L.P. does not have any direct equity interests.

The accompanying notes form an integral part of these unaudited pro forma condensed consolidated financial statements.<br>

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#### Notes to the Unaudited Pro Forma Condensed Consolidated Financial Information
The unaudited pro forma condensed consolidated statement of operations for the six months ended June 30, 2025, the unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2024, and the unaudited pro forma condensed consolidated statement of financial condition as of June 30, 2025 include the following adjustments:

1. **Adjustments to the Unaudited Pro Forma Condensed Consolidated Statement of Operations** 

The adjustments to the unaudited pro forma condensed consolidated statement of operations for the six months ended June 30, 2025 and the year ended December 31, 2024 are as follows:

(a)<br> *Management fees* – Reflects the reduction of management fees paid to PSCM LP by the core funds in connection with the Howard Hughes Transaction as outlined within the section above titled "Howard Hughes Transaction."

(b)<br> *Management fees* – Reflects the HHH Base Fee as outlined within the section above titled "Howard Hughes Transaction."

(c)<br> *Income tax expense* – Reflects the tax effects of the transaction accounting adjustments related to the Howard Hughes Transaction, which primarily relates to New York City Unincorporated Business Tax ("UBT").

(d) *Affiliates fee rebate* – Reflects the adjustment to eliminate the affiliates fee rebate for PSH. We historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and VariableCo. Following the combined offering, PS Partner Group and VariableCo will no longer rebate the fees of employees invested in PSH. 

(e)<br> *Income tax expense –* Reflects the tax effects of the transaction accounting adjustments at the statutory income tax rates.

(f) *Income tax expense –* Prior to the effectiveness of the registration statement of which this prospectus forms a part, as part of the Corporate Conversion, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. Reflects the pro forma tax impact assuming Pershing Square Holdco, L.P. was subject to U.S. federal tax for the periods presented. 

(g) *Management fees –* As described in "Business—The Funds—Pershing Square USA, Ltd." and the accompanying PSUS Prospectus, pursuant to the investment management agreement between PSUS and PSCM LP, as investment manager, PSCM LP will be paid a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS, payable in advance at the beginning of each quarter. Represents the adjustment to reflect the management fees PSCM LP would have earned from PSUS assuming PSUS had fee-paying capital for the period presented in an amount equal to an assumed aggregate offering size in the PSUS IPO of $. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—PSUS IPO." If the aggregate offering size of the PSUS IPO increases or decreases by $100 million, the management fees PSCM LP would have earned from PSUS assuming PSUS had fee-paying capital for the period presented would increase or decrease, as applicable, by $. 

(h)<br> Represents the pro forma basic and diluted earnings (loss) per share calculated after giving effect to the shares of our common stock delivered in the combined offering.

(i) *Performance fees* – As described in "Business—Advisory Fees and Compensation—PSH—Performance Fee," pursuant to the investment management agreement between PSH and PSCM LP, as investment manager, the performance fee PSCM LP is paid by PSH is reduced by the "potential reduction amount," consisting of (a) 20% of any performance fees earned from non-PSH funds, including PSLP and PSINTL, and (b) 20% of any management fees earned from certain future non-PSH funds that do not have performance fees, which will include PSUS following the consummation of the PSUS IPO. Represents the adjustment to reflect the reduction in the performance fees PSCM LP would have received from PSH by 20% of the 

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management fees PSCM LP would have earned from PSUS assuming an aggregate offering size in the PSUS IPO of $. If the aggregate offering size of the PSUS IPO increases or decreases by $100 million, the reduction in the performance fees PSCM LP would have received from PSH based on the PSUS offsettable management fees would increase or decrease, as applicable, by $.

(j) *Profit-sharing partner compensation* – In connection with the combined offering, the LTIP will be amended and replaced in part by the Management Incentive Plan to continue to align our employees with our long-term investment horizon. Represents the adjustment to reflect the expense associated with (i) the vesting of interests subject to the Management Incentive Plan in connection with the combined offering and (ii) the unvested interests subject to the Management Incentive Plan which vest on a 10-year, back-end-weighted vesting schedule. 

(k) *Profit-sharing partner compensation –* Historically, we have accounted for certain capital distributions as equity distributions. As a result of the combined offering, such amounts will be treated as expense under Financial Accounting Standards Board ("FASB") Accounting Standards Codification 710 Compensation-General. 

(l) *General and administrative expense* – Reflects estimated transaction costs not reflected in the historical period in the amount of $. 

(m) *Interest income* – The Howard Hughes Transaction was consummated using a portion of the proceeds received from the Strategic Investment. Reflects the adjustments to remove the interest income related to the proceeds used in the Howard Hughes Transaction.

2. **Adjustments to the Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition** 

The adjustments to the unaudited pro forma condensed consolidated statement of financial condition as of June 30, 2025 are as follows:

(a) *Cash and cash equivalents –* Reflects the adjustment related to estimated unpaid offering costs of $ from this offering, based on the assumed offering size of the PSUS IPO described in note 1(g) above, with a corresponding decrease to retained earnings. If the aggregate offering size of the PSUS IPO increases or decreases by $100 million, the estimated unpaid offering costs from this offering would increase or decrease, as applicable, by $. We may incur additional costs through the completion of this offering which we expect to be settled in cash. 

(b) *Cash and cash equivalents –* Reflects the adjustment related to our Anchor Investment as described in "Business—The Funds—Pershing Square USA, Ltd." We intend to invest $ million in the PSUS IPO alongside other stockholders and an additional $ million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. 

(c)<br> *Partners' capital –* Reflects the adjustment related to the transactions described under "Summary—Corporate Conversion."

(d) *Common stock –* Reflects shares of our common stock outstanding after giving effect to the Corporate Conversion. As described elsewhere in this prospectus, the issuance of shares of our common stock to the initial investors in the PSUS IPO will be accompanied by a contribution to us of an equal number of shares of our common stock by PS Partner Group. Accordingly, this offering will not result in any change in the total number of our shares of common stock outstanding. 

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION <br>

#### AND RESULTS OF OPERATIONS
*The following discussion should be read in conjunction with the "Summary Historical and Pro Forma Consolidated Financial Information," "Unaudited Pro Forma Consolidated Financial Information" and the financial statements and related notes thereto included elsewhere in this prospectus. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in "Forward-Looking Statements" and "Risk Factors."* 

#### Business Overview
We are a leading alternative asset manager with approximately $29.6 billion in total AUM and $20.1 billion in Fee-Paying AUM, of which 95% is permanent capital, in each case as of June 30, 2025. We believe our business model is simple and highly scalable. We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. We complement our organic growth from time to time with innovations like the Howard Hughes Transaction and by selectively launching other investment funds and completing other corporate transactions that create permanent capital, in each case, that leverage our core competencies to create large 'overnight' (after the completion of a new offering or corporate transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. We believe that we have a distinctive business approach as compared to other alternative asset managers and are well positioned to continue to compound our permanent capital at high rates of return, while continuing to explore opportunities that leverage our core competencies.

We conduct our business and generate substantially all of our revenues primarily in the United States through one operating and reportable segment. Our single reportable segment reflects the allocation of our resources, operational decision-making and assessment of our financial performance by our chief operating decision maker using a consolidated, "one-firm approach," with a single expense pool.

#### Trends Affecting Our Business
We benefit from AUM that principally consists of "permanent capital" defined as capital that is not subject to withdrawal or redemption at the election of the fund investor or stockholder. Our organic AUM growth relies primarily on compounding our permanent capital at high rates of return. As a result, unlike alternative asset managers who rely in large part on frequent fundraising to replace capital from traditional fixed-term drawdown funds and/or open-ended funds, our results are less sensitive to the market for raising investment capital, and we do not require the headcount and other costs required of a large fundraising operation enabling us to achieve greater operating leverage. Our permanent capital also enables us to invest with a long-term ownership horizon because we are not beholden to short-term investor capital flows.

We generate substantially all of our revenue from management fees and performance fees. We retain all of the management fees earned from our funds, reduced by certain offsetting fees. We pay our investment professionals and other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are earned on the first five percentage points of fund returns, net of management fees and certain other offsetting fees, above the applicable high-water mark from certain core funds. To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. We believe this arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements, with the result that effectively all of our earnings are stable, recurring fee-related earnings.

Because the management fees we earn are a function of the Net Asset Value of our funds and the market capitalization of HHH, and the Preferred Performance Fees we receive depend on appreciation in Net Asset Value above a fund's high-water mark, our results are correlated with the performance of our funds and HHH. Our results and the performance of our funds and HHH, in turn, may be influenced by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;• *Macroeconomic Factors.* Changes in commodity and retail price inflation, the interest rate environment, consumer demand levels, and other market, economic and geopolitical conditions in the United States

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and, to an extent, the rest of the world can materially affect the value of the investments held by our funds and HHH. We believe our disciplined investment philosophy, which focuses on seeking investments that are not materially negatively affected by extrinsic factors that we cannot control (i.e., factors that are not inherent to the business itself), has historically contributed to the stability of our performance throughout market cycles. We also look for opportunities to benefit from macroeconomic trends where we have variant views from the public market consensus through our asymmetric hedging strategy, which we believe has been a substantial contributor to our investment strategy's long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Dynamics.* In recent years, there has been significant equity market and single-name stock price volatility driven in part by the outsized impact of trading activity by short-term, highly leveraged investors who rapidly buy and sell securities based on small surprises in short-term company performance or macroeconomic data. We view such volatility as beneficial to fundamental value investors that manage permanent capital because it can create attractive buying opportunities coupled with a high degree of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;• *Commitment to Fund Investors*. Our fund investors come first. While we believe that our commitment to our fund investors is in the long-term interest of our business and our common stockholders, in prioritizing our fund investors, we may take actions that could reduce our profits in the short-term. For example, in February 2024, we amended the investment management agreement between PSH and PSCM LP to provide for a fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, which will include "offsettable management fees" from PSUS upon completion of the PSUS IPO. For more information, please see "—Key Components of our Results of Operations—Income—Performance Fees." Similarly in connection with the Howard Hughes Transaction, we are reducing the management fees paid to PSCM LP by each of the core funds by an amount equal to the fees paid to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by each such fund and attributable to its fee-paying assets.

&nbsp;&nbsp;&nbsp;&nbsp;• *Selective Launch of Other Investment Funds.* In addition to continuing to compound our permanent capital at high rates of return, our growth strategy may include launching new funds or completing transactions that increase our permanent capital that leverage our core competencies from time to time. Such opportunistic inorganic AUM growth will be impacted by fundamental asset management trends that include (i) the shifting asset allocation preferences of individual investors and (ii) participation rates by retail investors in public equity markets. We believe our track record of innovation, large brand-name profile and substantial media following will assist us in launching new funds and strategies that are responsive to evolving investor demands.

#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction. Upon completion of the transaction, we along with our existing funds owned 46.9% of outstanding shares of HHH common stock, although we have agreed to limit our voting power to 40.0% and our beneficial ownership to 47.0% of which 15.0% is held by PSI and 32.0% is held by the core funds. Under the terms of the HHH Services Agreement, we provide investment advisory and other services to HHH and earn (i) a quarterly base fee of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Fee") and (ii) a quarterly variable fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over a reference share price multiplied by a reference share count (the "HHH Variable Fee" and together with the HHH Base Fee, the "HHH Fees"). The HHH Base Fee and reference share price are subject to annual adjustment for inflation based on the Core PCE Price Index, and the reference share price and reference share count are subject to adjustment for stock splits, reclassifications or similar capital changes. We are not entitled to any type of performance fee or incentive allocation from HHH.

#### PSUS IPO
As reflected in "Unaudited Pro Forma Consolidated Financial Information", we currently expect to raise $ in the PSUS IPO. We do not expect to incur material incremental recurring general and administrative expense as a result of raising PSUS, although we will incur one-time transaction costs. We have agreed to make a $ million investment in PSUS comprising (i) $ million of common shares of beneficial interest in the PSUS IPO and (ii) $ million of preferred shares to be issued by PSUS in a private

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placement in connection with and upon completion of the PSUS IPO. See "Business—The Funds—Pershing Square USA, Ltd." for more information. As investment manager, PSCM LP will provide management services to PSUS and earn a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the NAV of PSUS, payable in advance at the beginning of each quarter. We are not entitled to any type of performance fee or incentive allocation from PSUS. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, between and shares of our common stock for every 100 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in the PSUS IPO in connection with the exercise of their option to purchase additional PSUS Shares. See "Unaudited Pro Forma Consolidated Financial Information" for more information.

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM LP completed an internal reorganization of its ownership structure (the "Holdco Reorganization") pursuant to which Pershing Square Holdco, L.P., a Delaware limited partnership formed for purposes of the Holdco Reorganization, became the indirect, sole owner of PSCM LP. As a result of the Holdco Reorganization, our employees and other owners who previously held interests directly in PSCM LP now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group"), which prior to the combined offering owns approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such employees and other owners also hold interests in PS VariableCo, LLC, a Delaware limited liability company ("VariableCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (the "VCA"), with Pershing Square Holdco, L.P. and PSCM LP. For further discussion of the VCA and its contemplated termination and replacement in connection with the combined offering, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest."

#### Corporate Conversion
We have historically been treated as a partnership for U.S. tax purposes and have not been subject to U.S. federal income taxes, although PSCM LP is subject to certain state and local taxes as discussed in Note 2, "Significant Accounting Policies—Income Taxes" of the audited consolidated financial statements included elsewhere in this prospectus. Prior to the effectiveness of the registration statement of which this prospectus forms a part, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. We refer to this conversion throughout this prospectus as the "Corporate Conversion." See "Summary—Reorganization Transactions—Corporate Conversion" for more information on the Corporate Conversion. Accordingly, following the combined offering, we will be taxed as a corporation for U.S. federal and state income tax purposes and, as a result, we will be subject to U.S. federal income taxes, in addition to state and local taxes, with respect to our allocable share of any taxable income generated by us. For further discussion of the tax impact of the Corporate Conversion, see "Unaudited Pro Forma Consolidated Financial Information."

#### Basis of Accounting
Pershing Square Holdco, L.P. is considered our predecessor for accounting purposes for periods following the HoldCo Reorganization but prior to the Corporate Conversion. PSCM LP is considered Pershing Square Holdco, L.P.'s predecessor for accounting purposes for periods prior to the HoldCo Reorganization.

The HoldCo Reorganization was accounted for as a common control transaction. Pershing Square Holdco, L.P. was formed for the sole purpose of effectuating the HoldCo Reorganization and had no assets, liabilities or operating results prior to the HoldCo Reorganization, which did not result in any changes in the underlying business or operations of the Company. All balances and disclosures for periods prior to May 31, 2024, the date of the Holdco Reorganization, represent the historical activities of PSCM, the predecessor reporting entity to Pershing Square Holdco, L.P.

We have elected to account for the Howard Hughes Transaction using the fair value option, in accordance with ASC 825-10, *Financial Instruments*. As a part of the election, we will recognize any changes in the fair value of the transaction each reporting period.

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#### Key Components of Our Results of Operations

#### Income
We generate substantially all of our revenue from management fees and performance fees under the terms of the investment management agreements with the funds we manage. We also earn revenue from management fees under the terms of the HHH Services Agreement.

*Management Fees* 

Management fees consist of fees earned by PSCM LP for providing management and administrative services to our funds and other investment vehicles. PSCM LP acts as an investment manager providing management and administrative services to PSH, our private funds and other investment vehicles and, following the combined offering, PSUS, in accordance with each of their investment management agreements. As compensation for such services to PSH and our private funds, PSCM LP receives a quarterly management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fees or allocation, (i) with respect to PSH, of its fee-paying shares, (ii) with respect to PSLP, of the capital accounts relating to each of its fee-paying limited partners, and (iii) with respect to PSINTL, of each series of its fee-paying shares of PSINTL. In connection with the Howard Hughes Transaction, we have agreed to reduce the management fees paid to PSCM LP by each of the core funds by an amount equal to the fees paid to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by each such fund and attributable to its fee-paying assets. As compensation for such services to PSVII prior to its liquidation on December 31, 2024, PSCM LP received a quarterly management fee equal to 0.0625% (0.25% on an annual basis) of the balance of each fee-paying capital account of PSVII. Following the combined offering, PSCM LP will also receive a quarterly management fee from PSUS equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS. Management fees from our funds are recognized over the period during which the related services are performed. See "Business—Advisory Fees and Compensation."

Management fees earned from our funds are generally calculated and paid to us quarterly in advance, based on the amount of fee-paying assets at the beginning of the quarter. Management fees are prorated for capital contributions in our private funds received during the quarter. Accordingly, changes in our management fee revenue from quarter to quarter are driven by changes in the quarterly balances of fee-paying assets and the relative magnitude and timing of contributions and withdrawals in a given quarter.

*HHH Fees*

Management fees also consist of the quarterly HHH Fees earned by PSCM LP for providing investment advisory and other services to HHH pursuant to the terms of the HHH Services Agreement. Pursuant to the HHH Services Agreement, we will support HHH's new diversified holding company strategy by providing services to HHH, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting HHH with business and corporate development functions, (v) making voting recommendations for HHH's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of HHH and its investments, subject to the day-to-day authority and responsibility of HHH's management, (viii) providing recommendations for persons to serve as designees or deputies of HHH's Chief Investment Officer, (ix) engaging and supervising HHH's third-party service providers, (x) making dividend payment recommendations and (xi) providing other services as may be agreed upon. As compensation for providing such services to HHH, we will earn (i) a quarterly HHH Base Fee of $3,750,000 ($15,000,000 on an annual basis) and (ii) a quarterly HHH Variable Fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over a reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares. The HHH Base Fee and reference share price are subject to annual adjustment for inflation, based on the Core PCE Price Index, and the reference share price and reference share count are subject to adjustment for stock splits, reclassifications or similar capital changes. See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

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The HHH Base Fee is generally calculated and paid to us quarterly in advance at the beginning of each quarter. The HHH Variable Fee is generally calculated and paid to us quarterly no later than fifteen days following the end of each quarter, based on the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on the last trading day of such quarter. Accordingly, changes in our revenue from the HHH Variable Fee will be driven by changes in the stock price of shares of HHH common stock from quarter to quarter.

*Performance Fees* 

Performance fees consist of fees and allocations earned by PSCM LP, as investment manager, from certain of our funds and other investment vehicles generally based on the net income of such funds above a high-water mark. We recognize performance fees from PSH on a "net" basis giving effect to the fee offset arrangement as described below.

Performance fees or allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. Any crystallized or accrued performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable.

Pursuant to the investment management agreement between PSH and PSCM LP, the annual performance fee PSCM LP earns from PSH is offset by (i) 20% of any performance fees and allocation earned by us and our affiliates for the same period from certain non-PSH funds (currently including PSLP and PSINTL) managed by us or any of our affiliates and (ii) 20% of any management fees earned from certain non-PSH funds (currently none but following the PSUS IPO, PSUS) that do not have performance fees or allocations as part of their terms. We refer to this arrangement as the "fee offset arrangement." In the event the offsetting fees in respect of a previous calculation period were not fully utilized in reducing the PSH performance fee for that period, the amount not utilized is carried forward. See "Business—Advisory Fees and Compensation—PSH—Performance Fee" for more information.

We consolidate the results of Pershing Square GP, LLC ("PSGP"), which earns a performance allocation from PSLP, and PSVII GP, which earned a performance allocation from PSVII prior to its liquidation on December 31, 2024. However, because we do not have any direct equity interests in PSGP or PSVII GP, 100% of these performance allocations are reflected in non-controlling interest on our consolidated statements of operations. See "—Net Income (Loss) Attributable to Non-Controlling Interest" for more information. A portion of the performance allocation PSGP receives from PSLP is available to offset the performance fee payable by PSH pursuant to the fee offset arrangement described above.

*Allocation of Performance Fee Revenue* 

In periods following the Holdco Reorganization, our consolidated statements of operations data will reflect an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles pursuant to the Variable Compensation Agreement (the "VCA") that we entered into in connection with the Strategic Investment.

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The VCA has two primary purposes: (1) to provide the company with a preferred return-like entitlement of performance fees received by our principal operating subsidiary, PSCM LP and (2) to provide an important source of compensation for certain of our personnel, including most of our investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. For additional information about the terms of the VCA, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement."

The table below presents the allocation of realized performance fees, as adjusted for offsetting fees pursuant to the fee offset arrangement and VCA, as between us and VariableCo that would have been required by the VCA using our actual results for the periods presented. As illustrated below, the Preferred Performance Fee that we are entitled to receive for a period is a function of the applicable high-water mark of the fee-paying investors in the fund. The amount of the accrued Preferred Performance Fees that is paid in any period depends on our realized performance fees. As a result, variability in our fund performance, which impacts both the high-water mark for a period (and accordingly the corresponding Preferred Performance Fee) and our realized performance fees, can result in variability in the amounts paid to us in any period in respect of the accrued Preferred Performance Fees. While this arrangement for the allocation of performance fee revenue may result in variability in the amounts paid to us and VariableCo from year to year, particularly if realized performance fees are not sufficient to satisfy the accrued Preferred Performance Fees, we believe it creates a more stable stream of recurring fee-related earnings over the long-term because of the consistency in the calculation of the Preferred Performance Fee that we are entitled to receive. This table has not been prepared in accordance with Article 11 of Regulation S-X and is presented for illustrative purposes only to facilitate an understanding of how the VCA operates.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  |
| **(in millions)**  | **2020**  | **2021**  | **2022**  | **2023**  | **2024**  |  |
| High-water mark of fee-paying investors<sup>(1)</sup> | $5198.3  | $9052.5  | $10935.8  | $10524.0  | $11899.7  | [A]  |
| &nbsp;&nbsp;Current year's Preferred Performance Fee owed to the Company<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$41.6  | &nbsp;&nbsp;&nbsp;&nbsp;$72.4  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84.2  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95.2  | [B] = [A] \* 16% \* 5%  |
| Preferred Performance Fee Carryforward<sup>(3)</sup> from prior year | $—  | $—  | $—  | $87.5  | $—  | [C] = Prior Year [J]  |
| **Total Preferred Performance Fee owed to the Company** | **$41.6**  | **$72.4**  | **$87.5**  | **$171.7**  | **$95.2**  | **[D] = [B] + [C]**  |
| Gross PSH Performance Fees<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;$695.7  | &nbsp;&nbsp;&nbsp;$464.1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;$312.1  | &nbsp;&nbsp;&nbsp;&nbsp;$231.2  | [E]  |
| Impact of applicable fee offset arrangements<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;$(14.1)  | &nbsp;&nbsp;&nbsp;&nbsp;$(7.2)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.9)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3.0)  | [F]  |
| **PSH Performance Fees available for allocation<sup>(7)</sup>** | **$681.6**  | **$456.9**  | **$—**  | **$308.2**  | **$228.2**  | **[G] = [E] + [F]**  |
| **Preferred Performance Fees paid to the Company<sup>(8)</sup>** | **$41.6**  | **$72.4**  | **$—**  | **$171.7**  | **$95.2**  | **[H] = MIN ([D], [G])**  |
| **Subordinated Performance Fees paid to VariableCo<sup>(9)</sup>** | **$640.0**  | **$384.5**  | **$—**  | **$136.5**  | **$133.1**  | **[I] = [G] - [H]**  |
| Preferred Performance Fee Carryforward<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87.5  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | [J] = MAX (([D] - [H]), 0) |

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  |
| **(in millions)**  | **2020**  | **2021**  | **2022**  | **2023**  | **2024**  |  |
| High-water mark of fee-paying investors<sup>(1)</sup> | &nbsp;&nbsp;$593.2  | &nbsp;&nbsp;$391.8  | &nbsp;&nbsp;$389.9  | &nbsp;&nbsp;$361.9  | &nbsp;&nbsp;$384.0  | [A]  |
| &nbsp;&nbsp;Current year's Preferred Performance Fee owed to the Company<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$4.7  | &nbsp;&nbsp;&nbsp;&nbsp;$3.1  | &nbsp;&nbsp;&nbsp;&nbsp;$3.1  | &nbsp;&nbsp;&nbsp;&nbsp;$2.9  | &nbsp;&nbsp;&nbsp;&nbsp;$3.1  | [B] = [A] \* 80% \* 20% \* 5%  |
| Preferred Performance Fee Carryforward<sup>(3)</sup> from prior year | &nbsp;&nbsp;$—  | &nbsp;&nbsp;$—  | &nbsp;&nbsp;$—  | &nbsp;&nbsp;$3.1  | &nbsp;&nbsp;$—  | [C] = Prior Year [J]  |
| **Total Preferred Performance Fee owed to the Company** | &nbsp;&nbsp;**$4.7**  | &nbsp;&nbsp;**$3.1**  | &nbsp;&nbsp;**$3.1**  | &nbsp;&nbsp;**$6.0**  | &nbsp;&nbsp;**$3.1**  | **[D] = [B] + [C]**  |
| Realized PSINTL Performance Fees<sup>(4)</sup> | &nbsp;&nbsp;$79.9  | &nbsp;&nbsp;$18.2  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;$10.3  | &nbsp;&nbsp;&nbsp;&nbsp;$8.3  | [E]  |
| Impact of applicable fee offset arrangements<sup>(6)</sup> | &nbsp;&nbsp;$(16.0)  | &nbsp;&nbsp;$(3.7)  | &nbsp;&nbsp;$—  | &nbsp;&nbsp;$(2.0)  | &nbsp;&nbsp;$(1.7)  | [F]  |
| **PSINTL Performance Fees available for allocation<sup>(7)</sup>** | &nbsp;&nbsp;**$63.9**  | &nbsp;&nbsp;**$14.5**  | &nbsp;&nbsp;**$—**  | &nbsp;&nbsp;**$8.3**  | &nbsp;&nbsp;**$6.6**  | **[G] = [E] + [F]**  |
| **Preferred Performance Fees paid to the Company<sup>(8)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**$4.7**  | &nbsp;&nbsp;&nbsp;&nbsp;**$3.1**  | &nbsp;&nbsp;&nbsp;&nbsp;**$—**  | &nbsp;&nbsp;&nbsp;&nbsp;**$6.0**  | &nbsp;&nbsp;&nbsp;&nbsp;**$3.1**  | **[H] = MIN ([D], [G])**  |
| **Subordinated Performance Fees paid to VariableCo<sup>(9)</sup>** | &nbsp;&nbsp;**$59.2**  | &nbsp;&nbsp;**$11.4**  | &nbsp;&nbsp;**$—**  | &nbsp;&nbsp;**$2.3**  | &nbsp;&nbsp;**$3.6**  | **[I] = [G] - [H]**  |
| Preferred Performance Fee Carryforward<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;$3.1  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;$—  | [J] = MAX (([D] - [H]), 0) |

---

(1) The high-water mark can vary from year to year depending on changes in the Net Asset Value and amount of fee-paying investors in a fund. 

(2) Represents an amount equal to the performance fees PSCM LP would have earned from the fund, as described under "Business—Advisory Fees and Compensation," if such fund had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for non-PSH funds which reflect the fee offset arrangement described above and under "Business—Advisory Fees and Compensation—PSH—Performance Fees." For non-PSH funds subject to the VCA (currently only PSINTL), the performance fees that would have been earned if such fund had experienced a net of management fees return of 5% per annum above its high-water mark are reduced by the offsettable performance fees for such fund. As an example, for PSINTL, which pays PSCM LP a 20% performance fee, of which 20% is an offsettable performance fee pursuant to the fee offset arrangement, the current year's Preferred Performance Fee owed to the 

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Company would represent 0.8% of PSINTL's high-water mark (the product of 80% \* 20% \* 5%). For clarity, the current year's Preferred Performance Fee owed to the Company for PSH, which pays PSCM LP a 16% performance fee, is not reduced by the fee offset arrangement and represents 0.8% of PSH's high-water mark (the product of 16% \* 5%).

(3) Refers to the unpaid portion, if any, of the total Preferred Performance Fee owed to the Company had this arrangement been in effect for the period presented. The Preferred Performance Fee Carryforward, if any, shall accrue to subsequent periods until satisfied in full as part of the payment of the Preferred Performance Fees. 

(4)<br> Refers to the performance fees PSCM LP earned from the fund, in the case of PSH, before giving effect to the fee offset arrangement. For clarity, no fees are available to offset the performance fees paid by PSINTL to PSCM LP.

(5) Includes the gross amount of performance and management fees available from certain non-PSH funds to reduce the performance fee paid by PSH to PSCM LP pursuant to the investment management agreement between PSH and PSCM LP. As of the date hereof, the gross amount of such offsetting fees consists of (i) 20% of PSLP's performance allocations and (ii) 20% of PSINTL's performance fees. As of the date hereof, no fund generates management fees subject to the fee offset arrangement. Following the completion of the PSUS IPO, 20% of the management fee earned from PSUS will offset the PSH performance fee. 

(6) In the case of PSH, the offsettable performance fees of PSINTL (i.e., 20% of the realized performance fees of PSINTL) are added back to the gross PSH performance fees pursuant to the VCA for purposes of determining the PSH performance fees available for allocation. To avoid double counting, these offsettable performance fees of PSINTL are excluded from the calculation of the PSINTL performance fees available for allocation pursuant to the VCA. 

(7) Refers to the amount available in a given year, if any, to satisfy payment of the total Preferred Performance Fee then owed to the Company. 

(8) Refers to the amount distributed to us from PSCM LP had this arrangement been in effect for the period presented in an amount equal to the lesser of (i) the total Preferred Performance Fee then owed to the Company and (ii) the realized performance fees available for allocation to the Company and VariableCo. For example, had this arrangement been in effect, we would not have received a Preferred Performance Fee in 2022 because no performance fees were generated that year due to the funds' failure to achieve NAV appreciation above their respective high-water marks, resulting in realized performance fees available for allocation to the Company and VariableCo equal to $0. As a result, the Preferred Performance Fee owed to the Company, as calculated for 2022, was carried forward to 2023, a year in which the funds generated sufficient performance fees to pay the total Preferred Performance Fee owed to the Company for 2023, comprising both the 2023 Preferred Performance Fee owed to the Company and the Preferred Performance Fee Carryforward from 2022. Had the performance fees earned by the funds in 2023 not been sufficient to satisfy the total Preferred Performance Fee owed to the Company for 2023, the unpaid portion would have continued to be carried forward to subsequent years until it was paid in full. 

(9) Refers to the amount distributed to VariableCo from PSCM LP had this arrangement been in effect for the period presented in an amount equal to the difference, if any, between the realized performance fees available for allocation to the Company and VariableCo and the Preferred Performance Fees paid to the Company. For example, had this arrangement been in effect, VariableCo would not have received any Subordinated Performance Fee in 2022 for the reasons described above in note (8) ultimately resulting in lower Subordinated Performance Fees in 2023 versus 2021 due to the satisfaction in 2023 of the Preferred Performance Fee Carryforward from 2022 along with the 2023 Preferred Performance Fees owed to the Company. 

#### Expenses
*Profit-Sharing Partner Compensation* 

Profit-sharing partner compensation consists of expense related to our cash-based profits interests awards as well as a portion of our long-term incentive plan and, following the combined offering, the Equity Incentive Plan, which are discussed further below.

Prior to the Holdco Reorganization, we had profit-sharing arrangements whereby certain personnel and former members of our advisory board, which was dissolved on April 1, 2023, were granted profits participation interests ("Profits Interest Awards") in Pershing Square, PSGP and PSVII GP. Profits Interest Awards entitled the profit-sharing partners to a portion of the net profits earned by Pershing Square, PSGP, PSVII GP and any future Pershing Square entity from performance fees or allocations and management fees, as applicable. Profits Interest Awards do not represent a substantive class of equity under ASC 718, *Compensation* and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the consolidated statements of operations.

The Company also established a Long-Term Incentive Plan ("LTIP") in January 2017 for the benefit of certain profit-sharing partners (the "LTIP Partners"). Similar to the Profits Interest Awards, awards under the LTIP (the "LTIP Awards") entitle the LTIP Partners to cash distributions pursuant to the terms of their respective agreements and grant them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in the LTIP. Certain LTIP Partners' LTIP Awards vest after 10 years of tenure as a profit-sharing partner. The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards. The LTIP Awards have been accounted for based on their substance. Portions of the LTIP Awards in which rights to distributions of profits are based fully on the discretion of the managing member of PSCM LP are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a

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#### **TABLE OF CONTENTS**
distribution equal to the percentage outlined in each of their agreements in perpetuity and represent a substantive class of equity. In connection with the combined offering, the LTIP will be replaced in part by the Management Incentive Plan to continue to align our employees with our long-term investment horizon.

In conjunction with the Holdco Reorganization and as discussed above, we implemented an arrangement for the allocation of performance fee revenue between us and our investment professionals among others. In addition, in connection with the Holdco Reorganization, former holders of LTIP Awards in PSCM LP received interests in PS Partner Group which will be treated to the same extent as LTIP Awards. A portion of such interests in PS Partner Group will vest upon the consummation of the combined offering and be automatically redeemed for corresponding shares of our common stock held by PS Partner Group, and following the combined offering, the remaining unvested interests in PS Partner Group will vest in accordance with the terms of the Management Incentive Plan.

We may also grant awards under our Equity Incentive Plan to employees, directors and officers, or consultants and advisors subsequent to the combined offering.

*Affiliates Fee Rebate* 

Affiliates fee rebate consists of expense related to the fee rebates provided to employees and their affiliates who own PSH shares. We historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and VariableCo. The affiliate fee rebate paid by PS Partner Group following the Holdco Reorganization is recognized as an expense paid. Following the combined offering, PS Partner Group and VariableCo will no longer rebate the fees of employees invested in PSH.

*General and Administrative* 

General and administrative expense includes occupancy expenses, aircraft expenses, professional fees, IT related expenses, café expenses, charitable donations, travel and entertainment expenses, insurance expenses, office expenses and other expenses. We expect to incur additional general and administrative expense as a result of operating as a public company, including expenses to comply with the rules and regulations of the SEC and NYSE, as well as higher expenses for directors and officers insurance, investor relations and professional services.

While we have historically incurred expenses related to charitable donations, we do not intend to incur any future expenses related to charitable donations as a public company.

On December 20, 2024, we distributed both the corporate aircraft and the aircraft note (as described in Note 6 to the audited consolidated financial statements included elsewhere in this prospectus) to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. Accordingly, for periods following December 20, 2024, we no longer incur aircraft operating expenses arising from Mr. Ackman's personal use of the aircraft, although we expect to incur fees related to air travel when we charter this or other aircraft for certain flights taken in furtherance of firm business.

*Employee Compensation and Benefits* 

Employee compensation and benefits reflects all compensation-related items not directly related to partners who participate in the profit-sharing arrangements and the LTIP, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. We generally recognize employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits for employees who do not hold profit interests. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of PSH, PSUS (following the completion of the PSUS IPO), our private funds and other investment vehicles for the year. For further discussion of the impact on employee compensation and benefits from subsequent changes to compensation arrangements, see "Unaudited Pro Forma Consolidated Financial Information."

*Depreciation and Amortization* 

Depreciation and amortization expense primarily consists of depreciation and amortization expenses associated with our fixed assets. Depreciation includes expenses associated with the corporate aircraft, office furniture and fixtures, office computers, equipment and software. Amortization includes expenses associated with

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our leasehold improvements. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization.

On December 20, 2024, we transferred the corporate aircraft and therefore, for periods following such date, we no longer incur depreciation expense related to the corporate aircraft.

#### Other Income (Expenses)
*Gain (Loss) Allocated from Pershing Square, L.P.* 

Gain (loss) allocated from Pershing Square, L.P. consists of the expense related to PSGP's investment in PSLP. PSGP's investment in PSLP is held at fair value, which is determined using the Net Asset Value of PSLP in accordance with the Accounting Standards Codification ("ASC") 820, *Fair Value Measurement,* "practical expedient," as defined by accounting principles generally accepted in the United States of America.

*Other Income (Expense)* 

Other income (expense) primarily consists of our office space sublease and license, reimbursement of aircraft expense and reimbursement of office services.

Mr. Ackman's family office, TABLE Management, L.P. ("TABLE"), licenses a portion of our office space under a license agreement which also grants TABLE the use of certain office-related services. In addition, we sublease a portion of Pershing Square's office space to NEOX Public Benefit LLC ("Subtenant"), an entity partially owned by Mr. Ackman. The sublease commenced on December 5, 2022, with rent payments commencing on May 1, 2023 following five months of rent abatement, and expires on December 31, 2033. Prior to the combined offering, we intend to terminate our sublease arrangement with Subtenant who will enter into a direct relationship with the landlord, and we will no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income.

Historically from time to time, Mr. Ackman made personal use of PSCM LP's corporate aircraft and, in such cases, PSCM LP was reimbursed for that portion of the aircraft's operating expense. On December 20, 2024, we distributed both the corporate aircraft and the aircraft note to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. As a result, following such date, we no longer receive reimbursements related to aircraft expenses.

*Interest Expense, Net* 

Interest expense, net primarily consists of interest incurred on borrowings and debt issuance costs that are amortized using the effective interest method, over the term of the debt.

On December 20, 2024, we distributed both the corporate aircraft and the aircraft note to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. As a result, following such date, we no longer receive reimbursements related to aircraft expenses and we no longer incur interest expense related to the aircraft note.

#### Income Tax
Income tax expense consists of taxes paid or payable by our operating subsidiaries. We are subject to the provisions of ASC 740, *Income Taxes*. This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether it is "more-likely-than-not" to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the "more-likely-than-not" threshold would be recorded as a tax expense in the current year.

We have been and, prior to the Corporate Conversion, will continue to be a partnership for U.S. tax purposes and not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes of us since the partners are individually liable for the taxes on their share of our taxable income or loss prior to this date.

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We are subject to certain state and local taxes. UBT is recorded on a quarterly basis at the rate of 4% based on the net taxable income apportioned to New York City. Commercial Rent Tax is recorded on a quarterly basis at the rate of 6% based on the amount of commercial rent subject to tax. We record interest and penalties related to income taxes, if any, within income tax expense.

We elected to be subject to both the New York State Pass-Through Entity Tax ("NYS PTET") and the New York City Pass-Through Entity Tax ("NYC PTET" and together with NYS PTET, "PTET") for the year ended December 31, 2024. PTET grants the partners a tax credit on each of their individual New York State and New York City income tax returns. Any PTET owed is a joint liability of us and each eligible partner.

Upon completion of the Corporate Conversion in connection with the combined offering, we will become a corporation for U.S. federal and state income tax purposes and will be subject to U.S. federal income taxes, in addition to state and local taxes.

#### Net Income (Loss) Attributable to Non-Controlling Interest
A portion of the equity and income or loss from entities that are consolidated but not wholly owned by us is allocated to other owners. The aggregate of the income or loss and corresponding equity that is not owned by us is included within non-controlling interest in the consolidated financial statements. We do not hold any direct equity interests in PSGP, the general partner for PSLP, or PSVII GP, the general partner for PSVII. As a result, all income or loss related to both entities is allocated to non-controlling interest, and their capital balances represent the economic interests of other owners in PSGP and PSVII GP, as applicable.

#### Key Operating Metrics
We have developed and use various key operating metrics to assess and monitor the operating performance of our business. We believe that these metrics provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team.

Our calculations of total assets under management, fee-paying assets under management and permanent capital AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of total assets under management includes the fair value of invested capital in our funds from our personnel regardless of whether such invested capital is subject to fees. Our definitions of total assets under management and fee-paying assets under management are not based on any definition of total assets under management and fee-paying assets under management that is set forth in the agreements governing the investment funds we manage.

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#### Total Assets Under Management
Total assets under management reflects the net assets of our core funds and PSVII as calculated in accordance with GAAP or IFRS, as applicable, while adding back the principal value of PSH's outstanding bonds (approximately $2.3 billion as of December 31, 2024) without double counting the investment made by any Pershing Square fund in PSVII.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  |
| **(in millions)** | **PSH<sup>(1)</sup>** | **PSLP** | **PSINTL** | **PSVII<sup>(2)</sup>**  | **Total** <br>**Funds**  |
| Balance at December 31, 2023 | $14414.6 | $1384.3 | $591.7 | $1519.5 | $17910.1  |
| &nbsp;&nbsp;Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.8  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(246.0) | &nbsp;&nbsp;(209.2) | &nbsp;&nbsp;(1422.4) | &nbsp;&nbsp;(1877.6)  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp;(107.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(107.2)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp;(117.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(117.9)  |
| Performance Fees | &nbsp;&nbsp;&nbsp;&nbsp;(226.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(8.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(234.9)  |
| Change in Market Value | &nbsp;&nbsp;&nbsp;1400.3 | &nbsp;&nbsp;&nbsp;&nbsp;148.9 | &nbsp;&nbsp;&nbsp;&nbsp;59.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97.1) | &nbsp;&nbsp;&nbsp;1511.5  |
| Change in EUR FX Translation of PSH Bond | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34.1)  |
| **Balance at December 31, 2024** | **$15329.1** | **$1328.0** | **$433.6** | **$—** | **$17090.7** |

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(1) For December 31, 2024, 2023 and 2022, PSH's AUM includes bond proceeds of $1.8 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2021, PSH's AUM includes bond proceeds of $2.43 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2020, PSH's AUM includes bond proceeds of $2.1 billion.

(2)<br> PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

#### Fee-Paying Assets Under Management
Fee-Paying AUM refers to the AUM we manage and earn a performance fee and/or management fee from for our core funds and PSVII. We believe this measure is useful to stockholders as it provides insight into the capital base upon which we earn our fees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  |
| **(in millions)** | **PSH<sup>(1)</sup>** | **PSLP** | **PSINTL** | **PSVII<sup>(2)</sup>**  | **Total** <br>**Funds**  |
| Balance at December 31, 2023 | $12062.6 | $742.6 | $426.0 | $67.3 | $13298.5  |
| &nbsp;&nbsp;Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(143.0) | &nbsp;&nbsp;(129.5) | &nbsp;&nbsp;(62.8) | &nbsp;&nbsp;&nbsp;&nbsp;(335.3)  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp;(107.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(107.2)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp;(117.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(117.9)  |
| Performance Fees/Allocation | &nbsp;&nbsp;&nbsp;&nbsp;(226.6) | &nbsp;&nbsp;&nbsp;(14.5) | &nbsp;&nbsp;&nbsp;&nbsp;(8.3) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(249.4)  |
| Change in Market Value | &nbsp;&nbsp;&nbsp;1400.3 | &nbsp;&nbsp;&nbsp;&nbsp;73.1 | &nbsp;&nbsp;&nbsp;&nbsp;41.6 | &nbsp;&nbsp;&nbsp;(4.5) | &nbsp;&nbsp;&nbsp;1510.6  |
| **Balance at December 31, 2024** | **$13011.2** | **$669.8** | **$329.8** | **$—** | **$14010.9** |

---

(1)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnote 1 to the table above titled "Assets Under Management."

(2)<br> PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

#### Permanent Capital AUM
Permanent capital AUM refers to the portion of Fee-Paying Assets Under Management that is not subject to withdrawal or redemption at the election of the fund investor or stockholder. We believe this measure is useful to stockholders as our permanent capital base allows us to take a long-term view and be opportunistic during periods of market volatility; enables superior, long-term investment and produces a financial profile characterized by steady, predictable and recurring management fees. Permanent capital is also a differentiating talent attraction and retention tool, allowing us to hire and retain the top analysts for our own investment team, high-quality employees throughout our company, and experienced senior executives for our portfolio companies.

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The following table compares permanent capital AUM for our core funds as of December 31, 2023 and 2024. We anticipate that our permanent capital AUM will materially increase following the PSUS IPO as we expect PSUS will be our flagship NYSE-listed permanent capital vehicle.

---

| | | |
|:---|:---|:---|
| **Permanent Capital AUM (in millions)** | **As of December 31,**  | **As of December 31,**  |
|  | **2023**  | **2024** |
| Core Funds | $12062.6 | $13011.2 |

---

#### Fund Performance
The tables below provide performance information for our core funds to facilitate an understanding of our results of operations for the periods presented. The tables below provide the contributors and detractors to gross performance of the funds' portfolios for the twelve-month period ended December 31, 2024. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund's financial results in accordance with GAAP or IFRS, as applicable. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See "Risk Factors—Risks Related to Our Business and Industry—*The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock*."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdings, Ltd.** | **Pershing Square Holdings, Ltd.** | **Pershing Square, L.P.** | **Pershing Square, L.P.** | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  |
| **January 1, 2024 – December 31, 2024** | **January 1, 2024 – December 31, 2024** | **January 1, 2024 – December 31, 2024** | **January 1, 2024 – December 31, 2024** | **January 1, 2024 – December 31, 2024**  | **January 1, 2024 – December 31, 2024**  |
| Alphabet Inc.  | &nbsp;&nbsp;&nbsp;4.9%  | Alphabet Inc.  | &nbsp;&nbsp;&nbsp;4.2%  | Alphabet Inc.  | &nbsp;&nbsp;&nbsp;4.4%  |
| Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp;4.4% | Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp;3.9% | Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp;4.1%  |
| Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;4.0%  | &nbsp;&nbsp;Brookfield Corporation  | &nbsp;&nbsp;&nbsp;3.3%  | &nbsp;&nbsp;Brookfield Corporation  | &nbsp;&nbsp;&nbsp;3.4%  |
| &nbsp;&nbsp;Brookfield Corporation  | &nbsp;&nbsp;&nbsp;3.8% | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;3.3% | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;3.2%  |
| &nbsp;&nbsp;Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;2.5%  |
| Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;2.2% | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;1.8% | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;2.3%  |
| &nbsp;&nbsp;Share Buyback Accretion | &nbsp;&nbsp;&nbsp;0.4% | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;(0.7)% | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;(0.5)%  |
| Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp;(0.6)% | Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;(1.3)% | Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp;(1.4)%  |
| Bond Interest Expense  | &nbsp;&nbsp;&nbsp;(0.6)% | &nbsp;&nbsp;Nike, Inc.  | &nbsp;&nbsp;&nbsp;(1.5)% | &nbsp;&nbsp;Nike, Inc.  | &nbsp;&nbsp;&nbsp;(1.6)%  |
| Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp;(1.6)% | &nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;(1.6)% | Interest Rate Swaptions  | &nbsp;&nbsp;&nbsp;(1.6)%  |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;(1.7)% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;(1.6)% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;(2.2)%  |
| &nbsp;&nbsp;Interest Rate Swaptions | &nbsp;&nbsp;&nbsp;(1.9)% | &nbsp;&nbsp;All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;(0.1)%  | &nbsp;&nbsp;All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;(0.2)%  |
| Nike, Inc. | &nbsp;&nbsp;&nbsp;(2.2)% |  |  |  |  |
| All Other Positions and Other Income/Expense | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |  |  |  |  |
| **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.8% | **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.0% | **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |

---

(1) Represents the gross returns from investing in the fund, before the deduction of management fees and accrued or crystallized performance fees, if any. Inclusion of such fees would produce lower returns than presented here. Gross returns reflected above (a) include only returns on the investment in the underlying issuer and the hedge positions that directly relate to the securities that reference the underlying issuer; (ii) do not reflect the cost or benefit of hedges that do not relate to the securities that reference the underlying issuer; and (iii) do not reflect the cost or benefit of portfolio hedges. Contributors or detractors to performance of 50 basis points or more are listed separately, while contributors or detractors to performance of less than 50 basis points are aggregated, except for bond interest expense and share buyback accretion, if any. The contributors and detractors to gross returns presented herein are for illustrative purposes only. The securities listed above may not have been held for the entire calendar year. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH, PSLP, and PSINTL and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by 

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the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares.

#### Consolidated Results of Operations
The following table sets forth information regarding our consolidated results of operations for the years ended December 31, 2023 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended** <br>**December 31,** | **For the Years Ended** <br>**December 31,** | **Change**  |
| **(in thousands)** | **2023** | **2024** | $**%**  |
| **Revenue**<br>|  |  |  |
| Management fees | $170801 | $206067 | 21% |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp;341855 | &nbsp;&nbsp;249431 | (27%) |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;512656 | &nbsp;&nbsp;455498 | (11%) |
| **Expenses**<br>|  |  |  |
| Profit-sharing partner compensation<sup>(1)</sup> | &nbsp;&nbsp;115829 | &nbsp;&nbsp;339133 | 193% |
| Affiliates fee rebate | &nbsp;&nbsp;115706 | &nbsp;&nbsp;&nbsp;69301 | (40%) |
| General and administrative expense | &nbsp;&nbsp;&nbsp;22649 | &nbsp;&nbsp;&nbsp;50812 | 124% |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp;13124 | &nbsp;&nbsp;&nbsp;13164 | 0% |
| &nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;2758 | &nbsp;&nbsp;&nbsp;&nbsp;2778 | 1% |
| **Total expenses** | &nbsp;&nbsp;270066 | &nbsp;&nbsp;475188 | 76% |
| **Operating income (loss)** | &nbsp;&nbsp;242590 | &nbsp;&nbsp;(19690) | (108%) |
| **Non-operating income (expenses)**<br>|  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;28508 | 3758% |
| Gain allocated from Pershing Square, L.P.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;11362 | &nbsp;&nbsp;&nbsp;&nbsp;6986 | (39%) |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;4270 | &nbsp;&nbsp;&nbsp;&nbsp;5666 | 33% |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;(7069) | &nbsp;&nbsp;&nbsp;&nbsp;(3095) | (56%) |
| **Total non-operating income (expenses)** | &nbsp;&nbsp;&nbsp;&nbsp;9302 | &nbsp;&nbsp;&nbsp;38065 | 309% |
| **Net income before taxes** | &nbsp;&nbsp;251892 | &nbsp;&nbsp;&nbsp;18375 | (93%) |
| Income tax expense | &nbsp;&nbsp;&nbsp;18170 | &nbsp;&nbsp;&nbsp;15985 | (12%) |
| &nbsp;&nbsp;**Net income** | &nbsp;&nbsp;233722 | &nbsp;&nbsp;&nbsp;&nbsp;2390 | (99%) |
| Less: Net income (loss) attributable to non-controlling interest | &nbsp;&nbsp;(24261) | &nbsp;&nbsp;(16541) | (32%) |
| **Net income (loss) attributable to Pershing Square Holdco, L.P.** | $209461 | $(14151) | (107%) |

---

(1) Includes amounts attributable to consolidated variable interest entities for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

#### Comparison of the Years Ended December 31, 2023 and 2024

#### Revenue
*Management Fees* 

Total management fees increased $35.3 million, or 21%, from fiscal year 2023 to fiscal year 2024, and was primarily driven by an increase of management fees of $33.3 million received from PSH as a result of an increase in fee-paying assets under management in 2024.

*Performance Fees* 

Total performance fees decreased $92.4 million, or 27%, from fiscal year 2023 to fiscal year 2024 (PSH, PSINTL and PSLP by $85.5 million, $2 million, and $4.9 million, respectively).

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#### Expenses
*Profit-Sharing Partner Compensation* 

Profit-sharing partner compensation increased $223.3 million, or 193%, from fiscal year 2023 to fiscal year 2024, and was primarily driven by the Subordinated Performance Fee payable to VariableCo associated with the VCA and new grants of Permanent Profits-Interests (as defined below) amounting to $136.6 million and $111.3 million respectively in 2024, partially offset by the reduction in profit interest compensation by $24.6 million from fiscal year 2023 to fiscal year 2024.

*Affiliates Fee Rebate* 

The affiliates fee rebate decreased by $46.4 million, or 40%, from fiscal year 2023 to fiscal year 2024, primarily reflecting a reduction in the performance fee rebate by $55.9 million, partially offset by an increase in the management fee rebate by $9.5 million given in the current fiscal year. The reduction in the performance fee rebate was driven by (i) a $21.4 million reduction resulting from the performance of PSH, and (ii) a $34.4 million reduction due to a portion of the performance fee rebate being paid by VariableCo following the Holdco Reorganization. VariableCo is not consolidated with the partnership in accordance with GAAP. Upon completion of the combined offering, the affiliate fee rebate program will cease and therefore, these expenses are not expected to continue as a public company.

*General and Administrative Expense* 

General and administrative expense increased $28.2 million, or 124%, from fiscal year 2023 to fiscal year 2024. The overall increase primarily reflects an increase of $1.7 million in legal and compliance expenses, $9.9 million of expenses related to the HoldCo Reorganization and Strategic Investment, $1.7 million in maintenance and repairs related to the aircraft, $10.1 million of offering cost associated with PSUS's previously aborted IPO and $3.2 million in expenses associated with PSUS.

*Employee Compensation and Benefits* 

Employee compensation and benefits increased less than 1%, from fiscal year 2023 to fiscal year 2024. There were no material changes in headcount, bonuses, benefits, or other compensation during the period.

*Depreciation and Amortization Expense* 

Depreciation and amortization expense increased less than 1%, from fiscal year 2023 to fiscal year 2024.

#### Non-operating Income (Expenses)
*Interest Income* 

Interest income increased by $27.8 million, or 3,760%, from fiscal year 2023 to fiscal year 2024, and was primarily driven by a significant increase in the interest earned on cash proceeds from the Strategic Investment.

*Gain Allocated from Pershing Square, L.P.* 

As of December 31, 2023 and 2024, PSGP had an ownership percentage of approximately 4.8% and 4.5% of PSLP, respectively. For the years ended December 31, 2023, and 2024, PSGP recorded a gain of $11.4 million, and a gain of $7 million, respectively, from its investment in PSLP based on the PSLP's performance.

*Other Income*

Other income increased $1.4 million, or 33%, from fiscal year 2023 to fiscal year 2024, and was primarily driven by an increase in the sublease income by $1.1 million from the Subtenant. Prior to the combined offering, we intend to terminate our sublease arrangement with Subtenant, who will then enter into a direct agreement with the landlord.

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*Interest Expense* 

Interest expense decreased by $4 million, or 56%, from fiscal year 2023 to fiscal year 2024, and was primarily driven by a decline in the principal amount outstanding from one of our line of credit facilities during the current fiscal year.

*Income Tax Expense* 

Income tax expense decreased by $2.2 million from $18.2 million for the year ended December 31, 2023, to $16.0 million for the year ended December 31, 2024, which primarily relates to UBT based on the net taxable income apportioned to New York City.

*Net Income (Loss) Attributable to Non-Controlling Interest* 

For the year ended December 31, 2023, the net income allocated to PSLP and PSVII was $24.3 million. For the year ended December 31, 2024, the net income allocated to PSLP and PSVII was $16.5 million. The decrease is directly attributable to the performance of PSLP and PSVII prior to its liquidation on December 31, 2024.

#### Non-GAAP Financial Measures
We report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP financial measures to assess the performance of our business across reporting periods and believes this information is useful to investors for the same reasons. See below for our definitions of Fee-Related Earnings ("FRE") and Distributable Earnings ("DE").

#### Fee-Related Earnings
FRE is a non-GAAP financial measure used by us to evaluate our business by highlighting earnings from recurring management fees and Preferred Performance Fees. We believe FRE is useful to investors because it provides additional insights into the fee-driven operating profitability of our business that is not directly based on the net income of the funds we manage. FRE represents management fees and Preferred Performance Fees less the compensation directly related to the management fees and performance fees, which includes salaries, benefits, payroll taxes and discretionary cash bonuses as well as related profit-sharing partner compensation, excluding amortization of LTIP grants, and other operating expenses, and after deducting "Subordinated Performance Fees," which consist of amounts in excess of Preferred Performance Fees which are payable to VariableCo pursuant to the VCA. As described above, we implemented the VCA in connection with the Strategic Investment. However, in order to facilitate comparisons with our results following the combined offering, we have presented FRE for the periods presented on a basis that reflects the allocation of our historical performance fees as between the Preferred Performance Fees and Subordinated Performance Fees that the VCA would have required.

#### Distributable Earnings
DE is a non-GAAP financial measure used to assess performance and amounts available for distribution or dividends, including to our personnel and owners of PS Partner Group and holders of our common stock. DE represents FRE plus interest income or less interest expense, as applicable.

These non-GAAP financial measures should not be considered a substitute for, superior to or an alternative to net income attributable to Pershing Square Holdco, L.P., which is the most directly comparable GAAP measure. Further, these non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider non-GAAP financial measures in isolation or as a substitute for GAAP measures including revenues, net income (loss) and net income attributable to Pershing Square Holdco, L.P. We may calculate or present these non-GAAP financial measures differently than other companies who report measures with the same or similar names, and as a result, the non-GAAP financial measures we report may not be comparable.

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#### **TABLE OF CONTENTS**
The following tables set forth our FRE and DE calculations and a reconciliation of DE and FRE to the most directly comparable financial measure calculated in accordance with GAAP for the years ended December 31, 2020, 2021, 2022, 2023 and 2024 respectively:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  |
| **For the Twelve Months Ended December 31,**<br>**(in thousands)** | **2020**  | **2021** | **2022** | **2023** | **2024** | **Compound Annual**<br>**Growth Rate**<br>**(2020-2024)** |
| Management fees | $117286  | $162443 | $163515 | $170801 | $206067 |  |
| Preferred Performance Fees – current year | 46332  | 75555 | 33 | 87087 | 98269 |  |
| Preferred Performance Fees – carryforward |  |  |  | 90573 |  |  |
| **Fee-Related Earnings Revenue** | **$163618** | **$237998** | **$163548** | **$348461** | **$304336** | **17%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***45%*** | ***(31%)*** | ***113%*** | ***(13%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Employee compensation and benefits | $(19170)  | $(12699) | $(10859) | $(13124) | $(13164) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: General and administrative expense and other, net | (11029)  | (13428) | (21801) | (18380) | (45145) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-recurring expenses |  |  |  |  | 25890 |  |
| **Less: Fee-Related Earnings Expenses** | **$(30199)**  | **$(26127)** | **$(32660)** | **$(31504)** | **$(32419)** | **2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***(13%)*** | ***25%*** | ***(4%)*** | ***3%*** |  |
| **Fee-Related Earnings** | **$133419** | **$211871** | **$130888** | **$316957** | **$271917** | **19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Margin*** | ***81.5%*** | ***89.0%*** | ***80.0%*** | ***91.0%*** | ***89.3%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** | ***—*** | ***59%*** | ***(38%)*** | ***142%*** | ***(14%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest income (expense), net | $(1139) | $(932) | $(2529) | $(6330) | $25413 |  |
| **Distributable Earnings** | **$132280**  | **$210939**  | **$128359**  | **$310627** | **$297330** | **22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***59%*** | ***(39%)*** | ***142%*** | ***(4%)*** |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  |
| **For the Twelve Months Ended December 31,**<br>**(in thousands)** | **2020**  | **2021** | **2022** | **2023** | **2024** | **Compound Annual**<br>**Growth Rate**<br>**(2020-2024)** |
| Net income (loss) attributable to Pershing Square Holdco, L.P. | $481852  | $300064 | $51839 | $209460 | $(14151) |  |
| Net (income) loss attributable to non-controlling interest | (60000)  | (31678) | 4729 | (24261) | (16541) |  |
| **Net income** | **541852**  | **331742** | **47110** | **233721** | **2390** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*% Margin* | *56.2%* | *48.7%* | *28.8%* | *45.6%* | *0.5%* |  |
| Income tax expense | 17400  | 10516 | 4793 | 18170 | 15985 |  |
| **Net income before taxes** | **559252**  | **342258** | **51903** | **251891** | **18375** |  |
| Subordinated Performance Fees | (699174)  | (395863) |  | (138829) | (136618) |  |
| Gain on lease modification | —  |  | (3570) |  |  |  |
| Gain on unvested compensation | —  | (897) |  |  |  |  |
| Gain/loss allocated from Pershing Square, L.P. | (4496)  | (15763) | 4737 | (11362) | (6986) |  |
| Depreciation and amortization expense | 2762  | 2985 | 5035 | 2758 | 2778 |  |
| Performance fees from Pershing Square, L.P. | (70585)  | (35935) | (13) | (19408) | (14543) |  |
| Non-recurring expenses  | —  |  |  |  | 25890 |  |
| Affiliates fee rebate | 164037  | 141041 | 34849 | 115706 | 69301 |  |
| Profit-sharing partner compensation | 210584  | 183936 | 35418 | 115830 | 339133 |  |
| Performance fee offset | (30100)  | (10823) |  | (5959) |  |  |
| **Fee-Related Earnings** | **133419**  | **211871** | **130888** | **316957** | **271917** | **19%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Margin*** | ***81.5%*** | ***89.0%*** | ***80.0%*** | ***91.0%*** | ***89.3%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***59%*** | ***(38%)*** | ***142%*** | ***(14%)*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense), net | 1139  | 932 | 2529 | 6330 | (25413) |  |
| **Distributable Earnings** | **$132280** | **$210939** | **$128359** | **$310627** | **$297330** | **22%** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***59%*** | ***(39%)*** | ***142%*** | ***(4%)*** |  |

---

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#### Liquidity and Capital Resources

#### Overview
We have historically financed our operations and working capital through net cash provided by operating activities, primarily from management fees and performance fees, and borrowings under our 2014 line of credit (the "2014 Line of Credit") and 2021 line of credit (the "2021 Line of Credit") (as described below and in Note 6 to the consolidated financial statements included elsewhere in this prospectus).

We expect that our cash flow from operations, current cash and cash equivalents will be sufficient to fund our operations and planned capital expenditures and to service our debt obligations for the next twelve months and the foreseeable future.

#### 2014 Line of Credit and 2021 Line of Credit
We entered into the 2014 Line of Credit and 2021 Line of Credit on October 3, 2014, and December 15, 2021, respectively.

Each of the 2014 Line of Credit and the 2021 Line of Credit includes provisions that restrict or limit, among other things, the ability of Pershing Square to incur additional indebtedness or to create additional liens or other encumbrances on Pershing Square or the guarantor, Mr. Ackman's, assets, aside from additional financing from Pershing Square as defined in the agreement, financing related to its aircraft as discussed under "Aircraft Loan," and certain other permitted indebtedness. Each of the 2014 Line of Credit and the 2021 Line of Credit requires the guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in Pershing Square. The guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in Pershing Square or equity in third-party hedge funds with quarterly liquidity or better.

In addition, the 2021 Line of Credit is secured by a pledge and security agreement whereby Pershing Square granted the lender a security interest in Pershing Square's management fees.

Pershing Square and the guarantor have complied with the financial covenants imposed by the 2014 Line of Credit and the 2021 Line of Credit throughout the borrowing period.

#### Cash Flows
The following table summarizes our cash flows for the periods presented:

---

| | | |
|:---|:---|:---|
| **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** |
| **For the Twelve Months Ended December 31,**<br>**(in thousands)**  | **2023**  | **2024** |
| Net cash provided by (used in) operating activities | $83800  | &nbsp;&nbsp;$294481 |
| Net cash provided by (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18)  | &nbsp;&nbsp;&nbsp;&nbsp;(1558) |
| Net cash provided by (used in) financing activities | &nbsp;&nbsp;(84290) | &nbsp;&nbsp;667399 |

---

*Cash Flows from Operating Activities*

For the fiscal year 2023, net cash provided by operating activities was $83.8 million, resulting from net income of $233.7 million, adjusted for non-cash depreciation and amortization expense, non-cash lease expense and amortization of our LTIP Awards. Cash flows provided by operating activities were also impacted by changes in operating assets and liabilities of $156.6 million, primarily due to a $321.7 million increase in performance fees receivable, which were earned at December 31, 2023 but not received until the following year, offset by an $81.7 million increase in accrued compensation and benefit and an increase of $77.7 million in affiliates fee rebate payable.

For the fiscal year 2024, net cash provided by operating activities was $294.5 million resulting from net income of $2.4 million adjusted for non-cash depreciation and amortization expense, non-cash lease expense, amortization of our LTIP Awards, and profit-sharing partner compensation. Cash flows provided by operating

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activities were also impacted by changes in operating assets and liabilities of $173.8 million, primarily due to an $89.0 million decrease in performance fees receivable, a $62.7 million decrease in amounts due from affiliates, a $72.7 million increase in accrued compensation and benefit, offset by a $56.1 million decrease in affiliate fee rebate payable.

*Cash Flows from Investing Activities* 

For the fiscal year 2023, net cash used in investing activities was insignificant.

For the fiscal year 2024, net cash used in investing activities of $1.6 million was related to purchases of fixed assets and leasehold improvements.

*Cash Flows from Financing Activities* 

For the fiscal year 2023, net cash used in financing activities of $84.3 million was related to loan repayments of $2.9 million and $81.4 million of payments made for capital distributions.

For the fiscal year 2024, net cash provided by financing activities was $667.4 million consisting of $1.0 billion in proceeds from capital contributions as a result of the Strategic Investment and $16.4 million in proceeds from loans, partially offset by $298.7 million of payments made for capital distributions, $80.5 million of loan repayments, and $16.9 million of payments made for offering costs related to common shares of PSUS and equity interests of Pershing Square Holdco, L.P.

#### Contractual Obligations and Commercial Commitments
The following table presents our contractual obligations and other commitments as of December 31, 2024:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Less than**<br>**1 year** | **1-3** <br>**years** | **3-5** <br>**years** | **More than**<br>**5 years**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| 2014 Line of Credit | $34800 | &nbsp;&nbsp;&nbsp;&nbsp;$— | $34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| 2021 Line of Credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Interest on 2014 Line of Credit<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2477  | &nbsp;&nbsp;2286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Operating lease obligations | $59988 | $6397 | $12733 | $13123 | $27735 |

---

(1) Estimated interest payments on our 2014 Line of Credit include estimated future interest payments calculated using 6.57% interest rate on our 2024 LOC facility in effect as of December 31, 2024. 

#### Critical Accounting Policies and Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ from those estimates.

An accounting policy is considered to be critical if the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the effect of the estimates and assumptions on financial condition or operating performance.

#### Consolidation
We consolidate all subsidiaries in accordance with GAAP and FASB ASC 810, *Consolidation* ("ASC 810"). We consolidate all entities that we control either as the primary beneficiary of a variable interest entity ("VIE") or through a majority voting interest. We identify VIEs we must consolidate by evaluating (1) whether we hold a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether our involvement would make us the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities ("VOEs"). Under the VOE model, we consolidate those entities for which we hold a majority voting interest. The determination of whether or not to consolidate a variable interest entity under GAAP, which

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may include our funds, requires a significant amount of judgment. As none of our funds are currently consolidated, the fees earned from our funds under our investment management agreements are recorded as revenue. If any of our funds become consolidated, the fees earned from the fund would be eliminated in consolidation.

In evaluating whether we hold a variable interest in an entity, fees we receive from the entity (including management fees and performance fees) that are customary and commensurate with the level of services we provide are not considered variable interests where we do not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where we hold a variable interest, we must then determine whether each of these entities qualifies as a VIE and, if so, whether we are the primary beneficiary. In general, a VIE is a corporation, partnership, limited liability company, trust or any other legal structure used to conduct activities or hold assets that: (i) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (ii) has a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) has a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether we are the primary beneficiary of a VIE, we evaluate our economic interests in the entity held either directly or indirectly by us. VIEs are consolidated when an entity, as the primary beneficiary, holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if a) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and b) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

We have evaluated PSH, our private funds and other investment vehicles, our respective general partners and any affiliated entities, as applicable, for consolidation with us in accordance with ASC 810. As we do not hold economic interests in PSH, our private funds and other investment vehicles that would absorb more than an insignificant amount of their expected losses or returns, we do not hold a variable interest in any of PSH, our private funds and other investment vehicles. We also do not hold a majority of the voting interests in PSH, our private funds and other investment vehicles. As a result, PSH, our private funds and other investment vehicles are not required to be consolidated with us under ASC 810.

Prior to December 20, 2024, we consolidated the accounts of a trust for our corporate aircraft (the "Aircraft Trust") created between us, as trustor, and Delaware Trust Company, as owner trustee, and the Aircraft Trust's assets and liabilities and its results of operations are included in our consolidated financial statements.

We also consolidate the accounts of both PSUS, beginning February 15, 2024, and West Side Services, LLC as they are wholly owned subsidiaries.

#### Equity Method Investments
We recognize investments in entities which we can exercise significant influence over but do not control as equity method investments. Unless the fair value option is elected, under the equity method of accounting, the investor's share of the underlying investment's income or losses is recognized, and the carrying value of the investment is adjusted accordingly.

We have evaluated our investment in HHH and PSGP's investment in PSLP and determined that we exercise significant influence over these investments and have elected to account for these investments at fair value with changes in fair value recorded in earnings.

#### Revenue Recognition
We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). Revenue is recognized when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. ASC 606 requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the

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consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on NAV, which are paid on a quarterly basis and (ii) annual performance fees based on NAV appreciation above a high water mark. Performance fees are considered variable consideration and are therefore constrained and not recognized as revenue until it is probable that a significant reversal will not occur.

Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of the HHH Base Fee and HHH Variable Fee.

#### Recent Accounting Developments
Information regarding recent accounting developments and their impact on Pershing Square, if any, can be found in Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

#### Quantitative and Qualitative Disclosures about Market Risk
Our exposure to market risks primarily relates to PSCM LP's role as investment advisor to our funds and the impact of movements in the underlying value of their investments. Our management fees and performance fees are the primary sources of revenue that could be impacted. The underlying value of our funds' investments may fluctuate in response to general equity and other market conditions.

We also have exposure to market risks from PSCM LP's provision of investment advisory and other services to HHH pursuant to the HHH Services Agreement and the impact of changes in the market capitalization of HHH. The HHH Variable Fee is the source of revenue that could be impacted. The market capitalization of HHH may fluctuate in response to general equity and other market conditions.

Additionally, interest rate movements can adversely impact the amount of interest that we pay on debt obligations bearing variable rates.

#### Effect on Management Fees and Performance Fees
PSCM LP provides investment management services to our funds in exchange for a management fee. Such management fees increase or decrease in direct proportion to the effect of changes in the market value of the related funds.

PSCM LP also earns a quarterly management fee from our investment in HHH, consisting of the HHH Base Fee and HHH Variable Fee, in exchange for the investment advisory and other services provided to HHH. The HHH Variable Fee increases or decreases in direct proportion to the value of the HHH stock price relative to a reference price, subject to certain adjustments, at the end of each quarter.

PSCM LP also earns annual performance fees and allocations from our funds based on NAV appreciation above a high-water mark. The performance fees or allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. Changes in the fair value of the funds' investments may materially impact performance fees and allocations depending upon the respective funds' performance to date as compared to the high-water mark.

#### Exchange Rate Risk
As of December 31, 2024, we have foreign currency exchange rate exposure, because (1) our funds may hold investments or debt that are denominated in non-U.S. dollar currencies that may be affected by movements in the rate of exchange between the U.S. dollar and non-U.S. dollar currencies and (2) some of our portfolio

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companies do business globally and have exposure to currencies other than the U.S. dollar. Our funds often attempt to hedge some of their non-U.S. dollar currency exposure by issuing debt in non-U.S. currencies that the funds are exposed to or by entering into derivative transactions, principally forward contracts and occasionally foreign currency options.

#### Interest Rate Risk
Our exposure to interest rate risk is influenced primarily by changes in interest rates on interest payments related to our debt obligations. We had $34.8 million and $108.7 million outstanding under our debt obligations as of December 31, 2024, and December 31, 2023, respectively. See Note 6, "Debt Obligations" to our consolidated financial statements. Management periodically reviews our exposure to interest rate fluctuations and may implement strategies to manage the exposure. As of December 31, 2024, we do not have any interest rate swaps in place for these borrowings. Based on our debt obligations as of December 31, 2024, we estimate that interest expense relating to variable-rate debt would increase by approximately $0.3 million on an annual basis in the event interest rates were to increase one percentage point during the period.

#### Credit Risk
We maintain our cash with a federally insured financial institution. We invest substantially all of our cash in U.S. Treasury money market funds and U.S. Treasury bills. As of December 31, 2024, our cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times, may be in excess of federally insured limits.

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#### BUSINESS
Pershing Square is a leading alternative asset manager with approximately $29.6 billion in total assets under management ("AUM") and approximately $20.1 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 95% is permanent capital, in each case as of June 30, 2025. For the year ended December 31, 2024 and for the six months ended June 30, 2025, we generated total revenue of approximately $455.5 million and $ million, respectively, and GAAP net loss attributable to Pershing Square Holdco, L.P. of approximately $14.2 million and $ million, respectively. We believe our business has an attractive earnings and cash flow profile. Our net loss for 2024 included a number of non-cash and cash expenses that are one-time in nature, which include: (i) $111 million of non-cash compensation expense to increase the Permanent Profits-Interests (as defined below) of two partners, including our former president, (ii) $85 million of partner compensation that will be treated as equity distributions, and not as an expense under GAAP, following the combined offering, (iii) $69 million related to a fee rebate arrangement for fund investments by our affiliates, which is described in more detail in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Expenses—Affiliates Fee Rebate," that will not continue following the combined offering, and (iv) $25.9 million of general and administrative expenses related to the potential offering of PSUS Shares and the Strategic Investment.

We view the stability of our capital base as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth generally relies principally on fundraising to maintain and grow fee-paying assets.

We believe our permanent capital AUM also enables superior, long-term investment returns and produces a financial profile for our business characterized by steady, predictable and recurring management fees because our results are less sensitive to the market for raising capital. Our financial profile further benefits from performance fees, earned and paid annually, contingent only on fund mark-to-market appreciation above an annual high-water mark rather than episodic and unpredictable realization events and the need to generate realized returns in excess of a preferred return or a hurdle rate.

Permanent capital has been and is expected to continue to be a highly attractive talent attraction and retention tool, enabling us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital is also an excellent recruitment tool when our portfolio companies seek to hire experienced CEOs who greatly prefer the stability and backing afforded by a major long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or the necessity to exit due to their finite-lived funds.

Our investment strategy has proven to be highly scalable and profitable because fewer professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Over the last 21 years, we have built the systems and organizational talent capable of managing an asset base many times larger than our current AUM.

We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital AUM at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. From time to time, we may choose to complement our organic growth by selectively launching new permanent capital funds and other vehicles that leverage our brand and core competencies to create large 'overnight' (after the completion of a new offering or negotiated transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. The HHH Transaction and the combined offering are good examples of this growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 33 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 14 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to the $5.6 billion (as of June 30, 2025) invested by our employees and their affiliates in our funds and HHH, our approach to performance compensation, and our employee ownership of our company. We are headquartered in New York City and had 40 employees as of June 30, 2025.

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In our core investment strategy, we seek to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. We seek investments in companies with simple, predictable, free-cash-flow generative businesses, strong financial profiles, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors we cannot control. We look for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value.

On May 5, 2025, we completed the Howard Hughes Transaction, in which we acquired a 15% economic interest in HHH. We provide HHH with investment advisory, corporate development, transaction execution and capital markets advisory services to support HHH's new diversified holding company strategy. In consideration of our services, HHH pays us the HHH Base Fee and the HHH Variable Fee (each as defined below). See "—Advisory Fees and Compensation—HHH Fees" for more information.

We complement our investment strategy by opportunistically utilizing hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. We typically structure our hedges using asymmetric instruments, such as options and credit default swaps, which offer the opportunity for large gains if potential risks occur without exposing our funds to significant costs or meaningful losses if such risks do not occur. Historically, we have reinvested the profits from these asymmetric hedges in existing portfolio positions and new investments during periods of market disruption when valuations are generally low. Our asymmetric hedging strategy has proven to be a substantial contributor to our investment strategy's long-term performance.

The graph below illustrates the cumulative net returns that an investor who invested in our first core fund, PSLP, at its inception on January 1, 2004 and transferred its capital account to our first core permanent capital fund, PSH, at its launch on December 31, 2012 would have received, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Cumulative Net Returns vs. S&P 500 <br>

#### Since Inception Through June 30, 2025
![](ny20040230x5_linechart0x8.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Represents the cumulative net returns assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012, after performance fees, management fees and other expenses incurred by each fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the 

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hypothetical returns of an investor assuming these dates of investment in such funds. **Actual performance returns of each investor in PSLP and/or PSH during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. For example, if an investor had invested in PSLP at a later date and/or had not converted from PSLP to PSH on December 31, 2012, its respective returns might have been lower.** Illustrates the past performance of PSLP and PSH, and past returns are not indicative of future performance. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSLP, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.

(2) Represents the multiple of invested capital assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012 equal to the Net Asset Value, after performance fees, management fees and other expenses incurred by each fund, divided by cumulative invested capital. 

(3) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

(4) Represents the cumulative net returns from investing in the S&P 500 with dividend reinvestment. Illustrates the hypothetical returns of an investor assuming these dates of investment in the S&P 500. Actual performance returns of each investor in the S&P 500 during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. If an investor had invested in the S&P 500 at a later date, for example, its respective returns might have been lower. 

(5) Represents the multiple of invested capital from investing in the S&P 500 with dividend reinvestment equal to total fair value divided by cumulative invested capital. 

(6) The three bear markets of the last 21 years were the global financial crisis in 2008; the COVID-19 pandemic in 2020; and the recent elevated interest rate environment in 2022. Our asymmetric hedging strategy has contributed to our substantial outperformance versus the S&P 500 during these bear markets.

As depicted in the chart above, the history of our firm may be thought of as comprising three distinct phases. In the first 12 years, our approach evolved from an initial period of transactional activism, in which we executed on value-creation opportunities by catalyzing corporate events, to a form of more "quiet" long-term corporate engagement as we established a reputation for helping portfolio companies create value. We went through a challenging period of underperformance from August 2015 to December 2017, after which we made a number of strategic changes, including ending active fundraising for our two open-ended private funds, Pershing Square, L.P. ("PSLP") and Pershing Square International, Ltd. ("PSINTL").

In January 2018, we began our "permanent capital era" by focusing on growing our permanent capital base through generating and compounding long-term returns and renewing our commitment to our core investment principles. On May 31, 2024, we sold a 10% interest in our business for $1.05 billion to a consortium of strategic investors (the "Strategic Investors"), which included institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment"). In connection with the Strategic Investment, we completed an internal reorganization of our ownership structure pursuant to which PS Holdco became the parent company of PSCM LP. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

We currently manage three primary investment funds, which we refer to as our existing core funds. Our fund investors include retail investors, high net worth individuals, family offices, funds of funds, and institutional investors. Our largest vehicle, Pershing Square Holdings, Ltd. ("PSH"), is a FTSE 100 listed, closed-end investment company publicly traded on the London Stock Exchange. With approximately $15.1 billion in Fee-Paying AUM, PSH accounts for approximately 75% of our total Fee-Paying AUM as of June 30, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.6 billion and $505 million in AUM, respectively, and $730 million and $310 million in Fee-Paying AUM, respectively, in each case as of June 30, 2025. We no longer market our private

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funds to investors, but we keep the private funds open for employees and long-term investors of Pershing Square. Our core funds each have a similar investment program and generally invest in the same assets in the same proportions, subject to regulatory, tax, liquidity and other considerations.

#### Overview of Our Existing Core Funds, HHH and PSUS<br>

#### As of June 30, 2025 (except in the case of PSUS)
![](ny20040230x5_table01x8.jpg)<br>

\* In the case of AUM, represents the assumed offering size in the PSUS IPO, including amounts invested by us and in the case of Fee Paying AUM, represents the assumed offering size in the PSUS IPO, excluding amounts invested by us.

Following the combined offering, our core funds will include PSUS, which we expect to be our flagship NYSE-listed permanent capital vehicle, which will also pursue our core investment strategy and will represent a material expansion of our permanent capital AUM. As a registered and regulated investment company, PSUS will be subject to certain restrictions pursuant to the 1940 Act and the Code, including investment, leverage and derivative restrictions and diversification requirements. We do not anticipate that compliance with these restrictions will materially impede the ability of PSUS to pursue our core investment strategy. See "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy—*The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets.*"

Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on Net Asset Value, which are paid on a quarterly basis and (ii) other than with respect to PSUS, we receive annual performance fees based on NAV appreciation above a high-water mark. Generally, we pay our investment professionals and other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees and certain other offsetting fees, above the applicable high-water mark from certain core funds.

To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for additional information. We believe this Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements employed by other alternative asset managers, while enabling us to allocate substantial performance fees to compensate, attract and retain investment professionals and other employees.

Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of (i) a quarterly base fee of $3,750,000 (the

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"HHH Base Fee") and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the agreement (the "HHH Variable Fee" and together with the HHH Base Fee, the "HHH Fees"), in each case, subject to annual adjustments for inflation based on the Personal Consumption Expenditures Price Index, Excluding Food and Energy, as reported by the Bureau of Economic Analysis (the "Core PCE Price Index"). See "—Advisory Fees and Compensation—HHH Fees" for more information.

Since our founding in 2003, we have also raised capital through seven single-name, co-investment special purpose vehicles ("SPVs") to increase economic exposure to certain investments. For example, in September 2021, we raised approximately $1.1 billion through PS VII Master, L.P. and its affiliated funds (collectively, "PSVII") for our funds' investment in Universal Music Group.

#### Our Core Investment Strategy
Our core investment strategy involves acquiring large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their business. At any given time, we intend for our core funds to own a concentrated portfolio of such positions with the expectation of holding each position for the long term. We historically have not concentrated such positions in any one or group of industries.

This investment approach enhances our ability to operate efficiently as fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Our long-term investment horizon also increases our influence at our portfolio companies, which we believe helps to drive our investment performance. We constructively engage with management teams and boards of directors of our portfolio companies with a goal of accelerating growth, increasing efficiency, improving capital allocation, managing through challenges, and/or better positioning companies which have underperformed or have unrecognized sources of value generation. As part of our corporate engagement, our investment professionals have from time to time served on the boards of our portfolio companies. Historically, we have shown that we can achieve meaningful influence over companies in which we invest and assist them in creating long-term value, with ownership stakes that we have acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For example, since initiating our investment in Chipotle Mexican Grill, Inc. in 2016, we were able to add new directors to the board, help identify and retain new senior leadership, and help implement key strategic initiatives to drive a turnaround of the company.

Our collaborative investment process is an important competitive advantage of our firm. Our idea generation process yields more opportunities than we utilize, which allows us to allocate capital to only what we believe to be our best ideas. Investments are originated through a wide range of sources, including our proprietary library in which we continuously track, update and review hundreds of investments that we have considered over time. Our investment professionals have a working knowledge of a large number of companies and are the primary sources of our investment ideas. Each investment idea typically goes through an initial due diligence process conducted by a two-member investment team, at least one of whom typically has relevant industry expertise. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and does financial analysis to determine our initial view of a company's business quality and intrinsic value.

Once sufficient work is completed and we determine that an investment idea meets a threshold of potential viability as an investment, Mr. Ackman, our Portfolio Manager, and/or Mr. Israel, our Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed in meetings with the investment team. We typically begin to acquire positions in approved ideas immediately upon investment team approval. Because compensation for our investment professionals is based on overall fund performance rather than the performance of any specific investment, our investment professionals are incentivized to deliver long-term, overall fund performance.

We complement our core investment strategy by opportunistically utilizing asymmetric hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. In order to generate asymmetric investment ideas, our investment professionals continuously analyze macroeconomic, political, and other global developments, which has the additional benefit of providing insights into

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macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research also yields variant macroeconomic insights, making our asymmetric hedging strategy highly synergistic with the research-intensive approach of our core investment strategy.

We believe our core investment strategy and commitment to always doing the right thing for our investors have been responsible, in significant part, for the successful growth of our business; however, our strategy and approach to doing business comes with certain risks.

While we believe the concentrated portfolios of our core funds create operational efficiencies, they necessarily involve more exposure for our funds to the performance of each investment, with the attendant risk that a material loss in any one investment position could have a material adverse impact on the NAV of our funds and, in turn, adversely impact our results.

While our core investment strategy of acquiring non-controlling stakes generally enables us to avoid paying a control premium and gives us substantial influence over our portfolio companies, we face the risk that a portfolio company may make business, financial or management decisions contrary to our expectations or with which we do not agree or otherwise act in a manner that does not serve our interests. In the event a portfolio company were to resist or act against our influence, we may be forced to reconsider the investment value proposition, including whether to take a more engaged role in effectuating corporate change or exit the investment. For a discussion of other risks associated with our core investment strategy, see "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy."

We have historically taken steps to benefit our investors that in the short term can impact the fees we collect. For example, in an effort to address the persistent discount at which PSH trades to NAV, in February 2024, we expanded the fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, including the management fees that we will receive from PSUS upon completion of the combined offering, in order to increase demand for PSH shares by making it a more attractive fund for investors. The goal of the revised fee offset arrangement is to eventually eliminate the incentive fees PSH pays by increasing the fee income from growing other existing and new funds under management. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for doing the right thing for our investors, even if not required by the governing fund contracts, has been and will continue to be a long-term driver of Pershing Square Inc.'s long-term intrinsic value.

#### HHH's Diversified Holding Company Strategy
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. As a first step, HHH has announced that it intends to acquire or create an insurance company, the investment assets of which will be managed by us. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business. Assets of the HHH insurance company will likely include minority positions in the common stock of public companies and will be managed by us similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We will support HHH's new diversified holding company strategy by providing HHH with investment advisory and other services that leverage our existing core competencies. For example, we believe the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies and institutional investors throughout our history, will allow us to help HHH successfully pursue privately negotiated control investments. In addition, we believe the variant insights from our asymmetric hedging strategy, which has proven to be a substantial contributor to our long-term investment performance, will allow us to help protect HHH against macroeconomic risks and capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH. We do not anticipate that the Howard Hughes Transaction will disrupt the operation of our core funds or require us to materially increase our fixed cost base.

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There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company, with a potential future insurance subsidiary, will be a new and complex process for us, and there can be no assurance that the anticipated benefits of the transaction will be fully realized. For a discussion of risks associated with the Howard Hughes Transaction, see "Risk Factors."

#### Our History and Evolution

Over time, our approach began to evolve toward deeper long-term active operating engagements. For instance, in 2010, Mr. Ackman joined the board of directors of General Growth Properties, Inc. ("GGP") and led a financial restructuring with the perspective and influence of a major common stockholder, which included the identification and recruitment of new management for the company. In 2012, we won a proxy fight for control of the board of directors of Canadian Pacific Railway (now known as Canadian Pacific Kansas City), replaced the substantial majority of the incumbent board with our nominees, and then proceeded to recruit a leading industry veteran to lead a turnaround of the company. In 2016, our affiliates joined the board of Chipotle Mexican Grill, Inc. in the midst of a food safety crisis and assisted the company in recruiting a new CEO and senior leadership team who executed a successful turnaround. We believe that these and other such corporate engagements and our record of recruiting experienced senior leadership have allowed us to steadily establish a reputation and credibility as a preferred partner to portfolio companies and their shareholders, especially during challenging periods in these businesses.

Prior to 2014, we primarily raised capital through private funds with periodic redemption rights. One historical impediment to our strategy of long-term corporate engagements was the open-ended nature of our capital base where the liquidity needs of our shorter-term fund investors was inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam, with the largest European IPO that year with an offering size of $2.9 billion, to become our first publicly traded permanent capital fund, with $6.2 billion in AUM at the completion of the offering (PSH subsequently listed on the London Stock Exchange in May 2017 and recently delisted from Euronext Amsterdam in January 2025). At that time, as of October 1, 2014, 34% of our assets under management for our funds and other investment vehicles was in the form of permanent capital.

We made an investment in 2015 that led to a period of poor investment performance, during which our investment strategy's annual returns substantially underperformed that of the S&P 500. The loss on this one investment had a disproportionate effect on our overall fund performance because market participants sold and/or shorted our portfolio company holdings and attempted to cause a short squeeze by buying stock in the one company we were short because they believed, correctly as it turned out, that the occurrence of a large publicly visible loss on one high-profile investment would trigger investor redemptions and require us to liquidate positions in our two open-ended funds, PSLP and PSINTL, which comprised two-thirds of our assets under management at that time.

In 2017, we reflected on the root causes of our underperformance and formulated a turnaround strategy, which we believe has been largely responsible for our funds' track record of substantial outperformance since that time. Our turnaround strategy consisted of four pillars: (1) exiting the problematic investments, which included exiting activist short selling as an investment strategy (though short selling had never been a material component of our investment strategy); (2) restructuring Pershing Square into a smaller investment-centric organization; (3) stabilizing our capital base; and (4) reinforcing the implementation of our core investment principles.

Early in 2018, we announced that we would no longer seek to raise capital for our two open-ended funds. This decision to focus on PSH and permanent capital was largely driven by our experience in our challenging period. Through compounded returns, net of dividends and stock buybacks of 28% of shares outstanding, PSH has grown

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organically to reach $15.1 billion in Fee-Paying AUM as of June 30, 2025. Including the Fee-Paying AUM of HHH, permanent capital represents 95% of our Fee-Paying AUM as of June 30, 2025. Permanent capital will represent an even greater portion of our Fee-Paying AUM following the completion of the PSUS IPO.

At the time we launched PSH, we believed the ability to earn a performance fee was critical to our ability to attract and retain talent. We chose a listing venue outside of the United States for PSH where applicable regulatory requirements would not preclude us from earning a performance fee. Organizing PSH as a non-U.S. fund listed outside of the United States has presented certain challenges. We believe that certain tax attributes of PSH make it an unattractive investment for many taxable U.S. investors. Furthermore, applicable regulatory restrictions both limit the ability of many U.S. investors to own PSH and inhibit our ability to market PSH to U.S. investors. We believe that these factors have caused PSH to trade at a discount to its NAV.

The establishment of PSUS represents the next evolution of our strategy. As our flagship NYSE-listed permanent capital vehicle which charges only a management fee, and without the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH, we believe that PSUS will not experience the challenges inherent to PSH and other offshore closed-end investment companies.

Our shift to a permanent capital strategy has enabled us to deemphasize marketing and fundraising efforts, allowing our investment professionals to dedicate substantially all of their business time and attention to the identification, monitoring and oversight of our portfolio companies. Our permanent capital base has enabled us to invest with a long-term ownership horizon, as we are no longer beholden to short-term investor capital flows, like we experienced during our challenging period. Our last activist investment was initiated in 2016, and our investment approach is now characterized by constructive and productive corporate engagements. By exiting short selling as an investment strategy, our funds are also no longer exposed to the risk of a short squeeze.

We believe the benefits from our investment strategy's evolution are significant, as our current approach focused on long-term constructive engagement and investment in high-quality large-capitalization companies is highly scalable, allowing us to continue to generate high returns and compound our assets and reputational equity over the long-term.

#### Our Market Opportunity
As alternative asset management remains a broadly attractive and growing industry, we believe our differentiated business model positions us to capitalize on favorable market trends:

#### Greater Equity Market and Single-Name Stock Price Volatility
In recent years, there has been significant equity market and single-name stock price volatility, even for large publicly traded companies. We believe this volatility is due to several factors. Index funds have increasingly become larger and effectively permanent owners of a growing percentage of the market capitalization of public companies. This large index ownership has increased the impact that short-term, highly leveraged investors who rapidly buy and sell securities can have on price discovery as such investors now comprise a growing percentage of the daily trading of companies. Because these shorter-term investors generally have a low tolerance for mark-to-market losses, this creates large amounts of stock price volatility for even the largest companies that disappoint or surprise investors. Unexpected macroeconomic data and unanticipated geopolitical events have also contributed to market volatility. We believe such volatility is beneficial to concentrated fundamental value investors that manage permanent capital as it can create attractive buying opportunities coupled with a high degree of share price liquidity.

#### Democratization of Alternative Investments
Individual investors are expected to be the fastest growing segment among investors allocating to alternative assets and are projected to increase their alternatives allocations from $4 trillion to $13 trillion over the 10-year period from 2022 to 2032. High minimum initial investment commitment requirements and limited liquidity have historically been and in some cases remain barriers for individual investors to invest in alternative investments. We believe we are well positioned to benefit from the democratization of alternative investments as PSUS will not have any minimum investment requirements, and retail investors, following the PSUS IPO, will be able to purchase PSUS Shares directly on the NYSE.

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#### Retail Investor Growth in Public Equity Market Participation
Direct ownership of stocks increased from 15% to 21% of U.S. families between 2019 to 2022, the largest change on record, according to the U.S. Federal Reserve. PSUS, which we expect will be our flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors.

#### Our Competitive Strengths

#### Track Record of Outperformance
We have a strong track record of low-correlated outperformance and resilience driven by investment discipline, constructive engagement with our portfolio companies, and profits from our unique asymmetric hedging strategy. Our core investment strategy has exhibited relatively low market correlation to the broader equity market (i.e., average returns of the investment strategy, net of fees, have been higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased). Our permanent capital strategy has generally proven to be defensive in down markets, outperforming the S&P 500 during the global financial crisis, the COVID-19 pandemic, and the recent elevated interest rate environment, as illustrated in the graph above titled "Pershing Square Cumulative Net Returns vs. S&P 500." We have underperformed the S&P 500 in certain years, for example, during our challenging period from 2015 to 2017 and in 2024 when our performance lagged the overall performance of the S&P 500. Our long-term goal is to substantially outperform market indexes; however, we do not expect to be able to outperform the stock market each year. The chart below presents the annualized net returns an investor who invested in PSH would have experienced from January 1, 2018, the beginning of our current permanent capital era, through June 30, 2025, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Permanent Capital Era Annualized Net Returns vs. S&P 500 <br>

#### From January 1, 2018 Through June 30, 2025
![](ny20040230x5_barchart01x5.jpg)<br>

(1) Represents the annualized net returns from investing in PSH, after performance fees, management fees and other expenses incurred by the fund. See "—Advisory Fees and Compensation" below for a description of applicable performance fees and management fees. Illustrates the past performance of PSH, and past returns are not indicative of future performance. If the annualized net returns from investing in PSLP and PSINTL from January 1, 2018 through June 30, 2025, after performance fees, management fees and other expenses incurred by such funds, were also included, the annualized net returns of our core funds, on a weighted-average aggregate basis, would have been 23.1%, representing 930 bps of outperformance per annum versus the S&P 500. The lower net returns of our core funds, on such aggregate basis, versus of PSH are primarily attributed to the higher percentage payable as performance fees by PSLP and PSINTL, as compared to PSH, and the fact that PSLP and PSINTL do not employ leverage in the form of low-cost, long-term debt in pursuing our core investment strategy, unlike PSH. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or** 

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**achieve their investment objective. Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.** 

(2) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

#### Permanent Capital with a Capital-Light, High-Growth Business Model
We believe that we are the only publicly traded alternative asset manager with permanent capital comprising nearly all of our AUM, with a small percentage of our Fee-Paying AUM comprised of investors who have invested with us for many years, typically a decade or more. We define "permanent capital" as capital that is not subject to withdrawal or redemption at the election of the fund investor or stockholder. In contrast to the non-traded "perpetual" capital vehicles sponsored by other alternative asset managers, PSH does not have any redemption provisions or mandatory share repurchase requirements that are at the election of the fund investor or stockholder and has comparatively low distributions as a percentage of NAV. Similarly, any return of capital by HHH, a NYSE-listed operating company, whether in the form of dividends or share repurchases, would be made only in the discretion of its board of directors and not at the election of its stockholders, and HHH intends to retain all of its capital for long-term investment. As of June 30, 2025, 95% of our Fee-Paying AUM is permanent capital. Permanent capital will represent an even greater portion of our AUM following the completion of the PSUS IPO and the continued growth of HHH.

#### Composition of Fee-Paying AUM <br>

#### As of June 30, 2025
![](ny20040230x5_piechart01x3.jpg)<br>

We view the stability of our capital base as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth relies principally on fundraising to maintain and grow AUM. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile that is characterized by steady, predictable and recurring fees. Because we do not require the headcount and other substantial costs required of a large fundraising operation, we can achieve greater operating leverage as our AUM can grow without the need to grow our organization.

Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital is also an excellent recruitment tool when our portfolio

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companies seek to hire experienced senior executives who greatly prefer the stability and backing afforded by a major long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment term limits due to fund life considerations.

Our permanent capital base is managed through durable contractual arrangements. Our investment management agreement with PSH can only be terminated with the approval of 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH. Because our Founder and certain other of our employees, together with their affiliates, directly or indirectly hold % of the outstanding public shares of PSH at , 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of % of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain other of our employees and their affiliates at any time after the fifth anniversary of the combined offering and on or prior to the tenth anniversary of the combined offering.

Similarly, the HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except in limited prescribed circumstances such as fraud, misrepresentation or embezzlement by PSCM LP and with the approval of two-thirds of the disinterested members of its board of directors or in the event of a sale of the company which must be approved by a majority vote of the board of directors and a subsequent vote of a majority of shareholders present at a shareholder meeting. We note that Pershing Square Inc. and our core funds own 47% of the outstanding shares of HHH. HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. Under the HHH Standstill Agreement, we, and our affiliates, are limited to an ownership cap of 47% and a voting cap of 40% of the outstanding shares of HHH common stock. See "—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" below for additional information.

#### Recurring Fee-Related Earnings Stream
We generate substantially all of our revenue from management fees and performance fees. We retain the management fees earned from our funds, reduced by certain offsetting fees. We pay our investment professionals and other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are performance fees earned on the first five percentage points of fund returns, net of management fees and certain other offsetting fees, above the applicable high-water mark for certain of our core funds. To the extent realized performance fees from a fund are insufficient to pay us some or all of the Preferred Performance Fee in any year, the unpaid portion accrues to subsequent periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of this arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the five-year period ending December 31, 2024.

We have structured the Preferred Performance Fees as a senior claim on our funds' performance fees to increase the stability and certainty of these future cash flows. Because our Preferred Performance Fees are paid from the first dollars of realized performance fees, which are contingent on the mark-to-market appreciation in the NAV of our funds above an applicable high-water mark, the amount of the Preferred Performance Fees that is paid in any year can vary depending upon the performance of our funds. In other words, if a fund does not generate a 5% return, net of the management fee, the amount of Preferred Performance Fees from that fund will be lower than if the fund generated a return in excess of 5% net of the management fee. The applicable high-water mark used to calculate the Preferred Performance Fees also can vary from year to year depending on changes in the Net Asset Value and the amount of fee-paying capital in a fund. Because the Preferred Performance Fees are paid from the first dollars of fund profit and are accrued in the event there are insufficient fund returns in any one year, as long as each fund that pays performance fees generates a 5% annual return, net of the management fee, over the long-term, the Preferred Performance Fees will be fully paid.

We believe that our Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable over the long-term when compared with conventional performance fee arrangements for two reasons: (1) our performance fees are paid annually subject only to our funds generating a return in excess

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of their high-water mark, and (2) our performance fees are determined based on mark-to-market returns including realized and unrealized gains. The structure of our Preferred Performance Fee arrangement makes for more consistent and stable cash flows compared to the performance fees of other alternative investment managers whose private equity funds generally require the sale of an asset at a price which generates cash returns in excess of a preferred return or hurdle rate. As a result of our Preferred Performance Fee arrangement, we believe that effectively all of our revenues from management fees and Preferred Performance Fees can be considered to be stable and recurring fee-related earnings.

#### Core Investment Strategy Creates a High-Margin Business with a Largely Fixed Cost Base
Our core funds each have a similar investment program, which is to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. Our core funds generally invest in the same assets in the same proportions, subject to regulatory, tax, liquidity and other applicable considerations. We view our core investment strategy as an important competitive advantage as we allocate capital only to our best ideas. Our core investment strategy also has proven to benefit from economies of scale, as, in general, the greater our percentage ownership of a company, the greater our influence at that company, influence which has helped us drive portfolio company and fund performance as well as organic growth in our AUM.

Our core investment strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. We have nine investment professionals managing $29.6 billion in AUM as of June 30, 2025, and believe that we can significantly increase our AUM without materially increasing our headcount, infrastructure or other assets. The result is a high-margin operating model with a primarily fixed cost base (which excludes incentive compensation-related expense which is paid to employees out of realized performance fees only after first allocating to the Company the accrued Preferred Performance Fee).

Our business is also minimally capital intensive, apart from investments we make alongside other investors when we have launched new funds or completed corporate transactions. In light of our largely fixed cost base, highly scalable investment strategy, and minimal capital intensity, we benefit from substantial operating leverage as we grow our AUM.

#### History of Innovation
From time to time throughout our history, we have complemented our organic growth in AUM by launching new funds or completing innovative transactions that leverage our core competencies to create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. We have been at the forefront of two pronounced recent shifts in the asset management industry: the democratization of alternative investments and the surge in retail investor participation in public equity markets. For example, in 2014, we converted PSH into a closed-end investment company and listed its shares on Euronext Amsterdam (and later listed PSH on the London Stock Exchange in May 2017). As a result of PSH's public listing on the London Stock Exchange, PSH became our first publicly traded permanent capital fund with AUM of $6.2 billion as of October 2014.

In July 2020, our core funds sponsored the largest special purpose acquisition company ("SPAC") in history, Pershing Square Tontine Holdings, Ltd. ("PSTH"), which raised $4 billion in its initial public offering, before it was ultimately liquidated and all capital raised was returned to investors in 2022 due to PSTH's inability to close a transaction with Universal Music Group ("UMG") because necessary regulatory approvals were unable to be obtained in a timely fashion. We fulfilled our obligation to acquire 10% of UMG by acquiring the stake directly in our core funds along with a co-investment vehicle we raised for that purpose.

We created a new form of acquisition company, Pershing Square SPARC Holdings, Ltd. ("SPARC"), a special purpose acquisition rights company, which we believe to be a more efficient and improved successor to the traditional SPAC, thereby providing investors in PSTH a free option to invest in our next acquisition company transaction. Our registration statement for SPARC became effective on September 29, 2023. We have been seeking to identify potential business combination opportunities for SPARC. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with PSCM LP as an anchor, committed capital sponsor.

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The launch of PSUS, which we expect will be our first flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors. Subject to the applicable requirements of the 1940 Act and the Code, as discussed elsewhere, PSUS is designed to be a near-mirror image of PSH, but without performance fee compensation and the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH.

The Howard Hughes Transaction has enabled us to create a permanent capital vehicle in a corporate form that we intend to use to acquire controlling interests in public and private companies in addition to an insurance company whose assets we will manage.

#### PSUS IPO Drives a Substantial Percentage Increase in Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to growth in our predictable and recurring management fee revenue and fee-related earnings. PSUS will pursue our core investment strategy enabling it to leverage our existing investment acumen and infrastructure. We believe the launch and management of PSUS will not require an increase in our fixed cost base, making the additional revenue from PSUS a highly material contribution to our earnings and cash flows. See "Unaudited Pro Forma Consolidated Financial Information" and the accompanying PSUS Prospectus for additional information on PSUS.

#### Howard Hughes Transaction Drives Long-Term Value Creation
We believe the Howard Hughes Transaction will allow us to build a fast-growing, high-returning diversified holding company that acquires control positions in companies meeting our criteria for business quality and durable growth in addition to continuing to grow HHH's master planned communities real estate business. Our first initiative for HHH is to acquire or create an insurance company, the investment assets of which will be managed by us. The risk assets of HHH's insurance subsidiary will be managed by us similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We view the Howard Hughes Transaction as highly synergistic to our core investment strategy and competencies. We intend to leverage the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies, to assist HHH in pursuing privately negotiated control investments. We also intend to leverage our variant insights from our asymmetric hedging strategy to help protect HHH from macroeconomic risks and capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed cost base, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM LP and incentive-based management fees, highly accretive to our earnings and cash flows.

#### Highly Collaborative Culture and Reputation as a Preferred Partner to Portfolio Companies
We believe our firm's culture is fundamental to our success. Our company combines investment excellence with a flat organizational structure. Each member of our investment team plays a meaningful role in the construction and management of our portfolio. Our collaborative partnership culture, permanent capital base, the highly attractive economics of our business and our approach to employee compensation have resulted in limited employee turnover over time.

Our collaborative culture is also demonstrated in our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish a reputation and credibility as a preferred partner. We believe our reputation has been an important driver of our outperformance since inception, allowing us to garner substantial influence and drive long-term value creation in our portfolio companies without paying a control premium.

#### Alignment of Interests
We believe we have successfully built a business model that aligns our interests with our portfolio companies, investors in our funds, and the stockholders of Pershing Square Inc. Our employees and their affiliates' capital invested in our funds and HHH totaled $5.6 billion as of June 30, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV and HHH's market capitalization, which is substantially higher, both as a percentage and absolute dollar investment, than the typical amount of sponsor

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investments of other alternative asset manager teams. We also intend to invest $ million in the PSUS IPO alongside other stockholders and an additional $ million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. Our employees will own the substantial majority of Pershing Square Inc. shares after this IPO.

Our employee compensation is tied to aggregate fund performance rather than the performance of any one or more portfolio companies or investments of our funds. Our Preferred Performance Fee arrangement increases our alignment with our investors as the substantial majority of our investment professionals' compensation comes from realized performance fees remaining after payment by PSCM LP of the Preferred Performance Fee to us. To further align our employees with our long-term investment horizon, in connection with the combined offering, our employees will become participants in the Management Incentive Plan and their interests in our Company will be subject to a 10-year, back-end-weighted vesting schedule. For additional information, see "Summary—Reorganization Transactions" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Management Incentive Plan."

To minimize circumstances that may lead to or give the appearance of conflicts of interest with our fund investors, we maintain policies that restrict the type of investments our employees can make in their personal accounts and require regular disclosure to us of their personal securities holdings and transactions.

#### Our Growth Strategy
We intend to drive long-term shareholder value by pursuing a growth strategy of compounding our permanent capital at high rates of return and by launching new permanent capital funds and executing corporate transactions that will enable us to grow our permanent capital assets.

#### Generate High Rates of Long-Term Returns To Drive Organic Growth in Fee-Paying AUM
Generating high rates of long-term returns is key to our strategy and has been fundamental to our ability to scale our business over time. Since our founding, a long-term investment in our funds has generated substantially superior returns for investors versus an investment in the S&P 500, our benchmark index. Our strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity, and because our long-term, large ownership stakes increase our influence at our portfolio companies, which we believe helps to drive our investment performance.

We view our selective asymmetric hedging strategy as highly synergistic to our core investment strategy and a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance. Accordingly, we believe that our core investment strategy complemented by our asymmetric hedging strategy will allow us to continue to compound our permanent capital at high rates of return, creating continued organic growth in our AUM. Because of our high-margin, minimally capital intensive operating model, our growth in Fee-Paying AUM from investment returns and new permanent capital initiatives should drive substantial increases in our revenues, our earnings, and our cash flow, which will be available for future investment opportunities and for dividends or share repurchases.

#### Selective Launches of New Permanent Capital Funds Can Drive Large Percentage Increases in Fee-Paying Assets
We will continue to evaluate opportunities to selectively launch new permanent capital funds that leverage our core competencies and create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. In light of our relatively small current Fee-Paying AUM compared with other publicly traded alternative asset managers, new permanent capital fund launches can drive large percentage increases in Fee-Paying AUM, operating profits and cash flow. The combined offering and the HHH Transaction are emblematic of this approach to growth. In the event we identify additional compelling opportunities for selective expansion, we believe we are well positioned to capitalize on such opportunities.

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#### Investment Objective

#### Core Funds
The investment objective of our core funds is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk. We define risk as the probability of permanent loss of capital, rather than price volatility. Our core funds' investment strategy typically involves the purchase by our funds of large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their business. Occasionally, our funds may purchase controlling positions in companies if we believe there is an attractive value proposition.

By working with management teams and boards of directors we seek to assist portfolio companies in creating substantial long-term value. We pursue a long-term investment strategy and do not typically engage in short-term trading in the shares of the portfolio companies in which our funds invest. We make investments on behalf of our funds with the expectation of holding each position for the long term. At any given time, we intend our core funds to own a concentrated portfolio of positions, although we may, from time to time, increase the number of holdings in the core funds' investment portfolios as a result of market or economic conditions or due to other considerations.

Consistent with our core investment principles and business strategy, we seek to identify investment opportunities for our funds in high-quality companies that have a number of the characteristics enumerated below. We use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.

&nbsp;&nbsp;&nbsp;&nbsp;• **Simple, predictable, and free-cash-flow-generative.** We generally seek investments in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that we expect will generate strong, sustainable growth in cash flows over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;• **Formidable barriers to entry**. We generally seek investments in companies that have long-term sustainable competitive advantages, significant barriers to entry, or "wide moats" around their business, and low risks of disruption due to competition, innovation or new entrants.

&nbsp;&nbsp;&nbsp;&nbsp;• **Limited exposure to extrinsic factors**. We generally seek investments that are not materially negatively affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Strong financial profile**. We generally seek investments in companies that are conservatively financed relative to their free-cash-flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Minimal capital markets dependency**. We generally seek investments in companies that generally do not need to raise equity capital to fund their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization**. We generally seek investments in companies with large enterprise values and significant long-term growth potential.

&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive valuation**. We generally seek investments in companies at an attractive valuation relative to our view of the company's long-term intrinsic value.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional management and governance**. We generally seek investments in companies that have trustworthy, talented, experienced, and highly competent boards and management teams, but we may also seek investments in other companies where we believe we can be a catalyst for effectuating corporate change through active corporate engagement.

While we are comfortable making investments in a wide range of industries and assets, we generally prefer investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term. In seeking investment opportunities for our funds, we are willing to accept a high degree of situational, legal, and/or capital structure complexity if we believe that the resulting complexity allows for a bargain purchase.

We generally seek to make investments on behalf of the core funds in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows; (ii) businesses or assets that we believe are

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significantly undervalued and often have a catalyst to realize value; and (iii) mispriced probabilistic securities or investments where we believe that the market price of a security or other investment under- or over-estimates the probability of a favorable change in interest rates or credit conditions, volatility and movement in markets, exchange rates or commodity prices, the outcome of a legal decision, contract or patent award or such other event that is expected to lead to a significant change in the valuation of such security or investment.

The substantial majority of the core funds' respective portfolios are typically allocated to a limited number of core holdings principally in companies headquartered in North America and listed in the United States, but occasionally in companies headquartered elsewhere, as was the case with our Universal Music Group investment.

We intend to continue to concentrate the core funds' assets in a relatively limited number of investments because we believe that (i) there are a limited number of attractive investments available in the marketplace at any one time and (ii) investing in a relatively modest number of attractive investments about which we have detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments we can know less well.

While we typically pursue a long-term investment strategy for our core funds, our core funds may also make short sale investments that offer absolute return opportunities. In addition, the core funds may short individual securities to hedge or reduce our long exposures. We also opportunistically utilize hedges both to protect the investment portfolios of our core funds against specific macroeconomic risks and to capitalize on market volatility. We generally structure these asymmetric hedges using derivative investments where the amount of capital at risk is finite (an amount which typically represents a small, single-digit percentage of a fund's total assets), with the potential to earn large multiples of the invested capital if the identified risk or macro event occurs. This hedging strategy offers the potential for profits which occur when unanticipated market-disrupting events take place. Alternatively, profitable hedges may decline in value if the identified risk abates before a fund has exited the hedge. We intend to reinvest profits from these asymmetric hedges during periods of market disruption by increasing the investment of the core funds in common stock, as valuations of common stock generally decline during market disruptions. We believe this opportunistic hedging strategy is a superior alternative to holding a large cash position or maintaining a continuous hedging program, which can be a significant drag on long-term performance.

We have no overarching strategy or asset allocation model that specifies what percentage of the core funds' portfolios should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until we identify new opportunities. The core funds' allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the core funds may hold significant cash balances on an ongoing basis.

We believe that investments that meet the investment objective of our core funds are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, stockholder composition and control, liquidity and financial condition, and in companies that are affected by external changes in the economic and political environment, including changes in the relevant tax code. We also believe that investment opportunities that meet our core funds' investment objective may at times occur in misunderstood companies, distressed securities, companies in or exiting bankruptcy, spin-offs, rights offerings, liquidations, companies for which litigation is a major asset or liability, under-followed small and mid-capitalization companies and other special situations.

In certain situations, if we believe the potential for reward justifies the commitment of time, energy and capital, we may seek to be a catalyst to realize value from an investment by taking an engaged role in effectuating corporate change, either working alone or in conjunction with management and/or other investors. We believe that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables us to effectuate change without paying a control premium. For more than 21 years, we have accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other stockholders through strategic and operational changes and restructurings. We believe that our successful track record and reputation as a value-creating owner enhances our ability to generate higher long-term rates of return.

The core funds will not make an initial investment in the equity of companies whose securities are not publicly traded (i.e., private equity) but may invest in privately placed securities of public issuers and publicly traded securities of private issuers. Notwithstanding the foregoing, it is possible that, in limited circumstances,

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public companies in which the core funds have invested may later be taken private and we may make additional investments in the equity or debt of such companies. The core funds may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

We generally implement substantially similar investment objectives, policies and strategies at each of the core funds. Allocation of investment opportunities among our core funds is typically made in a manner determined by us in our sole discretion, after taking into account (i) the "target allocation" to a particular strategy, geography, sector or other relevant characteristics of the subject opportunity, (ii) target levels of diversification of the relevant fund, and (iii) other factors that we believe in our sole discretion are relevant under the circumstances, including cash balances, liquidity requirements of a fund or anticipated cash flows, tax considerations and regulatory restrictions that would or could limit a fund's ability to participate in the proposed investment opportunity or require that a fund maintain a level of diversification, including requirements applicable to PSUS under the 1940 Act and the Code. See "—Allocation of Opportunities" below for more information on the allocation of investment opportunities between the core funds and HHH.

The leverage strategy we have employed for our funds has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade debt for certain of our funds. Historically, we have only agreed to debt incurrence covenants for our funds at thresholds well above the amount of leverage such funds intend to use in their strategy and have generally not used any margin borrowings for the funds we manage. Since inception PSH has raised approximately $4.2 billion in investment grade bonds. PSUS similarly may issue debt securities or preferred shares if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through such issuances, as described in the accompanying PSUS Prospectus. The ability of PSH and PSUS to execute their leverage strategies depend on their ability to access sufficient sources of debt financing at attractive rates. The absence of available sources of sufficient debt financing at attractive rates for extended periods of time could therefore materially and adversely affect PSH and/or PSUS.

We take a concentrated, research-intensive, fundamental value approach to investing across our core funds. Our research process is based on detailed bottom-up analysis, although we include top-down factors in our overall analysis (e.g., how will a company be impacted by a downturn in the economy, a rise or fall in interest rates, etc.). Typically, we establish a limited number of new investment positions per year, from a large number of potential investment opportunities reviewed by the investment team. After identifying appropriate subsets within this broad initial review, the investment team discusses these potential investments to further refine and limit its focus. Once a potential investment is deemed sufficiently promising, the investment team typically performs additional research involving the analysis of public filings and extensive secondary sources and analyzes the historical record of the potential investment, looking for sources of comparable data on both public and private companies. We believe individual company research can also yield variant macroeconomic insights allowing us to opportunistically structure asymmetric hedges both to protect the investment portfolios of our core funds against specific macroeconomic risks and to capitalize on market volatility. Our Founder is the ultimate decision maker for all investment positions. Mr. Israel is our Chief Investment Officer.

Our Founder, Mr. Israel and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. These teams are fluid and change from investment to investment depending on the availability of resources as well as the specific knowledge and interests of the analysts. All analysts, including those not directly responsible for a specific security, are expected to ask questions, challenge investment theses and voice opinions about investments in the portfolio. We believe that this process results in ideas being thoroughly vetted prior to making an investment, and carefully monitored once in the portfolio. In addition to a weekly investment team meeting at which the entire portfolio and potential new investments are discussed, analysts meet informally throughout each day.

#### HHH
The investment objective of HHH is to seek long-term growth in intrinsic value per share. HHH's investment strategy as a diversified holding company typically involves the acquisition of control positions in high-quality, durable growth public and private companies. Our first investment initiative for HHH is to acquire or create an insurance company whose assets we will manage. HHH's investment strategy also will continue to consist of investing in and growing its existing core real estate development and master planned communities real estate business.

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We will not have full discretionary authority over the investments of HHH. However, HHH generally will seek to identify opportunities in companies that meet our core investment criteria, as described above. Although HHH's diversified portfolio of operating companies may include businesses in which we and HHH have limited prior experience, HHH intends to attract and retain personnel with the relevant industry knowledge and experience to successfully direct the day-to-day activities of its operating companies. We believe the benefits of diversification for HHH are significant, including mitigating the current risk that a majority of HHH's assets are allocated to its real estate development and master planned communities real estate business which has significant exposure to risks related to interest rates, the housing market and regulatory barriers. Pursuant to its intended diversified holding company strategy, HHH intends to operate in a manner not requiring registration as an investment company under the 1940 Act.

We will support HHH's transformation into a diversified holding company by providing investment advisory and other ancillary services to HHH, consistent with the terms of the HHH Services Agreement. Such services include (i) investment advisory services to HHH, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting HHH with business and corporate development functions, (v) making voting recommendations for HHH's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of HHH and its investments, subject to the day-to-day authority and responsibility of HHH's management, (viii) providing recommendations for persons to serve as designees or deputies of HHH's Chief Investment Officer, (ix) engaging and supervising HHH's third-party service providers, (x) making dividend payment recommendations and (xi) providing other services as may be agreed upon.

In addition to HHH's control oriented investment strategy, HHH intends to acquire or build an insurance operation, the assets of which are expected to be managed by us. These assets will likely include minority positions in the common stock of public companies and will likely be managed by us in a manner similar to the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We intend to leverage the concentrated, research-intensive approach to investing used with our core funds, as described above, to assist HHH in identifying opportunities. We also intend to leverage our over 21 years of experience in engaging with portfolio companies and guiding management teams, boards of directors and other stockholders through strategic and operational changes and restructurings, as well as our successful track record and reputation as a value-creating owner, to assist HHH in successfully pursuing privately negotiated control investments. In addition, we intend to leverage the variant insights from our asymmetric hedging strategy to protect HHH against macroeconomic risks and allow HHH to capitalize on market volatility. Our Founder is the Executive Chairman of the HHH Board of Directors, and Mr. Israel is HHH's Chief Investment Officer. Mr. Israel and Mr. Hakim also serve on the HHH Board of Directors. Our Founder, Mr. Israel and Mr. Hakim will not receive compensation from HHH for such services. We believe our history of constructive engagement with HHH, dating back to 2010 when we recruited the management team and were at the forefront of the creation of The Howard Hughes Corporation, will allow us to create value through the Howard Hughes Transaction.

#### Allocation of Opportunities
As discussed above, our core funds' primary investment strategy typically involves the purchase of large minority positions whereas HHH's primary investment strategy typically involves the acquisition of control positions. However, each of our funds and HHH may consider a broad range of investment opportunities as part of their investment strategies. PSCM LP will retain the discretion to allocate investment opportunities among our funds and HHH, including allocating a controlling position to our core funds and recommending a minority position to HHH, based on the particular opportunity and other factors it deems appropriate, and consistent with its contractual and legal obligations to our funds and HHH, including those under the HHH Services Agreement.

#### Risk Management
We define investment risk as the probability of a permanent loss of capital rather than price volatility. We do not use formulaic approaches to risk management. Instead, risk management is integrated into the portfolio management process. Our primary risk management tool is the extensive research we complete prior to an initial investment by the funds. The factors we consider in assessing long investment opportunities include:

&nbsp;&nbsp;&nbsp;&nbsp;• volatility/predictability of the businesses;

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&nbsp;&nbsp;&nbsp;&nbsp;• correlation with macroeconomic factors;

&nbsp;&nbsp;&nbsp;&nbsp;• financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• defensible market positions; and

&nbsp;&nbsp;&nbsp;&nbsp;• discount to intrinsic value.

We do not have a formulaic approach in evaluating correlations between investments, but we are mindful of sector and industry exposures and other fundamental correlations between the businesses in which we invest.

As part of our strategy to mitigate investment risk, we seek to invest the substantial majority of the core funds' capital in high-quality, low-leverage, North American, large-cap companies. Accordingly, the primary risks in the core funds' portfolio are company specific risks which are managed through investment selection and due diligence. The public nature of the investments in the core funds' portfolio and portfolio concentrations allows us to monitor and evaluate every investment on a daily basis.

We seek to limit the core funds' exposure to the risks that may be associated with the use of financial leverage and short sales. As described above, we also seek to opportunistically utilize asymmetric hedges to protect the investment portfolios of our core funds against specific macroeconomic risks. In addition to our asymmetric hedging strategy, the core funds may also use derivatives, including equity options, in order to obtain security-specific non-recourse leverage in an effort to reduce the capital commitment to a specific investment, while potentially enhancing the returns on the capital invested in that investment. The core funds may also use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company without exposing a fund to some of the typical risks of short selling, which include the possibility of unlimited losses and the risks associated with maintaining a stock borrow. The core funds generally do not use total return swaps to obtain leverage, but rather to manage regulatory, tax, legal, share ownership restrictions, or other issues. PSUS's use of derivatives is subject to compliance with Rule 18f-4 under the 1940 Act.

To mitigate credit risk arising in connection with trading in financial instruments, we seek to have the funds enter into transactions only with reputable counterparties that we believe to be creditworthy. We hedge counterparty risks via cash, U.S. Treasurys, short-term U.S. Treasury money market funds collateral, and through the use of credit default swaps.

#### The Funds and HHH
Our wholly owned subsidiary, PSCM LP, serves as the investment manager of PSH, our private funds, and following the PSUS IPO, PSUS, and provides investment advisory and other services to HHH.

The following table provides an overview of our funds and HHH:

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| | | | |
|:---|:---|:---|:---|
| **Core Fund<sup>(1)(2)</sup>** | **Launch Date** | **Assets Under** <br>**Management as of** <br>**June 30, 2025** | **Availability**  |
| PSH | December 31, 2012 | $18,237.8 million | Shares traded on London Stock Exchange  |
| PSLP | January 1, 2004 | $1,598.2 million | Open but not actively marketing  |
| PSINTL | January 1, 2005 | $505.0 million | Open but not actively marketing  |
| PSUS | \*  | —  | Shares to be traded on the NYSE following the PSUS IPO  |
| **Total AUM** |  | $20,341.1 million |  |
| HHH |  | $9,258.0 million | Shares traded on the NYSE |
| **Total Fee** <br>**Paying AUM** |  | $29,599.1 million |  |

---

\*<br> PSUS will commence investment operations concurrently with the consummation of the PSUS IPO.

(1)<br> There are no separately managed account arrangements, and we do not manage any proprietary accounts.

(2) Employees are permitted to invest in PSLP, PSINTL and PSH. Employee investments in PSLP and PSINTL are subject to quarterly liquidity and are not charged any management or incentive fees, and we have historically rebated the management and performance fees charged to PSH shares held by our employees and their affiliates. In 2024, we rebated 100% of our employees' and their affiliates' 

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fees. Following the Holdco Reorganization, we ceased to provide these rebates, which were instead continued by PS Partner Group and VariableCo. Following the combined offering, PS Partner Group and VariableCo will no longer rebate the fees of employees invested in PSH. See "Certain Relationships and Related Person Transactions—Other Transactions—Fee Waivers and Rebates."

The table below presents the AUM and Fee-Paying AUM of our core funds and HHH for the last five years and as of June 30, 2025:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Assets Under Management (in $ millions)** | **Compound Annual** <br>**Growth Rate**  |
| **Fund** | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(3)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **June 30,** <br>**2025** | **(2020-2025)<sup>(4)</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square Holdings, Ltd.<sup>(1)</sup> | $11153 | $14409 | $12215 | $14415 | $15329 | $18238 | *19%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* <br>| *57%* | *29%* | *(15%)* | *18%* | *6%* | *19%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square, LP  | 904 | 1472 | 1217 | 1384 | 1328 | 1598 | *15%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*  | *24%*  | *63%*  | *(17%)*  | *14%*  | *(4%)*  | *20%*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square International, Ltd.  | 510 | 629 | 520 | 592 | 434 | 505 | *(6%)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*  | *(30%)*  | *23%*  | *(17%)*  | *14%*  | *(27%)*  | *16%*  |  |
| **Total Core Funds** | **$12566** | **$16510** | **$13952** | **$16391** | **$17091** | **$20341** | ***17%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***% Growth***  | ***47%***  | ***31%***  | ***(15%)***  | ***17%***  | ***4%***  | ***19%***  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc. ("HHH") |  |  |  |  |  | 9258  | *N/A* |
| **Total Core Funds & HHH** | **$12566** | **$16510** | **$13952** | **$16391** | **$17091** | **$29599**  | ***25%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***% Growth***  | ***47%***  | ***31%***  | ***(15%)***  | ***17%***  | ***4%***  | ***73%***  |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Fee-Paying AUM (in $ millions)** | **Compound Annual**<br>**Growth Rate**  |
|  | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(3)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **June 30,** <br>**2025** | **(2020-2025)<sup>(4)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square Holdings, Ltd.<sup>(2)</sup> | $9053 | $11409 | $9880 | $12063 | $13011 | $15083 | *19%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*  | *58%*  | *26%*  | *(13%)*  | *22%*  | *8%*  | *16%*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square, LP  | 667 | 735 | 635 | 743 | 670 | 730 | *3%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*  | *9%*  | *10%*  | *(14%)*  | *17%*  | *(10%)*  | *9%*  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pershing Square International, Ltd.  | 496 | 397 | 333 | 426 | 330 | 310 | *(14%)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*  | *(31%)*  | *(20%)*  | *(16%)*  | *28%*  | *(23%)*  | *(6%)*  |  |
| **Total Core Funds** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$16123** | ***16%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***% Growth***  | ***45%***  | ***23%***  | ***(14%)***  | ***22%***  | ***6%***  | ***15%***  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Howard Hughes Holdings Inc. ("HHH") |  |  |  |  |  | 4009 | *N/A* |
| **Total Core Funds & HHH** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$20132** | ***21%*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***% Growth***  | ***45%***  | ***23%***  | ***(14%)***  | ***22%***  | ***6%***  | ***44%***  |  |

---

(1) As of June 30, 2025, PSH's AUM includes bond proceeds of $1.8 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). For December 31, 2024, 2023 and 2022, PSH's AUM includes bond proceeds of $1.8 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2021, PSH's AUM includes bond proceeds of $2.43 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2020, PSH's AUM includes bond proceeds of $2.1 billion.

(2)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnote 1.

(3) AUM and Fee-Paying AUM decreased from 2021 to 2022 as a result of (a) certain investor redemptions from our private funds and a share repurchase program with respect to PSH, (b) a debt redemption as one of PSH's outstanding bonds reached maturity, (c) a quarterly dividend payment to the PSH shareholders, (d) negative performance in our underlying portfolio related to decreases in the stock prices of some of our portfolio companies, (e) crystallization of a performance fee with respect to PSINTL and (f) fluctuations in the value of PSH's bonds denominated in Euros based on exchange rates.

(4)<br> Compound Annual Growth Rate is presented across all core funds from January 1, 2020 through June 30, 2025.

#### Pershing Square SPARC Holdings, Ltd.
We are the non-member manager of Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), which is the sponsor entity of Pershing Square SPARC Holdings, Ltd. ("SPARC"). PSH and our private funds are the non-managing members of SPARC Sponsor. On September 29, 2023, the SEC declared effective a registration statement on Form S-1 filed by SPARC relating to the proposed issuance and distribution of subscription warrants to purchase common stock of SPARC, referred to as "SPARs." SPARC has since begun to pursue potential business combination opportunities with private, high-quality, growth companies.

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#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform one of our funds' portfolio companies, HHH, into a diversified holding company. HHH will seek to acquire, over time, controlling ownership of high-quality, durable growth public and private operating companies, and also intends to acquire or create an insurance company, while continuing to grow its master planned communities real estate business. We provide HHH with investment advisory and other services, including corporate development, transaction execution and capital markets advisory services to support its new diversified holding company strategy. Upon completion of the Howard Hughes Transaction, we acquired nine million shares of HHH common stock for $900 million, representing approximately 15% of the issued and outstanding HHH common stock, and also hold the power to vote 40% of the issued and outstanding HHH common stock, making us the largest single stockholder of HHH by voting power.

#### Pershing Square USA, Ltd.
Our wholly owned subsidiary, PSCM LP, serves as the investment manager of Pershing Square USA, Ltd., a non-diversified, closed-end investment company that is registered under the 1940 Act. On , PSUS filed with the SEC a registration statement on Form N-2 relating to the proposed distribution (including the issuance to us and resale by us) of its common shares of beneficial interest. Please refer to the accompanying PSUS Prospectus for more information about PSUS.

In connection with the PSUS IPO, we have agreed to (i) make an investment in PSUS in an amount equal to $, consisting of an investment by us (a) in an amount up to $ in the PSUS IPO and (b) in an amount equal to $ in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO and (ii) maintain such investment (or substantially equivalent economic position) for at least 10 years following the consummation of the PSUS IPO, unless prohibited by applicable law (the "Anchor Investment"). We may reduce the size of the Anchor Investment, at our sole discretion, to the extent that such investments result in ownership of more than 4.9% of the outstanding voting securities of PSUS immediately following the PSUS IPO.

We will be paid a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS, payable in advance at the beginning of each quarter. We are not entitled to any type of performance fee or incentive allocation from PSUS.

#### Advisory Fees and Compensation
Our primary source of income comes from the management and performance fees derived from the funds. We also earn income from the fees paid by HHH. A brief summary of these fees is provided below.

#### PSH
*Management Fee* 

We are generally paid a quarterly management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fees, of fee-paying shares of PSH, payable in advance at the beginning of each quarter.

In connection with the Howard Hughes Transaction, we agreed to reduce the management fees payable to PSCM LP by PSH by an amount equal to the fees payable to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by PSH and attributable to its fee-paying assets.

*Performance Fee* 

We receive a "variable performance fee" from PSH in an amount equal to (i) 16% of the gains attributable to each share of PSH (the "16% performance fee"), minus (ii) the "additional reduction" (as defined below). The variable performance fee is payable upon the occurrence of crystallization events, which include December 31 of each year and PSH's payment of a dividend. Any 16% performance fees paid in connection with dividends are pro-rated to reflect the ratio of the dividend to PSH's Net Asset Value at the time the dividend is paid. Accordingly, no variable performance fee can be higher than the 16% performance fee but it may, as a result of the additional reduction, be lower (although it can never be a negative amount).

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The "additional reduction" is an amount equal to the lesser of the 16% performance fee and the "potential reduction amount" (as defined below).

The "potential reduction amount" is a notional amount equal to (i) 20% of the aggregate performance fees and allocation earned by us and our affiliates for the same calculation period on the gains of other current and certain future funds managed by us or any of our affiliates (including PSLP and PSINTL) plus (ii) 20% of any management fees earned from certain future funds that do not have performance fees or allocations as part of their terms (including, following the PSUS IPO, PSUS), plus (iii) if the potential reduction amount in respect of the previous calculation period was not fully utilized in reducing the variable performance fee for that period, the amount not utilized (which is in effect carried forward). We refer to this arrangement pursuant to which a portion of the performance fees and management fees of certain other funds serve to reduce the performance fee paid by PSH to PSCM LP as the "fee offset arrangement."

For purposes of calculating the variable performance fee, "gains" refer to the net realized and unrealized increase (if any) in the Net Asset Value attributable to the relevant shares (calculated before giving effect to the variable performance fee) above a high-water mark applicable to such shares, that in each case have accrued at the relevant crystallization event.

A "high-water mark" with respect to any share of PSH is the highest Net Asset Value attributable to that share at the end of any period (typically, each December 31 and any other crystallization event outside of a dividend payment) for which a performance fee is paid, provided that in the circumstances where PSH pays a dividend, the high-water mark will be reduced by the percentage of the Net Asset Value represented by such dividend. The high-water mark for the shares at the end of any period is calculated after the Net Asset Value per share is reduced by the management fee and the variable performance fee, in each case accruing at, or before, the relevant crystallization event.

#### PSLP
*Management Fee* 

We are generally paid quarterly a management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance allocation, of the capital accounts relating to each limited partner of PSLP, payable in advance at the beginning of each quarter and prorated for any partial quarter. We have waived, and may in the future waive, in our sole discretion the management fee with respect to the capital accounts of our Founder and other personnel and their affiliates and certain other investors, including accounts related to Pershing Square Foundation and other donor advised funds associated with our personnel. As of December 31, 2024, the Fee-Paying AUM of PSLP was 50%.

In connection with the Howard Hughes Transaction, we agreed to reduce the management fees payable to PSCM LP by PSLP by an amount equal to the fees payable to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by PSLP and attributable to its fee-paying capital accounts.

*Performance Fee* 

The general partner of PSLP, PSGP, is entitled to a performance allocation of (1) 20% in respect of those limited partners who elect upon subscription to be subject to such 20% performance allocation, and (2) 30% above an annual 5% hard hurdle (non-cumulative) in respect of those limited partners who elect upon subscription to be subject to such 30% performance allocation, in each case reduced by loss carry forward accounts (if any). Although we do not have any direct equity interests in PSGP, a portion of the performance allocation earned from PSLP is available to offset the variable performance fee we receive from PSH pursuant to the "potential reduction amount" described above under "—PSH—Performance Fee."

#### PSINTL
*Management Fee* 

We are generally paid quarterly a management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fee, of each series of fee-paying shares of PSINTL, payable in advance at the beginning of each quarter and prorated for any partial quarter. We have waived, and may in the

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future waive, in our sole discretion, the management fee with respect to the capital accounts of our Founder and other personnel and their affiliates and certain other investors, including accounts related to Pershing Square Foundation and other donor advised funds associated with our personnel. As of December 31, 2024, the Fee-Paying AUM of PSINTL was 76%.

In connection with the Howard Hughes Transaction, we agreed to reduce the management fees payable to PSCM LP by PSINTL by an amount equal to the fees payable to PSCM LP by HHH that are attributable to the shares of HHH common stock (if any) held by PSINTL and attributable to its fee-paying assets.

*Performance Fee* 

We receive a performance fee from PSINTL with respect to the fee-paying series of shares of PSINTL (Classes A, C, D, E and G). Stockholders in Classes A, C, D and E, which each have different redemption rights, pay us a performance fee equal to 20% of the increase, if any, in the Net Asset Value (before performance fees) of each series of each class of shares, during each fiscal year, above the Net Asset Value thereof for the fiscal year with respect to which a performance fee was most recently payable. Stockholders in Class G pay us a performance fee equal to 30% above an annual 5% hard-hurdle (non-cumulative), and are otherwise subject to the same management fee arrangements as those stockholders in Classes A, C, D and E. Stockholders in Class F are our affiliates or charitable entities directed, supported, or controlled by our employees or affiliates, and are not charged a management fee or performance fee.

The performance fee is calculated based on both realized gains and losses and unrealized appreciation and depreciation of securities held in PSINTL's portfolio, calculated on a series-by-series basis. A separate series is issued for each subscription for shares.

#### PSVII
*Management Fee* 

Prior to its liquidation on December 31, 2024, we were generally entitled to a quarterly management fee equal to 0.0625% (0.25% on an annual basis) of the balance of each capital account, payable in advance at the beginning of each quarter and prorated for any partial quarter, although with limited exceptions, we had waived the management fee with respect to the capital accounts for most investors.

#### Allocation of Performance Fee Revenue
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue as between us and our investment professionals among others. Pursuant to this arrangement reflected in the VCA, for each crystallization period, we are entitled to receive the following amounts with respect to certain funds we manage (our "Preferred Performance Fee" with respect to the applicable fund): (i) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a "net of management fee" return of 5% per annum above its high-water mark; and (ii) with respect to certain other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee that would have been earned if such fund had experienced a "net of management fee" return of 5% per annum above its high-water mark minus any offsettable performance fees which with respect to any fund refers to the portion of such performance fee that would offset performance fees payable by PSH as described above.

The calculation of the Preferred Performance Fee that we are entitled to receive from any fund is not dependent on the actual amount of performance fees earned from such fund. However, the amount of Preferred Performance Fees actually distributed to us from PSCM LP will be limited by the performance fees (and applicable offsetting fees) that PSCM LP actually receives from the applicable fund. In the case of PSH, PSCM LP's performance fees are subject to a fee offset arrangement, as described above, that reduces the amount of performance fees paid by PSH based on management fees and performance fees earned from certain other funds, and a portion of such offsetting fees will be made available by PSCM LP to pay the Preferred Performance Fees with respect to PSH or will be paid to VariableCo as Subordinated Performance Fees in case of any applicable excess above the payment of the Preferred Performance Fees with respect to PSH. Any portion of the Preferred Performance Fee that we are entitled to receive from a fund that is not paid in a given period will cumulate to the next period's Preferred Performance Fee until paid. For further information, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and

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"Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Variable Profits Interest." See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of this arrangement for the allocation of performance fee revenue over the five-year period ending December 31, 2024.

#### HHH Fees
*HHH Base Fee*

We are paid quarterly a base fee by HHH of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Fee"), payable in advance at the beginning of each quarter. The HHH Base Fee shall be prorated in the case of the second quarter of 2025. The HHH Base Fee is subject to annual adjustment for inflation based on the Core PCE Price Index, with the first such adjustment to occur on January 1, 2026.

*HHH Variable Fee*

We are paid quarterly a variable fee by HHH, payable no later than fifteen days from the end of each quarter, equal to 0.375% of the (x) excess value of (a) the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on the last trading day of such quarter over (b) a reference share price equal to $66.1453 multiplied by (y) the reference share count equal to 59,393,938 shares (the "HHH Variable Fee" and together with the HHH Base Fee, the "HHH Fees").

The reference share price is subject to annual adjustment for inflation based on the Core PCE Price Index, with the first such adjustment to occur on January 1, 2026, and subject to adjustment for stock splits, reclassifications or similar capital changes. The reference share count is also subject to adjustment for stock splits, reclassifications or similar capital changes but generally shall not be adjusted for the issuance of new shares of HHH common stock.

If the HHH Services Agreement is terminated, PSCM LP will be entitled to any HHH Fees earned prior to such termination, provided that the quarter-end stock price for purposes of calculating the HHH Variable Fee will be based on the volume-weighted average trading price for the fifteen trading days ending on the date the agreement is terminated.

#### Other Investment Funds
We may offer other investment funds, including co-investment opportunities alongside the funds, to third parties selected by us in our sole discretion, including certain existing investors of the funds and/or the existing other investment funds. Co-investment opportunities may be made available through limited partnerships, limited liability companies or other special-purpose entities formed to make such investments, such as PSVII, which was formed for the purpose of investing in the securities of Universal Music Group. The terms will vary from product to product and will be determined at their establishment.

#### Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection

#### PSH
Our investment management agreement with PSH may be terminated by PSH as of December 31 of each year upon four months prior notice. In addition, any assignment by us, or any event that may be deemed an assignment, of the PSH investment management agreement under the Advisers Act, would require the consent of PSH. PSH is managed by a majority-independent board of directors that is elected by its stockholders. Any decision by the PSH board to terminate the investment management agreement or to withhold consent to an assignment under the Advisers Act would only be effective if 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH support such decision. Our Founder and certain other of our employees, together with their affiliates, directly or indirectly hold public shares of PSH that represented 27% of the outstanding public shares of PSH at June 30, 2025. As a result, a decision to terminate the investment management agreement by record holders as of such date would have required the affirmative approval of 91% of the remaining outstanding public shares.

Additionally, under the indentures for certain senior notes issued by PSH (the "legacy notes"), if a Key Man Event (defined as Mr. Ackman's death, permanent disability or withdrawal as managing member of the

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general partner to PSCM LP) occurs, the specified debt to capital ratio in the debt covenant is reduced from 1.0 to 3.0 to 1.0 to 4.0. If at the time of the Key Man Event, PSH's debt to capital ratio is above 1.0 to 4.0, PSH will be required to either reduce its debt or issue additional equity to meet the new 1.0 to 4.0 ratio within 180 days, which may require PSH to liquidate certain of its positions to generate cash to meet the new ratio. If the Key Man Event covenant requires a reduction in existing leverage to meet the new 1.0 to 4.0 ratio, the outstanding legacy notes become callable at 101% of par in the amount necessary to achieve the required debt to capital ratio and the Company may select which notes to redeem. We have historically limited PSH's debt to capital ratio to a 33.0% threshold but have never exceeded 25.0%. As of June 30, 2025, PSH had a debt to capital ratio of 17.4% and an average ratio of 18.3% since PSH's first debt issuance.

#### PSUS
Our investment management agreement with PSUS may be terminated as a whole at any time by PSUS, without the payment of any penalty, upon the vote of a majority of the PSUS Board or a majority of the outstanding voting securities of PSUS or by us, on 60 days' written notice by either party to the other, which can be waived by the non-terminating party. In addition, our investment management agreement with PSUS will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act). Five of the six trustees of the PSUS Board are not "interested persons" of us or PSUS for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the PSUS Board. Following the PSUS IPO, subject to certain exceptions, the PSUS Board will be elected by PSUS's public shareholders. Pursuant to the requirements of the 1940 Act, at least 40% of the trustees serving on the PSUS Board at any time must not be "interested persons" of us or PSUS.

#### HHH Services Agreement
The HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may be terminated by HHH, with the approval of two-thirds of the disinterested members of its board of directors, with 120 days' prior written notice (or 30 days' prior written notice for causes (i), (ii), (iii) or (iv)) in the event of any of the following: (i) a material default by PSCM LP that causes material harm and is not cured within 60 days; (ii) fraud, misrepresentation or embezzlement by PSCM LP; (iii) PSCM LP acts in a manner constituting bad faith, willful misconduct or gross negligence or engages in criminal conduct in the performance of its duties; (iv) PSCM LP faces bankruptcy or insolvency; (v) upon a change of control of HHH; and (vi) with unanimous approval of the disinterested members of the HHH board of directors, if we or our affiliates no longer beneficially own all of the shares of HHH common stock purchased in connection with the Howard Hughes Transaction during the first 10 years following the closing date of such transaction (or 75% of such shares thereafter). In the event that the HHH Services Agreement is terminated pursuant to a change of control, HHH will pay PSCM LP a make-whole fee intended to approximate the present value of the total fees (both base and variable) that PSCM LP would have received had it continued to provide services for the remainder of the then-current term of the agreement. HHH may also elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. The HHH board of directors, subject to certain exceptions, will be elected by HHH's public stockholders.

The HHH Services Agreement may also be terminated by PSCM LP (i) in the event of a material default by HHH that causes material harm and is not cured within 120 days or (ii) if HHH makes a general assignment for the benefit of its creditors or faces bankruptcy or insolvency.

If the HHH Services Agreement is terminated, PSCM LP will be entitled to any fees earned prior to such termination. See "—Advisory Fees and Compensation—HHH Fees" for more information.

#### PSLP and PSINTL
A "Key Man Event" is deemed to occur upon Mr. Ackman's death or permanent disability. During the 90-day period following notice of a Key Man Event, subscriptions and redemptions will not be permitted. In certain circumstances following a Key Man event, limited partners or stockholders, as the case may be, of each

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fund may redeem all or some of their shares without being subject to the 20% Net Asset Value threshold, as described more fully in the funds' articles of association, and without being charged any redemption fees, other than the amount necessary to cover any extraordinary expenses associated with such redemption.

#### Technology and Cybersecurity
Our business relies heavily on technology to support its operational, financial and information needs, and we consider our information security program a key component of our approach to risk management.

We have developed a comprehensive information security program in accordance with guidelines published by the National Institute of Standards and Technology, the International Organization for Standardization, industry practice and regulatory guidance applicable to us as an investment manager and commodity pool operator of the funds. In implementing and maintaining our program, we evaluate the risk of internal and external threats to and vulnerabilities of our information and technology systems, including inadvertent alteration or destruction of electronic data; network inaccessibility; unauthorized access to our data; viruses and malware; loss, destruction or theft of critical hardware; interception and compromise of electronic transmissions; and inadequate policies and procedures of third-party service providers.

To address these risks, our information security program is focused on the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;• *Governance.* Our Information Security Committee, led by members of our management team, meets semi-annually and as needed to assess information security-related risks to our business, oversee the implementation of our information security controls, policies and procedures, and review their effectiveness. Our board of directors receives regular updates on our information security operations.

&nbsp;&nbsp;&nbsp;&nbsp;• *Technical controls*. We deploy a variety of robust controls as part of our information security program including network and network storage configuration requirements, encryption of sensitive data, access controls, user identification and multi-factor authentication, firewalls, intrusion prevention and detection systems and anti-malware functionality.

&nbsp;&nbsp;&nbsp;&nbsp;• *Supervision of service providers.* We have implemented a risk-based approach to identify, oversee and mitigate risks presented by third parties with access to our information, as well as the risks to our business posed by cyber incidents affecting third-party systems.

&nbsp;&nbsp;&nbsp;&nbsp;• *Assessment and testing.* We evaluate the effectiveness of our policies and controls through regular third-party assessments and simulation exercises and use internal and external cyber penetration testing to identify critical vulnerabilities. We adjust our cybersecurity policies and controls as necessary based on the information provided by these reviews.

&nbsp;&nbsp;&nbsp;&nbsp;• *Incident response.* We maintain incident response and recovery plans to facilitate the detection and assessment of cyber incidents and to guide our response to a cybersecurity incident, and we conduct incident simulations on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;• *Training and awareness.* We provide regular, mandatory information security training for all personnel on our information security program and how to avoid common cyber-attacks. Specialized training is provided to personnel whom we identify as vulnerable to simulated threats.

For a discussion of how risks from cybersecurity threats could affect our business, see "Risk Factors—Risks Related to Our Business and Industry—*Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations*."

#### Regulation and Compliance
Our business is subject to extensive regulation, including periodic examinations and regulatory investigations, by governmental and self-regulatory organizations in the jurisdictions in which we operate around the world. The level of regulation and supervision to which we are subject to varies from jurisdiction to jurisdiction and is based on the type of business activity involved.

We have operated for years within a framework that requires our being able to monitor and comply with a broad range of legal and regulatory developments that affect our activities, and we take our obligation to comply with all such laws, regulations and internal policies seriously. We, in conjunction with our outside advisors and

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counsel, seek to manage our business and operations in compliance with such regulation and supervision. Our reputation depends on the integrity and business judgment of our employees, and we strive to maintain a culture of compliance throughout the firm. Rigorous legal and compliance analysis of our businesses and investments is important to our culture. We strive to maintain a culture of compliance through the use of policies and procedures, such as our code of ethics, compliance systems, and education and training for our people. We maintain and follow policies and procedures that are tailored to our business to facilitate compliance with the Advisers Act and other securities laws.

Our compliance team is composed of eight experienced and dedicated professionals who seek a strong, committed and globally consistent compliance culture throughout our Company. The compliance team's reporting line is independent of the investment team it supports and ultimately reports to our Chief Legal Officer & Chief Compliance Officer. The compliance team conducts regular reviews to monitor whether procedures are performed appropriately and conducts an annual review of the adequacy and implementation of all compliance policies and procedures. In addition, we have retained a third-party compliance advisor for assistance with ongoing compliance monitoring (including carrying out focused quarterly reviews on our behalf) and as a consultant with respect to compliance-related issues.

#### United States
In the United States, PSCM LP is registered with the SEC as an investment adviser under the Advisers Act. As a registered investment adviser, we are subject to the requirements and regulations of the Advisers Act. Such requirements relate to, among other things, fiduciary duties to advisory clients, maintaining an effective compliance program and code of ethics, investment advisory contracts, solicitation agreements, conflicts of interest, recordkeeping and reporting requirements, disclosure requirements, advertising and custody requirements, political contributions, limitations on agency cross and principal transactions between an adviser and advisory clients and general anti-fraud prohibitions. In addition, as a registered investment adviser, we are subject to routine periodic and other examinations by the staff of the SEC. The Advisers Act generally grants the SEC broad administrative powers, including the power to limit or restrict an investment adviser from conducting advisory activities if it fails to comply with federal securities laws. Additional sanctions that may be imposed for failure to comply with applicable requirements include the prohibition of individuals from associating with an investment adviser, the revocation of registrations and other censures and fines.

PSCM LP is also registered with the CFTC as a commodity pool operator under the Commodity Exchange Act with respect to certain funds. We rely on the CFTC's Regulation 4.7(b) ("Regulation 4.7") exemption with respect to PSINTL and PSLP. Under the exemption provided by Regulation 4.7, we are not required to file any offering memorandum with the CFTC, and the CFTC will not pass upon the merits of participating in a pool or upon the adequacy of accuracy of an offering memorandum. Nonetheless, commodity pool operators and commodity trading advisors that qualify for relief under Regulation 4.7 remain subject to certain disclosure, reporting and recordkeeping requirements. We do not rely on any exemption with respect to PSH. We expect to rely on CFTC Rule 4.12(c)(3) with respect to PSUS, which allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements. As a result, we will not be subject to certain aspects of the CFTC's rules ordinarily applicable to CPOs, including the specific disclosure requirements under CFTC rules in connection with our management of PSUS. However, the CPO of a registered investment company with less than three years of operating history, such as PSUS, is required under Rule 4.12(c)(3) to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company.

#### The EU AIFMD and the UK AIFM Law
We have registered certain of our funds for marketing in the United Kingdom ("UK") and are therefore subject to the UK Alternative Investment Fund Managers Regulations 2013 as amended from time to time (the "AIFM Law"). Additionally, we have registered certain of our funds for marketing under national laws implementing the EU's Alternative Investment Fund Managers Directive (the "AIFMD") in Finland, Sweden, Belgium and the Netherlands. As Pershing Square Inc.'s source of income derives from the management of these funds by one or more subsidiaries, the costs of complying with the AIFMD and the AIFM Law may impact this

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income and the AIFM Law and the AIFMD may have an adverse effect on the continued operation of our funds where interests are offered to or placed with investors in the European Economic Area (the "EEA") and the UK. The AIFMD and the AIFM Law are complex and key aspects of it remain subject to interpretation, as well as continuing reform and update.

The AIFMD and the AIFM Law impose significant regulatory requirements on alternative investment fund managers ("AIFMs"), operating within the EEA and the UK, as well as prescribing certain conditions with regard to regulatory standards, cooperation and transparency that need to be satisfied for non-EU and non-UK AIFMs to market alternative investment funds ("AIFs") into EEA Member States and the UK (such as those of our funds which have been registered to market under AIFMD and the AIFM Law). In order to market one of our AIFs to investors in the EEA or the UK, the non-EEA and non-UK investment adviser of that AIF is required to comply with the marketing conditions in the AIFMD or the AIFM Law (as applicable) and any additional national restrictions, assuming that national private placement is available. The AIFMD and the AIFM Law conditions are, broadly, that the AIFM complies with specific notification or registration requirements and certain additional transparency requirements requiring disclosures to investors in the AIF and to EEA or UK regulators, such as annual reporting and regulatory filing requirements; the AIFM complies with requirements relating to the acquisition of substantial stakes in, or control of, EEA or UK companies; and the jurisdictions in which the non-EEA or non-UK AIFM and the relevant AIF are organized satisfy certain conditions with regard to regulatory standards, cooperation and transparency.

A non-EEA or non-UK investment adviser, such as ourselves, is not required to comply with all of the requirements set out in the AIFMD or the AIFM Law. Accordingly, and subject to the below, investors in our funds may not receive the full protections or benefits available under AIFMD or the AIFM Law, which would otherwise be available to investors in an EEA or UK AIF managed by an EEA AIFM or UK AIFM.

Directive (EU) 2024/927 ("AIFMD II"), amending the AIFMD in the EU, was published in the Official Journal of the European Union on 26 March 2024 and entered into force on 15 April 2024. EU member states will have until 16 April 2026 to implement AIFMD II.

AIFMD II will amend or introduce provisions under the AIFMD including: regulatory reporting requirements, investor disclosures, prohibitions on AIFs or AIFMs being established in certain high-risk jurisdictions for AML purposes, licensing permissions for AIFMs, governance requirements and delegation. These will primarily affect fund managers established and licensed in the EEA. By virtue of their registrations to market under AIFMD in the EEA, it is possible that certain of our funds may be affected by the prohibitions on AIFs or AIFMs being established in certain high-risk jurisdictions for AML purposes, changes to investor disclosures and reporting requirements. The implementation of AIFMD II could have a negative impact on us including, but not limited to, increasing costs borne by us or our funds to ensure compliance with it, with these increased costs reducing any income paid to the Company.

By virtue of their registrations to market under AIFMD and the AIFM Law, certain of our funds may also be required to comply with limited parts of other EU and UK regulation such as the GDPR. For a discussion of how risks in relation to compliance with applicable data protection and privacy laws and regulations, such as the GDPR, affect our business, see "Risk Factors—Risks Related to Our Business and Industry—*Failure or alleged failure to comply with applicable data and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm*."

#### The EEA EMIR and UK EMIR
Certain of our funds trade OTC derivatives with counterparties in the EU and the UK. Regulation (EU) No 648/2012, as amended ("EEA EMIR") regulates the operation of the derivatives market in the EEA. The United Kingdom has on-shored EEA EMIR and a similar set of rules therefore now apply in the UK notwithstanding the UK's withdrawal from the European Union ("UK EMIR").

Broadly, EEA EMIR's and UK EMIR's requirements in respect of derivative transactions are: (i) mandatory clearing of OTC derivative transactions declared subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative transactions which may include the requirement for the two parties to such a transaction to exchange margin; and (iii) reporting and record-keeping requirements in respect of all derivative transactions.

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The application of these requirements is dependent on the classification of the counterparties as financial counterparties ("FCs") or non-financial counterparties ("NFCs"). Financial counterparties and non-financial counterparties are further divided into those which have entered into derivative transactions having a notional value above certain specified thresholds ("FC+" or "NFC+") and those which have not ("FC-" and "NFC-").

When the relevant fund enters into an OTC derivative transaction with a counterparty established in the EEA/UK, such counterparty will require that this is conducted in compliance with the applicable requirements under EEA EMIR/UK EMIR. In particular, this may mean the parties either clear the transaction or, if the clearing obligation does not apply, enter into arrangements to exchange margin in respect of the transaction.

Compliance with the relevant EEA EMIR/ UK EMIR requirements (as applicable) is likely to increase the administrative burdens and costs of doing business for those of our funds trading OTC derivatives with counterparties in the EU and UK. In addition, over time divergences may arise between the rules under EEA EMIR and UK EMIR thus imposing additional compliance requirements upon the relevant Fund.

#### Other Jurisdictions
We and certain funds that we advise are registered with, have been licensed by or have obtained authorizations to be marketed in other jurisdictions outside of the United States. These registrations, licenses or authorizations relate to providing investment advice, marketing of securities and other regulated activities. Failure to comply with the laws and regulations governing these subsidiaries and funds that have been registered, licensed, or authorized could expose us to liability and/or damage our reputation.

#### Other Regulatory Considerations
Because our business and that of our funds and HHH is dynamic and is expected to change over time, we may be subject to new or additional regulatory constraints or requirements in the future. There are a number of pending or recently enacted legislative and regulatory initiatives that could significantly affect our business. Please see "Risk Factors—Risks Related to Our Business and Industry—*Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business,*" *"—Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business and the business of our funds"* and *"*—*We are subject to increasing scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation.*" This prospectus cannot address or anticipate every possible current or future regulation that may affect our or our funds' or HHH's businesses; however, such regulations may have a significant impact on investors in a fund, the operations of a fund or HHH, or our management activities, including restricting the types of investments a fund may make, to whom the funds may be sold, requiring additional disclosures or reporting to investors or regulatory authorities or requiring registration of a fund and/or PSCM LP as its investment adviser with one or more regulatory authority. Such regulatory constraints or requirements may give rise to additional costs or otherwise reduce any income received by Pershing Square Inc. in respect of our funds.

#### Human Capital Management
Our employees are integral to our culture of integrity, professionalism, excellence and cooperation. The intellectual capital collectively possessed by our employees is our most important asset. We hire qualified people, train them and encourage them to work together to provide their best thinking to the Company for the benefit of the investors in the funds we manage. As of December 31, 2024, we had 41 employees, including nine investment professionals. We have an investment team, legal and compliance team, technology team, trading team, finance team, public relations and investor relations. See "Management" elsewhere in this prospectus for more information on our executive officers. We face intense competition in attracting and retaining talented professionals. Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees.

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#### Compensation and Benefits
Our compensation is designed to attract and retain employees and align their interests with those of the investors in our funds. We believe our high proportion of permanent capital and industry-leading assets-to-employee ratio as well as our allocation of performance fee revenue, in particular, allow us to provide appropriate incentives to attract and retain talent and align their interests with those of the investors in our funds. As described in " Business—Advisory Fees and Compensation—Allocation of Performance Fee Revenue," in connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue, which we believe generally entitles our investment professionals and employees to substantial incentive compensation. In addition, some key personnel receive incentive compensation in the form of profit participation interests in both our company and the general partners of PSLP and PSVII. The senior members of the investment team are principally compensated based on the funds' overall performance, rather than the performance of any individual position, which encourages teamwork and aligns their interests with the funds' investors.

Personnel who do not have profit participation interests in our company receive a base salary and are eligible to receive additional compensation in the form of a discretionary annual bonus.

#### Health and Wellness
We believe that healthy team members are more productive, and we invest heavily in benefits and initiatives to support our employees. In addition to medical, dental, vision, life insurance, disability insurance, and retirement benefits, we provide generous primary and non-primary caregiver leave and domestic partner health insurance. We also provide employees with access to a medical advisor at no cost to help them navigate complex health situations and concerns.

#### Culture, Sustainability and Governance
We believe that a strong culture, a focus on sustainability and best-in-class governance are fundamentally aligned with running a successful business. Our interest in culture, sustainability and governance ("CSG") considerations relates to their impact on our investments and to how we operate our own business.

With respect to our investments, we view CSG as central to our investment objective to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk. As a concentrated, research-intensive, fundamental value investor in the public markets, the most important criterion in our investment selection process is our assessment of the long-term quality of a business. We believe that exceptional management teams demonstrate their ability to create long-term value for stockholders by managing CSG risks responsibly, integrating CSG into business practices, and by operating sustainably. As such, we consider the exposure of a business to CSG risks and its approach to CSG issues, both at the time of our initial investment and as part of our ongoing stewardship of a company. We analyze CSG risks as part of our existing due diligence process in order to understand potential key risk factors in our investments. Although we have rejected potential investments for unacceptable exposure to CSG-related risks, often our analysis confirms for us that companies we are considering already have appropriate CSG practices in place. In other cases, our due diligence may identify opportunities for long-term value creation through engagement with the business to address potential CSG-related concerns.

With respect to our own business operations, we take seriously our responsibility to maintain high ethical standards, care for our employees and affiliates, thoughtfully manage our environmental footprint and behave as responsible members of our local and broader community. We aim to responsibly manage our environmental footprint, and our goal is to be carbon-neutral. To meet that goal, we have implemented environmentally sustainable practices throughout our office space, including recycling, waste reduction and energy efficiency programs. We also intend to purchase carbon credits to offset the emissions that we are unable to eliminate, such as business travel.

Regarding our employee relations and community membership, we are committed to fostering a collaborative work environment and have established a Culture Committee to help guide our efforts to enhance our culture and company. Within this focus on our culture, we value our employees' diversity of personal experience, socioeconomic status, background, political views, race, religion, country of origin and ethnicity, sexual orientation, personal interests,

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perspectives and more. We are committed to fostering an inclusive culture in compliance with all applicable laws, including the recruitment, retention and development of talent with a wide spectrum of background and experiences on our investment and operational teams. We will continue to advance these initiatives and seek other opportunities to foster a culture that is welcoming for all.

We also offer our employees volunteer opportunities and encourage them to participate in various philanthropic efforts, both independently and in partnership with the Pershing Square Foundation, a charitable family foundation founded by our Founder in 2006.

#### Legal Proceedings
We may from time to time be involved in litigation and claims incidental to the conduct of our business. Like other businesses in our industry, we are subject to scrutiny by the regulatory agencies that have or may in the future have regulatory authority over us and our business activities, which could result in regulatory agency investigations or litigation related to regulatory compliance matters.

We are not currently subject to any pending judicial, administrative or arbitration proceedings that we expect to have a material impact on our results of operations or financial condition. The possibility of increased regulatory focus could result in additional burdens on our business. In addition, the possibility of tax or other legislative measures being adopted in some countries could materially adversely affect us. See "Risk Factors—Risks Related to Our Business and Industry—*Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business*" and "—*We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation and regulatory proceedings and negative publicity*."

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth the names, ages and positions of our directors and executive officers at the time of the combined offering.

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position**  |
| William A. Ackman | &nbsp;&nbsp;59 | Chief Executive Officer and Chairman of the Board  |
| Ryan Israel | &nbsp;&nbsp;40 | Chief Investment Officer and Director  |
| Halit Coussin | &nbsp;&nbsp;53 | Chief Legal Officer, Chief Compliance Officer and Director  |
| Michael Gonnella | &nbsp;&nbsp;45 | Chief Financial Officer  |
| Ben Hakim | &nbsp;&nbsp;49 | President and Director  |
| Kerry Murphy Healey | &nbsp;&nbsp;65 | Director  |
| Orion Hindawi | &nbsp;&nbsp;45 | Director  |
| Marco Kheirallah | &nbsp;&nbsp;52 | Director  |
| Nicholas M. Lamotte | &nbsp;&nbsp;42 | Director  |
| David Coppel Calvo | &nbsp;&nbsp;46 | Director |

---

**William A. Ackman has served as our Founder and Chief Executive Officer since founding PSCM LP in 2003, and as Chairman of our board of directors since June 2024. Prior to founding PSCM LP, Mr. Ackman co-founded and co-managed Gotham Partners Management Co., LLC ("Gotham Partners"), an investment adviser that managed public and private equity hedge fund portfolios, until 2003. Mr. Ackman also serves as Executive Chairman of the HHH Board of Directors since May 2025 and as the Chairman and Chief Executive Officer of SPARC since November 2021. In addition, Mr. Ackman serves on the board of the Pershing Square Foundation, a part of Pershing Square Philanthropies that he founded in 2006. Mr. Ackman previously served as Chief Executive Officer and Chairman of Pershing Square Tontine Holdings, Ltd. and as a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets and the board of directors of Universal Music Group N.V. Mr. Ackman received a Master in Business Administration from the Harvard Business School and a Bachelor of Arts *magna cum laude* from Harvard College.** 

**Ryan Israel has served as our Chief Investment Officer since August 2022 and as a member of our board of directors since June 2024. Mr. Israel joined our investment team in 2009. Mr. Israel is also a member of the HHH Board of Directors and serves as Chief Investment Officer for HHH. Mr. Israel was previously an analyst at The Goldman Sachs Group, Inc. in the Technology, Media and Telecom group. Mr. Israel served as a director of Element Solutions Inc. from October 2013 through January 2019. Mr. Israel received his Bachelor of Science from the Wharton School at the University of Pennsylvania, where he graduated *summa cum laude* and beta gamma sigma in 2007.** 

**Halit Coussin has served as our Chief Legal Officer and Chief Compliance Officer since September 2015 and as a member of our board of directors since June 2024 and a director of PSH since November 2024. Prior to joining our company in 2007, Ms. Coussin served as an associate attorney at Schulte, Roth & Zabel LLP, where her practice focused on advising hedge fund managers on a variety of regulatory and compliance matters. Ms. Coussin received her LL.M. from New York University in 2000 and her LL.B. *magna cum laude* from Tel Aviv University in 1998.** 

**Michael Gonnella has served as our Chief Financial Officer since March 2017. Mr. Gonnella also serves as the Chief Financial Officer of SPARC, and previously served as Chief Financial Officer of Pershing Square Tontine Holdings, Ltd. Mr. Gonnella joined our firm in 2005. Prior to his appointment as our Chief Financial Officer, Mr. Gonnella served as our senior controller. Mr. Gonnella is a certified public accountant and received his Bachelor of Science from Seton Hall University in 2002. and his Master of Accountancy in Taxation from Rutgers Business School.** 

**Ben Hakim has served as our President since June 2024 and as a member of our board of directors since February 2025. Mr. Hakim joined our investment team in 2012. He has also served as President of SPARC since** 

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November 2021 and as a member of the HHH Board of Directors since May 2024, and previously served as President of Pershing Square Tontine Holdings, Ltd. Mr. Hakim was previously a Senior Managing Director at Blackstone Inc., where he worked in the Mergers & Acquisitions group for 13 years. Mr. Hakim received his Bachelor of Science from Cornell University in 1997.

**Kerry Murphy Healey has served as a member of our board of directors since June 2024. Dr. Healey currently serves as a lecturer at the Princeton School of Public and International Affairs. Dr. Healey was the inaugural president of the Milken Center for Advancing the American Dream in Washington, DC, a position which she held from 2019-2022. Dr. Healey served as the President of Babson College from 2013-2019 and was elected President Emerita by the trustees of Babson College in 2021. Before joining Babson College, Dr. Healey served with distinction as the 70th lieutenant governor of Massachusetts from 2003 to 2007, where she worked to lead, enact, and implement a wide range of policy and legislative initiatives for the Romney-Healey Administration. In 2008, Dr. Healey was appointed by Secretary of State Condoleezza Rice as a founding member of the Executive Committee of the U.S. State Department's Public-Private Partnership for Justice Reform in Afghanistan, a position to which she was later reappointed by Secretary of State Hillary Clinton. Prior to her public service, Dr. Healey worked for more than a decade as a public policy consultant to the United States Department of Justice for Cambridge-based think tank Abt Associates. Dr. Healey currently serves on the board of directors of Apollo Global Management Inc. and Marti Technologies, Inc. Dr. Healey holds an A.B. in government from Harvard College and a Ph.D. in political science and law from Trinity College, Dublin. She has been a fellow at the Harvard Kennedy School's Institute of Politics and Harvard's Center for Public Leadership. She is a member of the Council on Foreign Relations and the Trilateral Commission, and a trustee of the American University of Afghanistan, the American University of Bahrain and Western Governors University.** 

**Orion Hindawi has served as a member of our board of directors since June 2024. Mr. Hindawi is the Executive Chairman and former CEO of Tanium, a private venture-backed endpoint management and cyber security company which he co-founded in 2007. Mr. Hindawi served as the CEO of Tanium from 2016 to 2023 and has served as the Executive Chairman of Tanium since February 2023. Mr. Hindawi has led the development of enterprise-scale endpoint security and management platforms for the past 18 years at BigFix, Inc. (acquired by International Business Machines Corp. in 2010) and Tanium, in addition to holding multiple software patents in network communications and systems management.** 

**Marco Kheirallah has served as a member of our board of directors since June 2024. Mr. Kheirallah is a founding partner at Lumina Capital Management, a special situations investment firm founded in 2022 in Brazil. Prior to Lumina Capital Management, beginning in 2010, Mr. Kheirallah was the Founder and Managing Partner at SIP Capital Fund. Mr. Kheirallah also served as the Chief Financial Officer at PDG Realty from 2012 to 2015. Mr. Kheirallah was a Partner at Banco Pactual from 2001 to 2009 and at Banco Matrix from 1996 to 2001. He also served as a Trader at Banco Opportunity from 1994 to 1996 and at Banco BCN from 1992 to 1994. Mr. Kheirallah received his bachelor's degree in Business Administration from Fundação Getulio Vargas, EAESP.** 

**Nicholas M. Lamotte has served as a member of our board of directors since June 2024. He is the Executive Chairman of Consulta Limited, a value-oriented investment firm. Mr. Lamotte was appointed Executive Chairman of Consulta Limited in 2024, having served in various roles at Consulta Limited since 2008, including Chief Executive Officer and Chairman of the Board. Prior to joining Consulta Limited, Mr. Lamotte was an analyst at Halcyon Asset Management from 2006 to 2008 and an analyst at The Goldman Sachs Group, Inc. from 2005 to 2006. Mr. Lamotte received a Bachelor of Arts from Brown University, where he graduated *magna cum laude* and was elected to Phi Beta Kappa. Mr. Lamotte has completed the Owner/President Management program at Harvard Business School and has endowed the Nicholas M. Lamotte Scholarship for Business, Entrepreneurship and Organizations at Brown University.** 

**David Coppel Calvo has served as a member of our board of directors since January 2025. Mr. Coppel Calvo is the Chief Commercial Officer, Vice President of Investment and Board Member of Grupo Coppel (the "Coppel Group"), one of the largest non-food retailers and financial service providers in Latin America. Prior to assuming his current role in December 2018, Mr. Coppel Calvo previously served in various roles at the Coppel Group since 2008, including Director of Internal Procurement and Supply Chain and President of Coppel Corporation. In addition to serving on the board of directors of the Coppel Group, Mr. Coppel Calvo also currently serves on the board of directors of Corazón Capital and Qualitas and previously served on the board of directors of Bonobos.com Inc., INSIKT – AURA, Fibra Plus and Lululemon Mexico. Mr. Coppel Calvo is also a** 

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member of *Mexico en Moyimiento*. Mr. Coppel Calvo received a Bachelor of Science in Industrial and Systems Engineering from Tecnologico de Monterrey (ITESM) and a Master in Business Administration from the Pan-American Institute for Senior Business Management (IPADE).

#### Composition of the Board of Directors After the Combined Offering
Our business and affairs are managed under the direction of our board of directors. Upon completion of the combined offering, our articles of incorporation and bylaws will provide that our board of directors will consist of such number of directors as may from time to time be fixed by our board of directors. Our directors will be elected at each year's annual meeting of stockholders.

#### Director Independence
Our board of directors has affirmatively determined that each of Dr. Healey, Mr. Hindawi, Mr. Kheirallah, Mr. Lamotte and Mr. Coppel Calvo qualifies as an independent director under the NYSE listing standards.

#### Background and Experience of Directors
When considering whether directors and nominees have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business. In particular, the members of our board of directors considered the following important characteristics, among others:

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Ackman – our board of directors considered Mr. Ackman's perspective, experience, expertise and thorough knowledge of our industry as our Founder and Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Israel – our board of directors considered Mr. Israel's experience, expertise and knowledge of our industry as our Chief Investment Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Coussin – our board of directors considered Ms. Coussin's experience, expertise and knowledge of our industry as our Chief Legal Officer and Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Hakim – our board of directors considered Mr. Hakim's experience, expertise and knowledge of our industry as our President.

&nbsp;&nbsp;&nbsp;&nbsp;• Dr. Healey – our board of directors considered Dr. Healey's perspective, experience in significant leadership roles in government and academia, expertise and service as a director on other public company boards including the board of a global asset manager.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Hindawi – our board of directors considered Mr. Hindawi's perspective, expertise and experience in significant leadership roles in the technology industry.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Kheirallah – our board of directors considered Mr. Kheirallah's perspective, expertise and experience in significant leadership roles in the financial services and investment management industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Lamotte – our board of directors considered Mr. Lamotte's perspective, expertise and experience in significant leadership roles in the financial services and investment management industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Coppel Calvo – our board of directors considered Mr. Coppel Calvo's perspective, expertise and experience in significant leadership roles in the retail and financial services industries.

#### Controlled Company Exception
Upon completion of the combined offering, ManagementCo, an entity managed by members of our senior management, will initially have voting power over % of our outstanding common stock (or % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus) and will also hold a Special Voting Share that will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with

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the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE.

Under these corporate governance standards, a company of which more than 50% of the voting power is beneficially owned by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements that (1) a majority of its board of directors consist of independent directors, (2) its board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) its board of directors have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we are permitted to rely on these exemptions from certain corporate governance standards, we intend that, at the time of the combined offering, a majority of our board of directors will consist of independent directors and our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee each will be composed entirely of independent directors.

#### Board Committees
We anticipate that, prior to the completion of the combined offering, our board of directors will establish the following committees: an audit committee, a compensation committee and a nominating and corporate governance committee. The expected composition and responsibilities of each committee are described below. Our board of directors may also establish from time to time any other committees that it deems necessary or desirable. Members will serve on these committees until their resignation or until otherwise determined by our board of directors.

#### Audit Committee
Upon the completion of the combined offering, we expect our audit committee will consist of , and , with serving as chair. Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• selecting and hiring our independent auditors and approving the audit and non-audit services to be performed by our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in evaluating the qualifications, performance and independence of our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the quality and integrity of our financial statements and our accounting and financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring our compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our internal control over financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the performance of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;• monitoring the performance of our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and our independent auditors our annual and quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report that the rules and regulations of the SEC require to be included in our annual proxy statement.

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The SEC rules and the NYSE rules require us to have one independent audit committee member upon the listing of our common stock on the NYSE, a majority of independent directors within 90 days of the effective date of the registration statement and all independent audit committee members within one year of the effective date of the registration statement. and qualify as independent directors under the NYSE listing standards and the independence standards of Rule 10A-3 of the Exchange Act. We intend to have a fully independent audit committee upon listing.

#### Compensation Committee
Upon the completion of the combined offering, we expect our compensation committee will consist of , and , with serving as chair. Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving corporate goals and objectives relevant to the compensation of our CEO, evaluating our CEO's performance in light of those goals and objectives, and, either as a committee or together with the other independent directors (as directed by the board of directors), determining and approving our CEO's compensation level based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to the board of directors with respect to, the compensation of our other executive officers, including annual base salary, bonus and equity-based incentives and other benefits;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing annually with management our "Compensation Discussion and Analysis" disclosure required by SEC rules;

&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report required by the SEC to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations with respect to our equity compensation plans.

#### Nominating and Corporate Governance Committee
Upon the completion of the combined offering, we expect our nominating and corporate governance committee will consist of , and , with serving as chair. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• assisting our board of directors in identifying prospective director nominees and recommending nominees to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of the board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing developments in corporate governance practices and developing and recommending a set of corporate governance guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;• recommending members for each committee of our board of directors.

Our stockholders may provide suggestions for prospective director nominees to the chair of our nominating and corporate governance committee.

#### Compensation Committee Interlocks and Insider Participation
We do not presently have a compensation committee. Decisions regarding the compensation of our executive officers have historically been made by Mr. Ackman in consultation with other members of our senior leadership. Upon the completion of the combined offering, the members of our compensation committee will be , and .

None of our executive officers serves as a member of the board of directors or the compensation committee (or other committee performing equivalent functions) of any other entity that has one or more executive officers serving on our board of directors or compensation committee.

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#### Code of Ethics
We will adopt a new Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, which will be posted on our website. Our Code of Business Conduct and Ethics is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of our code of ethics on our website. The information contained on, or accessible from, our website is not part of this prospectus by reference or otherwise.

#### Director Compensation
Our board of directors will adopt a policy with respect to the compensation payable to our non-employee directors upon consummation of the combined offering pursuant to which each non-employee director will be eligible to receive annual compensation for his or her service in accordance with market practice.

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#### EXECUTIVE COMPENSATION
This discussion provides an overview of the material elements of our executive compensation program, and provides a description of the compensation earned by our principal executive officer and our two other most highly compensated executive officers for the year ended December 31, 2024. These individuals are referred to as our named executive officers.

#### Quarterly Profit-Sharing Distributions
We make quarterly profit-sharing distributions of available excess cash to each of our named executive officers in proportion to their respective profit-sharing percentages. Prior to the Holdco Reorganization, such distributions were comprised of separate allocations of profits arising from management fees received by PSCM LP and performance fees received by, or performance allocations to, PSCM LP and certain of its affiliates, including PSGP. As discussed below, effective as of the Holdco Reorganization, direct interests held by our personnel, including our named executive officers, in PSCM LP were contributed (indirectly) to Pershing Square Holdco, L.P. In lieu of holding direct interests in PSCM LP, our applicable personnel, including our named executive officers, now hold profits-interest awards in PS Partner Group in the same applicable profit-sharing percentages as they held in PSCM LP (subject to ordinary course changes in such allocations). As discussed below, such personnel also hold profit-sharing interests in VariableCo. Accordingly, following the Holdco Reorganization, such distributions were comprised of (i) proceeds received by PS Partner Group (pursuant to its ownership of limited partnership interests in Pershing Square Holdco, L.P.), (ii) PSGP's performance allocation (which it earns in connection with its services as the general partner to PSLP) and (iii) proceeds received by VariableCo (pursuant to the Variable Compensation Agreement discussed below).

Such distributions are made pursuant to awards under our Long-Term Incentive Compensation Plan, dated April 17, 2017 (as amended from time to time, the "LTIP"). For Mr. Ackman, 100% of such distributions (excluding those from VariableCo) were accounted for as capital distributions in each of fiscal 2023 and 2024. For Mr. Israel, 25% of such distributions (excluding those from VariableCo) were accounted for as capital distributions attributable to his Permanent Profits-Interests (as defined below) under the LTIP in each of fiscal 2023 and 2024. For Mr. Botta, 33% and 44% of such distributions (excluding from VariableCo) were accounted for as capital distributions attributable to his Permanent Profits-Interests under the LTIP in each of fiscal 2023 and 2024, respectively. We do not account for capital distributions as compensation.

In each of fiscal 2023 and fiscal 2024, our named executive officers received (1) the following cash distributions from the entities described above that were accounted for as compensation ("profit-sharing partner compensation"): Mr. Ackman ($0 and $46,420,829); Mr. Israel ($25,350,118 and $23,880,888); and Mr. Botta ($11,362,939 and $10,219,502), and (2) the following cash distributions from the entities described above that were accounted for as a capital distribution and are accordingly not reflected in the Summary Compensation Table below: Mr. Ackman ($169,958,915 and $98,083,123); Mr. Israel ($8,450,040 and $4,835,575); and Mr. Botta ($5,681,470 and $4,377,060).

#### Strategic Investment-Related Distributions
In fiscal 2024, we used a portion of the proceeds from the Strategic Investment to satisfy certain of our obligations under a revolving line of credit. This line of credit was otherwise intended to be satisfied by offsetting distributions we would have made to certain partners. Therefore, we made certain accounting entries to reflect this fact. For Mr. Ackman, 100% of such amounts were recorded as capital distributions. For Messrs. Israel and Botta, 25% and 33% of such amounts, respectively, were recorded as capital distributions attributable to their Permanent Profits-Interests under the LTIP, while the remaining portion of such amounts was recorded as profit-sharing partner compensation. Accordingly, for fiscal 2024, (1) the following amounts used to satisfy such obligations were accounted for as compensation ("Strategic Investment-Related Distributions"): Mr. Israel ($4,106,064); and Mr. Botta ($1,908,056) and (2) the following amounts used to satisfy such obligations were accounted for as a capital distribution and are accordingly not reflected in the table below: Mr. Ackman ($28,720,479); Mr. Israel ($1,368,688); and Mr. Botta ($954,028).

\* Note: amounts reflected in this discussion and in the Summary Compensation Table may not sum due to rounding.

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#### Capital Distributions
Accordingly, in each of fiscal 2023 and 2024, respectively, our named executive officers received the following capital distributions in addition to the amounts reflected in the Summary Compensation Table below: Mr. Ackman ($169,958,915 and $126,803,602); Mr. Israel ($8,450,040 and $6,204,263); and Mr. Botta ($5,681,470 and $5,331,088). For additional information, see "—Narrative Disclosure to Summary Compensation Table—Long-Term Incentive Compensation Plan" below and Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

#### Summary Compensation Table
The following table provides summary information concerning compensation earned by our named executive officers for the year ended December 31, 2024.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and** <br>**Principal Position**  | **Year**  | **Salary** <br>**($)<sup>(1)</sup>**  | **Bonus** <br>**($)<sup>(1)</sup>**  | **Stock** <br>**Awards** <br>**($)**  | **Option** <br>**Awards** <br>**($)<sup>(1)</sup>**  | **Non-Equity** <br>**Incentive Plan** <br>**Compensation** <br>**($)<sup>(1)</sup>**  | **All Other** <br>**Compensation** <br>**($)<sup>(2)</sup>**  | **Total** <br>**($)**  |
| &nbsp;&nbsp;&nbsp;William A. Ackman<br>*Chief Executive Officer* | 2024 |  |  |  |  |  | 46647594 | 46647594 |
|  | 2023 |  |  |  |  |  | 50454 | 50454 |
| &nbsp;&nbsp;&nbsp;Ryan Israel<br>*Chief Investment Officer* | 2024 |  |  |  |  |  | 27997302 | 27997302 |
|  | 2023 |  |  |  |  |  | 25360018 | 25360018 |
| &nbsp;&nbsp;&nbsp;Nicholas Botta<br>*Vice Chairman*  | 2024 |  |  | 87059324<sup>(3)</sup> |  |  | 12137908 | 99197232 |
|  | 2023 |  |  |  |  |  | 11385239 | 11385239 |

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(1)<br> We did not pay salaries or bonuses or grant option awards to our named executive officers in 2024.

(2) Includes distributions received under the LTIP from PS Partner Group, PSCM LP and PSGP, as applicable, in respect of fiscal 2024 for Messrs. Israel and Botta of $14,506,724 and $5,539,546, respectively, in proportion to each officer's profit-sharing percentages thereunder (and not attributable to their Permanent Profits-Interests). Such distributions are recorded as profit-sharing partner compensation in our audited consolidated financial statements. 

Includes cash distributions received under the LTIP from VariableCo in respect of fiscal 2024 for Messrs. Ackman, Israel and Botta of $46,420,829, $9,374,164 and $4,679,957, respectively, in accordance with their respective profit-sharing percentages.

Includes Strategic Investment-Related Distributions in respect of fiscal 2024 for Messrs. Israel and Botta of $4,106,064 and $1,908,056, respectively.

This column also includes the following amounts related to benefits and perquisites received by Mr. Ackman in 2024 (with each perquisite calculated based on the aggregate incremental cost to the Company): $206,500 related to cybersecurity services; $8,550 related to public relations services; and $1,365 related to professional club fees. In addition, in 2024, Mr. Ackman and members of his family made occasional personal use of our corporate aircraft, and in each case, Mr. Ackman is expected to fully reimburse the Company for the full cost of such personal usage. See "Certain Relationships and Related Person Transactions—Other Transactions—Corporate Aircraft."

For each of our named executive officers, amounts also include $10,350 in Company contributions to our 401(k) savings plan in fiscal 2024.

(3) In connection with Mr. Botta's entry into the Botta Agreement (as defined below), pursuant to which Mr. Botta will cease to be an "Active Participant" under the LTIP, the Company agreed to modify Mr. Botta's outstanding LTIP awards to increase Mr. Botta's Permanent Profits-Interest percentage from one-third of his then-current LTIP entitlement to 62.5% of his then-current LTIP entitlement. This amount reflects the fair value of Mr. Botta's incremental Permanent Profits-Interest percentage, which was treated as a grant of additional equity and calculated in accordance with ASC 718, as a result of the agreement, using the assumptions discussed in Note 2 of the audited consolidated financial statements included elsewhere in this prospectus. Mr. Botta did not receive any new awards in connection with the modification. Mr. Botta served as our President until the entry into the Botta Agreement. 

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#### Narrative Disclosure to Summary Compensation Table

#### Long-Term Incentive Compensation Plan
PSCM LP acts as an investment manager providing management and administrative services to our funds in accordance with each of their investment management agreements. As compensation for such services, PSCM LP receives quarterly management fees based on the Net Asset Value of the applicable fund. In addition, PSCM LP earns performance fees from certain funds for serving as their investment manager. Likewise, certain of our affiliates, including PSGP, receive performance allocations for serving as the general partner of certain of our funds. Performance fees and the performance allocation are generally based on the net income of the applicable fund through the end of the fiscal year or upon capital withdrawals, above a high-water mark. The performance fees/allocations, if earned, are payable upon the occurrence of crystallization events, which generally include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. For additional information, see Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

We have historically tied a significant portion of the compensation earned by certain partners (the "LTIP Partners"), including Messrs. Israel and Botta, directly to the performance of the funds we manage, in the form of awards of participating profits interests under the LTIP (the "LTIP Awards"). As of December 31, 2024, all LTIP Awards previously granted to Messrs. Israel and Botta were fully vested, and no new LTIP Awards were granted to them in 2024.

LTIP Awards historically entitled the LTIP Partners to cash distributions of management fee-based and/or performance fee-based net profits earned by PSCM LP and applicable Pershing Square entities ("LTIP Entities") pursuant to the terms of their respective agreements and, subject to applicable vesting schedules, entitled them to a reduced percentage of their total LTIP Awards (the "Permanent Profits-Interests") following a Qualifying Termination (as defined below under "—Termination and Change of Control Provisions") in perpetuity (subject to permissible dilution and other terms of the LTIP).

The portion of an LTIP Partner's LTIP Awards attributable to their Permanent Profits-Interests represents a substantive class of equity, and distributions in respect of such Permanent Profits-Interests are recorded as capital distributions. The remaining portion of an LTIP Partner's LTIP Award is in substance a profit-sharing arrangement and is therefore recorded as profit-sharing partner compensation. Holders of LTIP Awards are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of equity interests in LTIP Entities, including through an initial public offering, as described further below under "—Termination and Change of Control Provisions."

Effective as of the Holdco Reorganization, direct interests held by our personnel, including our named executive officers, in PSCM LP were contributed (indirectly) to Pershing Square Holdco, L.P., and the LTIP was amended to cause such interests to cease to be considered LTIP Awards. In lieu of such direct interests in PSCM LP, our applicable personnel, including our named executive officers, now hold profits-interest awards, including LTIP Awards, in the same applicable profit-sharing percentages as they held in PSCM LP (subject to ordinary course changes in such allocations), in PS Partner Group. In addition, such personnel also hold interests in VariableCo, which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (the "VCA"), attached hereto as Exhibit 10.9, with Pershing Square Holdco, L.P. and PSCM LP. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group owned approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. For 2024, following the Holdco Reorganization, distributions received by our named executive officers pursuant to the LTIP were primarily comprised of proceeds received by PS Partner Group (pursuant to its ownership of limited partnership interests in Pershing Square Holdco, L.P.), PSGP (which earns a performance allocation in connection with its services as the general partner to PSLP), and VariableCo (pursuant to the VCA), which were distributed to their respective owners, including our named executive officers, in accordance with their respective profit-sharing percentages. The LTIP amendment provided that the interests in PS Partner Group and VariableCo received by former holders of LTIP Awards in PSCM LP, including Messrs. Israel and Botta, would be treated as LTIP Awards in those entities.

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#### Variable Compensation Agreement
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles as encapsulated in the Variable Compensation Agreement (the "VCA").

The VCA has two primary purposes: (1) to provide the company with a preferred return-like entitlement of performance fees received by our principal operating subsidiary, PSCM LP and (2) to provide an important source of compensation for certain of our personnel, including most of our investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. In furtherance of these purposes, the VCA provides for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• we are entitled to receive from PSCM LP (directly or indirectly): (i) 100% of management fees earned from all our funds and HHH, minus any "offsettable management fees" which with respect to any fund (currently none but expected to include PSUS upon the commencement of this initial public offering) refers to the portion of its management fees that are available to offset performance fees payable by PSH; and (ii) the following amounts with respect to certain funds we manage (our "Preferred Performance Fee" with respect to the applicable fund): (a) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a "net of management fee" return of 5% per annum above its high-water mark; and (b) with respect to certain other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee that would have been earned if such fund had experienced a "net of management fee" return of 5% per annum above its high-water mark minus any "offsettable performance fees" which with respect to such fund refers to the portion of such performance fee that would offset performance fees payable by PSH; and

&nbsp;&nbsp;&nbsp;&nbsp;• VariableCo is entitled to receive from PSCM LP the following amounts, in each case solely to the extent such amount exceeds the Preferred Performance Fees we receive from PSCM LP (the "Subordinated Performance Fees"): (i) with respect to PSH, all performance fees received from PSH, inclusive of any portion of offsettable management fees (currently none but expected to include PSUS's management fees upon launch) and offsettable performance fees (currently only PSINTL's) received from certain other funds subject to the VCA that would offset performance fees payable by PSH; and (ii) with respect to certain other funds subject to the VCA (currently only PSINTL), all performance fees received from such fund, exclusive of any offsettable performance fees that would offset performance fees payable by PSH.

The calculation of the Preferred Performance Fee that we are entitled to receive from any fund is not dependent on the actual amount of performance fees earned from such fund. However, the amount of Preferred Performance Fees actually distributed to us from PSCM LP will be limited by the performance fees (and applicable offsetting fees) that PSCM LP actually receives from the applicable fund. In the case of PSH, PSCM LP's performance fees are subject to a fee offset arrangement, as described above, that reduces the amount of performance fees paid by PSH based on management fees and performance fees earned from certain other funds, and a portion of such offsetting fees will be made available by PSCM LP to pay the Preferred Performance Fees with respect to PSH or will be paid to VariableCo as Subordinated Performance Fees in case of any applicable excess above the payment of the Preferred Performance Fees with respect to PSH. The Subordinated Performance Fees will be an important source of compensation for certain of our personnel, including all investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. Any portion of the Preferred Performance Fee that we are entitled to receive from a fund that is not paid in a given period will cumulate to the next period's Preferred Performance Fee until paid. Further, any Preferred Performance Fee with respect to one fund shall not be payable to us from the proceeds received from another fund. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of this arrangement for the allocation of performance fee revenue over the five-year period ending December 31, 2024.

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#### Botta Agreement
On October 23, 2024, we entered into an agreement (the "Botta Agreement") with Mr. Botta pursuant to which Mr. Botta will cease to be an "Active Participant" under the LTIP effective upon the earlier of this initial public offering or January 1, 2026 (the "Effective Date"). The Botta Agreement provides, among other things, that effective as of the Effective Date, (i) Mr. Botta's Permanent Profits-Interest in PS Partner Group will be increased from one-third of his then-current LTIP entitlement to 62.5% of his then-current LTIP entitlement and Mr. Botta will forfeit all other interests (including Sunset Profits-Interests) in PS Partner Group, (ii) Mr. Botta will forfeit all interests in VariableCo, (iii) in general, rights or terms with respect to PSH shares held by Mr. Botta and his affiliates shall be granted, altered or established in the same manner as with respect to PSH shares held by our Founder, and (iv) subject to applicable law, Mr. Botta will remain eligible to participate in our group health plan and 401(k) plan, in each case, so long as he remains our Vice Chairman and/or our representative on certain committees and boards set forth in the agreement.

#### Policies and Practices Related to the Timing of Equity Awards
We do not have a policy or practice in relation to the timing or the determination of the terms of a grant of options or other equity awards (including LTIP Awards) in relation to the disclosure of material nonpublic information by the Company. Any grants under our equity plans will be made in accordance with applicable laws and the applicable rules of the national securities exchange on which the Company may then list its common stock, including any such laws or rules relating to the timing of a grant of options or other awards in relation to the disclosure of material nonpublic information by the Company. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of our executive compensation.

#### Clawback Policy
We intend to adopt a compensation clawback policy to comply with SEC and stock exchange listing rules implementing the requirements of Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the policy, we will be required in certain situations to recoup incentive-based compensation paid or payable to certain of our current or former executive officers, including our named executive officers, in the event of an accounting restatement.

#### Employee Benefits and Perquisites
In addition to the perquisites and benefits identified in the Summary Compensation Table above, our named executive officers are also eligible to receive the same benefits we provide, and to participate in all plans we offer, to our other full-time employees, including: health and dental insurance; group term life insurance; long-term disability insurance; other health and welfare benefits; and other voluntary benefits. We maintain a defined contribution savings plan under Section 401(k) of the Code. All employees and profit-sharing partners are eligible to participate in the 401(k) plan. The 401(k) plan allows participants to invest in a variety of mutual funds across several fund families, and we make a safe harbor contribution in the amount of 3% of each participant's eligible compensation, subject to certain Code limitations. The safe harbor contribution is provided to employees and profit-sharing partners (including our named executive officers), regardless of whether they elect to contribute to the 401(k) plan.

#### Outstanding Equity Awards at December 31, 2024
As of December 31, 2024, all LTIP Awards previously granted to Messrs. Israel and Botta were fully vested, and there were no stock or option awards outstanding.

#### Termination and Change of Control Provisions
As discussed above, effective as of the Holdco Reorganization, interests in PSCM LP are no longer considered LTIP Awards and no interests in Pershing Square Holdco, L.P. are considered LTIP Awards, and upon consummation of the combined offering, we (i.e., Pershing Square Inc. and its consolidated subsidiaries, including PSCM LP) will not be subject to the LTIP, which will continue to apply to certain other entities.

Except as provided under the LTIP and the Botta Agreement (described above), none of our named executive officers are party to any arrangement that provides for severance benefits. As described above, PSCM

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LP (including on behalf of its affiliates) maintained the LTIP under which Messrs. Israel and Botta (along with certain other key employees) were issued a certain number of LTIP Awards. Under the LTIP, each participant is entitled to, with respect to LTIP Entities, (i) certain cash distributions of management fee-based and performance fee-based net profits following the participant's Qualifying Termination and (ii) additional consideration payable in connection with certain corporate transactions (referred to as "Terminal Value Events"), each as further described below.

Pursuant to the LTIP, if a participant is terminated without "cause," by the participant for "good reason," as a result of death/disability, or as a result of a qualifying retirement (each, a "Qualifying Termination"), the participant is entitled to the following (the "Termination Benefit") with respect to LTIP Entities: (i) a certain percentage (the "Applicable Percentage") of performance fee-based net profits with respect to the calendar year of such termination (the "Termination Year") in respect of the participant's applicable LTIP Awards held immediately prior to such participant's termination of employment, (ii) the portion of management-fee based net profits allocated to such participant on or prior to the participant's termination date in respect of the participant's LTIP Awards, and (iii) management fee-based net profits with respect to the participant's Permanent Profits-Interests for the remaining calendar quarters of the Termination Year. The "Applicable Percentage" is the greater of (x) the number of days the participant was employed during the Termination Year divided by 365, and (y) 33.33% or, for certain LTIP Partners, 25% in the case the participant is terminated as a result of retirement. For purposes of the LTIP, "good reason" generally means (i) a material and not temporary (*e.g.,* as opposed to a project or a period where an employee otherwise reporting to such LTIP Partner would report to someone else at Pershing Square) reduction of the LTIP Partner's duties, authorities, responsibilities, reporting relationships, role or position, (ii) a change in the geographic location of our principal office or the LTIP Partner's principal place of employment to a location more than fifty (50) miles outside of New York City, and/or (iii) our material breach of the LTIP.

Upon a participant's Qualifying Termination, such participant's LTIP Awards convert into a combination of "Permanent Profits-Interests" and "Sunset Profits-Interests," pursuant to a formula set forth in the LTIP. In addition to the Termination Benefit, following a Qualifying Termination each participant is entitled to receive with respect to LTIP Entities (i) a portion of the performance fee-based net profits for the first three years following termination in respect of both the Sunset Profits-Interests and Permanent Profits-Interests, and then, thereafter, only with respect to Permanent Profits-Interests, and (ii) a portion of the management-fee based net profits each year following the participant's Qualifying Termination with respect to Permanent Profits-Interest only.

The LTIP also entitles participants to consideration in connection with a "Terminal Value Event" with respect to LTIP Entities. A "Terminal Value Event" is generally defined as any sale or transfer of all or any portion of the LTIP Entity's equity interests, other than the issuance of profits-interests awards, or an initial public offering, merger, consolidation, or similar transaction, a sale of assets (e.g., advisory agreements), or any other similar transaction involving or relating to the LTIP Entity and a third party. Participants who are employed at the time of the Terminal Value Event (or who were terminated without "cause" or for "good reason" within twelve months prior) are entitled to consideration in connection with the Terminal Value Event with respect to LTIP Entities, which is generally equal to a portion of the upside in value of the applicable LTIP Entity involved in the transaction. For participants who are employed at the time of a Terminal Value Event, the participant participates in each Terminal Value Event with respect to the Permanent Profits-Interests he or she would have been entitled to receive with respect to the LTIP Entity if terminated without "cause" on the date of the Terminal Value Event, or (B) for participants who have been terminated without "cause" or who terminated for "good reason" within 12 months prior to the Terminal Value Event, the participant participates in each the Terminal Value Event with respect to his or her Permanent Profits-Interests with respect to the LTIP Entity outstanding at such time, in each of cases (A) and (B) multiplied by a certain "TVE Tenure Factor" (which ranges from 1.0 to 1.333 based on years of service). For the avoidance of doubt, our initial public offering will be deemed not to constitute a Terminal Value Event.

#### Pension Benefits and Nonqualified Deferred Compensation
Our named executive officers do not participate in any pension or nonqualified deferred compensation plans and received no pension benefits or nonqualified deferred compensation during the year ended December 31, 2024.

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#### Compensation Arrangements To Be Adopted in Connection with the Combined Offering

#### LTIP
In connection with the combined offering, the LTIP was amended (effective as of the effectiveness of the registration statement of which this prospectus forms a part) to cease applying to interests in PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM LP), and to cease applying to retired participants or participants otherwise terminated on or prior to .

Following the combined offering, applicable interests in PS Partner Group (and corresponding interests in Pershing Square Inc.) will be subject to vesting, redemption and forfeiture in accordance with the terms of our new Management Incentive Plan, as described further below in "—Management Incentive Plan." The LTIP will otherwise remain in full force and effect with respect to our employees' existing interests in all other applicable Pershing Square entities, including VariableCo.

#### Management Incentive Plan
In connection with the combined offering, we adopted a new Management Incentive Plan (the "MIP"), which provides for the vesting of applicable interests in PS Partner Group held by our personnel (the "MIP Interests"). Upon vesting, such MIP Interests may be redeemed, subject to certain requirements, for a proportional amount of our common stock held by PS Partner Group. The MIP Interests exclude all interests in PS Partner Group held by Mr. Ackman, which are not subject to vesting. Participants in the MIP will include all LTIP participants as well as any currently active employees who are members of PS Partner Group but not LTIP participants. Upon the effective date of the registration statement of which this prospectus forms a part, each MIP participant who is an LTIP participant will receive vested MIP Interests that correspond to Permanent Profits-Interests in PS Partner Group he or she held, respectively, as participants under the LTIP. Following this initial vesting, each MIP participant will have the opportunity to become vested in all remaining unvested MIP Interests he or she holds (the "Unvested MIP Interests") over a ten-year period.

The vesting schedule for MIP Interests provides for (i) vesting 6.25% each year during years 1 to 4, (ii) vesting 8.33% each year during years 5 to 7, and (iii) vesting 16.67% each year during years 8 to 10. The amount of MIP Interests vested in any given year are calculated by multiplying the applicable percentage by the original number of Unvested MIP Interests held by the applicable MIP participant upon the effective date of the registration statement of which this prospectus forms a part. If a MIP participant is terminated without "cause," such MIP participant's MIP Interests shall instead be vested based on a straight-line ten-year vesting schedule (i.e., with 10% of total Unvested MIP Interests vesting each year) with prorated vesting for the year in which the termination occurs.

In the event a MIP participant (i) ceases to be an active participant prior to all of their MIP Interests becoming vested or (ii) otherwise forfeits any MIP Interests, such MIP participant's remaining Unvested MIP Interests will be reallocated pro rata to the remaining active MIP participants.

Under the MIP, dividends attributable to our common stock held by PS Partner Group shall be distributed as and when received by PS Partner Group to each MIP participant pro rata based on their respective total MIP Interests, without regard to vesting.

#### Variable Compensation Agreement and Variable Profits Interest
Prior to, or immediately following, the completion of the combined offering, the VCA will be terminated and PSCM LP will issue a profits interest ("Variable Profits Interest") to VariableCo in place of the VCA. The terms of the Variable Profits Interest will generally replicate the allocation of performance fee revenue (and other included and excluded fees) between us and VariableCo in the same manner as currently contemplated by the VCA.

#### Equity Incentive Plan
Our Board expects to adopt, and we expect our stockholders to approve, the Equity Incentive Plan prior to the completion of the offering, in order to provide a means through which to attract, retain and motivate key personnel and to align their interests with those of the Company's stockholders. Awards under the Equity Incentive Plan may be granted to any (i) individual employed by us or our subsidiaries; (ii) director or officer of us or our subsidiaries; or (iii) consultant or advisor to us or our subsidiaries who may be offered securities

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registrable pursuant to a registration statement on Form S-8 under the Securities Act (or, for consultants or advisors outside of the U.S., may be offered securities consistent with the applicable law). The Equity Incentive Plan will be administered by the Compensation Committee or such other committee of our board of directors to which it has properly delegated power, or if no such committee or subcommittee exists, our board of directors.

The Equity Incentive Plan initially reserves shares for issuance, which will automatically increase on the first day of each fiscal year beginning with the 2026 fiscal year in an amount equal to % of the outstanding common stock on the last day of the immediately preceding fiscal year (or such a lower number of shares of our common stock as determined by our Board).

All awards granted under the Equity Incentive Plan will vest and/or become exercisable in such manner and on such date or dates or upon such event or events as determined by the Compensation Committee. Awards available for grant under the Equity Incentive Plan include non-qualified stock options and incentive stock options, restricted shares of our common stock, restricted stock units, other equity-based awards tied to the value of our shares, and cash-based awards.

Awards other than cash-based awards are generally subject to adjustment in the event of (i) any dividend (other than regular cash dividends) or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of common stock or other securities, issuance of warrants or other rights to acquire shares of common stock or other securities, or other similar transactions or events (including a change in control of the Company), or (ii) unusual or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations or other requirement. In addition, in connection with any change in control, the Compensation Committee may, in its sole discretion, provide for any one or more of the following: (i) a substitution or assumption of, acceleration of the vesting of, the exercisability of, or lapse of restrictions on, any one or more outstanding awards and (ii) cancellation of any one or more outstanding awards and payment to the holders of such awards that are vested as of such cancellation (including any awards that would vest as a result of the occurrence of such event but for such cancellation) the value of such awards, if any, as determined by the Compensation Committee.

Our board of directors may amend, alter, suspend, discontinue, or terminate the Equity Incentive Plan or any portion thereof at any time, but no such amendment, alteration, suspension, discontinuance or termination may be made without stockholder approval if (i) such approval is required under applicable law; (ii) it would materially increase the number of securities which may be issued under the Equity Incentive Plan (except for adjustments in connection with certain corporate events); or (iii) it would materially modify the requirements for participation in the Equity Incentive Plan. Any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any participant or any holder or beneficiary of any award will not to that extent be effective without such individual's consent.

All awards granted under the Equity Incentive Plan are subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by our board of directors or the Compensation Committee and as in effect from time to time and (ii) applicable law or listing exchange requirement. The Company has not yet determined whether awards under the Equity Incentive Plan will be issued to any of our current senior officers in connection with the combined offerings.

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#### DIRECTOR COMPENSATION
We did not have a board of directors until June 2024 following the completion of the Strategic Investment. Prior to June 2024, our Founder, Mr. Ackman, served as managing member of our general partner. Mr. Ackman received no additional compensation for his service as the managing member of our general partner, and his compensation during fiscal 2024 as our Chief Executive Officer is set forth in the Summary Compensation Table for 2024 above.

In June 2024, concurrent with the closing of the Strategic Investment, the general partner of Pershing Square Holdco, L.P. established a board of directors. Each independent director on the board of Pershing Square Holdco, L.P. currently receives a quarterly cash retainer of $75,000. Directors are also reimbursed for reasonable out-of-pocket expenses incurred in connection with the performance of their duties as directors, including travel expenses in connection with their attendance in-person at board and committee meetings. The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our independent directors during fiscal 2024.

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Fees Earned** <br>**or Paid in** <br>**Cash** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Option** <br>**Awards** <br>**($)** | **Non-Equity** <br>**Incentive Plan** <br>**Compensation** <br>**($)** | **Nonqualified** <br>**Deferred** <br>**Compensation** <br>**Earnings** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| Kerry Murphy Healey | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 175000  |
| Orion Hindawi | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 175000  |
| Marco Kheirallah | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 175000  |
| Nicholas M. Lamotte | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 175000  |
| Christine Todd | &nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 175000 |

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(1)<br> Our executive directors, including Messrs. Ackman, Botta, Hakim and Israel and Ms. Coussin, are not separately compensated for their service on our board.

As described in "Summary—Reorganization Transactions," prior to the effectiveness of each of this registration statement and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc., and the board of directors of the general partner of Pershing Square Holdco, L.P. will become the board of directors of Pershing Square Inc.

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#### CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
The agreements described in this section, or forms of such agreements as they will be in effect at the time of the combined offering, are filed as exhibits to the registration statement of which this prospectus forms a part, and the following descriptions are qualified by reference thereto.

#### Howard Hughes Transaction
On May 5, 2025, we entered into the Share Purchase Agreement and related agreements with HHH in connection with the Howard Hughes Transaction. See "Business" for more information regarding the transaction.

#### Corporate Conversion
Prior to the completion of the combined offering, we will complete the Corporate Conversion described in "Summary—Reorganization Transactions—Corporate Conversion." See "Principal Stockholders" for information regarding the number of shares of our common stock that will be held by our Founder and other directors and officers following the combined offering.

#### Stockholder Agreement with Strategic Investors
In connection with the combined offering, we intend to enter into a stockholder agreement with ManagementCo and the Strategic Investors. This agreement will, among other things, grant a majority in interest of the Strategic Investors until the first anniversary of the combined offering, upon the resignation or removal from our board of directors of Mr. Lamotte, the right to nominate one director to our board of directors for so long as the Strategic Investors, collectively, beneficially own shares of our common stock representing an investment in us that is equal to at least two-thirds of their collective investment in Pershing Square Holdco, L.P. as of the closing date of the Strategic Investment.

#### Registration Rights Agreement
In connection with the combined offering, we expect to enter into a registration rights agreement with our Founder, our named executive officers and certain other employees and the Strategic Investors. This agreement will provide for customary "demand" registrations and "piggyback" registration rights for our Founder, our named executive officers and the Strategic Investors and provide for customary "drag-along" rights for our other employees. This registration rights agreement will also provide that we will pay certain expenses relating to such registrations and indemnify our Founder, named executive officers and other employees and the Strategic Investors against certain liabilities which may arise under the Securities Act.

#### Other Transactions

#### Fee Waivers and Rebates
We waive management and performance fees on investments in our private funds by our employees and their affiliates. We have also historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and VariableCo. For the year ended December 31, 2024, the affiliates fee rebate was $69,300,950 (2023: $115,705,667). Following the combined offering, PS Partner Group and VariableCo will no longer rebate the fees of employees invested in PSH.

#### Corporate Aircraft
Prior to December 20, 2024, we owned a corporate aircraft that was used by our leadership team for business-related travel. The initial cost of the aircraft was $46,027,163. From time to time, Mr. Ackman made personal use of the aircraft. In such cases, we were reimbursed for that portion of the aircraft's operating expenses. For the year ended December 31, 2024, Mr. Ackman agreed to reimburse us $701,578 (2023: $946,681) for that portion of the aircraft's operating expenses. As of December 31, 2024, $1,121 (2023: $132,637) of the reimbursed expenses remained outstanding and unpaid.

On December 20, 2024, ownership of our corporate aircraft was transferred to a trust, the beneficial owner of which is an entity wholly owned by Mr. Ackman, and accordingly, following such date, we no longer incur aircraft operating expenses arising from Mr. Ackman's personal use of the aircraft. Also on December 20, 2024,

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the aircraft note (as described in Note 6 to the audited consolidated financial statements included elsewhere in this prospectus) with a carrying amount of $9,774,534 was transferred to such trust. Mr. Ackman entered into an aircraft management services agreement with Executive Jet Management ("EJM") on December 20, 2024, and, following such date, we charter the aircraft from EJM for any flights taken in furtherance of firm business. As of December 31, 2024, no reimbursements to Mr. Ackman under this aircraft management services agreement had been made.

#### Office Space Sublease
Mr. Ackman is a partial owner of NEOX Public Benefit LLC (the "Subtenant"), which subleases a portion of our office space. The sublease commenced on December 5, 2022, with rent payments commencing on May 1, 2023 following five months of rent abatement, and expires on December 31, 2033. For the year ended December 31, 2024, the Subtenant paid $2,499,409 (2023: $1,924,631) in rent and $648,317 (2023: $77,850) for office-related services, which are both included in other income in our consolidated statements of operations. In addition, the landlord has agreed to pay us an amount of $1,660,000 for the reimbursement of certain costs incurred by the Subtenant, which we are expected to pay directly to the Subtenant within 30 days following receipt of such reimbursement. Prior to the combined offering, we intend to terminate our sublease arrangement with Subtenant who will enter into a direct relationship with the landlord and we will no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income.

#### Office Space License
Mr. Ackman's family office, TABLE Management, L.P. ("TABLE"), licenses a portion of our office space under a license agreement which also grants TABLE the use of certain office-related services. For the year ended December 31, 2024, TABLE paid $1,129,046 for office space (2023: $620,700) and $688,590 (2023: $699,760) for office-related services under the license agreement, which are both included in other income in our consolidated statements of operations.

#### Ownership in Landlord Entity
Mr. Ackman and affiliates and Mr. Botta indirectly own 50% of Georgetown Eleventh Avenue Owners, LLC, the owner of the building in which we rent office space. For the year ended December 31, 2024, we paid approximately $6,641,725 in rent to Georgetown Eleventh Avenue Owners, LLC (2023: $6,064,975).

#### Strategic Investment
As set forth in the table below, each of Messrs. Coppel Calvo, Hindawi, Kheirallah and Lamotte and Dr. Healey invested in the Strategic Investment, either individually or through an investment vehicle or trust.

---

| | | |
|:---|:---|:---|
| **Director**  | **Investment Size**  | **Interest**  |
| David Coppel Calvo | $70 million  | Direct or indirect ownership of 16% of Pacat LP., which invested in the Strategic Investment.<sup>1</sup>  |
| Kerry Murphy Healey | $2 million  | Individual.  |
| Orion Hindawi | $5 million  | 100% beneficial owner of an irrevocable trust that invested in the Strategic Investment.  |
| Marco Kheirallah | $6 million  | 65% beneficial owner of SIP Capital Fund Ltd., which invested in the Strategic Investment.  |
| Nicholas M. Lamotte | $200 million  | Executive Chairman of Consulta Limited, the investment manager of Consulta SPV II, LP. Consulta SPV II LP invested in the Strategic Investment.<sup>2</sup> |

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(1)<br> Certain of Mr. Coppel Calvo's immediate family members also directly or indirectly own interests in Pacat LP.

(2) Mr. Lamotte and certain members of his immediate family may be deemed to be the beneficial owners of Consulta SPV II, LP by virtue of their beneficial ownership interests in the entity and in Consulta Limited. Mr. Lamotte and his immediate family disclaim beneficial ownership of the securities held by Consulta SPV II, LP except to the extent of their pecuniary interest therein.

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#### Our Right To Acquire PSH Shares
Our Founder, members of our management team and certain other persons (the "Subject PSH Shares Holders") directly or indirectly hold public shares of PSH (the "Subject PSH Shares"). On or before the completion of the combined offering, we will enter into an agreement (the "PSH Share Agreement") with the Subject PSH Shares Holders whereby they will agree that we will have the right, but not the obligation, on the terms and subject to the conditions provided in the PSH Share Agreement, to acquire the Subject PSH Shares (or in the case of any Subject PSH Shares held through a holding entity, 100% of the issued and outstanding ownership interests of such holding entity) at any time after the fifth anniversary of the combined offering and on or before the tenth anniversary of the closing of the combined offering in exchange for shares of Pershing Square Inc. common stock. For purposes of determining the number of shares of our common stock to be issued to the Subject PSH Share Holders in the event we elect to exercise this right, (i) the Subject PSH Shares (and/or holding entities holding such shares, as applicable) will be valued at a price per share equal to the lesser of (x) the then-applicable NAV per share of PSH and (y) the volume weighted average price per share of PSH as reported on the London Stock Exchange over the six-month period ending on the exercise date, and (ii) shares of our common stock will be valued at a price per share equal to the volume weighted average price per share as reported on the NYSE over the six-month period ending on the exercise date. The value of any entity holding Subject PSH Shares shall be the value of such shares using the foregoing valuation methodology (i) increased by the amount of any cash held by such entity arising from dividends on Subject PSH Shares and (ii) decreased by the amount of any accrued tax liability for income realized from dividends on Subject PSH Shares. We may exercise our right at any time during the five-year period immediately preceding the tenth anniversary of the combined offering, or before with the consent of the Subject PSH Shares Holders. The PSH Share Agreement will restrict transfers of the Subject PSH Shares prior to the exercise or expiry of our right, subject to certain exceptions for permitted transfers. The PSH Share Agreement conditions our right to acquire the Subject PSH Shares, among other things, on our ability to effect such acquisition in a manner that generally will be tax-free for U.S. federal income tax purposes to the Subject PSH Shares Holders and upon our assumption of any accrued tax liabilities of any holding entities associated with the Subject PSH Shares. Any decision by us to exercise our right to acquire the Subject PSH Shares would be subject to our related person transaction policy described below in "—Statement of Policy Regarding Transactions with Related Persons."

#### Other
PSCM LP elected to be subject to both the New York State and New York City Pass-Through Entity Tax (together, "PTET") for the years ended December 31, 2024, 2023 and 2022. PTET grants the partners in PSCM LP a tax credit on each of their individual New York State and New York City income tax returns, and any PTET owed is a joint liability of PSCM LP and each eligible partner. PSCM LP paid $71,304,813 and $18,907,989 of PTET on behalf of its partners for the years ended December 31, 2024 and 2023, respectively. To the extent that PTET payments were part of a partner's compensation, the payments were recorded for each partner in both employee compensation and benefits and capital distributions according to their LTIP participation. For Mr. Ackman, PTET payments were recorded as capital distributions to the extent that the payments were part of Mr. Ackman's compensation. PTET payments made in excess of a partner's or Mr. Ackman's compensation were recorded as due from affiliates. As of December 31, 2024 and 2023, due from affiliates is primarily composed of $0 and $63,065,897, respectively, of PTET payments. As of the date hereof, all PTET payments included in due from affiliates have been settled. As a result of the Corporate Conversion, we will not incur any PTET liability following the combined offering.

#### Statement of Policy Regarding Transactions with Related Persons
Prior to the completion of the combined offering, our board of directors will adopt a written statement of policy regarding transactions with related persons, which we refer to as our "related person policy." Our related person policy requires that a "related person" (as defined in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to our chief legal officer any "related person transaction" (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. Our chief legal officer will then promptly communicate that information to our board of directors. No related person transaction entered into following the

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combined offering will be executed without the approval or ratification of our board of directors or a duly authorized committee of our board of directors. It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

#### Indemnification of Directors and Officers
Our bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by Nevada law, subject to limited exceptions. In addition, our articles of incorporation will limit the individual liability of our directors and officers to the fullest extent permitted by Nevada law. We also intend to enter into indemnification agreements with our directors and executive officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Nevada law against liabilities that may arise by reason of their service to us, and to advance expenses, including attorneys' fees, incurred by them in defending against proceedings to which they are or are threatened to be made a party or participant, subject to limited exceptions. There is no pending litigation or proceeding naming any of our directors or officers to which indemnification is being sought, and we are not aware of any pending or threatened litigation that may result in claims for indemnification by any director or officer.

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#### PRINCIPAL STOCKHOLDERS
The following table sets forth information regarding the beneficial ownership of shares of our common stock by (1) each person known to us to beneficially own more than 5% of our outstanding common stock, (2) each of our directors and named executive officers and (3) all of our directors and executive officers as a group.

This beneficial ownership information is presented after giving effect to the Reorganization Transactions, including the Corporate Conversion. Information is provided with respect to the amount and percentage of shares of common stock immediately before the combined offering and following the issuance of our common stock in the combined offering, assuming no exercise of the option of the underwriters in the PSUS IPO to purchase additional PSUS Shares and, separately, assuming full exercise of the option of the underwriters in the PSUS IPO to purchase additional PSUS Shares.

The amounts and percentages of shares beneficially owned are reported on the basis of SEC regulations governing the determination of beneficial ownership of securities. Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares voting power or investment power, which includes the power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding for purposes of computing such person's ownership percentage, but not for purposes of computing any other person's percentage. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest.

Except as otherwise indicated in the footnotes below, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated shares. Unless otherwise noted, the address of each beneficial owner is c/o Pershing Square Inc., 787 Eleventh Avenue, 9th Floor, New York, New York 10019.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name of Beneficial Owner** | **Before the** <br>**Offering** | **Before the** <br>**Offering** | **After the Offering if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised** | **After the Offering if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised** | **After the Offering if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Exercised**  | **After the Offering if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Exercised**  |
|  | **Number of**<br>**Common**<br>**Stock** | **% of**<br>**Common**<br>**Stock** | **Number of**<br>**Common**<br>**Stock** | **% of**<br>**Common**<br>**Stock** | **Number of**<br>**Common** <br>**Stock** <br>| **% of** <br>**Common** <br>**Stock**  |
| **5% beneficial owners:**<br>|  |  |  |  |  |  |
| PS Holdco GP Managing Member, LLC<sup>(1)</sup> |  |  |  |  |  |  |
| **Directors and named executive officers:**<br>|  |  |  |  |  |  |
| William A. Ackman |  |  |  |  |  |  |
| Ryan Israel |  |  |  |  |  |  |
| Halit Coussin |  |  |  |  |  |  |
| &nbsp;&nbsp;Michael Gonnella |  |  |  |  |  |  |
| Ben Hakim |  |  |  |  |  |  |
| Kerry Murphy Healey |  |  |  |  |  |  |
| Orion Hindawi |  |  |  |  |  |  |
| Marco Kheirallah |  |  |  |  |  |  |
| Nicholas M. Lamotte |  |  |  |  |  |  |
| David Coppel Calvo |  |  |  |  |  |  |
| All directors and executive officers as a group (10 persons) |  |  |  |  |  |  |

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\* Represents less than 1%. 

(1) PS Holdco GP Managing Member, LLC ("ManagementCo") will also be the sole holder of a Special Voting Share. The Special Voting Share will have no economic rights but has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo. Control over the voting and dispositive power of ManagementCo is shared among its members consisting of our Founder, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin.

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If the aggregate offering size of the PSUS IPO increases or decreases by $100 million, and assuming shares of our common stock delivered for every 100 PSUS Shares purchased in the PSUS IPO (the midpoint of the share range set forth on the cover of this prospectus), the percentage of our common stock beneficially owned by PS Holdco GP Managing Member, LLC, Mr. Ackman, and all of our directors and executive officers as a group, respectively, would decrease or increase, as applicable, by %, % and %, respectively, (or %, % and % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

Similarly, assuming an aggregate offering size in the PSUS IPO of $, if shares of our common stock are delivered for every 100 PSUS Shares purchased in the PSUS IPO (the low end of the share range set forth on the cover of this prospectus), the percentage of our common stock beneficially owned by PS Holdco GP Managing Member, LLC, Mr. Ackman, and all of our directors and executive officers as a group, respectively, would increase by %, % and %, respectively, (or %, % and % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares), and if shares of our common stock are delivered for every 100 PSUS Shares purchased in the PSUS IPO (the high end of the share range set forth on the cover of this prospectus), the percentage of our common stock beneficially owned by PS Holdco GP Managing Member, LLC, Mr. Ackman, and all of our directors and executive officers as a group, respectively, would decrease by %, % and %, respectively, (or %, % and % if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

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#### DESCRIPTION OF CAPITAL STOCK
The following is a description of the material terms of, and is qualified in its entirety by, our articles of incorporation and bylaws, as each will be in effect upon the consummation of the combined offering, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a part. Under "Description of Capital Stock," "we," "us," "our," and "our company" refer to Pershing Square Inc. and not to any of its subsidiaries.

Our purpose is to engage in any lawful act or activity for which corporations may be organized under the NRS. Upon the consummation of the combined offering, our authorized capital stock will consist of shares of common stock, par value $0.001 per share, and shares of preferred stock, par value $0.001 per share, of which one (1) share is designated as the Special Voting Share. Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form.

#### Common Stock
In general, holders of shares of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors. If at any time any person or group (other than ManagementCo) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person or group will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation.

The holders of our common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our common stock are entitled to receive dividends or other distributions when, as and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends or other distributions and to the rights of the holders of any outstanding series of our preferred stock.

Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors, and subject to the rights of the holders of any outstanding series of preferred stock, the holders of shares of our common stock will be entitled to receive pro rata our remaining assets available for distribution to stockholders.

All shares of our common stock that will be outstanding at the time of the completion of the combined offering will be fully paid and non-assessable. The common stock will not be subject to further calls or assessments by us. Holders of shares of our common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock or any other series or class of stock we may authorize and issue in the future.

#### Preferred Stock

#### Special Voting Share
Our articles of incorporation will designate one share of our authorized preferred stock as the Special Voting Share. The Special Voting Share will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which the holder then has voting power, to give the holder a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. The Special Voting Share will vote together with our common stock as a single class, except as otherwise required by law or our articles of incorporation.

Upon completion of the combined offering, ManagementCo, an entity managed by members of our senior management, will hold the one (1) issued and outstanding Special Voting Share.

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The holder of our Special Voting Share does not have any right to receive dividends or any other distributions. Upon our liquidation, dissolution or winding up, our articles of incorporation provide that the holder of the Special Voting Share is entitled to receive, after payment of our debts and liabilities and subject to the rights of any class or series of our stock having a preference over the Special Voting Share as to distributions upon a liquidation, dissolution or winding up, and before any payment of any distributions of assets to our common stock, out of our assets available for distribution, a liquidating distribution in an amount equal to the par value of the Special Voting Share.

#### Additional Series of Preferred Stock
Our articles of incorporation authorize our board of directors to establish one or more additional series of preferred stock (including convertible preferred stock). Unless required by law or by any stock exchange, and subject to the terms of our articles of incorporation, the authorized but unissued shares of preferred stock will be available for designation and issuance by our board of directors without further action by holders of our common stock or the Special Voting Share. Our board of directors is able to determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, of that series, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series, which our board of directors may, except where otherwise provided in the preferred stock designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;• whether dividends or other distributions, if any, will be cumulative or non-cumulative and the rate of any such dividends or distributions applicable to the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the dates at which dividends or other distributions, if any, will be payable on the shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• the redemption rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of our affairs or other event;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the shares of the series will be convertible into shares of any other class or series, or any other security, of us or any other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible, and all other terms and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of shares of the same series or of any other class or series of our capital stock; and

&nbsp;&nbsp;&nbsp;&nbsp;• the voting powers, if any, of the holders of the series.

The powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, of each series of our preferred stock may differ from those of any and all other series outstanding at any time. We could issue one or more series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium over the market price of the shares of our common stock. Additionally, the issuance of one or more additional series of our preferred stock may adversely affect the rights or interests of holders of our common stock by restricting dividends or other distributions on the common stock, diluting the voting power of the common stock or subordinating the rights of the common stock to distributions upon a liquidation, dissolution or winding up or other event. As a result of these or other factors, the issuance of one or more additional series of preferred stock could have an adverse impact on the market price of our common stock.

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#### Dividends
The NRS only permits the board of directors of a corporation, subject to any restrictions in the articles of incorporation, to declare and pay dividends or other distributions if, after giving effect to the dividend or other distribution (a) the corporation would not be able to pay its debts as they become due in the usual course of business; or (b) except as otherwise specifically allowed by the articles of incorporation, the corporation's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved immediately after the time of the distribution, to satisfy the preferential rights upon such dissolution of holders of shares of any class or series of the capital stock of the corporation having preferential rights superior to those receiving the distribution. Our articles of incorporation provide that we are allowed to make any distribution that otherwise would be prohibited by NRS 78.288(2)(b) and, accordingly, we will not be subject to the "balance sheet" test described in clause (b) of the immediately preceding sentence. The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant.

#### Dissenter's and Appraisal Rights
Under the NRS, with certain exceptions, our stockholders will have dissenter's rights in connection with a merger, statutory conversion or statutory exchange in which we are a constituent entity or certain corporate actions pursuant to which a stockholder would be obligated as a result thereof to accept money or scrip rather than receive a fraction of a share in exchange for the cancellation of all of the stockholder's outstanding shares. Pursuant to the NRS, stockholders who properly demand and perfect dissenter's rights in connection with any corporate action giving rise to dissenter's rights will have the right to receive payment of the fair value of their shares as determined by the District Court of the State of Nevada, plus interest, as calculated in accordance with the applicable provisions of the NRS, on the amount determined to be the fair value, from the effective time of the corporate action giving rise to dissenter's rights through the date of payment of the judgment.

#### Stockholder Derivative Actions
Under Nevada law, any of our stockholders may bring an action in our name to enforce a right of the Company and procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law. To bring such an action, the stockholder must otherwise comply with Nevada law regarding derivative actions, including by making a pre-suit demand on our board of directors to pursue the claims or satisfying its burden to show that any pre-suit demand would be futile, and demonstrating that it is a fair and adequate representative of the interests of similarly situated stockholders. Derivative actions may not be dismissed—including if there is a settlement—without notice to the stockholders and court approval. Our articles of incorporation have vested an independent and disinterested litigation demand committee with sole and exclusive authority to consider the merits of any such demands and make decisions and take actions with respect to any such demands, including whether to initiate a proceeding. This provision may affect a stockholder's ability to commence, maintain or control a derivative proceeding.

#### Stockholder Meetings
Our bylaws provide that annual stockholder meetings will be held at a date, time and physical location, if any, as exclusively selected by our board of directors. Our articles of incorporation provide that special meetings of the stockholders may be called only by or at the direction of our board of directors, the chairman of our board or our chief executive officer or by or at the direction of our board of directors or the chairman of our board at the request of ManagementCo. To the extent permitted under applicable law, we may conduct meetings solely by means of remote communications, including by webcast.

#### Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law
Our articles of incorporation, bylaws and the NRS contain provisions that are summarized in the following paragraphs and may have the effect of increasing the likelihood of continuity and stability in the composition of our board of directors. These provisions may also help us avoid costly takeover battles, reduce our vulnerability

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to a hostile or abusive change of control and protect the ability of our board of directors to enhance long-term stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of our company by means of a tender offer, proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

#### Voting Rights of ManagementCo
As described above in "—Preferred Stock—Special Voting Share," the Special Voting Share will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. As a result, ManagementCo will be able to control all matters requiring the approval of a majority of our stockholders, including the election of our directors, the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock, although ManagementCo will be unable to remove a director without the approval of two-thirds of the voting power of our stockholders. This concentrated control could discourage others from initiating a potential merger, takeover or other change of control transaction that other stockholders may view as beneficial.

We have created this voting arrangement, and the provision described below under "—Loss of Voting Rights," to protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act or a "change of control" under the indentures governing the senior notes of PSH.

#### Loss of Voting Rights
As described above in "—Common Stock," if at any time any person or group (other than ManagementCo) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person or group will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation.

#### Authorized but Unissued Capital Stock
Nevada law does not require stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of the NYSE, which would apply so long as the shares of common stock remain listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power of our capital stock or the then outstanding number of shares of common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

Our board of directors may generally issue shares of one or more additional series of preferred stock on terms designed to discourage, delay or prevent a change of control of our company or change the composition of our board. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances in one or more additional series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit plans.

One of the effects of the existence of authorized and unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons who are supportive of or aligned with current management, which issuance could render more difficult or discourage an attempt to obtain control of our

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company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity in the composition of our board and in our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

#### Restrictions on Business Combinations
Nevada's "combinations with interested stockholders" statutes (NRS 78.411 through 78.444, inclusive) provide that specified types of business "combinations" between certain Nevada corporations and any person deemed to be an "interested stockholder" of the corporation are prohibited for two years after such person first becomes an "interested stockholder" unless the corporation's board of directors approves the combination (or the transaction by which such person becomes an "interested stockholder") in advance, or unless the combination is approved by the board of directors and 60% of the corporation's voting power not beneficially owned by the interested stockholder, its affiliates and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such two-year period. For purposes of these statutes, an "interested stockholder" is any person who is (1) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation, or (2) an affiliate or associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then-outstanding shares of the corporation. The definition of the term "combination" is sufficiently broad to cover most significant transactions between a corporation and an "interested stockholder."

These statutes generally apply to Nevada corporations with 200 or more stockholders of record. However, a Nevada corporation may elect in its articles of incorporation not to be governed by these particular laws, but if such election is not made in the corporation's original articles of incorporation, the amendment (1) must be approved by the affirmative vote of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested stockholders or their affiliates and associates, and (2) is not effective until 18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder on or before the effective date of the amendment. We have made such an opt-out election in our original articles of incorporation.

#### Control Share Acquisitions
Nevada's "acquisition of controlling interest" statutes, NRS 78.378 to 78.3793 prohibit an acquirer, under certain circumstances, from voting its shares of a target corporation's stock after crossing certain ownership threshold percentages, unless the acquirer obtains approval of the target corporation's disinterested stockholders. The statute specifies three thresholds: one-fifth or more but less than one-third, one-third but less than a majority, and a majority or more, of the outstanding voting power. Generally, once an acquirer crosses one of the above thresholds, those shares in an offer or acquisition and acquired within 90 days thereof become "control shares" and such control shares are deprived of the right to vote until disinterested stockholders restore the right. These provisions also provide that if control shares are accorded full voting rights and the acquiring person has acquired a majority or more of all voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control shares are entitled to demand payment for the fair value of their shares in accordance with Nevada's dissenter's rights statutes.

A corporation may elect to not be governed by, or "opt out" of, the control share provisions by making an election in its articles of incorporation or bylaws, provided that the opt-out election must be in place on the 10th day following the date an acquiring person has acquired a controlling interest, that is, crossing any of the three thresholds described above. We have opted out of the control share statutes in our articles of incorporation.

#### Number of Directors; Removal of Directors; Vacancies and Newly Created Directorships
Under NRS 78.335, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto provide for a higher voting threshold, any director or one or more of the incumbent directors may be removed as such only by the vote of stockholders representing not less than two-thirds of the voting power of the issued and outstanding stock entitled to vote, which is currently the minimum proportion permitted under Nevada law for such purpose, however, our articles of incorporation will provide that if the NRS is at any time amended to so provide in the future, any of our directors may be removed by such lower percentage, but not less than a majority of the voting power of the issued and outstanding stock entitled to vote, as the NRS may

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permit. Our articles of incorporation provide that the total number of directors constituting our board of directors may be fixed exclusively by a resolution adopted by our board of directors and further provides that all vacancies, including those caused by an increase in the number of directors, may be filled by a majority of the remaining directors, though less than a quorum.

#### No Cumulative Voting
Under Nevada law, the right to vote cumulatively does not exist unless the articles of incorporation specifically authorize cumulative voting. Our articles of incorporation do not authorize cumulative voting. Therefore, stockholders holding a majority of the voting power of the shares of our capital stock entitled to vote generally in the election of directors will be able to elect all of our directors.

#### Special Stockholder Meetings
Our articles of incorporation provide that special meetings of our stockholders may be called at any time only by or at the direction of the board of directors, the chairman of our board or our chief executive officer or by or at the direction of our board of directors or the chairman of our board at the request of ManagementCo. Our bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deterring, delaying or discouraging hostile takeovers, or changes in control or management of our company.

#### Stockholder Action by Written Consent
Pursuant to NRS 78.320, unless otherwise provided in the articles of incorporation or bylaws and unless prohibited by the rules of the NYSE, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if, before or after the action, a written consent setting forth the action is signed by the holders of at least a majority of the voting power of the stockholders, or if a different proportion of voting power is required for such an action at a meeting, that proportion of written consents. Our articles of incorporation do not prohibit, and our bylaws expressly permit, action by the written consent of our stockholders.

#### Director Nominations and Stockholder Proposals
Our articles of incorporation and our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders (which date shall, for purposes of our first annual meeting of stockholders following the combined offering, be deemed to have occurred on of the preceding calendar year). In the event that the date of the annual meeting is advanced by more than 30 days, or delayed by more than 70 days, from the anniversary date of the previous year's meeting, or if no annual meeting was held in the preceding year, a stockholder's notice must be received at our principal executive offices not less than the later of 90 days prior to the upcoming meeting or the tenth day following the public announcement of the upcoming meeting nor more than 120 days prior to the upcoming annual meeting of stockholders. Our articles of incorporation and our bylaws allow the board of directors to adopt such rules and regulations for the conduct of meetings as it shall deem appropriate which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of our company.

#### Exclusive Forum and Limited Waiver of Jury Trial
To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our articles of incorporation include forum selection provisions.

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More specifically, our articles of incorporation and bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada (or, if such court lacks subject matter jurisdiction, the state and federal courts in the State of Nevada) will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder or employee of the Company to the Company or our stockholders; (iii) any internal action (as defined in NRS 78.046), including any action asserting a claim against us arising under NRS Chapter 78, our articles of incorporation, our bylaws, any agreement entered into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the District Court of the State of Nevada; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

Our articles of incorporation further will provide that, to the fullest extent not inconsistent with any applicable U.S. federal laws, any and all "internal actions" (as defined in NRS 78.046) must be tried in a court of competent jurisdiction (subject to the exclusive forum provisions in our articles of incorporation) before the presiding judge as the trier of fact and not before a jury. Pursuant to NRS 78.046 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), such requirement will conclusively operate as a waiver of the right to trial by jury by each party to any such internal action.

To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of our company shall be deemed to have notice of and consented to the exclusive forum and jury waiver provisions in our articles of incorporation. However, investors will not be deemed to have waived compliance with the federal securities laws and the rules and regulations thereunder as a result of such provisions.

#### Limitations on Liability and Indemnification of Officers and Directors
The NRS authorizes corporations to limit or eliminate, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto (in each case filed on or after October 1, 2003), provide for greater individual liability, the individual liability of directors and officers to corporations and their stockholders and creditors for any damages as a result of any act or failure to act in such individual's capacity as a director or officer, unless the statutory presumption established under NRS 78.138(3) (namely that directors and officers, in deciding upon matters of business, are presumed to act in good faith, on an informed basis and with a view to the interests of the corporation) has been rebutted, and it is proven that (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer, and (ii) such breach involved intentional misconduct, fraud or a knowing violation of law. Our articles of incorporation include a provision that eliminates the individual liability of our directors and officers to the fullest extent permitted under Nevada law. The effect of these provisions is to eliminate the rights of us and our stockholders or creditors to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches involving grossly negligent behavior but not intentional misconduct, fraud or a knowing violation of law.

Our bylaws generally provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the NRS, subject to limited exceptions. We also are expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

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The limitation of liability under Nevada law, and the limitations on liability, indemnification and advancement provisions in our articles of incorporation and bylaws, may discourage stockholders from bringing a lawsuit against directors and officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

#### Limited Fiduciary Duty of Controlling Stockholders
Pursuant to NRS 78.240 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), no stockholder (other than a "controlling stockholder" as discussed below) has any fiduciary duty to us or any other stockholder, and each stockholder (other than a "controlling stockholder"), regardless of such stockholder's relative ownership of shares, is entitled to exercise or withhold the voting power of such shares in such stockholder's personal interest and without regard to any other person or interest.

A "controlling stockholder" is defined as a stockholder of a corporation having the voting power, by virtue of such stockholder's relative beneficial ownership of shares or otherwise pursuant to the articles of incorporation, to elect at least a majority of the corporation's directors. The only fiduciary duty of a controlling stockholder of a corporation, in such person's capacity as a stockholder, is to refrain from exerting undue influence over any director or officer of the corporation with the purpose and proximate effect of inducing a breach of fiduciary duty by such director or officer, for which breach the director or officer is liable pursuant to NRS 78.138, and which breach:

&nbsp;&nbsp;&nbsp;&nbsp;• directly relates to the initiation, evaluation, negotiation, authorization or approval by the board of directors, or a committee thereof, of a contract or transaction to which the controlling stockholder or any of its affiliates or associates is a party or in which the controlling stockholder or any of its affiliates or associates has a material and nonspeculative financial interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• results in material, nonspeculative and non-ratable financial benefit to the controlling stockholder, which benefit excludes, and results in a material and nonspeculative detriment to the other stockholders generally.

However, the exercise or withholding of voting power by a controlling stockholder, or the indication or implication by a controlling stockholder as to whether or to what extent such voting power may be exercised or withheld, does not, by itself, constitute or indicate a breach of this limited fiduciary duty. A controlling stockholder is presumed to have not breached its fiduciary duty with respect to any contract or transaction if it is authorized or approved, or recommended to the board of directors, by a committee of the board consisting only of disinterested directors.

Due to the anticipated aggregate voting power of our capital stock by ManagementCo (including its holding of the Special Voting Share) at the time of this offering, ManagementCo would be deemed, at such time, to be a "controlling stockholder" under the statutory provisions described above.

#### Listing
We intend to list our common stock on the NYSE under the trading symbol "PS." Our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the PSUS IPO as described in the accompanying PSUS Prospectus.

#### Transfer Agent and Registrar
The transfer agent and registrar for shares of our common stock will be .

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#### CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
The following is a summary of certain U.S. federal income tax consequences of the ownership and disposition of our common stock and our potential treatment as a personal holding company. Except with respect to the allocation of purchase price between your shares of our common stock and PSUS Shares, this summary deals only with common stock that is held as a capital asset by a non-U.S. holder (as defined below).

A "U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is, for U.S. federal income tax purposes, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

A "non-U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.

This summary is based upon provisions of the Code, and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. This summary does not address all of the U.S. federal income tax consequences that may be relevant to you in light of your particular circumstances, nor does it address the Medicare tax on net investment income, U.S. federal estate and gift taxes or the effects of any state, local or non-U.S. tax laws. In addition, it does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a person subject to special rates of withholding or other U.S. taxation, U.S. expatriate, foreign pension fund, "controlled foreign corporation," "passive foreign investment company" or a partnership or other pass-through entity for United States federal income tax purposes). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner of a partnership considering an investment in our common stock, you should consult your tax advisors.

**If you are considering the purchase of our common stock, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you of the ownership and disposition of our common stock, as well as the consequences to you arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction.** 

#### Taxation of the Company - Personal Holding Companies
Although we do not expect to be treated as a personal holding company, or PHC, for U.S. federal income tax purposes, we could be subject to additional U.S. federal income tax on a portion of our income if it is determined that we are a PHC. A U.S. corporation will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (1) at any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency and including as individuals for this purpose certain entities such as certain tax-exempt organizations and pension funds) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation by value and (2) at least 60% of the corporation's adjusted ordinary gross income, as determined for U.S. federal income tax purposes, for such taxable year, consists of PHC income (which includes, among other things, dividends, interest, royalties, annuities and, under certain circumstances, rents). No assurance can be given that we will not become a PHC following the combined offering or in the future.

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If we are or were to become a PHC in a given taxable year, we would be subject to an additional 20% PHC tax on our undistributed PHC income, which includes the company's taxable income, subject to certain adjustments. If we were to become a PHC and had significant amounts of undistributed PHC income, the amount of PHC tax could be material; in that event, distribution of such income would reduce the PHC income subject to tax.

#### Allocation of Purchase Price and Basis for U.S. Holders and Non-U.S. Holders
No statutory, administrative or judicial authority directly addresses the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes and, therefore, that treatment is not entirely clear. While not free from doubt, your acquisition pursuant to the combined offering of (1) PSUS Shares and (2) shares of our common stock for no additional consideration in conjunction therewith should be treated for U.S. federal income tax purposes as the acquisition of both such PSUS Shares and such shares of our common stock for the aggregate purchase price paid in the combined offering. Under this treatment, for U.S. federal income tax purposes, you must allocate the purchase price between the PSUS Shares and shares of our common stock you received pursuant to the combined offering based on their relative fair market values. The price allocated to each of our common shares will be the investor's tax basis in such share. We believe that one reasonable method for determining fair market value is to use the average of the highest and lowest public trading prices of, respectively, our common stock and PSUS Shares on the date of the closing of the combined offering. We intend to use such method to determine the relative fair market value of the PSUS Shares and shares of our common stock issued in the combined offering. We strongly urge you to consult your tax advisor regarding the determination of fair market value for these purposes.

The foregoing treatment of your receipt of PSUS Shares and our common stock and your purchase price allocation between PSUS Shares and shares of our common stock received in the combined offering are not binding on the IRS or the courts. Because there are no authorities that directly address the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes, no assurance can be given that the IRS or the courts will agree with the characterization described above, and any alternative characterization could result in adverse consequences for you, the Company, or PSUS. Accordingly, you are urged to consult your own tax advisor regarding the tax consequences of participating in the combined offering.

#### Tax Consequences for Non-U.S. Holders

#### Dividends
In the event that we make a distribution of cash or other property (other than certain pro rata distributions of our stock) in respect of our common stock, the distribution generally will be treated as a dividend for U.S. federal income tax purposes to the extent it is paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Any portion of a distribution that exceeds our current and accumulated earnings and profits generally will be treated first as a tax-free return of capital, causing a reduction in the adjusted tax basis of a non-U.S. holder's common stock, and to the extent the amount of the distribution exceeds a non-U.S. holder's adjusted tax basis in our common stock, the excess will be treated as gain from the disposition of our common stock (the tax treatment of which is discussed below under "—Gain on Disposition of Common Stock").

Dividends paid to a non-U.S. holder generally will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment) are not subject to the withholding tax, provided certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis generally in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A non-U.S. holder who wishes to claim the benefit of an applicable treaty rate for dividends will be required (a) to provide the applicable withholding agent with a properly executed Internal Revenue Service ("IRS") Form W-8BEN or Form W-8BEN-E (or other applicable form) certifying under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if

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our common stock is held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable U.S. Treasury regulations. Special certification and other requirements apply to certain non-U.S. holders that are pass-through entities rather than corporations or individuals.

A non-U.S. holder eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

#### Gain on Disposition of Common Stock
Subject to the discussion of backup withholding below, any gain realized by a non-U.S. holder on the sale or other disposition of our common stock generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a trade or business of the non-U.S. holder in the United States (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. holder);

&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of that disposition, and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a "United States real property holding corporation" for U.S. federal income tax purposes and certain other conditions are met.

A non-U.S. holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale or other disposition in the same manner as if the non-U.S. holder were a United States person as defined under the Code. In addition, if any non-U.S. holder described in the first bullet point immediately above is a foreign corporation, the gain realized by such non-U.S. holder may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. An individual non-U.S. holder described in the second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an applicable income tax treaty) tax on the gain derived from the sale or other disposition, which gain may be offset by United States source capital losses even though the individual is not considered a resident of the United States.

If the third bullet were to apply, then except as described below, gain recognized by a non-U.S. holder on the disposition of our common shares would generally be subject to tax in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Generally, a corporation is a "United States real property holding corporation" if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for United States federal income tax purposes). We believe we are not and do not anticipate becoming a "United States real property holding corporation" for U.S. federal income tax purposes. Because the determination of whether we are a United States real property holding corporation depends on the fair market value of our United States real property interests relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not be a United States real property holding corporation at the time of the Corporate Conversion or will not become one in the future. Even if we were to become a United States real property holding corporation, gain arising from a non-U.S. holder's sale or other taxable disposition of shares of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such non-U.S. holder owns, actually and constructively, five percent (5%) or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder's holding period.

#### Information Reporting and Backup Withholding
Distributions paid to a non-U.S. holder and the amount of any tax withheld with respect to such distributions generally will be reported to the IRS. Copies of the information returns reporting such distributions and any withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty.

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A non-U.S. holder will not be subject to backup withholding on distributions received if such holder certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that such holder is a United States person as defined under the Code), or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of our common stock within the United States or conducted through certain United States-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

#### Additional Withholding Requirements
Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends paid on our common stock to (i) a "foreign financial institution" (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a "non-financial foreign entity" (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under "—Dividends," an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of our common stock, proposed U.S. Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these requirements and whether they may be relevant to your ownership and disposition of our common stock.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to the combined offering, there has been no public market for shares of our common stock. We cannot predict the effect, if any, future sales of shares of common stock, or the availability for future sale of shares of common stock, in the public market will have on the market price of shares of our common stock prevailing from time to time. The sale of substantial amounts of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors— Risks Related to the Combined Offering and Ownership of Our Common Stock—*Substantial sales of our common stock following the combined offering could cause the market price of our common stock to decline*."

Upon completion of the combined offering, we will have a total of shares of our common stock outstanding. The shares of our common stock delivered to the initial investors in the PSUS IPO in the combined offering will be freely tradable without restriction or further registration under the Securities Act by persons other than our "affiliates." Under the Under the Securities Act, an "affiliate" of an issuer is a person that directly or indirectly controls, is controlled by or is under common control with that issuer. The shares of our common stock held by our pre-IPO owners and management will be "restricted securities," as defined in Rule 144 and may not be sold absent registration under the Securities Act or compliance with Rule 144 thereunder or in reliance on another exemption from registration.

We will enter into a registration rights agreement with our pre-IPO owners and management that will require us to register under the Securities Act the resale of these shares of common stock. See "Certain Relationships and Related Person Transactions—Registration Rights Agreement." Such securities registered under any registration statement will be available for sale in the open market unless restrictions apply.

In addition, shares may be granted under our Equity Incentive Plan. We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Equity Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market. We expect that the initial registration statement on Form S-8 will cover shares.

Our articles of incorporation authorize us to issue additional shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion. In accordance with the NRS and the provisions of our articles of incorporation, we may also issue preferred stock that has designations, preferences, rights, powers and duties that are different from, and may be senior to, those applicable to shares of common stock. See "Description of Capital Stock."

#### Lock-Up Agreements and Registration Rights
We, our officers, directors and our pre-IPO owners, including our Founder and the Strategic Investors, have agreed, subject to certain exceptions, that we and they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any of these transactions are to be settled by delivery of our common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of the representatives of the underwriters for a period of 12 months after the date of this prospectus. These agreements are subject to certain exceptions, as set forth in "Underwriting."

In addition, following the expiration of the lock-up period, certain stockholders will have the right, subject to certain conditions, to require us to register the sale of their shares of our common stock under federal securities laws. See "Certain Relationships and Related Person Transactions—Registration Rights Agreement." If these stockholders exercise this right, our other existing stockholders may require us to register their registrable securities.

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Following the lock-up period described above, all of the shares of our common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with Rule 144 under the Securities Act.

#### Rule 144
In general, under Rule 144, as currently in effect, a person who is not deemed to be our affiliate for purposes of Rule 144 or to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the shares of common stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares of common stock without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares of common stock proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person is entitled to sell those shares of common stock without complying with any of the requirements of Rule 144. In general, six months after the effective date of the registration statement of which this prospectus forms a part, under Rule 144, as currently in effect, our affiliates or persons selling shares of common stock on behalf of our affiliates are entitled to sell, within any three-month period, a number of shares of common stock that does not exceed the greater of (1) 1% of the number of shares of common stock then outstanding and (2) the average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale. Sales under Rule 144 by our affiliates or persons selling shares of common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

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#### UNDERWRITING
We and the underwriters named below (the "underwriters"), acting through Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC as their representatives (the "Representatives"), have entered into an underwriting agreement (the "Underwriting Agreement") with respect to the shares of our common stock being delivered to each initial investor in the PSUS IPO. Each of the underwriters named below is also acting as an underwriter in the PSUS IPO, pursuant to an underwriting agreement (the "PSUS Underwriting Agreement") among the underwriters, PSUS, Pershing Square Capital Management, L.P., as investment manager to PSUS, and us, as the selling shareholder in the PSUS IPO. Subject to certain conditions, each underwriter has severally agreed to accept delivery of the number of shares of our common stock set forth opposite their respective names. The underwriters are committed to accept delivery of all such shares of our common stock (other than those covered by the over-allotment option described below) if any PSUS Shares are purchased in the PSUS IPO. The underwriters for this offering and the offering of PSUS Shares in the PSUS IPO will be the same. The underwriters are committed to purchase all of the PSUS Shares offered in the PSUS IPO (other than those covered by the over-allotment option described below) and to acquire all shares of our common stock offered in this offering, if they purchase any PSUS Shares.

---

| | |
|:---|:---|
| **Underwriter** | **Number of Shares**  |
| Citigroup Global Markets Inc.  |  |
| UBS Securities LLC |  |
| BofA Securities, Inc.  |  |
| Jefferies LLC |  |
| Wells Fargo Securities, LLC |  |
| **Total** |  |

---

If an underwriter fails to purchase any PSUS Shares it has agreed to purchase in connection with the PSUS IPO, the Underwriting Agreement provides that if one or more substitute underwriters is found in connection with the PSUS IPO, such substitute underwriter will accept delivery of our shares of common stock in proportion to the number of PSUS Shares agreed to be sold to such substitute underwriter in connection with the PSUS IPO. Additionally, if an underwriter fails to accept delivery of the shares of our common stock it has agreed to accept, the Underwriting Agreement provides that one or more substitute underwriters may be found, the delivery commitments of the remaining underwriters may be increased or the Underwriting Agreement may be terminated.

Pursuant to the PSUS Underwriting Agreement, the underwriters have an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional PSUS Shares to cover over-allotments, if any, at the initial offering price of the PSUS Shares. The Underwriting Agreement provides for the delivery of up to additional shares of our common stock to cover over-allotments upon the exercise by the underwriters of such option. The underwriters may exercise such option solely for the purpose of covering over-allotments. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase securities to cover syndicate short positions, unless the combined trading price of a PSUS Share and a share of our common stock is in the aggregate less than the public offering price of $50.00. To the extent that the underwriters exercise this option, each of the underwriters will have a firm commitment, subject to certain conditions, to purchase an additional number of PSUS Shares, and deliver the applicable number of additional shares of our common stock, proportionate to such underwriter's initial commitment.

Solely for the purpose of facilitating the delivery of our common stock and the PSUS Shares, the public offering price of our common stock may be reflected as $0.01 per share and the public offering price of the PSUS Shares may be reflected as $49.99 per share in certain communications related to the settlement of the combined offering. However, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS and the combined offering will not result in any proceeds to us.

The Underwriting Agreement provides that the obligations of the underwriters to accept delivery of the shares of our common stock included in this offering are subject to approval of certain legal matters by counsel and certain other conditions.

As described in the PSUS Prospectus, in connection with the PSUS IPO, the underwriters of the PSUS IPO will receive a commission equal to a percentage of the aggregate public offering price of the PSUS Shares sold

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in the PSUS IPO pursuant to the PSUS Underwriting Agreement. In addition, as described in the PSUS Prospectus, PSUS will reimburse the underwriters of the PSUS IPO for certain out-of-pocket expenses, including counsel fees, in connection with the PSUS IPO. As described in the PSUS Prospectus, certain underwriters will also receive fees for structuring the PSUS IPO. No additional compensation will be paid to the underwriters in connection with this offering.

We will bear all costs associated with this offering. We estimate that the total expenses of the combined offering, including registration, filing and listing fees, printing and legal and accounting expenses, but excluding the underwriting discounts and commissions to the underwriters of the PSUS IPO, will be approximately $.

Prior to the combined offering, there has been no public or private market for the shares of our common stock. Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of our common stock to the public as there would be in a traditional underwritten initial public offering. This lack of an initial public offering price could impact the range of buy and sell orders collected by the NYSE from various broker-dealers. Consequently, the public price of our common stock may be more volatile than in a traditional underwritten initial public offering and could, upon listing on the NYSE, decline significantly and rapidly from the opening price. Furthermore, there can be no assurance that an active trading market in the shares of our common stock will develop and continue after the combined offering. See the section titled "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock."

The shares of our common stock are expected to be listed on the NYSE under the trading or ticker symbol "PS," subject to notice of issuance. The shares of our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the PSUS IPO as described in the accompanying PSUS Prospectus.

In connection with the requirements for listing the shares of our common stock on the NYSE, the underwriters have undertaken to deliver lots of 100 or more shares of our common stock to a minimum of 400 beneficial owners in the United States. The minimum investment requirement is PSUS Shares with which the underwriters will deliver shares of our common stock.

The underwriters have informed us that they do not intend delivery of our shares of common stock to discretionary accounts to exceed five percent of the total number of shares of common stock offered by them.

We have agreed to indemnify the underwriters for or to contribute to the losses arising out of certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities, except in the cases of willful misfeasance, bad faith or gross negligence.

We, our officers, directors and our pre-IPO owners, including our Founder and the Strategic Investors, have agreed, subject to enumerated exceptions, that for a period of 12 months from the date of this prospectus, we and they will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any of these transactions are to be settled by delivery of our common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement. The Representatives, in their sole discretion, may release all or any portion of the shares of our common stock subject to these lock-up agreements at any time.

At our request and as directed by us, the underwriters have reserved for sale at the initial public offering price up to % of the PSUS Shares in the PSUS IPO (including the delivery of the applicable proportion of shares of our common stock) to certain investors, which includes investors in our funds as well as certain other individuals affiliated with PSCM LP. We will not pay underwriting discounts and commissions on the PSUS Shares sold (including the delivery of the applicable proportion of shares of our common stock) to such investors. The number of PSUS Shares (including the delivery of the applicable proportion of shares of our common stock) available for sale to the general public will be reduced by the number of shares sold to the foregoing investors as directed by us.

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In connection with the combined offering, the underwriters may purchase and sell PSUS shares of our common stock and/or Shares in the open market, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, which may require corresponding purchases or sales by the underwriters of shares of the other component security in the open market. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the subject securities and syndicate short positions involve the sale by the underwriters of a greater number of subject securities than they are required to deliver in the offering. The underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker dealers may be reclaimed by the syndicate if the securities they have sold are repurchased by the syndicate in stabilizing or covering transactions. These activities aim to stabilize, maintain or otherwise affect the market price of the subject securities, which may be higher than the price that might otherwise prevail in the open market. Stabilizing transactions by the underwriters with respect to the trading of shares of our common stock and/or PSUS Shares on the NYSE, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, may require corresponding purchases or sales by the underwriters of the other component security in the open market, and therefore stabilizing transactions with respect to the trading of one security may affect the trading market for the other security, including in potentially unexpected ways. See "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock—*No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly*."

A prospectus in electronic format may be made available on websites maintained by one or more underwriters or selected dealers, if any, participating in the combined offering. The Representatives may agree to allocate a number of shares of our common stock to underwriters for delivery to their online brokerage account holders. Internet distributions will be allocated by the Representatives to underwriters that may make Internet distributions on the same basis as other allocations.

Certain underwriters have performed investment banking and advisory services for us and our affiliates from time to time, for which they have received customary fees and expenses. Certain underwriters may, from time to time, engage in transactions with or perform services for us and our affiliates in the ordinary course of business.

The principal business address of Citigroup Global Markets Inc. is 388 Greenwich Street, New York, New York 10013. The principal business address of UBS Securities LLC is 1285 Avenue of the Americas, New York, New York 10019. The principal business address of BofA Securities, Inc. is One Bryant Park, New York, New York 10036. The principal business address of Jefferies LLC is 520 Madison Avenue, New York, New York 10022. The principal business address of Wells Fargo Securities, LLC is 550 South Tryon Street, Charlotte, North Carolina 28202.

#### Selling Restrictions
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or delivered, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and delivery of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### For Prospective Investors Located in Australia
This prospectus: (i) does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (cth) (the "Corporations Act"); (ii) has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the

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Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and (iii) may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The shares of our common stock may not be directly or indirectly offered for subscription or delivered, and no invitations to subscribe for or buy the shares of our common stock may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any shares of our common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting a subscription for the shares of our common stock, an investor represents and warrants that it is an exempt investor.

As any offer of shares of our common stock under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of our common stock you undertake to us that you will not, for a period of 12 months from the date of issue of the shares of our common stock, offer, transfer, assign or otherwise alienate those shares of our common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

#### For Prospective Investors Located in Brazil
The Company is not listed with any stock exchange, organized over the counter market or electronic system of securities trading. The shares of our common stock have not been and will not be registered with any securities exchange commission or other similar authority, including the Brazilian Securities and Exchange Commission (*Comissão de Valores Mobiliários*, or the "CVM"). The shares of our common stock will not be directly or indirectly offered or delivered within Brazil through any public offering, as determined by Brazilian law and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future.

Acts involving a public offering in Brazil, as defined under Brazilian laws and regulations and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future, must not be performed without such prior registration. Persons in Brazil wishing to acquire shares of our common stock should consult with their own counsel as to the applicability of these registration requirements or any exemption therefrom. Without prejudice to the above, the delivery and solicitation of shares of our common stock is limited to qualified investors as defined by CVM Rule No. 409 (Aug. 18, 2004), as amended from time to time or as defined by any other rule that may replace it in the future.

This prospectus is intended solely for the use of the addressee and cannot be delivered or disclosed in any manner whatsoever to any person or entity other than the addressee.

#### For Prospective Stockholders in Canada
No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and delivery of the shares of our common stock. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this document or on the merits of the shares of our common stock and any representation to the contrary is an offence. The offer and delivery of the shares of our common stock in Canada is being made on a private placement basis and is exempt from the requirement that the issuer prepare and file a prospectus under applicable Canadian securities laws. Any resale of shares of our common stock acquired by a Canadian investor in the combined offering must be made in accordance with applicable Canadian securities laws, which resale restrictions may under certain circumstances apply to resales of the shares of our common stock outside of Canada.

The Company is not, and may never be, a "reporting issuer," as such term is defined under applicable Canadian securities legislation, in any province or territory of Canada in which the shares of our common stock will be offered and there currently is no public market for any of the shares of our common stock in Canada, and one may never develop.

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*Representations of Purchasers* 

Each Canadian investor who receives shares of our common stock will be deemed to have represented to the Company, the underwriters and to each dealer from whom a delivery confirmation is received, as applicable that:

A. Where required by law, the investor is acquiring the shares of our common stock as principal, or is deemed to be acquiring as principal in accordance with applicable securities laws of the province in which such investor is resident, for its own account and not as agent for the benefit of another person, and for investment only and not with a view to resale or distribution; 

B. The investor, or any ultimate holder for which the investor is acting as agent, is entitled under applicable Canadian securities laws to acquire the shares of our common stock without the benefit of a prospectus qualified under such securities laws, and without limiting the generality of the foregoing, is (i) an "accredited investor" as defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions ("NI 45-106") or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), and (ii) a "permitted client" as defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations; and 

C.<br> The investor is not a person created or used solely to acquire or hold the shares of our common stock as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in section 1.1 of NI 45-106.

*Rights of Action for Damages or Rescission* 

Securities legislation in certain of the Canadian provinces provides certain purchasers of securities pursuant to an offering document (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission rule 45-501 Ontario prospectus and registration exemptions and in Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering document (such as this prospectus), or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation," as defined in the applicable securities legislation. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislation and are subject to limitations and defences under applicable securities legislation. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

*Underwriting Conflicts* 

Pursuant to section 3a.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105") (or section 3a.4 in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction), the combined offering is conducted pursuant to an exemption from the requirement that Canadian investors be provided with certain underwriter conflicts of interest disclosure that would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.

*Language of Documents* 

Each purchaser residing in the Province of Québec hereby agrees that it is the purchaser's express wish that all documents evidencing or relating in any way to the sale of the securities and all other contracts and related documents be drafted in the English language. *Chaque acheteur residant dans la province de Québec reconnaît que c'est sa volonté expresse que tous les documents faisant foi ou se rapportant de quelque manière à la vente des titres et tous les autre contrats et documents s'y rapportant soient rédigés en anglais.*

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#### For Prospective Stockholders in China
The shares of our common stock may not be marketed, offered or delivered directly or indirectly in a public manner within the People's Republic of China (the "PRC," for the purpose of this prospectus, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) and neither this prospectus nor any offering material or information contained herein relating to the shares of our common stock, may be supplied to the public in the PRC or used in connection with any offer for the subscription of the shares of our common stock to the public in the PRC.

The shares of our common stock may only be marketed, offered or delivered in a non-public manner to not more than 200 specific institutional investors, including qualified domestic institutional investors as defined in the trial measures for the administration of securities investment outside the PRC by qualified domestic institutional investors (![](ny20040230x5_characters01.jpg)), qualified domestic insurance companies, qualified domestic trust companies, qualified domestic commercial banks and other qualified domestic investors (collectively, "Qualified Domestic Investors"). Other persons should not act or rely on this prospectus or any of its contents.

No public media or other means of public distribution or announcement will be used within the PRC in connection with the shares of our common stock or the delivery or distribution of this prospectus. This prospectus is being supplied to you solely for your information and may not be reproduced, redistributed, disclosed or passed on, in any way, to any other person or published, in whole or in part, for any other purpose. Neither this prospectus nor any part of it is intended as or constitutes provision of any consultancy or advisory service of securities investment or public inducement.

Subject to the foregoing, the distribution of this prospectus does not constitute a public offering of the securities under the securities laws of the PRC (![](ny20040230x5_characters02.jpg)), and is not intended as, and does not constitute, providing consulting or advisory service of securities investment as defined under the PRC laws.

#### For Prospective Stockholders in the European Economic Area
For the purposes of Directive 2011/61/EU of the European Parliament and the (European) Commission on Alternative Investment Fund Managers (the "Directive"), the Company will constitute a non-EU AIF whose AIFM is the management company, itself a non-EU AIFM (as each of the foregoing terms is defined in the directive). As of the date hereof, each member state of the European Economic Area ("EEA") has adopted domestic legislation implementing the directive into its national law. Under the Directive, "marketing" (as defined in the Directive) to or with any investor domiciled or with a registered office in the EEA will be restricted by such laws and no such marketing will take place except as permitted by such laws.

Unless stated otherwise below, the shares of our common stock can only be marketed to investors domiciled, or with a registered office, in a member state of the EEA in which such marketing is permitted by applicable national law to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.

#### For Prospective Stockholders in the Netherlands
The shares of our common stock have not been and will not be offered, transferred or delivered in the Netherlands, as part of their initial distribution or at any time thereafter, directly or indirectly, other than to individuals or legal entities which are or are considered to be 'qualified investors' (*gekwalificeerde beleggers*) within the meaning of article 1:1 of the Dutch Financial Supervision Act (*wet op het financieel toezicht*, the "WFT"). The AIFM makes use of the National Private Placement Regime ("NPPR") referred to in article 1:13b of the WFT. As a consequence, the offering of the shares of our common stock does not require the Company to have a license pursuant to the WFT. In accordance with the NPPR, the Company is subject to certain reporting requirements vis-à-vis the Netherlands Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*).

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#### For Prospective Stockholders in the United Kingdom
For the purposes of the Alternative Investment Fund Managers Regulations 2013/1773 (as amended) ("UK AIFMR"), the Company will constitute a non-UK AIF whose AIFM is the management company, itself a non-UK AIFM (as each of the foregoing terms is defined in UK AIFMR). Under UK AIFMR, "marketing" (as defined in UK AIFMR) to or with any investor domiciled or with a registered office in the United Kingdom will be restricted by UK AIFMR and no such marketing will take place except as permitted by UK AIFMR.

Unless stated otherwise below, the shares of our common stock can only be marketed to investors domiciled, or with a registered office, in the United Kingdom to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of point (8) of article 2(1) of Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

For the purposes of investors in the United Kingdom, this communication is being made to and directed only at persons who: (i) have professional experience of participating in unregulated schemes falling within article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended, the "CIS Order") and fall within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "FPO"); or (ii) fall within article 22(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the CIS Order and article 49(5)(a) to (d) of the FPO; or (iii) persons to whom this report may otherwise be lawfully made to or directed at, provided, that such persons are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000, all such persons together being referred to as relevant persons. The investments and investment activity to which this communication relates are available to, and will only be engaged in with, relevant persons. No other person should act or rely on it.

#### For Prospective Stockholders in Hong Kong
The contents of this prospectus have not been reviewed or approved by any regulatory authority in Hong Kong. This prospectus does not constitute an offer or invitation to the public in Hong Kong to acquire shares of our common stock. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this prospectus or any advertisement, invitation or document relating to the shares of our common stock, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to shares of our common stock which are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" (as such term is defined in the Securities and Futures Ordinance of Hong Kong (cap. 571) (the "SFO") and the subsidiary legislation made thereunder) or in circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinances of Hong Kong (Cap. 32) (the "CWMPO") or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CWMPO. The offer of the shares of our common stock is personal to the person to whom this prospectus has been delivered by or on behalf of the Company, and a subscription for shares of our common stock will only be accepted from such person. No person to whom a copy of this prospectus is issued may issue, circulate or distribute this prospectus in Hong Kong or make or give a copy of this prospectus to any other person. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice.

#### For Prospective Stockholders in Israel
The shares of our common stock have not been registered and are not expected to be registered under the Israeli Securities Law – 1968 (the "Securities Law") or under the Israeli Joint Investment Trust Law – 1994 due to applicable exemptions. Accordingly, the shares of our common stock will only be offered and delivered in Israel pursuant to applicable private placement exemptions, to parties that qualify as both (i) Sophisticated Investors described in Section 15a(b)(1) of the Securities Law and (ii) as "Qualified Customers" for purposes of Section 3(a)(11) of the Law for the Regulation of Provision of Investment Advice, Marketing Investments and Portfolio Management – 1995 (the "Investment Advisor Law"). The Company is not a licensed investment marketer under the Investment Advisor Law and the Company does not maintain insurance as required under such law. The Company may be deemed to be providing investment marketing services but is not an investment advisor for purposes of Israeli law. Any investment marketing which may be deemed provided under Israeli law

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in connection with an investment in the Company is deemed provided on a one time only basis and the Company will not provide any ongoing investment marketing or investment advisory services to the investor. If any recipient in Israel of a copy of this prospectus is not qualified as described above, such recipient should promptly return this prospectus to the Company. By retaining a copy of this prospectus you are hereby confirming that you qualify as both a Sophisticated Investor and Qualified Customer, fully understand the ramifications thereof and agree to be treated as such by the Company.

#### For Prospective Stockholders in Mexico
The shares of our common stock have not been and will not be registered with the National Securities Registry (*Registro Nacional de Valores*) maintained by the National Banking and Securities Commission of Mexico (*Comisión Nacional Bancaria y de Valores*; the "CNBV") and may not be offered or delivered publicly in Mexico or otherwise be subject to intermediation activities in Mexico, except that the shares of our common stock may be offered and delivered to investors in Mexico qualifying as institutional or accredited investors pursuant to the private placement exemptions provided in article 8 of the Mexican Securities Market Law (*Ley del Mercado de Valores*). This prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor who may acquire shares of our common stock from time to time, must rely on their own examination of the terms of the combined offering and the shares of our common stock, including the merits and risks involved.

#### For Prospective Stockholders in Japan
No public offering of the shares of our common stock is being made to investors resident in Japan and no securities registration statement pursuant to Article 4, paragraph 1, of the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended) (the "FIEA") has been made or will be made in respect of the offering of the shares of our common stock in Japan pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in Article 10 of the Cabinet Ordinance Concerning Definitions under Article 2 of the FIEA (Ordinance No. 14 of 1995, as amended) as set forth in Article 2, Paragraph 3, Item 2 (a) of the FIEA or small number investors as set forth in Article 2, Paragraph 3, Item 3 of the FIEA. The shares of our common stock may not be offered or delivered, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan unless they are offered or delivered pursuant to an exemption from the registration requirements of, and in compliance with, the FIEA and any applicable laws and regulations of Japan. Neither the Financial Services Agency of Japan nor the Kanto Local Finance Bureau has passed upon the accuracy or adequacy of this prospectus or otherwise approved or authorized the offering of the shares of our common stock in Japan or to investors resident in Japan.

#### For Prospective Investors Located in the State of Qatar and the Qatar Financial Centre ("QFC")
This prospectus is provided on an exclusive basis to the specifically intended recipient thereof, for the recipient's personal use only and on the basis that the recipient is willing and able to conduct an independent investigation of the risks involved in this prospectus, the underlying instruments and any related documents. Nothing in this prospectus constitutes, is intended to constitute, shall be treated as constituting or shall be deemed to constitute, any offer or sale of securities in the State of Qatar or in the QFC to the public or the inward marketing of securities or an attempt to do business or conduct activities, as a bank, an investment company or otherwise in the State of Qatar or in the QFC.

This prospectus, the underlying instruments and any related documents have not been reviewed, approved, registered or licensed by or with the Qatar Central Bank, the Qatar Financial Centre Regulatory Authority, the Qatar Financial Markets Authority or any other regulator in the State of Qatar, the QFC or under any laws of the State of Qatar or the QFC. No transaction will be concluded in your jurisdiction. Recourse against the dealer, and those involved with it, may be limited or difficult and may have to be pursued in a jurisdiction outside Qatar and the QFC. Any distribution of this prospectus by the recipient to third parties in Qatar or the QFC beyond the terms hereof is not authorized and shall be at the liability of such recipient.

Any enquiries regarding the financial services or securities contained herein should be made by contacting the adviser.

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#### For Prospective Investors Located in the Kingdom of Saudi Arabia
This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations issued by the Saudi Arabian Capital Market Authority.

The Capital Market Authority does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorized financial adviser.

#### For Prospective Stockholders in Singapore
This prospectus and any other material in connection with the offer or sale is not a prospectus as defined in the Securities and Futures Act 2001 of Singapore (the "SFA"). Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.

This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (the "MAS") and the combined offering is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. The Company is not authorised or recognised by the MAS and the shares of common stock are not allowed to be offered to the retail public. Accordingly, this prospectus and any other document or material in connection with the offer or delivery, or invitation for subscription or purchase, of the shares of our common stock may not be circulated or distributed, nor may the shares of our common stock be offered or delivered, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 4A of the SFA, or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Certain resale restrictions apply to the offer and investors are advised to acquaint themselves with such restrictions. The shares of our common stock, or interests in those shares, may not be offered or delivered or transferred to any person in Singapore other than to an institutional investor under Section 4A of the SFA or as permitted in writing by the Company and in accordance with the conditions of any other applicable provision of the SFA.

You should therefore ensure that your own transfer arrangements comply with the restrictions. You should seek legal advice to ensure compliance with the above arrangement.

#### For Prospective Investors Located in Switzerland
The Company has not been approved for offering to non-qualified investors by the Swiss Financial Market Supervisory Authority FINMA ("FINMA") pursuant to article 120(1) of the Swiss Federal Act on Collective Investment Schemes ("CISA") and no representative or paying agent in Switzerland has been appointed pursuant to article 120(4) CISA. Accordingly, the shares of our common stock may only be offered (within the meaning of article 3(g) of the Swiss Federal Act on Financial Services ("FinSA")) or marketed (within the meaning of article 127a of the Collective Investment Schemes Ordinance), directly or indirectly, in or from Switzerland and this prospectus and any other offering documents relating to the Company may only be made available in or from Switzerland to professional clients as defined in article 4(3) or private clients within the meaning of article 4(2) FinSA who are in a long-standing investment advisory or investment management relationship with a regulated financial intermediary and who did not declare that they shall not be treated as qualified investors in accordance with article 10 (3ter) CISA. Investors in the shares of our common stock do not benefit from the specific investor protection provided by CISA and the supervision by FINMA in connection with the approval for offering or the appointment of a representative and paying agent in Switzerland.

#### For Prospective Investors Located in the Dubai International Financial Centre (DIFC)
This prospectus relates to a company which is not subject to any form of regulation or approval by the Dubai Financial Services Authority ("DFSA").

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This prospectus is only intended for recipients who are classified as 'Deemed' Professional Clients under the DFSA Rulebook or following their request for such prospectus.

The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with the Company. Accordingly, the DFSA has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus, and has no responsibility for it.

The shares of our common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the shares of our common stock.

If you do not understand the contents of this document you should consult an authorised financial adviser.

#### For Prospective Investors Located in the Abu Dhabi Global Market (ADGM))
This communication is sent strictly within the context of, and constitutes, an Exempt Communication.

This document relates to the shares of our common stock which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (the "FSRA"). The FSRA accepts no responsibility for reviewing or verifying any prospectus or documents in connection with the shares of our common stock. Accordingly, the FSRA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it.

The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective investors should conduct their own due diligence on the financial product.

This document does not constitute or form part of any offer to issue or deliver, or any solicitation of any offer to subscribe for the shares of our common stock in the Abu Dhabi Global Market and accordingly should not be construed as such.

If you do not understand the contents of this document you should consult an authorised financial adviser.

#### For Prospective Investors Located in United Arab Emirates (Excluding the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM))
This document, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates ("UAE") and accordingly should not be construed as such. The shares of our common stock are only being offered to a limited number of exempt Professional Investors in the UAE who fall under one of the following categories: federal or local governments, government institutions and agencies or companies wholly owned by any of them. The shares of our common stock have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "Authorities"). The Authorities assume no liability for any investment that the named addressee makes as an exempt Professional Investor. The document is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

#### For Prospective Stockholders in Jersey
Consent under the Control of Borrowing (Jersey) Order 1958 has not been obtained for the circulation of this prospectus. Accordingly, the offer that is the subject of this prospectus may only be made in Jersey where the offer is not an offer to the public or the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom or Guernsey as the case may be. By accepting this offer each prospective investor in Jersey represents and warrants that he or she is in possession of sufficient information to be able to make a reasonable evaluation of the offer.

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#### For Prospective Stockholders in Thailand
This document is provided to you as permitted by applicable laws and regulations, or solely at your request, and is not intended to be an offer, sale, or invitation for subscription or purchase of any interests in the Company in Thailand. This document has not been, and will not be, reviewed or approved by the Office of the Securities and Exchange Commission of Thailand. Accordingly, this document and any other documents and materials, in connection with the offer or delivery, or invitations for subscription or purchase of any interests in the Company, may not be circulated or distributed, nor may the interests in the Company be offered or delivered, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand, unless it is conducted by an entity holding appropriate securities business license under Thai law in accordance with the relevant laws and regulations.

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#### LEGAL MATTERS
Certain legal matters in connection with this offering will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. The validity of the shares of common stock issued in this offering will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada. Certain legal matters in connection with this offering will be passed upon for the underwriters by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York.

#### EXPERTS
The consolidated financial statements of Pershing Square Holdco, L.P. appearing in this prospectus and registration statement have been audited by Ernst & Young LLP, an independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. For further information about us and shares of our common stock, we refer you to the registration statement and to its exhibits and schedules. Statements in this prospectus about the contents of any contract, agreement or other document are not necessarily complete and in each instance we refer you to the copy of such contract, agreement or document filed as an exhibit to the registration statement. You may inspect these reports and other information without charge at a website maintained by the SEC. The address of this site is http://www.sec.gov.

Upon the completion of this offering, we will become subject to the informational requirements of the Exchange Act and will be required to file reports and other information with the SEC. You will be able to inspect copies of these materials without charge at the SEC's website. We intend to make available to our common stockholders annual reports containing consolidated financial statements audited by an independent registered public accounting firm.

Following the completion of this offering, Mr. Ackman, our Founder and Chief Executive Officer, intends to use his X (formerly Twitter) account (@BillAckman) as a means of publicly disseminating current information about the Company and the funds from time to time including information about new and disposed of investments and hedges, as well as his views on macroeconomic, geopolitical and other developments. Accordingly investors should monitor this account in addition to following the Company's SEC filings and the Company's website (), as well as the Company's press releases and investor presentations and events. Information on, or accessible from, Mr. Ackman's X account or on the Company's website is not part of this prospectus by reference or otherwise.

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#### INDEX TO FINANCIAL STATEMENTS

#### Pershing Square Holdco, L.P. <br>

#### 2024 Consolidated Financial Statements

---

| | |
|:---|:---|
| **Table of Contents**  | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#tRIR) | [F-2](#tRIR) |
| [Consolidated Statements of Financial Condition](#tCSF) | [F-3](#tCSF) |
| [Consolidated Statements of Operations](#tCSO) | [F-4](#tCSO) |
| [Consolidated Statements of Changes in Partners' Capital](#tCSCF) | [F-5](#tCSCF) |
| [Consolidated Statements of Cash Flows](#tCSC) | [F-6](#tCSC) |
| [Notes to Consolidated Financial Statements](#tNCF) | [F-7](#tNCF) |

---

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#### <br>

#### Report of Independent Registered Public Accounting Firm
To the General Partner of <br>

Pershing Square Holdco, L.P.

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of Pershing Square Holdco, L.P. (the "Partnership") as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in partners' capital and cash flows for the years then ended and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2024 and 2023, and the results of its operations and its cash flows for the years then ended, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](logo_eyllp.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

We have served as the Partnership's auditor since 2010.

New York, New York

June 11, 2025

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#### <br>

#### Consolidated Statements of Financial Condition

---

| | | |
|:---|:---|:---|
| **As of December 31** | **2024** | **2023**  |
| **Assets**<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;**$964856513** | &nbsp;&nbsp;&nbsp;$4271418  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382435  |
| Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp;**232670263** | &nbsp;&nbsp;321696546  |
| Due from affiliates<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8069477** | &nbsp;&nbsp;&nbsp;70741025  |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**865523** | &nbsp;&nbsp;&nbsp;&nbsp;1401898  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59512945** | &nbsp;&nbsp;&nbsp;65820642  |
| Lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**30589920** | &nbsp;&nbsp;&nbsp;33372734  |
| Fixed assets and leasehold improvements (net of accumulated depreciation of $15,292,146 and $56,278,842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16835002** | &nbsp;&nbsp;&nbsp;20317592  |
| Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4639939** | &nbsp;&nbsp;&nbsp;&nbsp;5338512  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**634149** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312931  |
| **Total assets** | **$1318792666** | $523655733 |
| **Liabilities**<br>|  |  |
| Accrued compensation and benefits<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;**$170114923** | &nbsp;&nbsp;$97426780  |
| Performance fee distributions payable<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**49282797** | &nbsp;&nbsp;&nbsp;46075171  |
| Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21661699** | &nbsp;&nbsp;&nbsp;77726159  |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13627356** | &nbsp;&nbsp;&nbsp;12823334  |
| Distributions payable to partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8736219** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6981829** | &nbsp;&nbsp;&nbsp;&nbsp;5580638  |
| &nbsp;&nbsp;Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46329394** | &nbsp;&nbsp;&nbsp;50606373  |
| &nbsp;&nbsp;Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34800000** | &nbsp;&nbsp;108725577  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**351534217** | &nbsp;&nbsp;398964032  |
| **Commitments and contingencies (see Note 7)**<br>|  |  |
| **Partners' capital**<br>|  |  |
| Partners' capital controlling interests | &nbsp;&nbsp;&nbsp;&nbsp;**920469068** | &nbsp;&nbsp;&nbsp;78844135  |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46789381** | &nbsp;&nbsp;&nbsp;45847566  |
| **Total partners' capital** | &nbsp;&nbsp;&nbsp;&nbsp;**967258449** | &nbsp;&nbsp;124691701 |
| **Total liabilities and partners' capital** | **$1318792666** | $523655733 |

---

(1) Includes amounts attributable to consolidated variable interest entities ("VIEs") for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

The accompanying notes form an integral part of these consolidated financial statements.<br>

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#### <br>

#### Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | **2023**  |
| **Revenue**<br>|  |  |
| Management fees | **$206066898** | $170801456  |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp;**249430688** | &nbsp;&nbsp;341855070  |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**455497586** | &nbsp;&nbsp;512656526 |
| **Expenses**<br>|  |  |
| Profit-sharing partner compensation<sup>(1)</sup> | &nbsp;&nbsp;**339132746** | &nbsp;&nbsp;115829484  |
| Affiliates fee rebate | &nbsp;&nbsp;&nbsp;**69300950** | &nbsp;&nbsp;115705667  |
| General and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;**50811911** | &nbsp;&nbsp;&nbsp;22649494  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp;**13164376** | &nbsp;&nbsp;&nbsp;13124483  |
| &nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;**2778063** | &nbsp;&nbsp;&nbsp;&nbsp;2757608  |
| **Total expenses** | &nbsp;&nbsp;**475188046** | &nbsp;&nbsp;270066736  |
| **Operating income (loss)** | &nbsp;&nbsp;**(19690460)** | &nbsp;&nbsp;242589790  |
| **Non-operating income (expenses)**<br>|  |  |
| Interest income | &nbsp;&nbsp;&nbsp;**28508310** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738640  |
| Gain allocated from Pershing Square, L.P.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**6986422** | &nbsp;&nbsp;&nbsp;11361859  |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;**5666428** | &nbsp;&nbsp;&nbsp;&nbsp;4269622  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;**(3095596)** | &nbsp;&nbsp;&nbsp;&nbsp;(7069082)  |
| **Total non-operating income (expenses)** | &nbsp;&nbsp;&nbsp;**38065564** | &nbsp;&nbsp;&nbsp;&nbsp;9301039  |
| **Net income before taxes** | &nbsp;&nbsp;&nbsp;**18375104** | &nbsp;&nbsp;251890829  |
| Income tax expense | &nbsp;&nbsp;&nbsp;**15985175** | &nbsp;&nbsp;&nbsp;18169882  |
| &nbsp;&nbsp;**Net income** | &nbsp;&nbsp;&nbsp;&nbsp;**2389929** | &nbsp;&nbsp;233720947  |
| Less: Net (income) loss attributable to non-controlling interest<sup>(1)</sup> | &nbsp;&nbsp;**(16541033)** | &nbsp;&nbsp;(24261101)  |
| **Net income (loss) attributable to Pershing Square Holdco, L.P.** | **$(14151104)** | $209459846 |

---

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

The accompanying notes form an integral part of these consolidated financial statements.<br>

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#### <br>

#### Consolidated Statements of Changes in Partners' Capital

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **General Partner** <br>**Pershing Square** <br>**Capital** <br>**Management, L.P.<sup>(1)</sup>** | **Limited Partners** <br>**Pershing Square** <br>**Capital** <br>**Management, L.P.<sup>(1)</sup>** | **Limited Partner** <br>**Interest** <br>**Pershing Square** <br>**Holdco, L.P.<sup>(2)</sup>** | **Non-** <br>**controlling** <br>**Interest** | **Total**  |
| **As of December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$1784953 | &nbsp;&nbsp;$(34778970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $29701675 | &nbsp;&nbsp;&nbsp;&nbsp;$(3292342)  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453985  |
| Capital distributions | &nbsp;&nbsp;&nbsp;&nbsp;(461420) | &nbsp;&nbsp;&nbsp;(98614259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(8115210) | &nbsp;&nbsp;&nbsp;(107190889)  |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;2094598 | &nbsp;&nbsp;&nbsp;207365248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;24261101 | &nbsp;&nbsp;&nbsp;&nbsp;233720947  |
| **As of December 31, 2023** | &nbsp;&nbsp;&nbsp;&nbsp;**$3418131** | &nbsp;&nbsp;**$75426004** | **$—** | **$45847566** | **$124691701**  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1647202** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1647202**  |
| Capital distributions | &nbsp;&nbsp;&nbsp;&nbsp;**(1500428)** | &nbsp;&nbsp;**(148542421)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**(8099218)** | &nbsp;&nbsp;&nbsp;**(158142067)**  |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;**313638** | &nbsp;&nbsp;&nbsp;&nbsp;**31050107** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;**5079321** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**36443066**  |
| **As of May 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**$2231341** | &nbsp;&nbsp;**$(40419108)** | **$—** | **$42827669** | **$4639902**  |
| General Partner transfer<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**(2231341)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2231341** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Limited Partner transfer<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**40419108** | &nbsp;&nbsp;&nbsp;&nbsp;**(40419108)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**1165766679** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;**1165766679**  |
| Capital distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;**(145049016)** | &nbsp;&nbsp;**(7500000)** | &nbsp;&nbsp;&nbsp;**(152549016)**  |
| Offering costs for Pershing Square Holdco, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**(16545979)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**(16545979)**  |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**(45514849)** | &nbsp;&nbsp;**11461712** | &nbsp;&nbsp;&nbsp;&nbsp;**(34053137)**  |
| **As of December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$—** | **$920469068** | **$46789381** | **$967258449** |

---

(1)<br> Represent the former classes of equity of Pershing Square Capital Management, L.P. prior to a corporate reorganization which took place on May 31, 2024. Refer to Note 1 for details on the corporate reorganization.

(2)<br> Pershing Square Holdco GP, LLC, the general partner of Pershing Square Holdco, L.P., did not have a capital balance at any time during the periods disclosed and is therefore not shown in the Consolidated Statements of Changes in Partners' Capital.

The accompanying notes form an integral part of these consolidated financial statements.<br>

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#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | **2023**  |
| **Cash flows from operating activities**<br>|  |  |
| Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2389929** | $233720947  |
| Adjustments to reconcile net income to net cash provided by operating activities:<br>|  |  |
| Amortization of LTIP grants in profit-sharing partner compensation | &nbsp;&nbsp;&nbsp;&nbsp;**112737683** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453985  |
| Non-cash lease expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2782814** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2523919  |
| &nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2778063** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2757608  |
| Changes in operating assets and liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**89026283** | &nbsp;&nbsp;(321663531)  |
| &nbsp;&nbsp;&nbsp;Due from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62671548** | &nbsp;&nbsp;&nbsp;&nbsp;15799546  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**536375** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(776105)  |
| &nbsp;&nbsp;&nbsp;Investment in Pershing Square, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6307697** | &nbsp;&nbsp;&nbsp;(20152723)  |
| &nbsp;&nbsp;&nbsp;Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**698573** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152795  |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**72688143** | &nbsp;&nbsp;&nbsp;&nbsp;81746629  |
| &nbsp;&nbsp;&nbsp;Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;**(56064460)** | &nbsp;&nbsp;&nbsp;&nbsp;77726159  |
| &nbsp;&nbsp;&nbsp;Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**804022** | &nbsp;&nbsp;&nbsp;&nbsp;12597234  |
| &nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1401191** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1462274  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4276979)** | &nbsp;&nbsp;&nbsp;&nbsp;(3599406)  |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51145  |
| **Net cash provided by operating activities** | &nbsp;&nbsp;&nbsp;&nbsp;**294480882** | &nbsp;&nbsp;&nbsp;&nbsp;83800476  |
| **Cash flows from investing activities**<br>|  |  |
| Purchases of fixed assets and leasehold improvements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1557877)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17785)  |
| **Net cash used in investing activities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1557877)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17785)  |
| **Cash flows from financing activities**<br>|  |  |
| Proceeds from capital contributions | &nbsp;&nbsp;**1047164069** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Payments for capital distributions | &nbsp;&nbsp;&nbsp;**(298747239)** | &nbsp;&nbsp;&nbsp;(81415338)  |
| Proceeds from borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16384813** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Repayment of borrowings | &nbsp;&nbsp;&nbsp;&nbsp;**(80535856)** | &nbsp;&nbsp;&nbsp;&nbsp;(2874769)  |
| Offering costs for Pershing Square Holdco, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;**(16545979)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Offering costs for Pershing Square USA, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(321218)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Net cash provided by (used in) financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;**667398590** | &nbsp;&nbsp;&nbsp;(84290107)  |
| Net change in cash and cash equivalents and restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;**960321595** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507416)  |
| Cash and cash equivalents and restricted cash, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4653853** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5161269  |
| **Cash and cash equivalents and restricted cash, end of year** | **$964975448** | $4653853  |
| **Supplemental disclosures:**<br>|  |  |
| Cash paid during the year for income tax expense | &nbsp;&nbsp;&nbsp;&nbsp;**$15181153** | &nbsp;&nbsp;&nbsp;&nbsp;$5572648  |
| Cash paid during the year for interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4332283** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6493426  |
| Non-cash activities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;**120249812** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453985 |
| *Reconciliation of cash and cash equivalents and restricted cash*<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;**$964856513** | &nbsp;&nbsp;&nbsp;&nbsp;$4271418  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382435  |
| &nbsp;&nbsp;**Total cash and cash equivalents and restricted cash, end of year** | **$964975448** | $4653853 |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

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#### <br>

#### Notes to Consolidated Financial Statements
As of and for the years ended December 31, 2024 and 2023

1. **ORGANIZATION** 

Pershing Square Holdco, L.P., a Delaware limited partnership ("PS Holdco" or the "Partnership"), was formed on April 11, 2024. PS Holdco is the successor reporting entity to Pershing Square Capital Management, L.P., a Delaware limited partnership ("PSCM"), formed on December 17, 2003 that commenced operations on January 2, 2004.

On May 31, 2024, as part of an internal reorganization of PSCM (the "Reorganization"), PS Holdco became the indirect owner of PSCM and its general partner, PS Management GP, LLC, a Delaware limited liability company ("PSCM GP"). Prior to the Reorganization, 99% of the limited partnership interests of PSCM (the "PSCM LP Interests") were owned by Mr. William Ackman and other limited partners, and 1% of the PSCM LP Interests were owned by PSCM GP. At the time of the Reorganization, PSCM GP did not own anything other than its 1% interest in PSCM. Mr. Ackman was the managing member and sole owner of PSCM GP.

As part of the Reorganization, Mr. Ackman contributed his limited liability company interests in PSCM GP, and the limited partners of PSCM contributed the PSCM LP Interests to Pershing Square Partner Group, LLC, a Delaware limited liability company ("PSPG"). Immediately thereafter, PSPG contributed its interests in PSCM GP and the PSCM LP Interests to PS Holdco, and PS Holdco then contributed both interests to Pershing Square Intermediate Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of PS Holdco ("Intermediate Holdings"). As a result of the Reorganization, Intermediate Holdings is the sole limited partner of PSCM, and PS Holdco is the indirect owner of PSCM and PSCM GP.

On May 31, 2024, a consortium of strategic investors purchased a 10% minority equity interest in PS Holdco for a purchase price of $1.05 billion. Following the sale, PSPG owns 90% of the issued and outstanding limited partnership interests of PS Holdco.

On the same date, PS VariableCo, LLC, a Delaware limited liability company ("VariableCo"), PSCM and PS Holdco entered into the Variable Compensation Agreement ("VCA"). The terms of the VCA specify the allocation of any performance fees earned by PSCM between PS Holdco and VariableCo. Refer to Note 4 "Variable Compensation Agreement" for more details on the VCA.

#### Investment Manager and Managed Funds
PSCM is the investment manager to Pershing Square, L.P., a Delaware limited partnership ("PSLP"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PSINTL" and together with PSLP, the "Private Funds"), and Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company ("PSH", and collectively with the Private Funds, the "Core Funds"). The Core Funds generally implement substantially similar investment objectives, policies and strategies.

PSCM is also the investment adviser to PS VII, L.P., a Delaware limited partnership ("PSVII LP"), PS VII International, L.P., a Cayman Islands exempted limited partnership ("PSVII Intl"), PS VII Master, L.P., a Cayman Islands exempted limited partnership ("PSVII Master"), PS VII A International, L.P., a Cayman Islands exempted limited partnership ("PSVIIA"), and PS VII Employee Fund, LLC, a Delaware limited liability company ("PSVII Employee Fund" and together with PSVII LP, PSVII Intl, PSVII Master, and PSVIIA, the "PSVII Funds" and collectively with the Core Funds, the "Pershing Square Funds"). The PSVII Funds operate collectively as a co-investment vehicle that primarily invests in securities of (or otherwise seeks to be exposed to the value of securities issued by) Universal Music Group, N.V. ("UMG"). The PSVII Funds are closed to new investors.

PSCM is a concentrated, research-intensive, fundamental value investor in the public markets. PSCM's investment objective with respect to the Core Funds is to preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. PSCM defines risk as the probability of a permanent loss of capital, rather than price volatility. The PSVII Funds seek to create capital appreciation through exposure,

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#### <br>
directly or indirectly, to securities issued by UMG. In its value approach to investing, PSCM seeks to identify and have the Core Funds primarily invest in long (and occasionally short) investment opportunities that PSCM believes exhibit significant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition.

The substantial majority of the Core Funds' portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed, large capitalization North American companies. The Core Funds may make investments in a wide range of industry sectors, geographies and asset classes. PSCM seeks to invest in high-quality businesses, which it believes have limited downside and generate predictable, recurring cash flows. PSCM is an active and engaged investor that works with the companies in the Core Funds' portfolio to create substantial, enduring and long-term shareholder value. PSCM aims to manage risks through careful investment selection and portfolio construction, and may use opportunistic hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.

PSCM's primary sources of revenue are management fees from the Core Funds and PSVII Master, and performance fees from PSH and PSINTL. The Core Funds and PSVII Master pay management fees based on a percentage of their net asset value (before any accrued performance fees), and performance fees are based on a percentage charged of the net profits of PSH and PSINTL. In addition, as described under "Consolidation" in Note 2, the performance allocations received by the general partners of PSLP and PSVII Master are consolidated with PSCM's and the Partnership's revenue. For any given period, the Partnership's revenues will be driven by the total net asset value (before any accrued performance fees) and performance of these funds.

PSCM is registered with the Securities and Exchange Commission as an investment adviser under the Advisers Act and with the Commodity Futures Trading Commission ("CFTC") as the commodity pool operator of the Core Funds under the Commodity Exchange Act, as amended.

#### Other Subsidiaries and Relationships
Pershing Square USA, Ltd. ("PSUS") is a Delaware statutory trust formed on November 28, 2023 and is registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. In multiple instances in 2024, PSCM purchased PSUS common shares for the purpose of providing operating capital and is the sole equity holder of PSUS common shares. Refer to Note 4 for details on the share purchases.

West Side Services, LLC, a Delaware limited liability company, is a wholly owned subsidiary of PSCM related to certain of its office operations.

PSCM is the non-member manager of Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), a Delaware limited liability company. The Core Funds are the non-managing members of SPARC Sponsor. SPARC Sponsor is the sponsor entity of Pershing Square SPARC Holdings, Ltd. ("SPARC"), a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination transaction with one or more businesses. SPARC is actively looking for target companies for its business combination.

2. **SIGNIFICANT ACCOUNTING POLICIES** 

#### Basis of Presentation
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of the Partnership, its wholly owned subsidiaries, and entities in which the Partnership is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

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#### <br>
The Partnership accounted for the Reorganization, described under "Organization" in Note 1, as a common control transaction. The Reorganization resulted in a change in reporting entity from PSCM to PS Holdco. All balances and disclosures for periods prior to May 31, 2024, the date of the Reorganization, represent the historical activities of PSCM, the predecessor reporting entity to PS Holdco.

All amounts are stated in U.S. dollars. The following is a summary of the significant accounting and reporting policies used in preparing the Partnership's consolidated financial statements.

#### Consolidation
The Partnership consolidates all subsidiaries in accordance with GAAP and Financial Accounting Standards Board ("FASB") ASC 810, *Consolidation* ("ASC 810").

The Partnership consolidates the accounts of both Intermediate Holdings, as a 100% directly owned subsidiary, and PSCM, as a 100% indirectly owned subsidiary. The Partnership includes both entities' assets and liabilities and their results of operations in the Partnership's consolidated financial statements.

The Partnership consolidates all entities that it, or any of its subsidiaries (for the remainder of this Consolidation section, any reference to the "Partnership" also includes all of its subsidiaries), control either as the primary beneficiary of a variable interest entity ("VIE") or through a majority voting interest. The Partnership identifies VIEs it must consolidate by evaluating (i) whether it holds a variable interest in an entity, (ii) whether the entity is a VIE, and (iii) whether the Partnership's involvement would make it the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities ("VOEs"). Under the VOE model, the Partnership consolidates those entities for which it holds a majority voting interest.

In evaluating whether the Partnership holds a variable interest in an entity, fees received from the entity (including management fees and performance fees) that are customary and commensurate with the level of services provided are not considered variable interests where the Partnership does not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where the Partnership holds a variable interest, the Partnership must then determine whether each entity qualifies as a VIE and, if so, whether the Partnership is the primary beneficiary. A VIE is a corporation, partnership, limited liability company, trust or other legal structure used to conduct activities or hold assets that has: (i) insufficient equity to carry out its principal activities without additional subordinated financial support, (ii) a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership evaluates its economic interests in the entity held either directly or indirectly by the Partnership. VIEs are consolidated when an entity, as the primary beneficiary, holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if a) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and b) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

The Partnership has evaluated the Pershing Square Funds, their respective general partners and any affiliated entities, as applicable, for consolidation with the Partnership in accordance with ASC 810. As the Partnership does not hold economic interests in the Pershing Square Funds that would absorb more than an insignificant amount of their expected losses or returns, the Partnership does not hold a variable interest in any of the Pershing Square Funds. The Partnership also does not hold a majority of the voting interests in the Pershing Square Funds. As a result, the Pershing Square Funds are not required to be consolidated with the Partnership under ASC 810.

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Conversely, the Partnership has determined to consolidate Pershing Square GP, LLC ("PSGP"), the general partner of PSLP, and PSVII GP, LLC, the general partner of PSVII Master, PSVII LP, PSVII Intl and PSVII A ("PSVII GP") under ASC 810. As PSCM compensates its personnel using the performance allocations received by PSGP and PSVII GP, PSCM is exposed to variability in the expected losses or returns of these entities and holds a variable interest in both PSGP and PSVII GP.

PSCM, as investment manager of the Pershing Square Funds, has the power to direct the activities of PSGP and PSVII GP that most significantly impact its economic performance (i.e. PSGP and PSVII GP's receipt of performance allocations), and PSCM is the primary beneficiary of such economic performance as a result of using PSGP and PSVII GP's performance allocations to compensate PSCM's personnel.

The following table summarizes the consolidated balances of PSGP:

---

| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square GP, LLC** | **2024** | **2023**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;Investment in Pershing Square, L.P., at fair value | **$59512945** | $65820642  |
| &nbsp;&nbsp;&nbsp;Due from affiliates | &nbsp;&nbsp;&nbsp;**7500000** | &nbsp;&nbsp;&nbsp;7384317  |
| **Total assets** | **$67012945** | $73204959  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | **$12723564** | $19973076  |
| &nbsp;&nbsp;&nbsp;Performance fee distributions payable | &nbsp;&nbsp;&nbsp;**7500000** | &nbsp;&nbsp;&nbsp;7384317  |
| **Total liabilities** | &nbsp;&nbsp;**20223564** | &nbsp;&nbsp;27357393  |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;**46789381** | &nbsp;&nbsp;45847566  |
| &nbsp;&nbsp;**Total liabilities and equity** | **$67012945** | $73204959  |
| *Statements of Operations*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Performance allocation from Pershing Square, L.P.<sup>(1)</sup> | **$14543002** | $19407743  |
| &nbsp;&nbsp;&nbsp;Gain (loss) allocated from Pershing Square, L.P. | &nbsp;&nbsp;&nbsp;**6986422** | &nbsp;&nbsp;11361859  |
| &nbsp;&nbsp;&nbsp;Profit-sharing partner compensation | &nbsp;&nbsp;**(4988391)** | &nbsp;&nbsp;(6508501)  |
| **Net income attributable to non-controlling interest** | **$16541033** | $24261101 |

---

(1)<br> Included in performance fees on PS Holdco's Consolidated Statements of Operations

The Partnership does not have any variable interests in VIEs that are not consolidated. The Partnership also consolidates the accounts of PSUS, PSCM GP and West Side Services, LLC as they are wholly owned subsidiaries of PSCM.

For the year ended December 31, 2023, the Partnership consolidated the accounts of a trust for the Partnership's corporate aircraft created between the Partnership as trustor and Delaware Trust Company as owner trustee. The Partnership no longer owns this aircraft as it was distributed in kind to Mr. Ackman on December 20, 2024. Refer to Note 4 "Corporate Aircraft" for details on the distribution.

#### Use of Estimates
The preparation of the Partnership's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ from those estimates.

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#### <br>

#### Non-controlling Interests
A portion of the equity and income or loss from entities that are consolidated but not wholly owned by the Partnership is allocated to other owners. The portion allocated to other owners is included within non-controlling interest in the consolidated financial statements. The Partnership does not hold any direct equity interests in PSGP or PSVII GP. As a result, all net income related to both entities is allocated to non-controlling interest, and the capital balances of PSGP and PSVII GP represent the direct equity interests of other owners in PSGP and PSVII GP, as applicable.

Non-controlling interest is presented as a separate component of partners' capital in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Partners' Capital to clearly distinguish the controlling interests in the Partnership (general partner and limited partner interests) from the non-controlling interests in PSGP and PSVII GP, as applicable. Net income in the Consolidated Statements of Operations includes the net income attributable to the holders of non-controlling interests in the VIEs. Income and losses are allocated to the non-controlling interest in proportion to their relative ownership interests.

#### Revenue Recognition
PSCM receives management fees and performance fees from certain Pershing Square Funds in exchange for investment management services. These revenues are derived from PSCM's investment management agreements ("IMAs") with each fund.

The Partnership recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers* ("ASC 606"). Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled to in exchange for those goods or services. ASC 606 requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

*Management Fees* 

PSCM acts as investment manager providing management and administrative services to the Pershing Square Funds in accordance with each of their investment management agreements. As compensation for such services, PSCM receives a quarterly management fee of 0.375%, equal to 1.50% on an annual basis, of the net asset value (before any accrued performance fees) of the Core Funds, and a quarterly management fee of 0.0625%, equal to 0.25% on an annual basis, of the net asset value (before any accrued performance allocation) of the PSVII Funds. Management fees are recognized over the period during which the related services are performed.

Management fees are generally calculated and paid to PSCM quarterly in advance, based on the amount of fee-paying assets under management at the beginning of the quarter. Management fees are prorated for capital contributions in the Private Funds received during the quarter. Accordingly, changes in PSCM's management fee revenue from quarter to quarter are driven by changes in the quarterly balances of fee-paying assets and the relative magnitude and timing of contributions and withdrawals in a given quarter.

*Performance Fees* 

PSCM earns performance fees from PSINTL and PSH as their investment manager, and PSGP receives a performance allocation from PSLP as its general partner. Performance fees and the performance allocation are based on the net income of each Core Fund through the end of the fiscal year or upon capital withdrawals, above a prior high-water mark. The performance fees/allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the

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Private Funds and PSH's payment of a dividend. Any crystallized or accrued performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable. See Note 4 for further disclosure regarding Core Fund performance fees.

#### Cash and Cash Equivalents
The Partnership considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2024, cash and cash equivalents was comprised of $1,776,964 (2023: $1,274,371) of cash held at a U.S. bank and $963,079,549 (2023: $2,997,047) of cash held in two money market funds invested in U.S. Treasury obligations (2024 and 2023: JPMorgan 100% U.S. Treasury Securities Money Market Fund; 2024: UBS Select 100% US Treasury Preferred Fund Class T). Money market funds are carried at net asset value, which approximates fair value, and would be considered Level 1 if they were included in the fair value hierarchy.

#### Restricted Cash
The Partnership has provided various security deposits held by service providers in the normal course of business. Such security deposits are generally restricted until the termination of each service provider's contract period.

#### Due from Affiliates
The Pershing Square Funds, partners, employees and other affiliates reimburse the Partnership from time to time for expenses the Partnership pays on their behalf. Reimbursements owed to the Partnership are reflected in due from affiliates. See Note 4 for further disclosure of transactions with related parties.

As of December 31, 2024, due from affiliates was primarily comprised of $7,500,000 of PSGP's capital withdrawal from PSLP that was not received as of December 31, 2024.

As of December 31, 2023, due from affiliates was primarily comprised of $63,065,897 of New York State and New York City Pass-through Entity Tax paid on behalf of the partners (refer to "Income Taxes" below for more details) and $7,384,317 of PSGP's capital withdrawal from PSLP that was not received as of December 31, 2023.

As of December 31, 2024 and December 31, 2023, no allowance related to due from affiliates was deemed necessary.

#### Fair Value of Financial Instruments
PSGP's investment in PSLP is considered an equity method investment as PSCM is deemed to exert significant influence over PSLP as the fund's investment manager. The Partnership has elected the fair value option for this investment. Fair value for PSGP's investment in PSLP is determined using the net asset value of PSLP in accordance with the "practical expedient" as defined by GAAP.

As of December 31, 2024, PSGP had an investment of $59,512,945 (2023: $65,820,642) in PSLP which represented an ownership percentage of approximately 4.5% (2023: 4.8%). For the year ended December 31, 2024, PSGP recorded a gain of $6,986,422 (2023: gain of $11,361,859) from its investment in PSLP.

F-12<br>

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#### **TABLE OF CONTENTS**

#### <br>
The summarized financial information of the Partnership's equity method investment as of December 31, 2024 and December 31, 2023 is as follows:

---

| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square L.P.** | **2024** | **2023**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;Investments and derivative contracts | **$1388621627** | $1287805087  |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31896578** | &nbsp;&nbsp;&nbsp;&nbsp;178363437  |
| &nbsp;&nbsp;**Total assets** | **$1420518205** | $1466168524  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp;Derivative contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3850152  |
| &nbsp;&nbsp;&nbsp;Other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92556743** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78051660  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**92556743** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81901812  |
| &nbsp;&nbsp;&nbsp;Partners' capital | &nbsp;&nbsp;**1327961462** | &nbsp;&nbsp;1384266712  |
| **Total liabilities and equity** | **$1420518205** | $1466168524  |
| *Statements of Operations*<br>|  |  |
| &nbsp;&nbsp;&nbsp;Net gain from investments in securities and derivative contracts | &nbsp;&nbsp;**$145537342** | &nbsp;&nbsp;$286293330  |
| &nbsp;&nbsp;&nbsp;Investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16122457** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18182838  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;**(12811605)** | &nbsp;&nbsp;&nbsp;&nbsp;(11933184)  |
| **Net income** | **$148848194** | $292542984 |

---

The Partnership's assets and liabilities that qualify as financial instruments under GAAP are generally recorded at fair value or at an amount where the carrying value approximates fair value due to the instrument's short-term nature.

#### Accounts Payable
Accounts payable is comprised of primarily general and administrative expenses as well as interest expense that were accrued but not paid as of year-end. For more details on general and administrative expenses, refer to Note 5.

#### Fixed Assets and Leasehold Improvements, Net of Accumulated Depreciation and Amortization
Fixed assets and leasehold improvements consist of leasehold improvements principally for the build-out of the Partnership's office space, furniture and fixtures, office computers and equipment along with computer software. The Partnership previously owned a corporate aircraft, which it distributed in kind to Mr. Ackman on December 20, 2024. Refer to Note 4 "Corporate Aircraft" for details on the distribution.

Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Total depreciation and amortization expense of the Partnership for the year ended December 31, 2024 was $2,778,063 (2023: $2,757,608). The Partnership evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset's carrying value may not be fully recovered. The Partnership has determined that there was no impairment to be recorded for its fixed assets.

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#### **TABLE OF CONTENTS**

#### <br>
The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31** | **As of December 31** | **2024** | **2023**  |
| **Asset Class** | **Useful Life** |  |  |
| Leasehold Improvements | &nbsp;&nbsp;&nbsp;&nbsp;15 | **$28333531** | $28333531  |
| Furniture and Fixtures | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;**2071436** | &nbsp;&nbsp;&nbsp;&nbsp;2212758  |
| Office Computers and Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;**1260768** | &nbsp;&nbsp;&nbsp;&nbsp;1115048  |
| Computer Software | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**461413** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461304  |
| Aircraft | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;44473793  |
| Total Fixed Assets and Leasehold Improvements (gross) |  | &nbsp;&nbsp;&nbsp;**32127148** | &nbsp;&nbsp;&nbsp;76596434  |
| Less: Accumulated Depreciation and Amortization |  | &nbsp;&nbsp;**(15292146)** | &nbsp;&nbsp;(56278842)  |
| **Total Fixed Assets and Leasehold Improvements (net)** |  | **$16835002** | $20317592 |

---

#### Income Taxes
The Partnership is subject to the provisions of ASC 740*, Income Taxes.* This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether it is "more-likely-than-not" to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the "more-likely-than-not" threshold would be recorded as a tax expense in the current year. For the years ended December 31, 2024 and 2023, the Partnership did not accrue interest or penalties related to uncertain tax positions. The Partnership has evaluated its tax positions for the years ended December 31, 2024 and 2023 and does not believe that there will be a significant change to the uncertain tax positions within twelve months of the reporting date.

The Partnership is a partnership for U.S. tax purposes and is not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes of the Partnership since the partners are individually liable for the taxes on their share of the Partnership's taxable income or loss.

The Partnership is subject to certain state and local taxes. New York City Unincorporated Business Tax ("UBT") is recorded on a quarterly basis at the rate of 4% based on the net taxable income apportioned to New York City. Commercial Rent Tax ("CRT") is recorded on a quarterly basis at the rate of 6% based on the amount of commercial rent subject to tax. The Partnership records interest and penalties related to income taxes, if any, within income tax expense. For the year ended December 31, 2024, the Partnership recorded $15,985,175 (2023: $18,169,882) of tax expense, which primarily relates to UBT taxes. As of December 31, 2024, $13,627,356 (2023: $12,823,334) of UBT remained payable.

The Partnership, and previously PSCM, elected to be subject to both the New York State Pass-Through Entity Tax ("NYS PTET") and the New York City Pass-Through Entity Tax ("NYC PTET" and together with NYS PTET, "PTET") for the years ended December 31, 2024 and 2023. PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns. Any PTET owed is a joint liability of the Partnership and each partner. The Partnership paid $71,304,813 (2023: $18,907,989) of PTET on behalf of its partners for the year ended December 31, 2024. The Partnership made PTET payments quarterly.

To the extent that PTET payments were part of a partner's compensation, the payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner's participation in LTIP (defined below). For Mr. Ackman, the PTET payments were recorded as capital distributions to the extent that the payments were part of Mr. Ackman's compensation. PTET payments made in excess of a partner's or Mr. Ackman's compensation were recorded as due from affiliates, if applicable.

As of December 31, 2024, the Partnership accrued $11,999,390 (2023: $0) of PTET. The accrued PTET balance is recorded as $8,736,219 of distribution payable to partners and $3,263,171 of accrued compensation and benefits.

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#### **TABLE OF CONTENTS**

#### <br>

#### Lessee arrangements
PSCM leases office space, other real estate and certain equipment under operating leases. In accordance with ASC 842, *Leases* ("ASC 842"), the Partnership determines if an arrangement is or contains a lease at inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Partnership obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

Under ASC 842, the Partnership elected the practical expedient to not separate lease and non-lease components. The Partnership also elected to apply the short-term lease recognition exemption which eliminates the requirement to present on the Consolidated Statements of Financial Condition leases with a term of 12 months or less. These two practical expedients were elected for all classes of underlying assets.

For short-term leases, instead of recognizing a lease liability and right-of-use asset ("ROU asset"), the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.

At the commencement date of a lease which does not qualify as a short-term lease, the Partnership recognizes a lease liability and an ROU asset representing the Partnership's right to use the underlying asset over the lease term. The initial measurement of the lease liability is calculated on the basis of the present value of the remaining lease payments, and the ROU asset is measured on the basis of this liability, adjusted by prepaid and accrued rent, lease incentives, and initial direct costs. The subsequent measurement of a lease is dependent on whether the lease is classified as an operating lease or a finance lease. Operating lease cost is recognized on a straight-line basis over the lease term, with the cost presented as a component of general and administrative expense. The Partnership does not have finance leases.

PSCM's leases require other payments such as costs related to service components, real estate taxes, common area maintenance, and insurance. These costs are generally variable in nature and based on the actual costs incurred and required by the lease. As the Partnership has elected to not separate lease and non-lease components for all classes of underlying assets, all variable costs associated with the leases are expensed in the period incurred and are disclosed within general and administrative expense. PSCM's lease agreements do not contain any material residual value guarantees or material restrictive financial covenants. For details on PSCM's leases with related parties, refer to Note 4. Neither the Partnership nor PSCM has any leases that have not yet commenced that create significant rights and obligations for the lessee.

When determining the lease term, the Partnership does not include renewal options unless the renewals are deemed to be reasonably certain of being exercised at the lease commencement date.

ASC 842 requires that a lessee use the rate implicit in the lease when measuring the lease liability and ROU asset, unless that rate is not readily determinable. Alternatively, the Partnership is permitted to use its incremental borrowing rate ("IBR") which is defined as the rate of interest that the Partnership would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term and in a similar economic environment. Since the rate implicit in the lease is not readily determinable, the Partnership uses its incremental borrowing rate when measuring its or PSCM's leases. The IBR is calculated by considering the Partnership's synthetic credit standing and existing line of credit, the impact of collateral and the term of the lease.

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#### **TABLE OF CONTENTS**

#### <br>

#### Offering Costs
Offering costs consist of fees related to underwriting, legal advice, regulatory filings, printing, and other costs for services directly related to the offering of common shares of PSUS or equity interests of PS Holdco. On July 31, 2024, PSUS postponed its plans for an IPO for more than 90 days, and as a result all offering costs incurred by PSUS to that point were reclassified as general and administrative expense. All PSUS offering costs incurred subsequent to July 31, 2024 in anticipation of a future offering were deferred and are recorded in other assets.

As of December 31, 2024, the Partnership has completed a private offering of its equity interests to a consortium of strategic investors as discussed in Note 1; therefore, all offering costs incurred to date related to PS Holdco were recorded in equity.

#### Other Income
Other income is primarily comprised of (i) the reimbursement of expenses related to the corporate aircraft from Mr. Ackman, (ii) payments received from TABLE Management, L.P. ("TABLE") related to their office license agreement with PSCM, and (iii) office space sublease income and the reimbursement of office services from NEOX Public Benefit LLC. Refer to Note 4 for more details on each relationship.

#### Employee Benefit Plan
The Partnership has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. All employees and profit-sharing partners are eligible to participate in the savings plan (the "Plan"). The Plan allows participants to invest in a variety of mutual funds across several fund families. The Partnership makes a safe harbor contribution in the amount of 3% of each participant's eligible compensation, subject to certain Internal Revenue Code limitations. The safe harbor contribution is processed on a per payroll basis for employees and annually for profit-sharing partners, regardless of whether they elect to contribute to the Plan. Safe harbor contributions are vested immediately. For the year ended December 31, 2024, expenses related to the Plan were $383,946 (2023: $349,628) and are included in employee compensation and benefits.

#### Employee Compensation and Benefits
Employee compensation and benefits reflects all compensation-related items not directly related to partners who participate in the profit-sharing arrangements and the long-term incentive plan discussed below, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. The Partnership generally recognizes employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of the Pershing Square Funds for the year.

#### Profit-Sharing Arrangements
Prior to the Reorganization, PSCM had profit-sharing arrangements whereby certain personnel were granted profits participation interests ("Profits Interest Awards") in PSCM, PSGP and PSVII GP. Profits Interest Awards entitled the profit-sharing partners to a portion of the net profits earned by PSCM, PSGP, PSVII GP and any future Pershing Square entity from performance fees/allocations and management fees, as applicable.

Following the Reorganization, the Profits Interest Awards in PSGP and PSVII GP remained unchanged. The Profits Interest Awards in PSCM were contributed to PSPG, and each profit-sharing partner was admitted as a member of VariableCo. Upon admission to VariableCo, each profit-sharing partner holds Profits Interest Awards in two vehicles at the same percentages as the awards they previously held in PSCM (subject to ordinary course changes in such allocations): (i) PSPG, and (ii) VariableCo. Refer to Note 4 "Variable Compensation Agreement" for more details.

F-16<br>

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#### **TABLE OF CONTENTS**

#### <br>
Profits Interest Awards do not represent a substantive class of equity under ASC 718, *Compensation* ("ASC 718") and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the Consolidated Statements of Operations.

#### Long-Term Incentive Plan
Prior to the Reorganization, and similar to the Profits Interest Awards, awards under The Long-Term Incentive Plan ("LTIP" and the "LTIP Awards") entitled certain profit-sharing partners (the "LTIP Partners") to cash distributions of management fee-based and performance-based net profits pursuant to the terms of their respective agreements and granted them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in LTIP. Certain LTIP Partners' LTIP Awards vested after 10 years of tenure as a profit-sharing partner.

Following the Reorganization, the LTIP Awards related to PSGP and PSVII GP remained unchanged. The LTIP Awards related to PSCM were contributed to PSPG, and each LTIP Partner was admitted as a member of VariableCo. Upon admission to VariableCo, each LTIP Partner holds LTIP Awards in two vehicles at the same percentages as the awards they previously held in PSCM (subject to ordinary course changes in such allocations): (i) PSPG, and (ii) VariableCo.

The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards.

The LTIP Awards are accounted for based on their substance. Portions of the LTIP Awards where rights to distributions of profits are based fully on the discretion of Mr. Ackman, or any successor thereof, are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a distribution equal to the percentage outlined in each of their agreements in perpetuity (the "permanent profits-interests") and represent a substantive class of equity. The fair value of such awards is recognized on a straight-line basis over a service period of up to 10 years. The amortization of these awards is included in profit-sharing partner compensation on the Consolidated Statements of Operations.

LTIP Partners are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of the Partnership's equity interests, including through an initial public offering. The Partnership accounts for forfeitures of permanent profits-interests as they occur.

For the year ended December 31, 2024, the Partnership granted additional permanent profits-interests valued at $111,282,207 (2023: $0), all of which vested immediately upon grant.

During the year ended December 31, 2024, $1,455,475 (2023: $1,453,984) of permanent profits-interests that were granted in prior years vested, and no permanent profits-interests were forfeited. The Partnership expects to recognize compensation expense on its currently unvested permanent profits-interests of $2,214,859 over a weighted average period of 2 years.

The following table summarizes the components of profit-sharing partner compensation expense:

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | 2023  |
| VariableCo Subordinated Performance Fee<sup>(1)</sup> | **$136618188** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| New grants of permanent profits-interests | &nbsp;&nbsp;**111282207** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Profit-sharing partner compensation | &nbsp;&nbsp;&nbsp;**89776876** | &nbsp;&nbsp;114375500  |
| Amortization of unvested grants of permanent profits-interests | &nbsp;&nbsp;&nbsp;&nbsp;**1455475** | &nbsp;&nbsp;&nbsp;&nbsp;1453984  |
| **Total profit-sharing partner compensation** | **$339132746** | $115829484 |

---

(1)<br> Refer to Note 4 "Variable Compensation Agreement" for more details on both VariableCo and the related service contract

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#### <br>
The measurement of the fair value of permanent profits-interests requires the Partnership to make estimates about future operating results and appropriate risk-adjusted discount rates. The methods used to estimate the fair value include the market approach and the income approach, each of which involve a significant degree of judgment. The Partnership engaged a third-party valuation specialist to assist in developing models for both methods. Under the market approach, fair value is determined by multiplying the net fee-related earnings ("FRE") of the Partnership by the relevant valuation multiple of comparable public companies. Under the income approach, fair value is determined through a discounted cash flow analysis.

The following table summarizes information about the significant assumptions used to develop the fair value of permanent profits-interests for the years ended December 31, 2024 and 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Earning Streams** | **Methodology** | **Unobservable Input** | **October 23, 2024<sup>(1)</sup>** | **July 1, 2024<sup>(1)</sup>** | **2023**  |
| Net FRE earnings | Income approach | Discount rate | **13.0%–15.0% (14.0%)** | **11.0%–13.0% (12.0%)** | N/A  |
| Net FRE earnings | Income approach | Exit multiple | **14.0x–16.0x (15.0x)** | **16.0x–18.0x (17.0x)** | N/A  |
| Performance fees | Income approach | Discount rate | **14.5%–19.5% (17.0%)** | **11.5%–16.5% (14.0%)** | N/A  |
| Performance fees | Income approach | Exit multiple | **11.5x–12.5x (12.0x)** | **14.5x–15.5x (15.0x)** | N/A  |
| Net FRE earnings | Market approach | Net FRE multiples | **16.0x–26.0x (21.0x)** | **18.0x–28.0x (23.0x)** | N/A |

---

(1)<br> Multiples disclosed as weighted averages, and inputs in parentheses are the midpoints of the disclosed ranges

#### Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires entities with a single reportable segment to provide all disclosures in accordance with Topic 280 and amends current guidance for reportable segment disclosure requirements. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Partnership adopted this standard on December 31, 2024 on a retrospective basis, and, as a result, the Partnership included Note 9 to the Consolidated Financial Statements. Adoption of ASU 2023-07 did not have an impact on the Consolidated Statements of Financial Condition, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

In December 2023, the FASB issued ASU 2023-11 amending ASC 740, *Income Taxes*, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance requires all entities to disclose, on an annual basis, income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-11 is effective for annual periods beginning after December 15, 2025 for private companies and after December 31, 2024 for public companies, with early adoption permitted. ASU 2023-11 should be applied prospectively, but entities may apply it retrospectively. The Partnership is currently assessing its impact.

3. **PARTNERS' CAPITAL** 

The Partnership makes quarterly distributions of excess cash in proportion to each partner's ownership percentage. Cash distributions made at the start of the year include any performance fees earned in the prior year. All distributions made to the Partnership's strategic investors are recorded as capital distributions.

Following the Reorganization, all compensation expense paid by PSPG on PS Holdco's behalf must also be recognized by PS Holdco as PSPG is the parent entity of PS Holdco. Therefore, PS Holdco records all compensation expense resulting from PSPG's Profits Interest Awards and the non-permanent portion of PSPG's LTIP Awards in profit-sharing partner compensation. The portion of the LTIP Awards that are permanent profits-interests are recorded as capital distributions. In the case of performance fees which are paid and/or distributed at the start of the year following when they were earned, the Partnership accrues the portion which is classified as capital distributions in performance fee distributions payable.

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#### **TABLE OF CONTENTS**

#### <br>
PS Holdco recognized the following payments made under both Profits Interest Awards and LTIP Awards related to PSGP (a consolidated entity), PSPG and PSCM (prior to May 31, 2024):

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | 2023  |
| Profit-sharing partner compensation | **$89776876** | $114375500  |
| LTIP permanent profits-interest distributions | &nbsp;&nbsp;**41633980** | &nbsp;&nbsp;&nbsp;55947480 |

---

4. **RELATED PARTY TRANSACTIONS** 

#### Management Fees
PSCM earns all of its management fees and performance fees/allocations from the Pershing Square Funds, which are considered related parties as PSCM manages their operations and makes investment decisions on their behalf as investment manager. PSCM may elect to waive the management fee with respect to certain partners or shareholders of the Pershing Square Funds in accordance with each Pershing Square Fund's organizational documents. For the year ended December 31, 2024, PSCM earned management fees of $206,066,898 (2023: $170,801,456).

#### Performance Fees
*Pershing Square International, Ltd.* 

PSCM receives a performance fee in connection with its services as investment manager to PSINTL (such performance fee, the "PSINTL Performance Fee"). The PSINTL Performance Fee is recognized as revenue by PSCM following the end of each fiscal year and on a quarterly basis from redeeming investors in PSINTL during the year. The PSINTL Performance Fee is an amount equal to 20% of the increase, if any, in the net asset value or NAV (before performance fees) of each series and class of shares in PSINTL (except Class F and Class G as described below) above the net asset value for the fiscal year for which a performance fee was most recently payable.

The board of directors of PSINTL may issue shares subject to a lower or no management fee or performance fee for members, partners, officers, managers, employees or affiliates of PSCM or other shareholders in the board of directors' sole discretion. Class F shareholders are affiliates of PSCM or charitable entities directed, supported, or controlled by employees or affiliates of PSCM and are not charged a management fee or performance fee. Class G shares are subject to a PSINTL Performance Fee of 30% above an annual 5% hard hurdle (non-cumulative).

For the year ended December 31, 2024, the PSINTL Performance Fee totaled $8,299,501 (2023: $10,338,445). As of December 31, 2024, $7,314,090 (2023: $10,338,432) was receivable from PSINTL.

*Pershing Square Holdings, Ltd.* 

On February 7, 2024, PSCM and the board of PSH announced an amendment to the performance fee provisions in PSCM's investment management agreement with PSH. Prior to the amendment, PSCM received a "Variable Performance Fee" from PSH in an amount equal to 16% of the NAV appreciation (before giving effect to accrued performance fees) attributable to the fee-paying shares of PSH above a high-water mark minus a fee reduction of 20% of the performance fees earned by PSCM from non-PSH funds. However, PSH would not benefit from the potential fee reduction until PSCM had first recovered $120 million of costs it incurred in connection with PSH's IPO in 2014. The amendment eliminated PSCM's right to receive the outstanding unrecovered IPO costs (which had been reduced to $36 million as of December 31, 2023), and expanded the fee reduction to also include 20% of management fees earned from any non-PSH Pershing Square funds that invest in public securities and do not charge performance fees. As of December 31, 2024, there is no non-PSH fund that generates management fees and does not charge a performance fee.

The Variable Performance Fee, if earned, is payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year and PSH's payment of a dividend. Variable

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#### **TABLE OF CONTENTS**

#### <br>
Performance Fees paid in connection with dividends are pro-rated to reflect the ratio of the dividend to PSH's net asset value at the time the dividend is paid. Payment of the Variable Performance Fee is subject to a hold-back such that 1% of the payment is held until completion of PSH's financial statement audit.

For the year ended December 31, 2024, the Variable Performance Fee totaled $226,588,185 (2023: $312,108,882). As of December 31, 2024, $225,356,173 (2023: $311,358,114) of the Variable Performance Fee remained receivable from PSH.

*Variable Compensation Agreement* 

Per the Variable Compensation Agreement, PS Holdco is entitled to receive from PSCM the following performance fee amounts: (i) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a net of management fee return of 5% per annum above its high-water mark; and (ii) with respect to other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee (20% for PSINTL) that would have been earned if such fund had experienced a net of management fee return of 5% per annum above its high-water mark minus the portion of such performance fee that would offset performance fees payable by PSH ((i) and (ii) collectively the "Preferred Performance Fee").

Further, per the VCA, VariableCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the applicable Preferred Performance Fee: (i) with respect to PSH, all performance fees received from PSH, inclusive of the portion of management fees and performance fees (currently only PSINTL) received from other funds that would offset performance fees payable by PSH, and (ii) with respect to other funds subject to the VCA (currently only PSINTL), all performance fees received from such fund, exclusive of the portion of such performance fees that would offset performance fees payable by PSH ((i) and (ii) collectively the "Subordinated Performance Fee").

For the year ended December 31, 2024, the Preferred Performance Fee and Subordinated Performance Fee totaled $98,269,498 and $136,618,188, respectively.

As VariableCo is a vehicle used to compensate employees, the Partnership considers its relationship with VariableCo to be a service contract and therefore records the Subordinated Performance Fee in profit-sharing partner compensation. The Preferred Performance Fee is recorded in both profit-sharing partner compensation and capital distributions in accordance with the methodology discussed in Note 3.

#### Performance Allocations
*Pershing Square, L.P.* 

PSGP receives a performance allocation in connection with its services as the general partner to PSLP. At the end of each fiscal year or upon investor withdrawals, for each PSLP limited partner's capital account that has been allocated net income, a performance allocation shall be made to the capital account of PSGP (the "PSLP Performance Allocation"). Tranche A limited partnership interests are subject to a PSLP Performance Allocation of 20% and Tranche G limited partnership interests are subject to a PSLP Performance Allocation of 30% above an annual 5% hard hurdle (non-cumulative), in each case reduced by the balance of such limited partner's loss carry forward account (if any).

For the year ended December 31, 2024, the PSLP Performance Allocation totaled $14,543,002 (2023: $19,407,743). The Partnership has no direct equity interest in PSGP, and as a result, all income from PSGP is reflected in net income attributable to non-controlling interest. PSGP may, in its sole discretion, elect to waive the PSLP Performance Allocation with respect to any limited partner of PSLP.

*PSVII Master, L.P.* 

PSVII GP receives a performance allocation in connection with its services as the general partner to PSVII Master (the "PSVII Performance Allocation") if, upon a crystallization event, the net realized and unrealized appreciation allocated to a capital account of a limited partner of the feeder funds to PSVII Master (the "Actual

F-20<br>

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#### **TABLE OF CONTENTS**

#### <br>
Return") for the period for which a performance allocation is to be calculated exceeds a 10% compounded annualized return during the applicable calculation period on the balance of such capital account at the beginning of the calculation period (the "Hurdle Amount"). The PSVII Performance Allocation is equal to the lesser of (i) the Actual Return multiplied by 20% and (ii) 100% of the amount by which the Actual Return exceeds the Hurdle Amount.

The PSVII Performance Allocation crystallizes upon (i) the expiration of the period during which limited partners may not voluntarily withdraw from PSVII Master (the "PSVII Lock-Up Period") on January 31, 2025 (extended by PSVII GP until January 31, 2026), (ii) each calendar year-end following the expiration of the PSVII Lock-Up Period, (iii) the full or partial withdrawal of a PSVII feeder fund limited partner's interest, and/or (iv) a full or partial liquidation of PSVII Master's portfolio resulting in withdrawals of some or all PSVII feeder fund limited partners' capital accounts. PSVII GP determined to cease the operations of PSVII Master and distribute its assets to limited partners as of December 31, 2024. For the years ended December 31, 2024 and 2023, no PSVII Performance Allocation was crystallized.

For each calendar period/year during the PSVII Lock-up Period, a provisional allocation that is equal to the PSVII Performance Allocation accrued during such period (the "Provisional Performance Allocation") was reallocated to a memorandum account for PSVII GP such that the balance of the memorandum account equals the amount that would be the PSVII Performance Allocation if the PSVII Lock-up Period were expiring at that time. As of December 31, 2024, there was no Provisional Performance Allocation, a reversal of $4,043,844 from December 31, 2023.

PSVII GP determined to cease the operations of PSVII Master and distribute its assets to limited partners as of December 31, 2024. As of the cessation date, the Partnership will no longer receive management fees from PSVII Master or a performance allocation in PSVII GP.

#### Pershing Square USA, Ltd.
As of December 31, 2024, the Partnership has purchased 276,320 common shares of PSUS at a price of $50.00 per share for a total investment of $13,816,000. The purchases were made throughout 2024 to provide PSUS with capital for organizational costs. Please refer to Note 11 for additional share purchases made subsequent to December 31, 2024.

#### Affiliates Fee Rebate
Prior to the Reorganization, management fees and performance fees paid by PSH public shares held by PSCM's partners, employees and certain of their affiliated entities were rebated (the "Affiliate Rebate") by PSCM to such shareholders on a quarterly basis for management fees and on an annual basis for crystallized performance fees. The Affiliate Rebate was accounted for as an expense in PSCM's financial statements.

Following the Reorganization, the Affiliate Rebate is an allocation of part of PSPG's distribution from PS Holdco to the affiliated PSH shareholders. The Affiliate Rebate is recognized by PS Holdco as an expense paid by PSPG on PS Holdco's behalf. For the year ended December 31, 2024, the Affiliate Rebate totaled $69,300,950 (2023: $115,705,667). As of December 31, 2024, $21,661,699 (2023: $77,726,159) of the Affiliate Rebate remained payable.

#### Corporate Aircraft
Prior to December 20, 2024, the Partnership owned a corporate aircraft which was used by the leadership team for business related travel. From time to time, Mr. Ackman made personal use of the aircraft. In such cases, the Partnership was reimbursed by Mr. Ackman for the aircraft's operating expenses. For the year ended December 31, 2024, Mr. Ackman reimbursed the Partnership for aircraft operating expenses of $701,578 (2023: $946,681). As of December 31, 2024, $1,121 (2023: $132,637) of the reimbursed expenses remained outstanding.

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#### **TABLE OF CONTENTS**

#### <br>
On December 20, 2024, the Partnership distributed both the corporate aircraft and the Aircraft Note (defined in Note 6) to PSPG and ultimately Mr. Ackman via a non-pro rata distribution (the "Aircraft Distribution"). The transfer of the aircraft to Mr. Ackman was determined to be a common control transaction, so the distribution of the aircraft was recorded at carrying value. At the time of the Aircraft Distribution, the Partnership's initial cost and accumulated depreciation related to the corporate aircraft were $46,027,163 and $43,764,759, respectively. Following the Aircraft Distribution, the Partnership recorded a non-cash equity contribution for the difference between the carrying amount of the Aircraft Note, $9,774,534, and the carrying value of the corporate aircraft, $2,262,404.

#### Office Space Sublease
PSCM subleases a portion of PSCM's office space to NEOX Public Benefit LLC ("Subtenant"), an entity affiliated with Mr. Ackman. The sublease commenced on December 5, 2022 and expires on December 31, 2033. Rent payments under the sublease commenced on May 1, 2023 following five months of rent abatement. PSCM provided an improvement allowance of $4,380,125, which was applied solely against the aggregate cost and expense of the performance of the Subtenant's initial improvements in the subleased premise. In addition, the landlord has agreed to pay PSCM an amount of $1,660,000 for the reimbursement of certain costs incurred by Subtenant, which PSCM is expected to pay directly to the Subtenant within 30 days following receipt of such reimbursement.

For the year ended December 31, 2024, the Subtenant paid $2,499,409 (2023: $1,924,631) of rent and $648,317 (2023: $77,850) for office-related services which are both included in other income in the Consolidated Statements of Operations.

#### Office Space License
PSCM licenses a portion of its office space to Mr. Ackman's family office, TABLE, under a license agreement. The agreement grants TABLE the use of a designated portion of PSCM's office space and certain office-related services, including information technology and general administrative services. For the year ended December 31, 2024, TABLE paid $1,129,046 (2023: $620,700) for office space and $688,590 (2023: $699,760) for office-related services under the license agreement, both of which are included in other income.

#### Ownership in Landlord Entity
Georgetown Eleventh Avenue Owners, LLC (the "Landlord"), owns the building in which PSCM rents office space. Mr. Ackman, Mr. Nicholas Botta, an officer of the Partnership, and certain of Mr. Ackman's affiliates are indirectly invested in the Landlord.

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#### **TABLE OF CONTENTS**

#### <br>
5. **GENERAL AND ADMINISTRATIVE EXPENSE** 

The following table presents the components of general and administrative expense:

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | **2023**  |
| Professional fees | **$17544178** | &nbsp;&nbsp;$4647523  |
| PSUS IPO expensed offering costs | &nbsp;&nbsp;**10076874** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Aircraft | &nbsp;&nbsp;&nbsp;**6373906** | &nbsp;&nbsp;&nbsp;5010319  |
| &nbsp;&nbsp;Occupancy | &nbsp;&nbsp;&nbsp;**5645516** | &nbsp;&nbsp;&nbsp;5621998  |
| Information technology | &nbsp;&nbsp;&nbsp;**2639763** | &nbsp;&nbsp;&nbsp;3112687  |
| PSUS registration fees | &nbsp;&nbsp;&nbsp;**2490000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Cafe expenses | &nbsp;&nbsp;&nbsp;**1914231** | &nbsp;&nbsp;&nbsp;1452369  |
| Travel and entertainment | &nbsp;&nbsp;&nbsp;**1545665** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570079  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**856316** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175717  |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578048** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514812  |
| Charitable donations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**495000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869900  |
| Office costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**452007** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470529  |
| Dues & memberships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**200407** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203561  |
| **Total General and Administrative Expense** | **$50811911** | $22649494 |

---

Included in professional fees are $7,577,643 of expensed offering costs related to PS Holdco's potential future initial public offering, which is planned to be executed in conjunction with the IPO of PSUS. The Partnership does not anticipate it will be the direct recipient of the funds raised in the offering, so all related offering costs are being expensed as they are incurred.

6. **DEBT OBLIGATIONS** 

#### Lines of Credit
PSCM obtained a line of credit from JPMorgan Chase Bank, N.A. (the "Lender") in October 2014 (the "2014 Line of Credit"). The terms of the 2014 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of December 31, 2024, the 2014 Line of Credit had a maturity date of January 31, 2026 and a maximum principal amount of $45,000,000. The 2014 Line of Credit is unsecured and personally guaranteed by Mr. Ackman (the "Guarantor").

During the year ended December 31, 2024, PSCM borrowed $16,384,813 and repaid $2,750,709 (2023: repaid $1,810,104) of principal on the 2014 Line of Credit. As of December 31, 2024, $34,800,000 (2023: $21,165,896) of principal was outstanding and $10,200,000 (2023: $23,834,104) was left undrawn. The principal amount outstanding on the 2014 Line of Credit is included in loans payable. The outstanding borrowings of the 2014 Line of Credit bear an annual interest rate of the SOFR screen rate +2.20%.

The 2014 Line of Credit includes provisions that restrict or limit, among other things, the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on PSCM or the Guarantor's assets, aside from additional financing from the Lender, financing related to its aircraft as discussed under "Aircraft Loan," and certain other permitted indebtedness. The 2014 Line of Credit requires the Guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The Guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in PSCM or equity in third-party hedge funds with quarterly liquidity or better. PSCM and the Guarantor have complied with the financial covenants imposed by the 2014 Line of Credit agreement throughout the borrowing period.

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#### <br>
PSCM obtained an additional line of credit from the Lender in December 2021 (the "2021 Line of Credit"). The terms of the 2021 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of December 31, 2024, the 2021 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $80,000,000. The 2021 Line of Credit is permitted indebtedness under the 2014 Line of Credit.

The 2021 Line of Credit is secured by a pledge and security agreement whereby PSCM granted the Lender a security interest in PSCM's management fees. The 2021 Line of Credit has the same Guarantor and covenants as the 2014 Line of Credit.

During the year ended December 31, 2024, PSCM repaid $76,700,000 (2023: $0) of principal. As of December 31, 2024, there was no principal balance outstanding (2023: $76,700,000) on the 2021 Line of Credit, and $80,000,000 (2023: $3,300,000) was left undrawn. The outstanding borrowings of the 2021 Line of Credit bear an annual interest rate of the SOFR screen rate + 2.35%.

#### Aircraft Loan
Prior to the Aircraft Distribution described in Note 4, the Partnership, through a wholly owned subsidiary, had entered into a promissory note (the "Aircraft Note") with the Lender to assist in the financing of the aircraft. Mr. Ackman served as guarantor of the Aircraft Note. The terms of the Aircraft Note, including maturity date and interest rate, were amended from time to time. Pursuant to the most recent amendment, installment payments of $321,206, allocated between principal and interest, were paid quarterly over a 60-month period, with a final payment of approximately $9.8 million that would have been due on April 30, 2025.

The outstanding borrowings of the Aircraft Note bore an annual interest rate of 1.91%. Following the Aircraft Distribution and as of December 31, 2024, the Partnership bears no liability related to the Aircraft Note (2023: $10,859,681).

The Aircraft Note included provisions that restrict or limit, among other things, the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on the guarantor's assets, aside from financing related to the 2014 Line of Credit and the 2021 Line of Credit, additional financing from the Lender and certain other permitted indebtedness. The Aircraft Note required the guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The guarantor was also required to maintain unencumbered liquid assets in an aggregate amount not less than 50% of all amounts outstanding under the Aircraft Note. PSCM and the guarantor complied with the financial covenants imposed by the Aircraft Note throughout the borrowing period.

The following table summarizes the Partnership and its subsidiaries' outstanding debt as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Maturities of Debt** | **2014 Line of** <br>**Credit** | **2021 Line of** <br>**Credit** | **Total**  |
| 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| 2026 | &nbsp;&nbsp;34800000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;34800000  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;**Total Debt Obligations** | **$34800000** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | **$34800000** |

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#### **TABLE OF CONTENTS**

#### <br>
The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries' outstanding debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Debt Interest** | **2024** | **2024** | **2023**  | **2023**  |
|  | **Interest** <br>**Expense** | **Average** <br>**Rate** | **Interest** <br>**Expense** | **Average** <br>**Rate**  |
| **2014 Line of Credit** | **$2438769** | &nbsp;&nbsp;**7.30%** | $1501975 | &nbsp;&nbsp;6.96%  |
| **2021 Line of Credit** | &nbsp;&nbsp;&nbsp;&nbsp;**466826** | &nbsp;&nbsp;**7.46%** | &nbsp;&nbsp;5350337 | &nbsp;&nbsp;6.98%  |
| **Aircraft Note** | &nbsp;&nbsp;&nbsp;&nbsp;**190001** | 1.90% | &nbsp;&nbsp;&nbsp;&nbsp;216770 | 1.91%  |
| &nbsp;&nbsp;**Total** | **$3095596** |  | $7069082 |  |

---

7. **COMMITMENTS AND CONTINGENCIES** 

#### Litigation
From time to time, the Partnership may be involved in litigation and claims incidental to the conduct of the Partnership's business, including without limitation, the investment activities of the Pershing Square Funds. PSCM is subject to regulation, oversight, and examination by regulatory agencies in the U.S. and globally that have, or may in the future have, regulatory authority over the Partnership and its business activities. This may result in regulatory agency examinations, investigations, litigation and subpoenas, and material costs related to each. As of December 31, 2024 and 2023, there were no known regulatory investigations, claims or litigation against the Partnership.

#### Other Contingencies, Risks and Uncertainties
From time to time, in the normal course of business, the Partnership may enter into contracts that contain a variety of indemnification provisions. The Partnership's maximum exposure under these arrangements is unknown, as any such exposure involves possible future claims that may be, but have not yet been made against the Partnership, based on events which have not yet occurred. However, the Partnership has not had prior material claims or losses pursuant to these contracts and believes the risk of material loss to be remote and therefore, no liability has been recorded. Other than disclosed above and in Note 6, there were no other commitments or contingencies as of December 31, 2024 and 2023.

8. **LEASES** 

#### Partnership as a lessee
PSCM has several operating lease agreements for its office, other real estate and certain equipment. PSCM's office lease represents a significant majority of the total lease commitment; it is noncancelable and expires on January 31, 2034. PSCM has the option to extend the office lease term for an additional 15 years at the end of the initial term. Because PSCM is not reasonably certain to exercise the renewal option, the option is not considered in determining the lease term, and associated potential option payments are excluded from lease payments.

Between 2021 and 2022, PSCM received various landlord incentives which were capitalized as deferred sublease incentive and continue to be amortized over the life of the lease. As of December 31, 2024, the unamortized portion of the deferred sublease incentive was $4,639,939 (2023: $5,338,512).

The following table presents the components of PSCM's right-of-use assets and liabilities related to leases:

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31** |  | **2024** | **2023**  |
| **Component of Lease Balances** | **Statements of Financial Condition Line Item**<br>|  |  |
| Operating lease assets | Lease right-of-use assets | **$30589920** | $33372734  |
| Operating lease liabilities | Lease liability | &nbsp;&nbsp;**46329394** | &nbsp;&nbsp;50606373 |

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#### **TABLE OF CONTENTS**

#### <br>
The following table presents the components of PSCM's lease cost and the classification of such costs:

---

| | | | |
|:---|:---|:---|:---|
| **For the Years Ended December 31** |  | **2024** | **2023**  |
| **Component of Lease Cost** | **Statements of Operations Line Item**<br>|  |  |
| Operating lease cost | General and administrative expense | **$5568248** | $5567810  |
| Variable lease cost | General and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;**569484** | &nbsp;&nbsp;&nbsp;&nbsp;351072  |
| Sublease income | Other income | &nbsp;&nbsp;**(4965362)** | &nbsp;&nbsp;(3322941)  |
| **Total lease expense** | **Total lease expense** | **$1172370** | $2595941 |

---

The following table includes the future maturities of operating lease payments for subsequent periods:

---

| | |
|:---|:---|
| **For the Years Ended December 31,** | **Operating Lease**  |
| 2025 | &nbsp;&nbsp;&nbsp;$6396462  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;6366519  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;6366519  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;6366519  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;6756768  |
| Thereafter | &nbsp;&nbsp;&nbsp;27735000  |
| &nbsp;&nbsp;&nbsp;**Total future minimum lease payments** | **$59987787**  |
| Less liability accretion | &nbsp;&nbsp;(13658393)  |
| &nbsp;&nbsp;&nbsp;**Total lease liabilities** | **$46329394** |

---

The following table includes additional information related to PSCM's operating leases:

---

| | | |
|:---|:---|:---|
| **For the Years Ended December 31** | **2024** | **2023**  |
| Cash paid for amounts included in the measurement of operating lease liabilities | **$7059918** | $6643297  |
| Right-of-use asset balance changes due to new / remeasured operating lease liabilities | **—** | 54347  |
| Weighted-average remaining lease term – Operating leases | 9.1 years | 9.9 years  |
| Weighted-average discount rate – Operating leases | **5.93%** | 5.89% |

---

#### Partnership as a lessor
The following table includes future sublease income payments expected to be received under the sublease:

---

| | |
|:---|:---|
| **For the Years Ended December 31,** | **Operating Lease**  |
| 2025 | &nbsp;&nbsp;$2978485  |
| 2026 | &nbsp;&nbsp;&nbsp;2978485  |
| 2027 | &nbsp;&nbsp;&nbsp;2978485  |
| 2028 | &nbsp;&nbsp;&nbsp;3142010  |
| 2029 | &nbsp;&nbsp;&nbsp;3223772  |
| Thereafter | &nbsp;&nbsp;13058613  |
| **Total sublease income receivable** | **$28359850** |

---

9. **SEGMENT INFORMATION** 

The Partnership, together with its subsidiaries, conducts its business and generates substantially all of its revenues in the United States through one operating and reportable segment. The Partnership's single reportable segment reflects the allocation of the entity's resources, operational decision-making and assessment of financial performance by the Partnership's chief operating decision makers (the "CODM") using a consolidated, 'one-firm approach,' with a single expense pool.

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#### **TABLE OF CONTENTS**

#### <br>
The Partnership's CODM is the operational leadership group, which includes the chief executive officer, president, chief financial officer and chief legal and compliance officer. The CODM reviews the Partnership's assets using the same categorization as presented in the Consolidated Statements of Financial Condition. The CODM utilizes net income (loss) as presented on the Consolidated Statements of Operations as the primary financial measure for assessing the performance of the Partnership, monitoring budget versus actual results and determining discretionary compensation. The CODM also reviews the Partnership's significant expenses at a level consistent with that which is presented in the Consolidated Statements of Operations.

10. **CREDIT RISK** 

The Partnership may invest its cash in U.S. Treasury money market funds. As of December 31, 2024, the Partnership's cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times, may be in excess of federally insured limits.

11. **SUBSEQUENT EVENTS** 

The Partnership has evaluated the need for disclosures and/or adjustments resulting from subsequent events through June 11, 2025, the date the consolidated financial statements were available for issuance. This evaluation did not result in any additional subsequent events that necessitated disclosures and/or adjustments other than as disclosed below.

#### Performance Fees/Allocations
All performance fees reported as receivable as of December 31, 2024 were received by the Partnership prior to March 21, 2025.

#### Pershing Square USA, Ltd.
PSUS has no operations to date other than matters relating to its organization and the sale and issuance of common shares to PSCM. Subsequent to December 31, 2024, PSCM purchased an additional 42,000 common shares of PSUS for a total purchase price of $2,100,000.

#### Howard Hughes Holdings Inc.
On May 5, 2025, the Partnership entered into a Share Purchase Agreement with Howard Hughes Holdings Inc. ("HHH") whereby the Partnership purchased 9,000,000 shares of HHH's common stock, par value $0.01 per share, at a purchase price of $100 per share for an aggregate purchase price of $900,000,000. Following the completion of this purchase on May 5, 2025, PS Holdco owns 15.2% of HHH common stock, while the Pershing Square Funds own 31.7% of HHH common stock, for a combined ownership of 46.9%. All Pershing Square entities are limited to 40% of the total voting power of the outstanding shares of HHH common stock.

In connection with the Share Purchase Agreement, PSCM also entered into a Services Agreement with HHH dated May 5, 2025, pursuant to which PSCM will provide HHH investment advisory and other services. PSCM will receive: (i) an annual base fee of $15 million, to be paid quarterly in cash and adjusted, based on the Core PCE price index escalator (the "Base Fee"); and (ii) an annual variable fee of 1.5% of the increase in share price over a reference share price (the "Reference Share Price"), multiplied by the reference share count, paid quarterly in cash, where the Reference Share Price is the volume-weighted average price for the 15 consecutive trading days ending before the agreement is signed (the "Variable Fee" and, together with the Base Fee, the "HHH Fees").

In connection with the Services Agreement, each Core Fund intends to amend its IMA to reduce the management fees PSCM will earn from the relevant Core Fund by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by the relevant Core Fund attributable to fee-paying capital. As of May 5, 2025, PSLP and PSINTL had fee-paying capital percentages of 47% and 62%, respectively. All outstanding shares of PSH are fee-paying.

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#### **TABLE OF CONTENTS**

## Pershing Square Inc.

#### Common Stock
![](logo_pershingsquareinc.jpg)<br>

#### PRELIMINARY PROSPECTUS

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ,

### Citigroup<br>

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

### UBS Investment Bank<br>

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

### BofA Securities<br>

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

### Jefferies<br>

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

### Wells Fargo Securities
**Through and including , (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter.** 

------

#### **TABLE OF CONTENTS**

#### PART II <br>

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

#### INFORMATION NOT REQUIRED IN PROSPECTUS

---

| | |
|:---|:---|
| **ITEM 13.**<br>| **OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.**  |

---

The following table sets forth the expenses payable by the registrant expected to be incurred in connection with the issuance and distribution of the shares of common stock being registered hereby (other than underwriting discounts and commissions). All of such expenses are estimates, other than the filing and listing fees payable to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, Inc. and the NYSE.

---

| | |
|:---|:---|
| &nbsp;&nbsp;Filing Fee—Securities and Exchange Commission | &nbsp;&nbsp;&nbsp;$\*  |
| Fee—Financial Industry Regulatory Authority, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Listing Fee—New York Stock Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Fees of Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Fees and Expenses of Counsel | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Fees and Expenses of Accountants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Printing Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| Miscellaneous Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\*  |
| &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;$\* |

---

\*<br> To be provided by amendment.

---

| | |
|:---|:---|
| **ITEM 14.**<br>| **INDEMNIFICATION OF DIRECTORS AND OFFICERS.**  |

---

We are a Nevada corporation and generally governed by Chapter 78 of the Nevada Revised Statutes ("NRS").

NRS 78.138(7) provides that, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto (in each case filed on or after October 1, 2003) provide for greater individual liability, a director or officer is not individually liable to a corporation or its stockholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless the presumption of Nevada's "business judgment rule" (as codified in NRS 78.138(3)) has been rebutted and it is proven that: (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and (ii) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law.

NRS 78.7502 permits a corporation to indemnify, pursuant to that statutory provision, a present or former director, officer, employee or agent of the corporation, or of another entity or enterprise (including as a manager of a limited liability company), for which such person is or was serving in such capacity at the request of the corporation, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, except an action by or in the right of the corporation, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection therewith, arising by reason of such person's service in such capacity if such person (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to a criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. In the case of actions brought by or in the right of the corporation, however, no indemnification pursuant to NRS 78.7502 may be made for any claim, issue or matter as to which such person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Any discretionary indemnification pursuant to the statutory mechanism provided under NRS 78.7502, unless ordered by a court or advanced to a director or officer by the corporation in accordance with the NRS, may be made by a corporation only as authorized in each specific case upon a determination that indemnification of the

II-1<br>

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#### **TABLE OF CONTENTS**
director, officer, employee or agent is proper in the circumstances. Such determination must be made (1) by the stockholders, (2) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, (3) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion, or (4) if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.

NRS 78.751 further provides that indemnification pursuant to the statutory mechanism provided under NRS 78.7502 does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the registrant's articles of incorporation, or any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, for either an action in the person's official capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses, may not be made to or on behalf of any director or officer finally adjudged by a court of competent jurisdiction, after exhaustion of any appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, and such misconduct, fraud or violation was material to the cause of action. Pursuant to NRS 78.751(5), a right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or any bylaw is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred.

Our governing documents provide that to the fullest extent permitted under Nevada law and other applicable law, that we shall indemnify our directors and officers in their respective capacities as such and in any and all other capacities in which any of them serves at our request. We intend to enter into indemnification agreements with our directors and executive officers. These agreements will require us, subject to limited exceptions, to indemnify these individuals to the fullest extent permitted under Nevada law against liabilities that may arise by reason of their service to us, and to advance expenses they incur as a result of any proceeding to which they are or are threatened to be made a party or participant. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors or executive officers, we have been informed that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy and is therefore unenforceable.

The proposed form of Underwriting Agreement to be filed as Exhibit 1.1 to this Registration Statement provides for indemnification to our directors and officers by the underwriters against certain liabilities.

---

| | |
|:---|:---|
| **ITEM 15.**<br>| **RECENT SALES OF UNREGISTERED SECURITIES.**  |

---

The following sets forth information regarding securities sold or issued by the registrant in the three years preceding the date of this registration statement without registration under the Securities Act:

On May 31, 2024 in connection with the Strategic Investment, Pershing Square Holdco, L.P. issued limited partner interests (i) to PS Partner Group in exchange for its limited partner interests in PSCM LP and (ii) to the Strategic Investors in exchange for their acquisition of minority interests in our business. The issuances were exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof and Regulation D thereunder as transactions not involving a public offering.

---

| | |
|:---|:---|
| **ITEM 16.**<br>| **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.**  |

---

(a)<br> *Exhibits.* See the Exhibit Index immediately preceding the signature pages hereto, which is incorporated by reference as if fully set forth herein.

(b)<br> *Financial Statement Schedules*. All financial statement schedules are omitted because they are not applicable or the information is included in the registrant's consolidated financial statements or related notes.

---

| | |
|:---|:---|
| **ITEM 17.**<br>| **UNDERTAKINGS**  |

---

(1) The undersigned registrant hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements certificates in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each initial investor in the PSUS IPO. 

II-2<br>

------

(2) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue. 

(3)<br> The undersigned registrant hereby undertakes that:

(A) For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant to Rule 424(b) (1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time it was declared effective. 

(B) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. 

(C) For the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule 430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use. 

(D) For the purpose of determining liability of the registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: 

(i)<br> Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii)<br> Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant;

(iii)<br> The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and

(iv)<br> Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

II-3<br>

------

#### EXHIBIT INDEX
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Form of Underwriting Agreement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Form of Articles of Incorporation of Pershing Square Inc. to be in effect prior to the consummation of the offering made under this Registration Statement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Form of Bylaws of Pershing Square Inc. to be in effect prior to the consummation of the offering made under this Registration Statement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Opinion of Brownstein Hyatt Farber Schreck, LLP\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Form of Indemnification Agreement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Equity Incentive Plan\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 Form of Registration Rights Agreement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 Form of Stockholder Agreement with Strategic Investors\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 Aircraft Lease Agreement, dated December 20, 2024, by and between WAFH V LLC as Lessor, and Pershing Square Capital Management, L.P., as Lessee\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 Pilot and Flight Services Agreement, dated December 18, 2024, by and between Pershing Square Capital Management, L.P. and Executive Jet Management, Inc.\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 Third Amended and Restated License Agreement, dated as of January 17, 2020, by and between Pershing Square Capital Management L.P. as Licensor and TABLE Management LP and the Pershing Square Foundation as Licensees\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 Sublease, dated as of December 5, 2022, between Pershing Square Capital Management, L.P. as Sublandlord and NEOX Public Benefit LLC as Subtenant\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 Master Lease Agreement, dated as of October 26, 2016, between Georgetown Eleventh Avenue Owners, LLC and Pershing Square Capital Management, L.P.\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 Limited Liability Company Agreement of Eleventh Avenue Holdings LLC\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 Fourth Amended and Restated Agreement of Limited Partnership of Pershing Square Capital Management, L.P.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 Form of PSH Share Agreement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 Long-Term Incentive Plan\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 Management Incentive Plan\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 Variable Compensation Agreement\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 Amended and Restated Investment Management Agreement, dated as of February 7, 2024, between Pershing Square Holdings, Ltd., a Guernsey limited liability company, and Pershing Square Capital Management, L.P., a Delaware limited partnership\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 Share Purchase Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Holdco, L.P.<sup>+</sup>

II-4<br>

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| 10.18 | Services Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Capital Management, L.P.<sup>+</sup> |
| 10.19 | Shareholder Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc., Pershing Square Holdco, L.P. and Pershing Square Capital Management, L.P.<sup>+</sup> |
| 10.20 | Standstill Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Holdco, L.P.<sup>+</sup>  |
| 10.21 | Registration Rights Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc., Pershing Square Holdco, L.P. and Pershing Square Capital Management, L.P., on behalf of certain of its affiliates<sup>+</sup> |
| 10.22 | Investment Management Agreement, dated July 15, 2024, between Pershing Square USA, Ltd., a Delaware statutory trust, and Pershing Square Capital Management, L.P., a Delaware limited partnership<sup>+</sup>  |
| 10.23 | Third Amended and Restated Line of Credit Note, dated as of January 31, 2021, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.24 | Amendment No. 1 to the Line of Credit Note, dated as of September 12, 2022, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.25 | Amendment No. 2 to the Line of Credit Note, dated as of January 6, 2023, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.26 | Amendment No. 3 to the Line of Credit Note, dated as of March 4, 2024, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.27 | Line of Credit Note, dated as of December 15, 2021, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.28  | Amendment No. 1 to the Line of Credit Note, dated as of May 17, 2022, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.29 | Amendment No. 2 to the Line of Credit Note, dated as of January 6, 2023, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 10.30 | Amendment No. 3 to the Line of Credit Note, dated as of March 4, 2024, between Pershing Square Capital Management, L.P. and JPMorgan Chase Bank, N.A.\*\* |
| 21.1 | Subsidiaries of the Registrant\*  |
| 23.1 | Consent of Ernst & Young LLP\*  |
| 23.2 | Consent of Brownstein Hyatt Farber Schreck, LLP (included as part of Exhibit 5.1)\*  |
| 24.1 | Power of Attorney (included in signature pages of this Registration Statement)\*  |
| 107 | Filing Fee Table\* |

---

<sup>+</sup><br> Filed herewith

\*<br> To be filed by amendment.

\*\*<br> Previously filed.

II-5<br>

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on the day of , .

---

| | |
|:---|:---|
| PERSHING SQUARE HOLDCO, L.P.  | PERSHING SQUARE HOLDCO, L.P.  |
| By: | Pershing Square Holdco GP, LLC,<br>its general partner  |
|  | PS Holdco GP Managing Member,<br>LLC, its sole member |
| By: |  |
| Name: | William A. Ackman  |
| Title: | Chief Executive Officer |

---

#### POWER OF ATTORNEY
Each person whose signature appears below hereby constitutes and appoints William A. Ackman, Ryan Israel, Halit Coussin, Michael Gonnella and Ben Hakim, and each of them, any of whom may act without joinder of the other, the individual's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for the person and in his or her name, place and stead, in any and all capacities, to sign this Registration Statement and any or all amendments, including post-effective amendments to the Registration Statement, including a prospectus or an amended prospectus therein and any Registration Statement for the same offering that is to be effective upon filing pursuant to Rule 462 under the Securities Act, and all other documents in connection therewith to be filed with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact as agents or any of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement and Power of Attorney have been signed by the following persons in the capacities indicated on the day of , .

---

| | |
|:---|:---|
| **Signature** | **Title**  |
|  | Chief Executive Officer and Chairman <br>(principal executive officer)  |
| William A. Ackman  | Chief Executive Officer and Chairman <br>(principal executive officer)  |
|  | Director  |
| Ryan Israel  | Director  |
|  | Director  |
| Halit Coussin  | Director  |
|  | Director  |
| Ben Hakim  | Director  |
|  | Director  |
| Kerry Murphy Healey  | Director  |

---

II-6<br>

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Signature** | **Title**  |
|  | Director  |
| Orion Hindawi  | Director  |
|  | Director  |
| Marco Kheirallah  | Director  |
|  | Director  |
| Nicholas M. Lamotte  | Director  |
|  | Director  |
| David Coppel Calvo  | Director  |
|  | Chief Financial Officer <br>(principal financial officer and principal accounting officer)  |
| Michael Gonnella | Chief Financial Officer <br>(principal financial officer and principal accounting officer)  |

---

II-7<br>

## Exhibit 10.17

------

**Exhibit 10.17**<br>

#### SHARE PURCHASE AGREEMENT

#### by and between

#### Howard Hughes Holdings Inc.

#### and

#### Pershing Square Holdco, L.P.

#### Dated as of May 5, 2025

------

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |  |
|  |  | <u>Page</u> |
| 1. | Purchase and Sale | 1 |
| 2. | Closing | 1 |
| 3. | Deliverables at Closing | 1 |
| 4. | Closing Conditions | 2 |
| 5. | Representations and Warranties | 2 |
| 6. | Miscellaneous | 17 |

---

------

SHARE PURCHASE AGREEMENT

This SHARE PURCHASE AGREEMENT, dated as of May 5, 2025 (this "<u>Agreement</u>"), is entered into by and between Howard Hughes Holdings Inc. (the "<u>Company</u>") and Pershing Square Holdco, L.P. (the "<u>Purchaser</u>"). Capitalized terms not otherwise defined herein shall have the respective meanings set forth in Annex A attached hereto, as applicable.

WHEREAS, the Company desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, shares of common stock of the Company, par value $0.01 per share (the "<u>Common Stock</u>"), subject to the terms and conditions set forth in this Agreement (the "<u>Transaction</u>");

NOW, THEREFORE, in consideration of the foregoing premises, and of the representations, warranties, covenants and agreements set forth in this Agreement, the Company and the Purchaser, each intending to be legally bound, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purchase and Sale</u>. On the terms and subject to the conditions set forth in this Agreement, at the Closing (as defined below), the Company shall sell and transfer to the Purchaser, and the Purchaser shall purchase from the Company, nine million (9,000,000) shares of Common Stock (the "<u>Purchased Shares</u>"). The price for each Purchased Share will be $100.00 (the "<u>Per Share Purchase Price</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Closing</u>. The closing of the Transaction (the "<u>Closing</u>") shall take place via electronic exchange of documents on the Closing Date. At the Closing: (a) the Company shall cause the Purchased Shares to be delivered to the Purchaser to an account specified by the Purchaser to the Company in writing; (b) the Purchaser shall pay to the Company the Subscription Amount in immediately available funds by wire transfer to an account specified by the Company in writing to the Purchaser; (c) the Company shall cause the Purchased Shares to be approved for listing on the New York Stock Exchange, subject to official notice of issuance; and (d) the Company and the Purchaser shall deliver the other items set forth in <u>Section 3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Deliverables at Closing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At the Closing, the Company shall deliver or cause to be delivered to the Purchaser the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transaction Documents duly executed by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate evidencing the formation and good standing of the Company in its jurisdiction of formation issued by the Secretary of State, as of a date within three (3) days of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a certificate, executed on behalf of the Company by the Chief Executive Officer or Chief Financial Officer of the Company, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in <u>Section 4(a)</u>, as well as certifying the Company's resolutions in furtherance of the Transaction Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On the Closing Date, the Purchaser shall deliver or cause to be delivered to the Company the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Transaction Documents duly executed by the Purchaser or its Affiliates, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate, executed on behalf of the Purchaser by the Chief Executive Officer, President or Chief Financial Officer of the Purchaser, dated as of the Closing Date, certifying to the fulfillment of the conditions specified in <u>Section 4(b)</u>, as well as certifying the Purchaser's resolutions in furtherance of the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Closing Conditions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The obligation of the Purchaser to purchase and pay for the Purchased Shares on the Closing Date is subject to the satisfaction or waiver of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each representation and warranty (other than any Company Fundamental Representation) made by the Company in <u>Section 5(a)</u> below shall be true and correct in all material respects on and as of the Closing Date as though made as of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Company Fundamental Representation made by the Company in <u>Section 5(a)</u> below shall be true and correct in all respects on and as of the Closing Date as though made as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) since the date of this Agreement, there shall not have occurred any event, fact or circumstance that has had or would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The obligation of the Company to sell the Purchased Shares on the Closing Date is subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each representation and warranty (other than any Purchaser Fundamental Representation) made by the Purchaser in <u>Section 5(b)</u> below shall be true and correct in all material respects on and as of the Closing Date as though made as of the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) each Purchaser Fundamental Representation made by the Purchaser in <u>Section 5(b)</u> below shall be true and correct in all respects on and as of the Closing Date as though made as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Representations and Warranties of the Company</u>. The Company represents and warrants to the Purchaser, as set forth below, except (x) as set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (but not in documents filed as exhibits thereto or documents incorporated by reference therein) filed with the SEC on February 26, 2025 (other than in any "risk factor" disclosure or any other forward-looking disclosures contained in such reports under the headings "Risk Factors" or "Cautionary Note" or any similar sections) or (y) as set forth in the disclosure schedule delivered by the Company to the Purchaser on the date of this Agreement (the "<u>Company Disclosure Letter</u>"):

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Organization and Qualification.* The Company and each of its direct and indirect Significant Subsidiaries is duly organized and is validly existing as a corporation or other form of entity, where applicable, in good standing under the Laws of their respective jurisdictions of organization, with the requisite power and authority to own, operate or manage its properties and conduct its business as currently conducted, except to the extent the failure of such Significant Subsidiary to be in good standing (to the extent the concept of good standing is applicable in its jurisdiction of organization) would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. The Company and each of its Significant Subsidiaries has been duly qualified as a foreign corporation or other form of entity for the transaction of business and, where applicable, is in good standing under the Laws of each other jurisdiction in which it owns, manages, operates or leases properties or conducts business so as to require such qualification, except to the extent the failure to be so qualified or, where applicable, be in good standing would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Corporate Power and Authority.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has the requisite power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder. The Company has taken all necessary corporate action required for the due authorization, execution, delivery and performance by it of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Company has received written confirmation from the New York Stock Exchange that the issuance of the Purchased Shares to the Purchaser shall not require stockholder approval and shall be eligible for listing on the NYSE in the hands of the Purchaser or other members of the Purchaser Group without any requirement for stockholder approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Execution and Delivery; Enforceability.* (a) This Agreement has been duly and validly executed and delivered by the Company and, assuming due and valid execution and delivery by the Purchaser, constitutes its valid and binding obligation, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at Law or in equity).

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(iv) *Authorized Capital Stock.* As of the date of this Agreement, the authorized capital stock of the Company consists of 150,000,000 shares of Common Stock and 50,000,000 shares of preferred stock. The issued and outstanding capital stock of the Company and the shares of Common Stock available for grant pursuant to The Howard Hughes Corporation 2010 Amended and Restated Incentive Plan and The Howard Hughes Corporation 2020 Equity Incentive Plan as of April 23, 2025 (the "<u>Measurement Date</u>") is set forth on <u>Section 5(a)(iv)</u> of the Company Disclosure Letter. From the Measurement Date to the date of this Agreement, other than in connection with the issuance of shares of Common Stock pursuant to the exercise of options outstanding as of the Measurement Date, there has been no change in the number of outstanding shares of capital stock of the Company or the number of outstanding Equity Securities (as defined below). On the Measurement Date, there was not outstanding, and there was not reserved for issuance, any (A) share of capital stock or other voting securities of the Company or its Significant Subsidiaries; (B) security of the Company or its Subsidiaries convertible into or exchangeable or exercisable for shares of capital stock or voting securities of the Company or its Significant Subsidiaries; (C) option or other right to acquire from the Company or its Subsidiaries, or obligation of the Company or its Subsidiaries to issue, any shares of capital stock, voting securities or security convertible into or exercisable or exchangeable for shares of capital stock or voting securities of the Company or its Significant Subsidiaries, as the case may be; or (D) equity equivalent interest in the ownership or earnings of the Company or its Significant Subsidiaries or other similar right, in each case to which the Company or a Significant Subsidiary is a party (the items in clauses (A) through (D) collectively, "<u>Equity Securities</u>"). Other than (x) as contemplated by this Agreement or (y) pursuant to Contracts entered into by the Company after the date hereof and prior to the Closing that are otherwise not inconsistent with the Purchaser's rights hereunder and with respect to the Transaction and do not confer on any other Person rights that are superior to those received by the Purchaser hereunder or pursuant to the Transaction contemplated hereby other than rights and terms that are customarily granted to holders of any such Equity Securities so issued and not customarily granted in transactions such as the Transaction, (1) there is no outstanding obligation of the Company or its Subsidiaries to repurchase, redeem or otherwise acquire any Equity Security and (2) there is no stockholder agreement, voting trust or other agreement or understanding to which the Company is a party or by which the Company is bound relating to the voting, purchase, transfer or registration of any shares of capital stock of the Company or preemptive rights with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Issuance.* The issuance of the Purchased Shares has been duly and validly authorized. When the Purchased Shares are issued and delivered in accordance with the terms of this Agreement against payment therefor, the Purchased Shares shall be duly and validly issued, fully paid and non-assessable and free and clear of all taxes, liens, pre-emptive rights, rights of first refusal and subscription rights, other than rights and restrictions under this Agreement, the Standstill Agreement and applicable state and federal securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *No Conflict.* The execution and delivery by the Company of this Agreement, the performance by the Company of its respective obligations under this Agreement and compliance by the Company with all of the provisions hereof and thereof and the consummation of the Transaction, (x) shall not conflict with, or result in a breach or violation of, any of the terms or provisions of, or constitute a default under, or result in the acceleration of, or the creation of any lien under, or give rise to any termination right under, any Contract to which the Company or any of the Company's Subsidiaries is a party or by which any of their material assets are subject or encumbered, (y) shall not result in any violation or breach of any terms, conditions or provisions of the certificate of incorporation or bylaws of the Company, or the comparable organizational documents of the Company's Subsidiaries, and (z) shall not conflict with or result in any violation or breach of, or any termination or impairment of any rights under, any statute or any license, authorization, injunction, judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties or assets, except, in the case of each of clauses (x) and (z) above, for any such conflict, breach, acceleration, lien, termination, impairment, failure to comply, default or violation that would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Consents and Approvals.* No consent, approval, authorization, order, registration or qualification of or with any Governmental Entity having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties is required for (A) the issuance, sale and delivery of the Purchased Shares and (B) the execution and delivery by the Company of this Agreement and performance of and compliance by the Company with all of the provisions hereof and the consummation of the Transaction, except filings required under, and compliance with the applicable requirements of the Exchange Act and the rules and regulations promulgated thereunder, the U.S. Securities Act of 1933, as amended (the "<u>Securities Act</u>") and the rules and regulations promulgated thereunder, and the rules of the NYSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *Company Reports.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Company has filed with or otherwise furnished to the SEC all material forms, reports, schedules, statements and other documents required to be filed or furnished by it under the Securities Act or the Exchange Act since December 31, 2022 (such documents, as supplemented or amended since the time of filing, and together with all information incorporated by reference therein, the "<u>Company SEC Reports</u>"). No Subsidiary of the Company is required to file with the SEC any such forms, reports, schedules, statements or other documents pursuant to Section 13 or 15 of the Exchange Act. As of their respective effective dates (in the case of Company SEC Reports that are registration statements filed pursuant to the requirements of the Securities Act) and as of their respective filing dates (in the case of all other Company SEC Reports), except as and to the extent modified, amended, restated, corrected, updated or superseded by any subsequent Company SEC Report filed and publicly available prior to the date of this Agreement, the Company SEC Reports (i) complied in all material respects with the applicable requirements of the Securities Act and the Exchange Act, and the rules and regulations of the SEC promulgated thereunder applicable to such Company SEC Reports, and (ii) did not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) The Company maintains a system of "internal controls over financial reporting" (as defined in Rules 13a-15(f) and 15a-15(f) under the Exchange Act) that provides reasonable assurance regarding the reliability of the Company's financial reporting and the preparation of the Company's financial statements for external purposes in accordance with GAAP and that includes policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company's assets that could have a material effect on the Company's financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Company maintains a system of "disclosure controls and procedures" (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that is reasonably designed to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that information relating to the Company is accumulated and communicated to the Company's management as appropriate to allow timely decisions regarding required disclosure and to make the certifications of the Chief Executive Officer and Chief Financial Officer of the Company required under the Exchange Act with respect to such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Since December 31, 2023, the Company has not received any oral or written notification of a "material weakness" in the Company's internal controls over financial reporting. The term "material weakness" shall have the meaning assigned to it in the Statements of Auditing Standard 115, as in effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Except as and to the extent modified, amended, restated, corrected, updated or superseded by any subsequent Company SEC Report filed and publicly available prior to the date of this Agreement, the audited consolidated financial statements and the unaudited consolidated interim financial statements (including any related notes) included in the Company SEC Reports fairly present in all material respects, the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates thereof and the consolidated results of their operations and their consolidated cash flows for the periods set forth therein (subject, in the case of financial statements for quarterly periods, to normal year-end adjustments) and were prepared in conformity with GAAP consistently applied during the periods involved (except as otherwise disclosed in the notes thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *No Undisclosed Liabilities*. None of the Company or its Subsidiaries has any material liabilities (whether absolute, accrued, contingent or otherwise) required to be reflected or reserved against on a consolidated balance sheet of the Company prepared in accordance with GAAP, except for liabilities (i) reflected or reserved against or provided for in the Company's consolidated balance sheet as of December 31, 2024 or disclosed in the notes thereto, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, (ii) incurred in the ordinary course of business consistent with past practice since the date of such balance sheet, and (iii) incurred in the ordinary course of performing this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *No Material Adverse Effect.* Since December 31, 2024, there has not occurred any event, fact or circumstance that has had or would reasonably be expected to have, individually, or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *No Violation or Default; Licenses and Permits.* The Company and its Subsidiaries (A) are in compliance with all Laws, statutes, ordinances, rules, regulations, orders, judgments and decrees of any court or governmental agency or body having jurisdiction over the Company or any of its Subsidiaries or any of their respective properties, and (B) has not received written notice of any alleged material violation of any of the foregoing except, in the case of each of clauses (A) and (B) above, for any such failure to comply, default or violation that would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect. Each of the Company and its Subsidiaries holds all material licenses, franchises, permits, certificates of occupancy, consents, registrations, certificates and other governmental and regulatory permits, authorizations and approvals required for the operation of the business as currently conducted by it and for the ownership, lease or operation of its material assets except, in each case, where the failure to possess or make the same would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Legal Proceedings.* There are no legal, governmental or regulatory investigations, actions, suits or proceedings pending or, to the Knowledge of the Company, threatened against the Company or any of its Subsidiaries which, individually, if determined adversely to the Company or any of its Subsidiaries, would reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *Investment Company Act.* The Company is not, and, after giving effect to the offering and sale of the Purchased Shares and the application of the proceeds thereof, shall not be required to register as an "investment company" or an entity "controlled" by an "investment company" within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Compliance with Environmental Laws.* Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (A) each of the Company and its Subsidiaries are and have been in compliance with and each of the Company Properties are and have been maintained in compliance with, any and all applicable federal, state, local and foreign Laws relating to the protection of the environment or natural resources, human health and safety as such relates to the environment, or the presence, handling, or release of Hazardous Materials (collectively, "<u>Environmental Laws</u>"), which compliance includes obtaining, maintaining and complying with all permits, licenses or other approvals required under Environmental Laws to conduct operations as presently conducted, and no action is pending or, to the Knowledge of the Company, threatened that seeks to repeal, modify, amend, revoke, limit, deny renewal of, or otherwise appeal or challenge any such permits, licenses or other approvals, (B) none of the Company or its Subsidiaries have received any written notice of, and none of the Company Properties have been the subject of any written notice received by the Company or any of its Subsidiaries of, any actual or potential liability or violation for the presence, exposure to, investigation, remediation, arrangement for disposal, or release of any material classified, characterized or regulated as hazardous, toxic, pollutants, or contaminants under Environmental Laws, including petroleum products or byproducts, radioactive materials, asbestos-containing materials, radon, lead-containing materials, polychlorinated biphenyls, mold, and hazardous building materials (collectively, "<u>Hazardous Materials</u>"), (C) none of the Company and its Subsidiaries are a party to or the subject of any pending, or, to the Knowledge of the Company, threatened, legal proceeding alleging any liability, responsibility, or violation under any Environmental Laws with respect to their past or present facilities or their respective operations, (D) none of the Company and its Subsidiaries have released Hazardous Materials on any real property in a manner that would reasonably be expected to result in an environmental claim or liability against the Company or any of its Subsidiaries or Affiliates, (E) none of the Company Properties is the subject of any pending, or, to the Knowledge of the Company, threatened, legal proceeding alleging any liability, responsibility, or violation under any Environmental Laws, and (F) to the Knowledge of the Company, there has been no release of Hazardous Materials on, from, under, or at any of the Company Properties that would reasonably be expected to result in an environmental claim or liability against the Company or any of its Subsidiaries or Affiliates.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) *Company Benefit Plans.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except as would not, individually or in the aggregate, have a Material Adverse Effect, each Company Benefit Plan is in compliance in design and operation in all material respects with all applicable provisions of ERISA and the U.S. Internal Revenue Code of 1986, as amended (the "<u>Code</u>") and each Company Benefit Plan that is intended to be qualified under Section 401(a) of the Code has received a favorable determination letter from the Internal Revenue Service with respect to its qualified status under Section 401(a) of the Code and its related trust's exempt status under Section 501(a) of the Code and the Company is not aware of any circumstances likely to result in the loss of the qualification of any such plan under Section 401(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Except as would not, individually or in the aggregate, have a Material Adverse Effect, with respect to each Company Benefit Plan that is subject to Title IV or Section 302 of ERISA or Section 412 or 4971 of the Code: (1) no Company Benefit Plan has failed to satisfy the minimum funding standard (within the meaning of Sections 412 and 430 of the Code or Section 302 of ERISA) applicable to such Company Benefit Plan, whether or not waived and no application for a waiver of the minimum funding standard with respect to any Company Benefit Plan has been submitted; (2) no reportable event within the meaning of Section 4043(c) of ERISA for which the 30-day notice requirement has not been waived has occurred; (3) no liability (other than for premiums to the Pension Benefit Guaranty Corporation (the "<u>PBGC</u>")) under Title IV of ERISA has been or is expected to be incurred by the Company or any entity that is required to be aggregated with the Company pursuant to Section 414 of the Code (an "<u>ERISA Affiliate</u>"); (4) the PBGC has not instituted proceedings to terminate any such plan or made any inquiry which would reasonably be expected to lead to termination of any such plan, and, no condition exists that presents a risk that such proceedings will be instituted or which would constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any such plan; and (5) no Company Benefit Plan is, or is expected to be, in "at-risk" status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Except as would not, individually or in the aggregate, have a Material Adverse Effect, with respect to each Company Benefit Plan maintained primarily for the benefit of current or former employees, officers or directors employed, or otherwise engaged, outside the United States (each, a "<u>Foreign Plan</u>"), excluding any Foreign Plans that are statutorily required, government sponsored or not otherwise sponsored, maintained or controlled by the Company or any of its Significant Subsidiaries ("<u>Excluded Non-US Plans</u>"): (1) (x) all employer and employee contributions required by Law or by the terms of the Foreign Plan have been made, and all liabilities of the Company and its Significant Subsidiaries have been satisfied, or, in each case accrued, by the Company and its Significant Subsidiaries in accordance with generally accepted accounting principles, and (y) the Company and its Significant Subsidiaries are in compliance with all requirements of applicable Law and the terms of such Foreign Plan; (2) as of the date hereof, the fair market value of the assets of each funded Foreign Plan, or the book reserve established for each Foreign Plan, together with any accrued contributions, is sufficient to procure or provide for the accrued benefit obligations with respect to all current and former participants in such Foreign Plan determined on an ongoing basis (rather than on a plan termination basis) according to the actuarial assumptions and valuations used to account for such obligations in accordance with applicable generally accepted accounting principles; and (3) as of the date hereof, the Foreign Plan has been registered as required and has been maintained in good standing with applicable regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) *Labor and Employment Matters.* (A) Neither the Company nor any of its Significant Subsidiaries is a party to or bound by any collective bargaining agreement or any labor union contract, nor are any employees of the Company or any of its Significant Subsidiaries represented by a works council or a labor organization (other than any industry-wide or statutorily mandated agreement in non-U.S. jurisdictions); (B) to the Knowledge of the Company, as of the date hereof, there are no activities or proceedings by any labor union or labor organization to organize any employees of the Company or any of its Significant Subsidiaries or to compel the Company or any of its Significant Subsidiaries to bargain with any labor union or labor organization; and (C), except as would not, individually or in the aggregate, have a Material Adverse Effect, there is no pending or, to the Knowledge of the Company, threatened material labor strike, lock-out, walkout, work stoppage, slowdown, demonstration, leafleting, picketing, boycott, work-to-rule campaign, sit-in, sick-out, or similar form of organized labor disruption.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) *Insurance.* The Company maintains for itself and its Subsidiaries insurance policies in those amounts and covering those risks, as in its judgment, are reasonable for the business and assets of the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) *No Unlawful Payments.* No action is pending or, to the Knowledge of the Company, is threatened against the Company or any of its Subsidiaries or Affiliates, or any of their respective directors, officers, or employees resulting from any (A) use of corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity, (B) direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, (C) violations of any provision of the Foreign Corrupt Practices Act of 1977 or any other applicable local anti-bribery or anti-corruption Laws in any relevant jurisdictions or (D) other unlawful payment, except in any such case, as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) *No Broker's Fees.* Other than pursuant to agreements (including amendments thereto) by and between the Company and Morgan Stanley & Co. LLC, none of the Company or any of its Subsidiaries is a party to any contract, agreement or understanding with any Person that would give rise to a valid claim against the Company or any of its Subsidiaries for an investment banking fee, finder's fee or like payment in respect of the sale of the Purchased Shares contemplated by this Agreement. None of the Company or any of its Subsidiaries is a party to any contract, agreement or understanding with any Person that would give rise to a valid claim against the Purchaser for a brokerage commission, finder's fee, investment banking fee or like payment in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) *Real and Personal Property.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except (x) for such breach of this <u>Section 5(a)(xx)(A)</u> as may be caused fully or substantially by the third party member or partner in any Joint Venture, without the Knowledge or consent of the Company or any of its Subsidiaries or (y) as would not individually or in the aggregate be reasonably expected to have a Material Adverse Effect, the Company or one of its Subsidiaries owns good and valid fee simple title or valid and enforceable leasehold interests (subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at Law or in equity)), as applicable, to each of the Company Properties, in each case, free and clear of liens, mortgages or deeds of trust, claims against title, charges that are liens or other encumbrances on title, rights of way, restrictive covenants, declarations or reservations of an interest in title (collectively, "<u>Encumbrances</u>"), except for the following (collectively, the "<u>Permitted Title Exceptions</u>"):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Encumbrances that result from any statutory or other liens for Taxes or assessments that are not yet due or delinquent or the validity of which is being contested in good faith by appropriate proceedings and for which a sufficient and appropriate reserve has been set aside for the full payment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any contracts, or other occupancy agreements to third parties for the occupation or use of portions of the Company Properties by such third parties in the ordinary course of the business of the Company or its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Encumbrances imposed or promulgated by Law or any Governmental Entity, including zoning, entitlement and other land use and environmental regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Encumbrances disclosed on existing title policies and current title insurance commitments or surveys made available to the Purchaser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Encumbrances on the landlord's fee interest at any Company Property where the Company or its Subsidiary is the tenant under any ground lease, provided that neither the Company nor any of its Subsidiaries have received a notice indicating the intention of the landlord under such ground lease, or of any other Person, to (I) exercise a right to terminate such ground lease, evict the lessee or otherwise collect the sub-rents thereunder, or (II) take any other action that would be reasonably likely to result in a termination of such ground lease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any cashiers', landlords', workers', mechanics', carriers', workmen's, repairmen's and materialmen's liens and other similar liens incurred in the ordinary course of business which (A) are being challenged in good faith by appropriate proceedings and for which a sufficient and appropriate reserve has been set aside for the full payment thereof or (B) have been otherwise fully bonded and discharged of record or for which a sufficient and appropriate reserve has been set aside for the full payment thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) any other easements, rights-of-way, restrictions (including zoning restrictions), covenants, encroachments, protrusions and other similar charges or Encumbrances, and title limitations or title defects, if any, that (I) are customary for office, industrial, master planned communities and retail properties or (II) individually or in the aggregate, would not be reasonably expected to have a Material Adverse Effect.

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Neither the Company nor any of its Subsidiaries has received a written notice of a material default, beyond any applicable grace and cure periods, of or under any Permitted Title Exceptions, except (x) as may have been caused fully or substantially by the third party member or partner in any Joint Venture, without the Knowledge or consent of the Company or any of its Subsidiaries, (y) where the Permitted Title Exceptions are in and of themselves evidence of default (such as mechanics' liens and recorded notices of default) or (z) as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; <u>provided</u>, <u>however</u>, that where the Company has otherwise represented and warranted to the Purchaser (including as set forth on the Company Disclosure Letter pursuant to such representations and warranties) with respect to the Company's Knowledge of, the Company's receipt of notice of or the existence of a default in connection with a particular category of Permitted Title Exceptions, such categories of Permitted Title Exceptions shall not be included in the representation set forth in this sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) With respect to each Company Ground Lease Property, to the Company's Knowledge, neither the Company nor any of its Subsidiaries has received notice of material defaults (including, without limitation, payment defaults, but limited to those circumstances where such default may grant the landlord under such ground lease the right to terminate such ground lease, evict the lessee or otherwise collect the sub-rents thereunder) at such Company Ground Lease Property beyond any applicable grace and cure periods, except (x) as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect and (y) as may be caused fully or substantially by the third party member or partner in any Joint Venture, without the Knowledge or consent of the Company or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Neither the Company nor any of its Subsidiaries is a party to any agreement relating to the property management (but not including any leasing, development, construction or brokerage agreements) of any of the Company Properties by a party other than Company or any wholly owned Company Subsidiaries, except (x) management agreements that may be terminated without cause or payment of a termination fee upon no more than 60 days' notice or (y) as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Neither the Company nor any of its Subsidiaries have received a written notice of default (beyond any applicable grace or cure periods) in the (x) payment of interest, principal or other material amount due to the lender under any Company Mortgage Loan, whether as the primary obligor or as a guarantor thereof or (y) performance of any other material obligations under any Company Mortgage Loan, except, with respect solely to (y) above, which would not individually or in the aggregate, be reasonably expected to have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) To the Knowledge of the Company, (1) neither the Company nor any of its Subsidiaries has received a written notice exercising an option, "buy-sell" right or other similar right to purchase a Company Property or any material portion thereof which has not previously closed, except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to such Company Property and (2) no Company Property is subject to a purchase and sale agreement or any similar legally binding agreement to purchase such Company Property or any material portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Company has conducted due inquiry with respect to the representations and warranties made in <u>Section 5(a)(xx)(B)</u> and <u>Section 5(a)(xx)(E)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) *Tax Matters*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Except in cases where the failure of any of the following to be true would not result in a Material Adverse Effect: (1) the Company and each of its Significant Subsidiaries have filed all Tax Returns required to be filed by applicable Law prior to the date hereof (or have obtained extensions therefor); (2) to the Knowledge of the Company, all such Tax Returns were true, complete and correct in all respects and filed on a timely basis (taking into account any applicable extensions); (3) the Company and each of its Significant Subsidiaries have paid all amounts of Taxes that are due, claimed or assessed by any taxing authority to be due for the periods covered by such Tax Returns, other than any Taxes for which adequate reserves ("<u>Adequate Reserves</u>") have been established in accordance with GAAP; and (4) all adjustments of federal U.S. Tax liability of the Company and its Significant Subsidiaries resulting from completed audits or examinations have been reported to appropriate state and local taxing authorities and all resulting Taxes payable to state and local taxing authorities have been paid. "<u>Taxes</u>" means any U.S. federal, state, local, or foreign income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Section 59A of the Code), customs duties, capital stock, franchise, profits, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Company Subsidiary that is a partnership, joint venture, or limited liability company has been since its formation treated for U.S. federal income tax purposes as a partnership or disregarded entity, as the case may be, and not as a corporation or an association taxable as a corporation, except where failure to do so would not have a Material Adverse Effect;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Except where the failure to be true would not have a Material Adverse Effect, the Company and each of its Significant Subsidiaries have (1) complied in all respects with all applicable Laws, rules, and regulations relating to the payment and withholding of Taxes (including withholding and reporting requirements under sections 1441 through 1464, 3401 through 3406, 6041 and 6049 of the Code and similar provisions under any other Laws) and (2) within the time and in the manner prescribed by Law, withheld from employee wages and paid to the proper Governmental Entities all amounts required to be withheld and paid over.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Except where the failure to be true would not have a Material Adverse Effect, no audits or other administrative proceedings or court proceedings are presently pending or to the Knowledge of the Company threatened with regard to any Taxes or Tax Returns of the Company or any of its Significant Subsidiaries, other than any audit or administrative or court proceeding that is not reasonably expected to result in a material Tax liability to the Company or any of its Significant Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Company has made available to the Purchaser complete and accurate copies of all material Tax Returns requested by the Purchaser and filed by or on behalf of the Company or any of its Significant Subsidiaries for all taxable years ending on or prior to the date hereof and for which the statute of limitations has not expired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) There are no Tax Protection Agreements except for those the breach of which would not reasonably be expected to have a Material Adverse Effect. Neither the Company nor any Significant Subsidiary has any liability for Taxes of any Person under Treasury Regulation Section 1.1502-6 (or any similar provision of any state, local or foreign Law), or as a transferee or successor (by contract or otherwise), other than (1) to a Subsidiary of the Company or (2) where any such liability would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) *Material Contracts*. Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, each Material Contract is valid and binding on the Company or any of its Subsidiaries, as applicable, and, to the Knowledge of the Company, on each other Person party thereto, and is in full force and effect. Each of the Company and its Subsidiaries has performed, in all material respects, all obligations required to be performed by it under each Material Contract, except, in each case, as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Neither the Company nor any of its Significant Subsidiaries is in breach or default of any Material Contract, except, in each case, as would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. To the Knowledge of the Company, no party to any Material Contract has given written notice of any action to terminate, cancel, rescind or procure a judicial reformation of such Material Contract or any material provision thereof, which termination, cancellation, rescission or reformation would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect. For the avoidance of doubt, Material Contracts do not include intercompany contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) *Waiver of Section 203.* The board of directors of the Company has effectively and validly waived the applicability of Section 203 of the Delaware General Corporation Law to the Purchaser such that the Purchaser may acquire the Purchased Shares without being subject to Section 203's restrictions on business combinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) *Section 16(b) of Exchange Act.* The board of directors of the Company has pre-approved the Transaction and all direct or indirect transactions related thereto between or among William A. Ackman, Ryan Israel or the Purchaser and/or any of its Affiliates and the Company, and the Transaction and such other transactions are exempt from Section 16(b) of the Exchange Act by virtue of Rule 16b-3 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(xxv) No Other Representations or Warranties.* Except for the representations and warranties made by the Company in this <u>Section 5(a)</u>, neither the Company nor any other Person makes any representation or warranty with respect to the Company or its Subsidiaries or their respective business, operations, assets, liabilities, condition (financial or otherwise) or prospects, notwithstanding the delivery or disclosure to each Purchaser or any other members of the Purchaser Group or their respective representatives of any documentation, forecast or other information with respect to any one or more of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Representations and Warranties of the Purchaser</u>. The Purchaser represents and warrants to, and agrees with, the Company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Organization*. The Purchaser is duly organized and is validly existing and, where applicable, in good standing under the Laws of its jurisdiction of organization, with the requisite limited partnership power and authority to undertake and effectuate the Transaction. The Purchaser has been duly qualified for the transaction of business and, where applicable, is in good standing under the Laws of each other jurisdiction in which it operates so as to require such qualification, except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have or be reasonably expected to materially delay or prevent the consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *Power and Authority*. The Purchaser has the requisite power and authority to enter into, execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary action required for the due authorization, execution, delivery and performance by it of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Execution and Delivery*. This Agreement has been duly and validly executed and delivered by the Purchaser, and, assuming due and valid execution and delivery by the Company, constitutes its valid and binding obligation, enforceable against the Purchaser in accordance with its terms, except as such enforceability may be limited by general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at Law or in equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *No Conflict*. The execution and delivery of this Agreement and the performance by the Purchaser of its obligations hereunder and compliance by the Purchaser with all of the provisions hereof and the consummation of the Transaction (i) shall not conflict with, or result in a breach or violation of, any of the terms or provisions of, or constitute a default under, or result in the acceleration of, or the creation of any lien under, or give rise to any termination right under, any material contract to which the Purchaser is a party, (ii) shall not result in any violation or breach of any provisions of the organizational documents of the Purchaser and (iii) shall not conflict with or result in any violation of, or any termination or material impairment of any rights under, any statute or any license, authorization, injunction, judgment, order, decree, rule or regulation of any court or governmental agency or body having jurisdiction over the Purchaser or the Purchaser's properties or assets, except with respect to each of (i), (ii) and (iii), such conflicts, violations or defaults as would not be reasonably expected to have a material adverse effect on the ability of the Purchaser to consummate the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *Consents and Approvals*. No consent, approval, order, authorization, registration or qualification of or with any Governmental Entity having jurisdiction over the Purchaser is required in connection with the execution and delivery by the Purchaser of this Agreement or the consummation of the Transaction, except such consents, approvals, orders, authorizations, registration or qualification as would not reasonably be expected to materially and adversely affect the ability of the Purchaser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) *Compliance with Laws*. Since the date of its formation, the Purchaser has been in compliance with all Laws applicable to Purchaser, except, in each case, for such non-compliance as would not reasonably be expected to materially and adversely affect the ability of the Purchaser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) *Legal Proceedings*. There are no legal, governmental or regulatory investigations, actions, suits or proceedings pending or, to the knowledge of the Purchaser, threatened against the Purchaser which, individually or in the aggregate, if determined adversely to the Purchaser, would materially and adversely affect the ability of Purchaser to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) *No Broker's Fees*. Other than pursuant to agreements (including amendments thereto) by and between the Purchaser and Jefferies LLC, the Purchaser is not party to any contract, agreement or understanding with any Person that would give rise to a valid claim against the Company for an investment banking fee, commission, finder's fee or like payment in connection with the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) *Sophistication*. The Purchaser is an "accredited investor" within the meaning of Rule 501(a) under the Securities Act. The Purchaser understands and is able to bear any economic risks associated with such investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) *Purchaser Intent*. The Purchaser is acquiring the Purchased Shares not with a view to or for distributing or reselling such Purchased Shares or any part thereof, without prejudice, however, to the Purchaser's right, subject to the provisions of this Agreement, at all times to sell or otherwise dispose of all or any part of such Purchased Shares pursuant to an effective registration statement under the Securities Act or under an exemption from such registration and in compliance with applicable federal and state securities Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) *Reliance on Exemptions*. The Purchaser understands that the Purchased Shares are being offered and sold to the Purchaser in reliance upon specific exemptions from the registration requirements of United States federal and state securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) *Financial Capability*. The Purchaser has sufficient binding capital commitments or available funds to satisfy its obligations under this Agreement, including without limitation the payment of the Subscription Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) *No Other Representations or Warranties*. Except for the representations and warranties made by Purchaser in this <u>Section 5(b)</u>, neither the Purchaser nor any other Person on behalf of the Purchaser makes any representation or warranty with respect to the Purchaser or its assets, liabilities, condition (financial or otherwise) or prospects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) *Acknowledgment*. The Purchaser acknowledges that (a) neither the Company nor any Person on behalf of the Company is making any representations or warranties whatsoever, express or implied, beyond those expressly given by the Company in <u>Section 5(a)</u> and (b) the Purchaser has not been induced by, or relied upon, any representations, warranties or statements (written or oral), whether express or implied, made by any Person, that are not expressly set forth in <u>Section 5(a)</u>. Without limiting the generality of the foregoing, except with respect to the representations and warranties contained in <u>Section 5(a)</u>, the Purchaser acknowledges that no representations or warranties are made with respect to any projections, forecasts, estimates, budgets, plans or prospect information that may have been made available to the Purchaser or any of its representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Notices</u>. Any notice or other communication required or permitted to be given hereunder will be in writing and will be deemed to have been duly given if delivered by prepaid first-class mail, by email or other means of electronic communication or by hand-delivery and addressed as follows:

if to the Company, to:

Howard Hughes Holdings Inc.

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

Attention: General Counsel <br> Email: [email address]

with a copy (which shall not constitute notice) to:

Hogan Lovells US LLP

Columbia Square

555 Thirteenth St, NW

Washington, DC 20004

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---

| | |
|:---|:---|
| Attention: | David Bonser |
|  | John Beckman |
|  | Stacey McEvoy |
| Email: | [email address] |
|  | [email address] |
|  | [email address] |

---

and

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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| | |
|:---|:---|
| Attention: | Justin W. Chairman |
|  | Richard B. Aldridge |
| Email: | [email address] |
|  | [email address] |

---

if to the Purchaser, to:

Pershing Square Holdco, L.P.

787 Eleventh Ave

New York, New York 10019

Attention: Chief Legal Officer

Email: legal@persq.com

with a copy (which shall not constitute notice) to:

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

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| | |
|:---|:---|
| Attention: | Scott D. Miller |
|  | Ken Li |
| Email: | [email address] |
|  | [email address] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Assignment</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned or delegated by either party hereto without the prior written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Governing Law</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HEREBY AGREES THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT (WHETHER BROUGHT BY ANY PARTY OR ANY OF ITS AFFILIATES OR AGAINST ANY PARTY OR ANY OF ITS AFFILIATES) SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR IN THE EVENT, BUT ONLY IN THE EVENT, THAT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER SUCH ACTION OR PROCEEDING, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION) OR, IF SUBJECT MATTER JURISDICTION OVER THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) AND EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE JURISDICTION OF, AND VENUE IN, SUCH COURTS AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Certain Remedies</u>. The parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that each of the parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Interpretation; Headings</u>. The parties hereto have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Unless the context otherwise requires, as used in this Agreement: (i) "or" shall mean "and/or"; (ii) "including" and its variants mean "including, without limitation" and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to "written" or "in writing" include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; and (vi) the term "Section" refers to the specified Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Entire Agreement</u>. The Transaction Documents constitute the entire agreement of the parties and their Affiliates and supersede all prior and contemporaneous agreements, arrangements or understandings, whether written or oral, among the parties and their Affiliates with respect to the subject matter of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Expenses</u>. Following the Closing, the Company will reimburse the Purchaser's and its Affiliates' reasonable and documented out-of-pocket costs, fees and expenses in an amount not to exceed $25 million in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the Transaction, with such reimbursement to be paid promptly following delivery of an invoice therefor and reasonably detailed back-up documentation. Subject to the foregoing and unless otherwise agreed between the parties, each party will bear its own costs, fees and expenses in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Waivers and Amendments of this Agreement</u>. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument signed by the parties hereto or, in the case of a waiver, by the party hereto waiving compliance. No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Investigations</u>. The respective agreements, representations, warranties and other statements of the Company and the Purchaser, as set forth in this Agreement or made by or on behalf of them, respectively, pursuant to this Agreement, shall remain in full force and effect, regardless of any investigation (or any statement as to the results thereof) made by or on behalf of the Purchaser or any controlling person of the Purchaser, or the Company, or any officer or director or controlling person of the Company, and shall survive delivery of and payment for the Purchased Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other party (including via email or other electronic transmission), it being understood that each party need not sign the same counterpart.

[*Signature page follows*]

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IN WITNESS WHEREOF, this Agreement is executed as of the date first written above.

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| | | |
|:---|:---|:---|
| HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. |
| By: | /s/ David O'Reilly | /s/ David O'Reilly |
|  | Name: | David O'Reilly |
|  | Title: | Chief Executive Officer |
| PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |

---

[*Signature Page to Share Purchase Agreement*]

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#### Schedule 1

#### KNOWLEDGE PARTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Carlos Olea

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. David O'Reilly

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Joseph Valane

------

#### Schedule 2

#### SIGNIFICANT SUBSIDIARIES

1. The Howard Hughes Corporation

2. Howard Hughes Management Co., LLC

3. The Howard Research and Development Corporation

4. Summa Insurance Company, Inc.

5. Hughes Intermediate Holdings, LLC

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#### Annex A

"<u>Adequate Reserves</u>" has the meaning assigned thereto in <u>Section 5(a)(xxi)(A)</u>.

"<u>Affiliate</u>" of any particular Person means any other Person controlling, controlled by or under common control with such particular Person. For the purposes of this definition, "<u>control</u>" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise.

"<u>Agreement</u>" has the meaning assigned thereto in the Preamble.

"<u>Closing</u>" has the meaning assigned thereto in <u>Section 2</u>.

"<u>Closing Date</u>" means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchaser's obligations to pay the Subscription Amount and (ii) the Company's obligations to deliver the Purchased Shares, in each case, have been satisfied or waived, but in no event later than one (1) Trading Day following the date hereof.

"<u>Code</u>" has the meaning assigned thereto in <u>Section 5(a)(xv)(A)</u>.

"<u>Common Stock</u>" has the meaning assigned thereto in the Recitals.

"<u>Company</u>" has the meaning assigned thereto in the Preamble.

"<u>Company Benefit Plan</u>" means each "employee benefit plan" within the meaning of Section 3(3) of ERISA and each other stock purchase, stock option, restricted stock, severance, retention, employment, consulting, change-of-control, collective bargaining, bonus, incentive, deferred compensation, employee stock purchase plan, employee loan, fringe benefit and other benefit plan, agreement, program, policy, commitment or other arrangement, whether or not subject to ERISA (including any related funding mechanism now in effect or required in the future), whether formal or informal, oral or written, in each case sponsored or maintained by the Company or any of its Significant Subsidiaries for the benefit of any past or present director, officer, employee, consultant or independent contractor of the Company or any of its Significant Subsidiaries has any present or future right to benefits.

"<u>Company Disclosure Letter</u>" has the meaning assigned in <u>Section 5(a)</u>.

"<u>Company Fundamental Representation</u>" means the representations and warranties of the Company set forth in <u>Sections 5(a)(i)</u> (Organization and Qualification), <u>5(a)(ii)</u> (Corporate Power and Authority), <u>5(a)(iii)</u> (Execution and Delivery; Enforceability), <u>5(a)(iv)</u> (Authorized Capital Stock), <u>5(a)(v)</u> (Issuance) and <u>5(a)(xxiii)</u> (Waiver of Section 203).

"<u>Company Ground Lease Property</u>" means any Company Property having a fair market value (in the reasonable determination of the Company) in excess of $25,000,000 which is leased by a Subsidiary of the Company as tenant pursuant to a ground lease.

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"<u>Company Mortgage Loans</u>" means all loans and other indebtedness secured by a mortgage, deed of trust, deed to secure debt or indemnity deed of trust in Company Property.

"<u>Company Property</u>" means an individual material real property asset owned or leased (as lessee), directly or indirectly, in whole or in part, by the Company and/or any of its Subsidiaries that is not a Non-Controlling Property and has a fair market value (in the reasonable determination of the Company) in excess of $25,000,000. "<u>Company Properties</u>" means, where context requires, all Company Properties collectively.

"<u>Company SEC Reports</u>" has the meaning assigned thereto in <u>Section 5(a)(viii)</u>.

"<u>Contract</u>" means any agreement, lease, license, evidence of indebtedness, mortgage, indenture, security agreement or other contract.

"<u>Encumbrances</u>" has the meaning assigned thereto in <u>Section 5(a)(xx)(A)</u>.

"<u>Environmental Laws</u>" has the meaning assigned thereto in <u>Section 5(a)(xiv)</u>.

"<u>Equity Securities</u>" has the meaning assigned thereto in <u>Section 5(a)(iv)</u>.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>ERISA Affiliate</u>" has the meaning assigned thereto in <u>Section 5(a)(xv)(B)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same may be amended and shall be in effect from time to time.

"<u>Excluded Non-US Plans</u>" has the meaning assigned thereto in <u>Section 5(a)(xv)(C)</u>.

"<u>Foreign Plan</u>" has the meaning assigned thereto in <u>Section 5(a)(xv)(C)</u>.

"<u>GAAP</u>" means generally accepted accounting principles in the United States.

"<u>Governmental Entity</u>" means any (i) nation, region, state, province, county, city, town, village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, court or tribunal, or other entity), (iv) multinational organization or body or (v) body entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature or any other self-regulatory organizations.

"<u>Hazardous Materials</u>" has the meaning assigned thereto in <u>Section 5(a)(xiv)</u>.

"<u>Indebtedness</u>" means, with respect to a Person without duplication, (a) all indebtedness of such Person for borrowed money, (b) all obligations of such Person for the deferred purchase price of property (other than trade payables and accrued expenses incurred in the ordinary course of such Person's business), (c) all obligations of such Person evidenced by notes, bonds, debentures or other similar instruments, trust preferred shares, trust preferred units and other preference instruments, (d) all indebtedness created or arising under any conditional sale or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (e) all obligations in respect of capital leases under GAAP of such Person, (f) all obligations of such Person, contingent or otherwise, as an account party or applicant under acceptance, letter of credit, surety bond or similar facilities, (g) the monetary obligations of a Person under (x) a so-called synthetic, off-balance sheet or tax retention lease, or (y) an agreement for the use or possession of property creating obligations that do not appear on the balance sheet of such Person but which, upon the insolvency or bankruptcy of such Person, would be characterized as the indebtedness of such Person (without regard to accounting treatment) (each, a "<u>Synthetic Lease Obligation</u>"), (h) guaranties of such Person with respect to obligations of the type described in clauses (a) through (g) above, (i) all obligations of other Persons of the kind referred to in clauses (a) through (h) above secured by any lien on property owned by such Person, whether or not such Person has assumed or become liable for the payment of such obligation, (j) the net obligations of such Person in respect of hedge agreements and swaps and (k) any obligation that, in accordance with GAAP, would be required to be reflected as debt on the consolidated balance sheet of such Person.

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"<u>Joint Venture</u>" means a Subsidiary of the Company which is owned partly by another Subsidiary of the Company and partly by a third party.

"<u>Knowledge</u>" of the Company means the actual knowledge, as of the date of this Agreement, of the individuals listed in <u>Schedule 1</u> to this Agreement.

"<u>Law</u>" means any statutes, laws (including common law), rules, ordinances, regulations, codes, orders, judgments, decisions, injunctions, writs, decrees, applicable to the Company, the Purchaser or any of their respective Affiliates, as applicable, or their respective properties or assets.

"<u>Material Adverse Effect</u>" means any change, event or occurrence that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) has a material adverse effect on the business, results of operations or financial condition of the Company and its direct and indirect Subsidiaries taken as a whole, other than changes, events or occurrences:

<br> (A) generally affecting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the master planned communities development industry in the United States or in a specific geographic area in which the Company operates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the economy, or financial or capital markets, in the United States or elsewhere in the world, including changes in interest or exchange rates, the availability of capital or the impact of tariffs and trade disputes; or

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<br> (B) arising out of, resulting from or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) changes in Law or regulation or in generally accepted accounting principles or in accounting standards, or changes in general legal, regulatory or political conditions applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the negotiation, execution, announcement or performance of any agreement between the Company and/or its Affiliates, on the one hand, and the Purchaser and/or its Affiliates, on the other hand, or the consummation of the Transaction contemplated hereby, including the impact thereof on relationships, contractual or otherwise, with tenants, customers, suppliers, distributors, partners or employees, or any litigation or claims arising from allegations of breach of fiduciary duty or violation of Law or otherwise, related to the execution or performance of this Agreement or the Transaction contemplated hereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) acts of war, sabotage or terrorism, or any escalation or worsening of any such acts of war, sabotage or terrorism threatened or underway as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) earthquakes, hurricanes, tornadoes or other natural disasters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any action taken by the Company or its Subsidiaries to comply with its obligations under any agreement between the Company and/or its Affiliates, on the one hand, and the Purchaser and/or its Affiliates, on the other hand; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) in each case in and of itself, any decline in the market price, or change in trading volume, of the capital stock or debt securities of the Company or any direct or indirect Subsidiary thereof, or any failure to meet publicly announced or internal revenue or earnings projections, forecasts, estimates or guidance for any period, whether relating to financial performance or business metrics, including, without limitation, revenues, net operating incomes, cash flows or cash positions, it being further understood that any event, change, development, effect or occurrence giving rise to such decline in the trading price or trading volume of the capital stock or debt securities of the Company or such failure to meet internal projections or forecasts as described in the preceding clause (6), as the case may be, may be the cause of a Material Adverse Effect;

except, in the case of clauses (A)(1) and (A)(2), to the extent such changes or events have a disproportionate adverse effect on the Company and its Subsidiaries, taken as a whole, as compared to other entities that engage in master planned communities development throughout the United States, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) materially impairs the ability of the Company to consummate the Transaction contemplated by this Agreement or perform its obligations hereunder or under the other agreements executed in connection with the Transaction.

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"<u>Material Contract</u>" means, with respect to the Company and its Subsidiaries, any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Contract that would be considered a material contract pursuant to Item 601(b)(10) of Regulation S-K promulgated by the SEC, had the Company been the registrant referred to in such regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Contract for capital expenditures, the future acquisition or construction of fixed assets or the future purchase of materials, supplies or equipment that provides for the payment by the Company or its Subsidiaries of more than $25,000,000 and is not terminable by the Company or any of its Subsidiaries by notice of not more than sixty (60) days for a cost of less than $10,000,000.

"<u>Measurement Date</u>" has the meaning assigned thereto in <u>Section 5(a)(iv)</u>.

"<u>Non-Controlling Property</u>" means a Company Property that is owned by a Joint Venture in which neither the Company nor any of its Subsidiaries is a controlling entity. For purposes of this definition, the term "<u>control</u>" shall mean, possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise; <u>provided</u>, <u>however</u>, that the rights of any Person to exercise Major Decision Rights under a Joint Venture shall not constitute or be deemed to constitute "control" for the purposes hereof. For purposes of this definition, the term "<u>Major Decision Rights</u>" shall mean, the right to, directly or indirectly, approve, consent to, veto or exercise a vote in connection with a Person's voting or other decision-making authority in respect of the collective rights, options, elections or obligations of such Person under the governing documents of a Joint Venture.

"<u>PBGC</u>" has the meaning assigned thereto in <u>Section 5(a)(xv)(B)</u>.

"<u>Per Share Purchase Price</u>" has the meaning assigned thereto in <u>Section 1</u>.

"<u>Person</u>" means an individual, a group (including a "group" under Section 13(d) of the Exchange Act), a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Entity or any department, agency or political subdivision thereof.

"<u>PSCM</u>" means Pershing Square Capital Management, L.P.

"<u>Purchased Shares</u>" has the meaning assigned thereto in <u>Section 1</u>.

"<u>Purchaser</u>" has the meaning assigned thereto in the Preamble.

"<u>Purchaser Fundamental Representation</u>" means the representations and warranties of the Purchaser set forth in <u>Sections 5(b)(i)</u> (Organization), <u>5(b)(ii)</u> (Power and Authority) and <u>5(b)(iii)</u> (Execution and Delivery).

"<u>Purchaser Group</u>" means the Purchaser, PSCM and their respective Affiliates, including the investment funds managed by one or more Affiliates of the Purchaser (for the avoidance of doubt, including as of the date hereof Pershing Square Holdings, Ltd., Pershing Square International, Ltd. and Pershing Square, L.P.).

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"<u>SEC</u>" means the Securities and Exchange Commission.

"<u>Securities Act</u>" has the meaning assigned thereto in <u>Section 5(a)(vii)</u>.

"<u>Services Agreement</u>" means that certain Services Agreement entered into on the date hereof by the Company and PSCM.

"<u>Shareholder Agreement</u>" means that certain Shareholder Agreement entered into on the date hereof by the parties hereto and PSCM.

"<u>Significant Subsidiaries</u>" means the operating Subsidiaries of the Company that are listed on <u>Schedule 2</u> to this Agreement.

"<u>Standstill Agreement</u>" means that certain Standstill Agreement entered into on the date hereof by the parties hereto and PSCM.

"<u>Subscription Amount</u>" means the aggregate Per Share Purchase Price for the Purchased Shares.

"<u>Subsidiary</u>" means, with respect to a Person, (i) a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect a majority of the directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and one or more Subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, (iii) a limited liability company of which such Person, or a Subsidiary of such Person, is a managing member or (iv) any other Person (other than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person.

"<u>Synthetic Lease Obligation</u>" has the meaning assigned thereto in the definition of "Indebtedness".

"<u>Tax Protection Agreements</u>" means any written agreement to which the Company or any of its Subsidiaries is a party pursuant to which in connection with the deferral of income Taxes of a holder of interests in the Company or any of its Subsidiaries, the Company or any such Subsidiary has agreed to (i) maintain a minimum level of Indebtedness or continue any particular Indebtedness, (ii) retain or not dispose of assets for a period of time that has not since expired, (iii) make or refrain from making Tax elections and/or (iv) only dispose of assets in a particular manner.

"<u>Tax Return</u>" means any return, declaration, report, claim for refund, or information return or statement relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof, including, where permitted or required, combined or consolidated returns for any group of entities that include the Company or any of its Significant Subsidiaries.

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"<u>Taxes</u>" has the meaning assigned thereto in <u>Section 5(a)(xxi)(A)</u>.

"<u>Trading Day</u>" means a day on which the New York Stock Exchange is open for trading, including any day on which the New York Stock Exchange is open for trading for a period of time less than the customary time.

"<u>Transaction</u>" has the meaning assigned thereto in the Recitals.

"<u>Transaction Documents</u>" means individually or collectively, the Shareholders Agreement, the Services Agreement, the Standstill Agreement, the Registration Rights Agreement and this Agreement.

------

## Exhibit 10.18

------

#### Exhibit 10.18

#### SERVICES AGREEMENT

#### by and between

#### Howard Hughes Holdings Inc.

#### and

#### Pershing Square Capital Management, L.P.

#### Dated as of May 5, 2025

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#### **Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | Page |
| **ARTICLE 1** INTERPRETATION | **ARTICLE 1** INTERPRETATION | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Headings and **Table of Contents** | 7 |
| 1.3 | Gender and Number | 8 |
| 1.4 | Actions by the Service Provider or the Service Recipient | 8 |
| 1.5 | Currency | 8 |
| 1.6 | Invalidity of Provisions | 8 |
| **ARTICLE 2** APPOINTMENT OF THE SERVICE PROVIDER | **ARTICLE 2** APPOINTMENT OF THE SERVICE PROVIDER | 8 |
| 2.1 | Appointment and Acceptance | 8 |
| 2.2 | Other Service Providers | 8 |
| 2.3 | Subcontracting and Other Arrangements | 8 |
| **ARTICLE 3** SERVICES AND POWERS OF THE SERVICE PROVIDER | **ARTICLE 3** SERVICES AND POWERS OF THE SERVICE PROVIDER | 9 |
| 3.1 | Services | 9 |
| 3.2 | Supervision of Service Provider's Activities | 10 |
| 3.3 | Restrictions on the Service Provider | 10 |
| 3.4 | Errors and Omissions Insurance. | 11 |
| **ARTICLE 4** RELATIONSHIP BETWEEN THE SERVICE PROVIDER AND THE SERVICE RECIPIENT | **ARTICLE 4** RELATIONSHIP BETWEEN THE SERVICE PROVIDER AND THE SERVICE RECIPIENT | 11 |
| 4.1 | Other Activities; Allocation of Investment Opportunities | 11 |
| 4.2 | Exclusivity | 11 |
| 4.3 | No Partnership or Joint Venture | 12 |
| **ARTICLE 5** MANAGEMENT AND EMPLOYEES | **ARTICLE 5** MANAGEMENT AND EMPLOYEES | 12 |
| 5.1 | Management and Employees | 12 |

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| | | |
|:---|:---|:---|
| **ARTICLE 6** INFORMATION AND RECORDS | **ARTICLE 6** INFORMATION AND RECORDS | 12 |
| 6.1 | Books and Records | 12 |
| 6.2 | Access to Information by Service Provider | 13 |
| 6.3 | Additional Information | 13 |
| 6.4 | Confidential Information | 14 |
| **ARTICLE 7** FEES AND EXPENSES | **ARTICLE 7** FEES AND EXPENSES | 14 |
| 7.1 | Base Fee and Variable Fee | 14 |
| 7.2 | Payment of Base Fee and Variable Fee. | 14 |
| 7.3 | Failure to Pay When Due | 15 |
| 7.4 | Expenses | 15 |
| 7.5 | Computation and Payment of Expenses | 16 |
| **ARTICLE 8** REPRESENTATIONS AND WARRANTIES OF THE SERVICE PROVIDER AND THE SERVICE RECIPIENT | **ARTICLE 8** REPRESENTATIONS AND WARRANTIES OF THE SERVICE PROVIDER AND THE SERVICE RECIPIENT | 16 |
| 8.1 | Representations and Warranties of the Service Provider | 16 |
| 8.2 | Representations and Warranties of the Service Recipient | 17 |
| **ARTICLE 9** LIABILITY AND INDEMNIFICATION | **ARTICLE 9** LIABILITY AND INDEMNIFICATION | 18 |
| 9.1 | Indemnity | 18 |
| 9.2 | Limitation of Liability | 19 |
| **ARTICLE 10** TERM AND TERMINATION | **ARTICLE 10** TERM AND TERMINATION | 20 |
| 10.1 | Term | 20 |
| 10.2 | Termination by the Service Recipient | 20 |
| 10.3 | Termination by the Service Provider | 23 |
| 10.4 | Survival Upon Termination | 23 |
| 10.5 | Action Upon Termination | 23 |
| 10.6 | Release of Money or Other Property Upon Written Request | 24 |

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-ii-

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| | | |
|:---|:---|:---|
| 10.7 | Pre-Renewal Consultations | 24 |
| **ARTICLE 11** GENERAL PROVISIONS | **ARTICLE 11** GENERAL PROVISIONS | 25 |
| 11.1 | Assignment | 25 |
| 11.2 | Certain Transactions | 26 |
| 11.3 | Inurement | 26 |
| 11.4 | Notices | 26 |
| 11.5 | Further Assurances | 27 |
| 11.6 | Counterparts | 28 |
| 11.7 | Entire Agreement | 28 |
| 11.8 | Waiver, Amendment | 28 |
| 11.9 | Certain Remedies | 28 |
| 11.10 | Interpretation; | 28 |
| 11.11 | Waiver of Jury Trial | 29 |
| 11.12 | Governing Law | 29 |

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-iii-

------

#### SERVICES AGREEMENT

This SERVICES AGREEMENT (this "**Agreement**"), dated as of May 5, 2025, is entered into by and between Howard Hughes Holdings Inc. (the "**Company**") and Pershing Square Capital Management, L.P. ("**PSCM**").

#### W I T N E S S E T H:

WHEREAS, the Company and Pershing Square Holdco, L.P. ("**Holdco**") have entered into that certain Share Purchase Agreement, dated as of the date hereof (the "**Share Purchase Agreement**") with respect to Holdco's purchase of shares of Common Stock from the Company on the terms and conditions set forth therein; and

WHEREAS, the entry into this Agreement and the other transactions contemplated by the Share Purchase Agreement are intended to facilitate the Company's strategy of operating as a diversified holding company that, among other things, seeks to acquire and engage in business through controlling interests in private operating companies (including take-private transactions involving public operating companies) and enable value creation through, among other things, the services contemplated by this Agreement; and

WHEREAS, the Company, in its capacity as a Service Recipient, wishes to engage PSCM, in its capacity as a Service Provider, to provide the services set forth in this Agreement, and PSCM, in its capacity as the Service Provider, wishes to accept such engagement, in each case subject to the terms and conditions of this Agreement;

**NOW THEREFORE** in consideration of the mutual covenants and agreements contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows:

#### ARTICLE 1

#### INTERPRETATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 **Definitions**.

In this Agreement, except where the context otherwise requires, the following terms will have the following meanings:

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| | |
|:---|:---|
| 1.1.1 | "**Advisers Act**" means the U.S. Investment Advisers Act of 1940, as amended; |

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| | |
|:---|:---|
| 1.1.2 | "**Affiliate**" of any particular Person means any other Person controlling, controlled by or under common control with such particular Person. For the purposes of this definition, "**control**" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise; |

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| | |
|:---|:---|
| 1.1.3 | "**Agreement**" has the meaning assigned thereto in the Preamble, as the same may be amended from time to time, and "herein", "hereof", "hereby", "hereunder" and similar expressions refer to this Agreement and include every instrument supplemental or ancillary to this Agreement and, except where the context otherwise requires, not to any particular article or section thereof; |

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| | |
|:---|:---|
| 1.1.4 | "**Base Fee**" means a fee of $3,750,000 per quarter ($15,000,000 per annum), which amount shall be adjusted for inflation annually beginning on January 1, 2026 by the Inflation Factor; |

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| 1.1.5 | "**Board**" means the board of directors of the Company; |

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| 1.1.6 | "**CEO**" means the Chief Executive Officer of the Company; |

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| 1.1.7 | "**CFO**" means the Chief Financial Officer of the Company; |

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|:---|:---|
| 1.1.8 | "**CIO**" means the Chief Investment Officer of the Company; |

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| 1.1.9 | "**Claims**" has the meaning assigned thereto in <u>Section 9.1.1</u>; |

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| 1.1.10 | "**Common Stock**" means the common stock of the Company, par value $0.01 per share; |

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| 1.1.11 | "**Company**" has the meaning assigned thereto in the Preamble; |

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| 1.1.12 | "**Confidential Information**" has the meaning assigned thereto in <u>Section 6.4</u>; |

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|:---|:---|
| 1.1.13 | "**Core PCE Price Index**" means The Personal Consumption Expenditures Price Index, Excluding Food and Energy, as reported by the Bureau of Economic Analysis; |

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|:---|:---|
| 1.1.14 | "**Disinterested Director**" means, with respect to any matter upon which the Board votes, a director of the Board who is not a party to the act or transaction and does not have a material interest in the act or transaction or a material relationship with a person that has a material interest in the act or transaction, as reasonably determined by the Board in good faith. |

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| 1.1.15 | "**Equity Trigger**" has the meaning assigned thereto in <u>Section 10.2.3</u>; |

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|:---|:---|
| 1.1.16 | "**Executive Chairman**" means the Executive Chairman of the Company; |

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| 1.1.17 | "**Expenses**" has the meaning assigned thereto in <u>Section 7.4.2</u>; |

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| 1.1.18 | "**Governing Documents**" means, collectively, the Amended and Restated Certificate of Incorporation of the Company, adopted as of August 11, 2023 (as amended from time to time), and the Amended and Restated Bylaws of the Company, adopted as of August 11, 2023 (as amended from time to time); |

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|:---|:---|
| 1.1.19 | "**Governmental Entity**" means any (i) nation, region, state, province, county, city, town, village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, court or tribunal, or other entity), (iv) multinational organization or body or (v) body entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature or any other self-regulatory organizations; |

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|:---|:---|
| 1.1.20 | "**Holdco**" has the meaning assigned thereto in the Recitals; |

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|:---|:---|
| 1.1.21 | "**Indemnified Party**" has the meaning assigned thereto in <u>Section 9.1.1</u>; |

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| 1.1.22 | "**Indemnifying Party**" has the meaning assigned thereto in <u>Section 9.1.1</u>; |

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|:---|:---|
| 1.1.23 | "**Independent Financial Expert**" means a nationally recognized financial advisory firm; |

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|:---|:---|
| 1.1.24 | "**Inflation Factor**" means, as of any date of determination, the fraction obtained where the numerator is the most recently publicly reported Core PCE Price Index and the denominator is the Core PCE Price Index for the corresponding month of the prior year, with appropriate mathematical adjustment made to ensure that both the numerator and the denominator have been prepared on the same basis; <u>provided</u>, for purposes of applying the Inflation Factor to adjust the Base Fee and the Reference Share Price of the Variable Fee as of the start of the 2026 calendar year, the denominator is the most recent publicly reported Core PCE Price Index as of the date of this Agreement; |

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|:---|:---|
| 1.1.25 | "**Investment Advisory Services**" means any recommendation to buy, sell, vote or take any similar action with respect to a "security" (which, for purposes of this definition only, shall have the meaning assigned thereto in the Advisers Act), to the extent such activity constitutes the business of an "investment adviser" (as defined for purposes of the Advisers Act); |

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|:---|:---|
| 1.1.26 | "**Laws**" means any statutes, laws (including common law), rules, ordinances, regulations, codes, orders, judgments, decisions, injunctions, writs, decrees, applicable to the Company or any of its Subsidiaries or PSCM or its Affiliates, as applicable, or their respective properties or assets; |

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| 1.1.27 | "**Liabilities**" has the meaning assigned thereto in <u>Section 9.1.1</u>; |

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|:---|:---|
| 1.1.28 | "**Make Whole Amount**" means an amount, in cash, equal to the sum of the present values of all Base Fees and Variable Fees for the remainder of the then-current Term, determined as of the date on which this Agreement is terminated as a result of a Change of Control (as defined in the Standstill Agreement) in good faith by mutual agreement of the Service Provider and the Disinterested Directors (on behalf of the Service Recipient); <u>provided</u>, that if the Service Provider and Service Recipient are unable to reach agreement within fifteen (15) days of the date of notice of termination, then each of the Service Provider and the Disinterested Directors (on behalf of the Service Recipient) shall select an independent appraiser of nationally recognized standing (the "**Initial Appraisers**") to each independently calculate the Make Whole Amount and deliver in writing (with reasonable supporting detail) such calculation to the Service Provider and the Service Recipient within fifteen (15) days after such selection. If the Make Whole Amount as calculated by each of the Initial Appraisers is within 10% of the Make Whole Amount as calculated by the other Initial Appraiser, then the Make Whole Amount shall be deemed to be the arithmetic average of the two amounts. If the Make Whole Amount as calculated by each of the Initial Appraisers is not within 10% of the Make Whole Amount as calculated by the other Initial Appraiser, then the Initial Appraisers shall jointly select a third independent appraiser of nationally recognized standing (the "**Third Appraiser**") within twenty (20) days. The Third Appraiser shall review the calculations and supporting details of the submissions of each of the Initial Appraisers and shall within fifteen (15) days after the selection of the Third Appraiser select one of such calculations as the Make Whole Amount. For the avoidance of doubt, the Third Appraiser shall not make an independent determination of the Make Whole Amount but shall be limited to selecting as between the calculations provided by each of the Initial Appraisers. Any calculation of the Make Whole Amount that is mutually agreed by the Service Provider and the Disinterested Directors (on behalf of the Service Recipient), that is deemed to be the average of the Make Whole Amount as calculated by each of the Initial Appraisers or that is adopted by the Third Appraiser, as applicable, shall be deemed final and binding upon the Service Recipient and Service Provider. The expenses of each party's respective Initial Appraiser shall be incurred by such party selecting each such Initial Appraiser; <u>provided</u>, that if a Third Appraiser is engaged, then the expenses of such Third Appraiser shall be borne by the party who selected the Initial Appraiser whose calculation was not selected by the Third Appraiser. |

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|:---|:---|
| 1.1.29 | "**Permitted Disclosure Parties**" has the meaning assigned thereto in <u>Section 6.4</u>; |

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|:---|:---|
| 1.1.30 | "**Pershing Square Group**" means Holdco and its controlled Affiliates, including PSCM and the investment funds managed by PSCM; |

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|:---|:---|
| 1.1.31 | "**Person**" means an individual, a group (including a "group" under Section 13(d) of the Securities Exchange Act of 1934 as amended), a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Entity or any department, agency or political subdivision thereof; |

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|:---|:---|
| 1.1.32 | "**PSCM**" has the meaning assigned thereto in the Preamble; |

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|:---|:---|
| 1.1.33 | "**Registration Rights Agreement**" means that certain Registration Rights Agreement, dated as of May 5, 2025, by and between the Company and Holdco; |

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|:---|:---|
| 1.1.34 | "**SEC**" means the U.S. Securities and Exchange Commission; |

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|:---|:---|
| 1.1.35 | "**Service Provider**" means PSCM and any other Affiliate(s) of PSCM that is appointed by PSCM from time to time to act as a provider of Services pursuant to this Agreement; |

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|:---|:---|
| 1.1.36 | "**Service Recipient**" means the Company and its Subsidiaries; |

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|:---|:---|
| 1.1.37 | "**Services**" has the meaning assigned thereto in <u>Section 3.1</u>; |

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|:---|:---|
| 1.1.38 | "**Share Purchase Agreement**" has the meaning assigned thereto in the Recitals; |

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|:---|:---|
| 1.1.39 | "**Shareholder Agreement**" means that certain Shareholder Agreement, dated as of May 5, 2025, by and among the Company, Holdco and PSCM; |

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|:---|:---|
| 1.1.40 | "**SpinCo**" has the meaning assigned thereto in <u>Section 1.1.47</u>; |

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|:---|:---|
| 1.1.41 | "**Standstill Agreement**" means that certain Standstill Agreement, dated as of May 5, 2025, by and between the Company and Holdco; |

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|:---|:---|
| 1.1.42 | "**Subsidiary**" means, with respect to a Person, (i) a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect a majority of the directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and one or more subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, (iii) a limited liability company of which such Person, or a Subsidiary of such Person, is a managing member or (iv) any other Person (other than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or more subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person; |

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|:---|:---|
| 1.1.43 | "**Successor Agreement**" has the meaning assigned thereto in <u>Section 11.2.2</u>; |

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|:---|:---|
| 1.1.44 | "**Term**" means the Initial Term or a Renewal Term; |

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|:---|:---|
| 1.1.45 | "**Trading Day**" means a day on which the New York Stock Exchange is open for trading, including any day on which the New York Stock Exchange is open for trading for a period of time less than the customary time; |

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|:---|:---|
| 1.1.46 | "**Transaction Documents**" means, individually or collectively, the Share Purchase Agreement, the Shareholder Agreement, the Registration Rights Agreement, the Standstill Agreement and this Agreement; and |

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|:---|:---|
| 1.1.47 | "**Variable Fee**" means, with respect to any calendar quarter, a fee equal to 0.375% of the product of (x) the *excess of* (A) the Quarter-End Price with respect to such calendar quarter *over* (B) the Reference Share Price *multiplied by* (y) the Reference Share Count, where: |

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(i) the "**Quarter-End Price**" with respect to any calendar quarter equals the volume-weighted average trading price of the Common Stock on the New York Stock Exchange (or, if a different principal U.S. national securities exchange or securities market is the principal trading market for the Common Stock, then on such principal U.S. national securities exchange or securities market on which the Common Stock is then traded) for the fifteen (15) Trading Days ending on the last Trading Day of such calendar quarter; <u>provided</u>, <u>however</u>, that in the event the Common Stock is de-listed from the New York Stock Exchange and is not listed on another principal U.S. national securities exchange or securities market, the Quarter-End Price shall be the fair market value per share of Common Stock as determined in good faith by mutual agreement of the Service Provider and the Disinterested Directors (on behalf of the Service Recipient); <u>provided</u>, that if the Service Provider and Service Recipient are unable to reach agreement within fifteen (15) days of the end of such calendar quarter, then each of the Service Provider and the Disinterested Directors (on behalf of the Service Recipient) shall select an Independent Financial Expert appointed for such purpose (the "**Initial Financial Experts**"), which Initial Financial Experts shall each independently calculate the Quarter-End Price using one or more valuation methods that such Independent Financial Expert in its professional judgment determines to be most appropriate, assuming (1) such shares were publicly listed on a principal U.S. national securities exchange or quotation system, (2) there was no compulsion on the part of any party to buy or sell such shares and (3) taking into account all relevant factors without regard for any discounts for illiquidity or private company status. If the Quarter-End Price as determined by each of the Initial Financial Experts is within 10% of the Quarter-End Price as calculated by the other Initial Financial Expert, then the Quarter-End Price shall be deemed to be the arithmetic average of the two amounts. If the Quarter-End Price as determined by each of the Initial Financial Experts is not within 10% of the Quarter-End Price as calculated by the other Initial Financial Expert, then the Initial Financial Experts shall jointly select a third independent appraiser of nationally recognized standing (the "**Third Financial Expert**") within twenty (20) days. The Third Financial Expert shall review the calculations and supporting details of the submissions of each of the Initial Financial Experts and shall within fifteen (15) days after the selection of the Third Financial Expert select one of such calculations as the Quarter-End Price. For the avoidance of doubt, the Third Financial Expert shall not make an independent determination of the Quarter-End Price but shall be limited to selecting as between the calculations provided by each of the Initial Financial Experts. Any calculation of the Quarter-End Price that is mutually agreed by the Service Provider and the Disinterested Directors (on behalf of the Service Recipient), that is deemed to be the average of the Make Whole Amount as calculated by each of the Initial Financial Experts or that is adopted by the Third Financial Expert, as applicable, shall be deemed final and binding upon the Service Recipient and Service Provider. The expenses of each party's respective Initial Financial Expert shall be incurred by such party selecting each such Initial Financial Expert; <u>provided</u>, that if a Third Financial Expert is engaged, then the expenses of such Third Financial Expert shall be borne by the party who selected the Initial Financial Expert whose calculation was not selected by the Third Financial Expert.

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(ii) the "**Reference Share Price**" equals $66.1453, subject to adjustment as follows: (A) annually, beginning on January 1, 2026, the Reference Share Price in effect at the time will be multiplied by the Inflation Factor; (B) in the event of any dividend, stock split, reverse stock split or other capital reorganization, reclassification or adjustment with similar effect, the Reference Share Price in effect at the time will be equitably adjusted to reflect the effect of such capital reorganization, reclassification or adjustment and any value creation; and (C) without limiting the generality of clause (B), in the event that the Company or any of its Affiliates undergoes a "spin-off" transaction, the Reference Share Price in effect at the time will be equitably adjusted based on the market value of the assets and/or Subsidiaries that were subject of the spin-off transaction (the "**SpinCo**"); and

(iii) the "**Reference Share Count**" equals 59,393,938, subject to equitable adjustment to reflect the effect of any stock split, reverse stock split or other capital reorganization, reclassification or adjustment with similar effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 **Headings and **Table of Contents**.** The inclusion of headings and a table of contents in this Agreement are for convenience of reference only and will not affect the
 construction or interpretation hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 **Gender and Number.** In this Agreement, unless the context otherwise requires, words importing the singular include the plural and vice versa, words importing gender
 include all genders or the neuter, and words importing the neuter include all genders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 **Actions by the Service Provider or the Service Recipient.** Unless the context requires otherwise, where the consent or a determination is required by the Service Provider
 or Service Recipient hereunder, the parties shall be entitled to conclusively rely upon it having been given or taken, as applicable, if, the Service Provider or Service Recipient, as applicable, has communicated the same in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 **Currency.** All amounts in this Agreement are stated and will be paid in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 **Invalidity of Provisions.** The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity
 or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and
 equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application
 of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the
 application thereof, in any other jurisdiction.

#### ARTICLE 2

#### APPOINTMENT OF THE SERVICE PROVIDER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 **Appointment and Acceptance**.

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|:---|:---|
| 2.1.1 | Subject to the provisions of this Agreement, the Service Recipient appoints the Service Provider to provide the Services to the Service Recipient. This appointment will be subject to the express terms of this Agreement and to the Board's supervision of the Service Provider and obligation to manage and control the affairs of the Service Recipient. |

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<br> 2.1.2 The Service Provider hereby accepts the appointment provided for in<u>Section 2.1.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 **Other Service Providers**. The Service Provider may, from time to time, appoint an Affiliate of PSCM to act as a new Service Provider
 under this Agreement, effective upon the execution of a joinder agreement by the new Service Provider in the form set forth on <u>Schedule A</u> hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 **Subcontracting and Other Arrangements**. The Service Provider may subcontract or arrange for the provision of any or all of the
 Services to be provided by it under this Agreement by one or more of its Affiliates, and the Service Recipient hereby consents to any such subcontracting or arrangement; <u>provided</u>, that the Service Provider shall remain responsible
 to the Service Recipient for any Services provided by persons other than the Service Provider.

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#### ARTICLE 3

#### SERVICES AND POWERS OF THE SERVICE PROVIDER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 **Services**. The Service Provider will provide, or arrange for the provision by one or more of its Affiliates of, the services (the "**Services**") described below:

<br> 3.1.1 making recommendations with respect to hedging, balance sheet management and optimization, and capital allocation;

<br> 3.1.2 providing the Investment Advisory Services;

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|:---|:---|
| 3.1.3 | executing transactions on behalf and for the account of the Service Recipient with respect to hedging transactions, derivative transactions, open market acquisitions of securities, other transactions of a type that are not reasonably within the ordinary course operations of The Howard Hughes Corporation or another operating Subsidiary of the Company and any other transactions of a type that are approved by a majority vote of the Disinterested Directors, and assisting with the execution of all other transactions on behalf of the Service Recipient in accordance with recommendations and/or advice provided by the Service Provider (it being understood and agreed that transactions for this purpose shall not include transactions that are part of the general operating functions of the Service Recipient unless otherwise approved by a majority of the Disinterested Directors);<u>provided</u>, that authorization has been given by the Executive Chairman and the CIO, with the approval of the CEO (or a designee of the CEO), and subject to such terms of reference or standing authorizations of the Board or a committee thereof as may be in effect from time to time; |

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| 3.1.4 | assisting the Service Recipient with business and corporate development functions, including identifying, evaluating and recommending to the Service Recipient potential acquisition, disposition or business combination opportunities, including conducting business and commercial due diligence, and assisting in negotiating the terms of such transactions; |

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<br> 3.1.5 making recommendations with respect to the exercise of any voting rights to which the Service Recipient is entitled in respect of investments in other operating companies;

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| 3.1.6 | recommending and, where requested to do so, assisting in the raising of funds whether by way of debt, equity or otherwise, including the preparation, review or distribution of any prospectus or offering memorandum in respect thereof and assisting with communications in connection therewith; |

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| 3.1.7 | monitoring operations of the Service Recipient and its Subsidiaries, joint venture arrangements or other assets (<u>provided</u>, for clarity, that the Service Recipient's CEO, CFO and General Counsel will retain authority and responsibility for day to day management of the Service Recipient's business and affairs); |

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| 3.1.8 | (a) providing recommendations for appropriately qualified persons to serve as designees or deputies of the CIO from time to time, and (b) if at any time the appointment rights with respect to the CIO under Section 5(a)(iv) of the Shareholder Agreement have terminated, providing recommendations for appropriately qualified persons to serve as the CIO from time to time; |

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<br> 3.1.9 upon request, engaging and supervising third-party service providers;

<br> 3.1.10 upon request, making recommendations with respect to the payment of dividends or other distributions; and

<br> 3.1.11 providing such other services as may from time to time be agreed with the Service Recipient.

The Service Provider shall provide the Services in a commercially reasonable manner: (a) with the skill, care, attention and diligence to be expected from a reasonably prudent and qualified person in comparable circumstances; and (b) in compliance with all applicable Laws and all requirements of any Governmental Entity affecting the Services or the Service Recipient, provided that the Service Provider has been reasonably informed by the Service Recipient of applicable Laws and requirements affecting the Service Recipient. Notwithstanding any provision herein to the contrary, all Investment Advisory Services shall be provided by PSCM or another Service Provider that is registered with the SEC as an investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 **Supervision of Service Provider's Activities**. The Service Provider will perform its duties hereunder as an independent contractor
 of the Service Recipient and will, at all times, be subject to the supervision of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 **Restrictions on the Service Provider**. In performing its duties under this Agreement, the Service Provider will be entitled to rely
 in good faith on qualified experts, professionals and other agents (including on accountants, appraisers, consultants, legal counsel and other, professional advisors) and will be permitted to rely in good faith upon the direction of the
 Executive Chairman, CEO, CIO, or secretary of the Board (or any designees thereof), to evidence any approvals or authorizations that are required under this Agreement. All references in this Agreement to the Service Recipient or the
 Board for the purposes of instructions, approvals and requests to the Service Provider will refer to the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 **Errors and Omissions Insurance**. The Service Provider will at all times during the term of this Agreement maintain "errors and omissions" insurance coverage and other
 insurance coverage which is customarily carried by Persons performing functions that are similar to those performed by the Service Provider under this Agreement and in an amount that is comparable to that which is customarily maintained
 by such other Persons.

#### ARTICLE 4

#### RELATIONSHIP BETWEEN THE SERVICE PROVIDER AND THE SERVICE RECIPIENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 **Other Activities; Allocation of Investment Opportunities**. Neither the Service Provider nor any Affiliate, director, officer,
 member, partner, shareholder or employee of any member of the Pershing Square Group will be prohibited from engaging in other business activities or sponsoring, or providing services to, third parties including any that compete directly
 or indirectly with the Service Recipient. Notwithstanding the foregoing, the Service Recipient shall have a preferential right with respect to opportunities to acquire controlling stakes in (to own, engage in business through and
 operate) any private operating company (including a take-private transaction of a public operating company) (" <u>Target Opportunities</u> ") that the Service Provider may identify from time to time, such that the Service Provider shall use
 commercially reasonable efforts to assist in the Service Recipient's evaluation of any such Target Opportunities and afford Service Recipient with the opportunity to invest in such Target Opportunities, provided that (1) any such
 investment is consistent with the financial resources of the Company and (2) such investment is suitable for the Company, as determined by the Service Provider in good faith. In the event that the Service Recipient does not elect, by
 written notice to the Service Provider within thirty (30) days (provided that, Service Provider may in good faith notify Service Recipient that time is of the essence for any particular Target Opportunity, in which case the foregoing
 reference to thirty (30) days shall instead be reduced to not less than five (5) business days) of being informed of a Target Opportunity (including the material terms thereof), to pursue such Target Opportunity, then the Service Provider
 will be free to pursue such Target Opportunity or allocate all or any portion of such Target Opportunity to third parties. For the avoidance of doubt, this preferential right of the Service Recipient shall not apply to opportunities to
 acquire a private company in connection with efforts to publicly list such private company through an initial public offering, acquisition by a publicly listed special purpose acquisition company or other similar means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 **Exclusivity**. The Service Recipient will not, during the term of this Agreement, engage any other Person to provide any services
 comparable to those to be provided by the Service Provider hereunder without the prior written consent of the Service Provider, which may be withheld in the absolute discretion of the Service Provider.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 **No Partnership or Joint Venture**. The Service Recipient and the Service Provider are not partners or joint venturers with each
 other, and nothing herein will be construed so as to make them partners or joint venturers or impose any liability as such on any of them as a result of this Agreement; <u>provided</u>, <u>however</u>, that nothing herein will be
 construed so as to prohibit the Service Recipient and the Service Provider from embarking upon an investment together as partners, joint venturers or in any other manner whatsoever.

#### ARTICLE 5

#### MANAGEMENT AND EMPLOYEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 **Management and Employees**.

The Service Provider will arrange for such qualified personnel and support staff to be available to carry out the Services. Such personnel and support staff will devote such of their time to the provision of the Services to the Service Recipient as the Service Provider reasonably deems necessary and appropriate, commensurate with the level of activity of the Service Recipient from time to time. Such personnel need not have as their primary responsibility the provision of the Services to the Service Recipient or be dedicated exclusively to the provision of the Services to the Service Recipient.

To the extent applicable, the Service Recipient will make available to the Service Provider, and grant the Service Provider access to, the employees or contractors of the Service Recipient as the Service Provider may from time to time reasonably request in order for the Service Provider to perform its obligations, covenants and responsibilities and exercise its rights pursuant to the terms hereof.

#### ARTICLE 6

#### INFORMATION AND RECORDS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 **Books and Records**.

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| 6.1.1 | The Service Provider will maintain proper books, records and documents, in which complete, true and correct entries, in conformity in all material respects with the Advisers Act, as applicable, will be made in respect of the performance of the Services under this Agreement. |

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| 6.1.2 | The Service Recipient will maintain proper books, records and documents, in which complete, true and correct entries, in conformity in all material respects with generally accepted accounting principles and all requirements of applicable Laws, will be made in respect of the receipt of the Services under this Agreement. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 **Access to Information by Service Provider**.

<br> 6.2.1 The Service Recipient will:

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| 6.2.1.1 | grant, or cause to be granted, to the Service Provider reasonable access, during normal business hours, to all documentation and information reasonably necessary in order for the Service Provider to perform its obligations, covenants and responsibilities pursuant to the terms hereof, including all of the books, records, and documents, financial and operating data of the Service Recipient required to be maintained under<u>Section 6.1.2</u> and reasonably necessary to enable the Service Provider to provide the Services; and |

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|:---|:---|
| 6.2.1.2 | provide, or cause to be provided, all documentation and information as may be reasonably requested by the Service Provider and reasonably necessary in order for the Service Provider to perform its obligations, covenants and responsibilities pursuant to the terms hereof, and promptly notify the Service Provider of any material facts or information of which the Service Recipient is aware that is reasonably expected to affect the performance of the obligations, covenants or responsibilities of the Service Provider pursuant to this Agreement, including maintenance of proper financial records, including any known, pending or threatened suits, actions, claims, proceedings or orders by or against any Service Recipient before any court of administrative tribunal. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 **Additional Information**. The parties acknowledge and agree that conducting the activities and providing the Services contemplated
 herein may have the incidental effect of providing additional information which may be utilized with respect to, or may augment the value of, business interests and related assets in which the Service Provider or its Affiliates have an
 interest and, subject to compliance with this Agreement, that neither the Service Provider nor its Affiliates will be liable to account to the Service Recipient with respect to such activities or results.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 **Confidential Information**. The Service Provider shall keep confidential any and all non-public information, written or oral,
 obtained by it in connection with the services rendered hereunder ()"**Confidential Information**") and shall not use Confidential Information except in furtherance of its duties or performance of its
 obligations and exercise of its rights under this Agreement or any other agreement between the Service Provider or its Affiliates and the Service Recipient or disclose Confidential Information, in whole or in part, to any Person other
 than (i) to officers, directors, employees, agents, representatives and advisors of the Service Provider or its Affiliates who need to know such Confidential Information for the purpose of rendering services hereunder ()"**Permitted Disclosure Parties** "), (ii) as required by law, rule, regulation or legal process to which the Service Provider or any Person to whom disclosure is permitted hereunder, or (iii) otherwise with
 the consent of the Company. The Service Provider agrees to inform each of its Permitted Disclosure Parties of the non-public nature of the Confidential Information. Nothing herein shall prevent the Service Provider from disclosing
 Confidential Information (a) upon the order of any court or administrative agency, (b) upon the request or demand of, or pursuant to any law or regulation to, any regulatory agency or authority, (c) to the extent reasonably required in
 connection with the exercise of any remedy hereunder, or (d) to its legal counsel or independent auditors; <u>provided</u>, <u>however</u>, that with respect to clauses (a) and (b), it is agreed that, so long as not legally prohibited,
 the Service Provider will promptly provide the Company with written notice of such order, request or demand so that the Company may seek, at its sole expense, an appropriate protective order and/or waive the Service Provider's compliance
 with the provisions of this Agreement. Notwithstanding the foregoing, the Service Provider shall not be required to provide notice or seek consent to disclose any Confidential Information in connection with a routine regulatory or
 self-regulatory examination or audit by, or blanket request from, a regulatory, self-regulatory or Governmental Entity that is not specifically targeted at the Service Recipient or this Agreement. If, failing the entry of a protective
 order or the receipt of a waiver hereunder, the Service Provider is required to disclose Confidential Information, the Service Provider may, without liability hereunder, disclose only that portion of such information that is legally
 required to be so disclosed; <u>provided</u>, that the Service Provider agrees to exercise its reasonable best efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding any
 provision herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Confidential Information that (A) is available to the public from a source other than the Service Provider, or (B) is
 obtained by the Service Provider from a third-party which, to the best of the Service Provider's knowledge, does not constitute a breach by such third-party of an obligation of confidence with respect to the Confidential Information
 disclosed. The provisions of this <u>Section 6.4</u> shall survive the expiration or earlier termination of this Agreement for a period of one year.

#### ARTICLE 7

#### FEES AND EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 **Base Fee and Variable Fee**. The Service Recipient hereby agrees to pay the following amounts, each in accordance with this <u>Article 7</u>: (i) the Base Fee for each quarter, paid quarterly in cash in advance (it being understood, for the avoidance of doubt, that the Base Fee shall be pro-rated in the case of the second quarter of 2025, for the portion of such
 quarter that occurs after the date hereof) and (ii) the Variable Fee, paid quarterly in cash (for the avoidance of doubt, including with respect to calendar year 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 **Payment of Base Fee and Variable Fee**.

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|:---|:---|
| 7.2.1 | The Service Provider will provide an invoice setting out the Base Fee for each quarter to the Service Recipient at least thirty (30) days before the start of each quarter;<u>provided</u>, that with respect to the quarter that includes the date hereof, the pro-rated base fee for such quarter will be included in the first invoice delivered by the Service Provider. Payment of the Base Fee set forth therein will be due and payable no later than the first day of the quarter in which such services are provided. |

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|:---|:---|
| 7.2.2 | The Service Provider will provide an invoice setting out the Variable Fee to the Service Recipient no later than five (5) days after the end of each calendar quarter. Payment of the Variable Fee set forth therein will be due and payable no later than fifteen (15) days from the end of the calendar quarter. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 **Failure to Pay When Due**. Any amount payable by the Service Recipient to the Service Provider hereunder which is not remitted when
 so due will remain due (whether on demand or otherwise) and interest will accrue on such overdue amounts (both before and after judgment) at a rate per annum equal to 10%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 **Expenses.** 

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|:---|:---|
| 7.4.1 | The parties acknowledge and agree that the Base Fee is intended to cover Service Provider's payment of its ordinary course overhead expenses, including the remuneration of the management, personnel or support staff who enable the provision of Services as well as other ordinary course business expenses, but excluding the Expenses (as defined below). |

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|:---|:---|
| 7.4.2 | The Service Recipient will reimburse the Service Provider for all third-party, out-of-pocket fees, costs and expenses incurred in connection with the provision of the Services (the "**Expenses**"); <u>provided</u>, <u>however</u>, that approval of the Service Recipient will be required for the reimbursement of any Expenses in excess of $1,000,000 in the aggregate in a calendar year, as adjusted annually for inflation by the Inflation Factor, and subject to periodic adjustment as determined in good faith by a majority of the Disinterested Directors (taking into account growth in the business engaged in by the Service Provider and other matters reasonably relevant to the incurrence of Expenses). Such Expenses are expected to include the following (which, for the avoidance of doubt, shall not include (i) any such amounts that are directly borne by the Service Recipient or (ii) any overhead expenses referred to in <u>Section 7.4.1, in each case,</u> for which no reimbursement shall be made): |

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|:---|:---|
| 7.4.2.1 | transaction-related fees, costs and expenses, including in connection with due diligence and research, travel and lodging, hedging costs, brokerage fees and commission, clearing and settlement charges, custodial fees, bank service fees, margin and other interest expense and transaction fees, financial reporting, regulatory filings and investor relations, professional fees and expenses (including fees and expenses of investment bankers, appraisers, counsels, research providers, public and government relations firms and other advisors, consultants, experts and agents); |

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<br> 7.4.2.2 taxes, licenses and other statutory fees or penalties levied against or in respect of the Service Recipient;

<br> 7.4.2.3 all sales, use, value added, withholding or other taxes, customs duties or other governmental charges levied or imposed by any Governmental Entity in connection with transactions of the Service Recipient and its Affiliates;

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|:---|:---|
| 7.4.2.4 | amounts owed under indemnification, contribution or similar arrangements, unless such amounts owed are a result of the bad faith, fraud, willful misconduct, gross negligence or criminal conduct of the Service Provider; and |

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<br> 7.4.2.5 any other fees, costs and expenses payable to third parties that are reasonably necessary for the performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 **Computation and Payment of Expenses**. The Service Provider will prepare a statement documenting the Expenses to be reimbursed by the
 Service Recipient pursuant to this <u>Article 7</u> and will deliver such statement to the Service Recipient, approximately thirty (30) days prior to the end of the quarter. All Expenses reimbursable pursuant to this <u>Article 7</u> will be reimbursed no later than the date which is last day of the quarter. The provisions of this <u>Section 7.5</u> will survive the termination of this Agreement.

#### ARTICLE 8

#### REPRESENTATIONS AND WARRANTIES OF

#### THE SERVICE PROVIDER AND THE SERVICE RECIPIENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 **Representations and Warranties of the Service Provider.** The Service Provider (or, as applicable, its general partner on its behalf) hereby represents and warrants to the
 Service Recipient that:

<br> 8.1.1 it (and, as applicable, its general partner) is validly organized and existing under the relevant laws governing its formation and existence;

<br> 8.1.2 it holds such licenses or registrations necessary to perform its duties hereunder;

<br> 8.1.3 it (or, as applicable, its general partner on its behalf) has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

<br> 8.1.4 it (or, as applicable, its general partner) has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

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|:---|:---|
| 8.1.5 | the execution and delivery of this Agreement by it (or, as applicable, its general partner on its behalf) and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under its governing documents (or, as applicable, the governing documents of its general partner) or under any material agreement, license, permit or applicable law to which it is a party or by which it or any of its properties or assets may be bound; |

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<br> 8.1.6 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it (or, as applicable, its general partner on its behalf) of this Agreement; and

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|:---|:---|
| 8.1.7 | this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 **Representations and Warranties of the Service Recipient**. The Service Recipient hereby represents and warrants to the Service Provider that:

<br> 8.2.1 it is validly organized and existing under the relevant laws governing its formation and existence;

<br> 8.2.2 it has the power, capacity and authority to enter into this Agreement and to perform its duties and obligations hereunder;

<br> 8.2.3 it has taken all necessary action to authorize the execution, delivery and performance of this Agreement;

<br> 8.2.4 the execution and delivery of this Agreement by it and the performance by it of its obligations hereunder do not and will not contravene, breach or result in any default under the Governing Documents;

<br> 8.2.5 no authorization, consent or approval, or filing with or notice to any Person is required in connection with the execution, delivery or performance by it of this Agreement; and

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|:---|:---|
| 8.2.6 | this Agreement constitutes a valid and legally binding obligation of it enforceable against it in accordance with its terms, subject to: (i) applicable bankruptcy, insolvency, moratorium, fraudulent conveyance, reorganization and other laws of general application limiting the enforcement of creditors' rights and remedies generally; and (ii) general principles of equity, including standards of materiality, good faith, fair dealing and reasonableness, equitable defenses and limits as to the availability of equitable remedies, whether such principles are considered in a proceeding at law or in equity. |

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#### ARTICLE 9

#### LIABILITY AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 **Indemnity**.

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|:---|:---|
| 9.1.1 | The Service Recipient (for purposes of this Article, an "**Indemnifying Party"**) shall indemnify and hold harmless the Service Provider, any of its Affiliates and any directors, officers, agents, members, partners, shareholders and employees of each of the foregoing (each, an "**Indemnified Party**") from and against all actions, proceedings, charges, claims, liabilities, losses, damages, costs or expenses (including legal fees) ("**Liabilities**") incurred by them or threatened in connection with any and all actions, suits, investigations, proceedings or claims of any kind whatsoever, whether arising under statute or action of a regulatory authority or otherwise or in connection with the business, investments and activities of the Service Recipient or in respect of or arising from this Agreement or the Services provided hereunder ("**Claims**"); <u>provided</u> that this <u>Section 9.1</u> shall not be construed so as to provide for the indemnification of, or advancement of expenses to, an Indemnified Party for (i) any liability to the extent that such Claim is finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Indemnified Party's bad faith, fraud, willful misconduct, gross negligence or criminal conduct, or (ii) any liability (including liability under U.S. federal securities laws, which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this <u>Section 9.1</u> to the fullest extent permitted by law. |

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|:---|:---|
| 9.1.2 | The Service Provider and the Service Recipient agree that in case any Claim should be made by a third party arising from this Agreement or the Services provided hereunder, the Indemnified Party will have the right to employ its own counsel in connection therewith, and the reasonable fees and expenses of such counsel, as well as the reasonable costs (excluding an amount reimbursed to such Indemnified Party for the time spent in connection therewith) and out-of-pocket expenses incurred in connection therewith will be paid by the Indemnifying Party in such case, as incurred but subject to recoupment by the Indemnifying Party if ultimately it is not liable to pay indemnification hereunder. |

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|:---|:---|
| 9.1.3 | The Service Provider and the Service Recipient agree that, promptly after the receipt of notice of the commencement of any third-party Claim involving an Indemnified Party pursuant to this Agreement, where such Claim is based, directly or indirectly, upon any matter in respect of which this Agreement provides for indemnification, the Indemnified Party in such case will notify the Indemnifying Party in writing of the commencement of such Claim (<u>provided</u> that any accidental failure to provide any such notice will not prejudice the right of any such Indemnified Party hereunder) and, throughout the course of such Claim, such Indemnified Party will use its best efforts to provide copies of all relevant documentation to the Indemnifying Party and will keep the Indemnifying Party apprised of the progress thereof and will discuss with the Indemnifying Party all significant actions proposed. |

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|:---|:---|
| 9.1.4 | The parties hereto expressly acknowledge and agree that the right to indemnity provided in this<u>Section 9.1</u> will be in addition to and not in derogation of any other liability which the Indemnifying Party in any particular case may have or of any other right to indemnity or contribution which any Indemnified Party may have by statute or otherwise at law. |

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<br> 9.1.5 Notwithstanding any provision herein to the contrary, the parties hereto expressly acknowledge and agree that no party shall be liable to any other party for consequential, special, exemplary or punitive damages, except to the extent payable to a third party.

<br> 9.1.6 The indemnity provided in this<u>Section 9.1</u> will survive the completion of Services rendered under, or any termination or purported termination of, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 **Limitation of Liability**.

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|:---|:---|
| 9.2.1 | The Service Provider assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and will not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Service Provider, including as set forth in<u>Section 3.3</u> hereof. |

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|:---|:---|
| 9.2.2 | The Service Recipient hereby agrees that no Indemnified Party will be liable to the Service Recipient, the Board, an officer of a Service Recipient or any security holder of the Service Recipient for any Liabilities that may occur as a result of any acts or omissions by the Indemnified Party pursuant to or in accordance with this Agreement, except to the extent that such Liabilities are finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Indemnified Party's bad faith, fraud, willful misconduct, gross negligence or criminal conduct. |

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|:---|:---|
| 9.2.3 | The maximum amount of the aggregate liability of any Indemnified Party with respect to such Liabilities finally determined by a final and non-appealable judgment entered by a court of competent jurisdiction to have resulted from the Indemnified Party's bad faith, fraud, willful misconduct, gross negligence, or, criminal conduct, will be equal to the amounts paid by the Service Recipient pursuant to<u>Section 7.1</u> and <u>Section 7.2</u> prior to the date the acts or omissions giving rise to a claim for liability shall have occurred. The maximum amount of the aggregate liability of the Service Provider pursuant to this Agreement will be equal to the aggregate of all amounts paid to the Service Provider in respect of Services pursuant to this Agreement or any agreement or arrangement contemplated by this Agreement in the five (5) most recent calendar years by the Service Recipients pursuant to <u>Section 7.1</u> and <u>Section 7.2</u> (provided that if less than five (5) calendar years have elapsed since the date of this Agreement, then such maximum amount of aggregate liability shall be equal, as of any date of determination, to the greater of (i) (x) twelve (12) *multiplied by* (y) the average of the aggregate Base Fees and Variable Fees paid with respect to each full quarter that has elapsed prior to such date of determination and (ii) the aggregate Base Fees and Variable Fees paid prior to such date of determination). |

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<br> 9.2.4 For the avoidance of doubt, the provisions of this<u>Section 9.2</u> will survive the termination of this Agreement.

#### ARTICLE 10

#### TERM AND TERMINATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 **Term**.

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| 10.1.1 | This Agreement shall have an initial term of ten (10) years (the "**Initial Term**") ending on May 5, 2035 and shall have successive renewal terms of ten (10) years thereafter (each, an "**Renewal Term**"), unless either the Service Recipient or the Service Provider elects not to renew this Agreement in accordance with <u>Section 10.2.4</u> or this Agreement is terminated by the Service Recipient or the Service Provider in accordance with <u>Section 10.2</u> or <u>Section 10.3</u>. The Service Provider's engagement hereunder will continue in full force and effect during the Term. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 **Termination by the Service Recipient**.

<br> 10.2.1 [Reserved]

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|:---|:---|
| 10.2.2 | The Service Recipient may, with the prior approval of two-thirds of the Disinterested Directors, terminate this Agreement effective upon one hundred twenty (120) days' prior written notice (or upon thirty (30) days' prior written notice with respect to<u>Sections 10.2.2.1</u>, <u>10.2.2.2,</u> <u>10.2.2.3</u> or <u>10.2.2.4)</u> to the Service Provider, without payment (except in the case of a termination pursuant to <u>Section 10.2.2.5</u>) if, during either the Initial Term or a Renewal Term: |

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|:---|:---|
| 10.2.2.1 | the Service Provider or any of its permitted assignees or subcontractors defaults in the performance or observance of any material term, condition or agreement contained in this Agreement that results in material harm to the Service Recipient and such default continues for a period of sixty (60) days after written notice thereof specifying in reasonable detail such default and requesting that the same be remedied in such sixty (60)-day period; |

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| 10.2.2.2 | the Service Provider or any of its permitted assignees or subcontractors engages in any act of fraud, misappropriation of funds or embezzlement against the Service Recipient, which, in the case of such act by a subcontractor, has not been remedied within sixty (60) days after written notice thereof specifying in reasonable detail such conduct and requesting that the same be remedied in such sixty (60) day period; |

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| 10.2.2.3 | the Service Provider or any of its permitted assignees or subcontractors has acted in a manner constituting bad faith, willful misconduct or gross negligence, or engaged in any criminal conduct, in the performance of its duties under this Agreement, in each case which, in the case of such conduct by a subcontractor, has not been remedied within sixty (60) days after written notice thereof specifying in reasonable detail such conduct and requesting that the same be remedied in such sixty (60) day period; or |

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| 10.2.2.4 | the Service Provider makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency; or |

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| 10.2.2.5 | a Change of Control (as defined in the Standstill Agreement) of the Company occurs;<u>provided</u>, <u>however</u>, that (i) the Service Recipient provides written notice of termination within one hundred twenty (120) days of such Change of Control and (ii) the Service Recipient has paid or concurrently with the effectiveness of such termination pays to the Service Provider the Make Whole Amount. |

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|:---|:---|
| 10.2.3 | If at any point an Equity Trigger occurs, then the Company shall be entitled to, any time during the one hundred twenty (120)-day period following the date on which the Company first became aware of the Equity Trigger, to terminate this Agreement effective upon one hundred twenty (120) days' prior written notice to the Service Provider;<u>provided</u>, that a determination by the Company to exercise the aforementioned termination rights shall be valid only with the prior unanimous approval of the Disinterested Directors. For purposes of this paragraph, "Equity Trigger" means any of the following: (i) on or prior to the tenth (10th) anniversary of the Closing (as defined in the Share Purchase Agreement), Holdco and its Affiliates cease to beneficially own, directly or indirectly, a number of shares of Common Stock equal to at least the number of shares of Common Stock that were purchased pursuant to the Share Purchase Agreement at the Closing; and (ii) following the tenth (10th) anniversary of the Closing, Holdco and its Affiliates cease to beneficially own, directly or indirectly, a number of shares of Common Stock equal to at least seventy five percent (75%) of the number of shares of Common Stock that were purchased pursuant to the Share Purchase Agreement at the Closing; in the case of each of clause (i) and (ii), as the result of a sale of shares of Common Stock to a third party; and provided, for the avoidance of doubt, that any transfers of beneficial ownership of Common Stock to Holdco's successors and Affiliates and any former or current members of PSCM's senior management team, and shall be disregarded in determining whether an Equity Trigger has occurred; and provided, further, that the number of shares referenced in each of clause (i) and (ii) shall be subject to equitable adjustment to reflect the effect of any stock split, reverse stock split or other capital reorganization, reclassification or adjustment with similar effect. |

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|:---|:---|
| 10.2.4 | At least 240 days prior to the expiration of the Initial Term or any Renewal Term, as applicable, the Service Recipient shall provide written notice to the Service Provider of the Board's determination of the Disinterested Directors eligible to vote on a Non-Renewal, which vote shall occur no earlier than twenty (20) days after the date of such determination by the Board. At least 180 days prior to the expiration of the Initial Term or any Renewal Term, as applicable, the Service Recipient or the Service Provider may, in connection with the expiration of the Initial Term or the then-current Renewal Term, decline to renew this Agreement (a "**Non-Renewal**") if, with respect to Non-Renewal by the Service Recipient, the Non-Renewal is approved by a unanimous vote of the Disinterested Directors and subsequently approved by a seventy percent (70%) vote of the then outstanding Common Stock, excluding any Common Stock held by the Service Provider or its Affiliates, held no later than the expiration of the Term. |

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|:---|:---|
| 10.2.4.1 | Promptly following the aforementioned unanimous vote of the Disinterested Directors and prior to the distribution of the Service Recipient's proxy materials with respect to the aforementioned stockholder vote, the Service Recipient (i) shall notify the Service Provider of the applicable parties assisting with the printing and mailing of the Service Recipient's proxy materials no fewer than ten (10) days prior to the date of mailing and (ii) shall, and shall cause such applicable parties to, reasonably cooperate with the Service Provider for the printing and distribution, at the Service Provider's expense, of the Service Provider's proxy materials, and provided that Service Provider shall provide its final materials no later than one (1) day prior to such date of mailing, shall be mailed no later than the date on which the Service Recipient's proxy materials are mailed. |

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|:---|:---|
| 10.2.5 | Following a termination of this Agreement, the Service Provider will continue to be entitled to any fees earned prior to the termination,<u>provided</u>, that for purposes of calculating the Variable Fee with respect to the calendar quarter in which the termination occurs, the Quarter-End Price will be based on the volume-weighted average trading price for the fifteen (15) Trading Days ending on the date of termination of this Agreement (rather than the volume-weighted average trading price for the fifteen (15) Trading Days ending on the last Trading Day of such calendar quarter). |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 **Termination by the Service Provider**.

<br> 10.3.1 The Service Provider may in its discretion terminate this Agreement:

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|:---|:---|
| 10.3.1.1 | effective upon one hundred twenty (120) days' prior written notice of termination to the Service Recipient if the Service Recipient defaults in the performance or observance of any material term, condition or agreement contained in this Agreement in a manner that results in material harm to the Service Provider and such default continues for a period of one hundred twenty (120) days after written notice thereof specifying such default and requesting that the same be remedied in such one hundred twenty (120)-day period; or |

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|:---|:---|
| 10.3.1.2 | at any time if the Service Recipient makes a general assignment for the benefit of its creditors, institutes proceedings to be adjudicated voluntarily bankrupt, consents to the filing of a petition of bankruptcy against it, is adjudicated by a court of competent jurisdiction as being bankrupt or insolvent, seeks reorganization under any bankruptcy law or consents to the filing of a petition seeking such reorganization or has a decree entered against it by a court of competent jurisdiction appointing a receiver liquidator, trustee or assignee in bankruptcy or in insolvency. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 **Survival Upon Termination**. If this Agreement is terminated pursuant to this <u>Article 10</u>, such termination will be without any further liability or obligation of any
 party hereto, except as provided in <u>Section 6.3</u>, <u>Section 6.4</u>, <u>Section 7.5</u>, <u>Article 9</u>, <u>Section 10.2.5</u>, <u>Section 10.5</u>, <u>Section 10.6,</u> <u>Section 11.4</u>, <u>Section 11.9</u>, <u>Section 11.10</u>, <u>Section 11.11</u>, <u>Section 11.12</u>, and <u>Section 11.13</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 **Action Upon Termination**.

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|:---|:---|
| 10.5.1 | From and after the effective date of the termination of this Agreement, the Service Provider will not be entitled to receive the Base Fee or Variable Fee for further services under this Agreement, but will be paid all compensation accruing to and including the date of termination. Pursuant to <u>Section 10.2.5</u>, the final payment of the Variable Fee due after termination will be based on the volume-weighted average trading price of the Common Stock on the New York Stock Exchange for the fifteen (15) Trading Days ending on the termination date; |

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<br> 10.5.2 Upon any termination of this Agreement, the Service Provider will forthwith:

<br> 10.5.2.1 after deducting any accrued compensation and reimbursements to which it is then entitled, pay over to the Service Recipient all money collected and held for the account of the Service Recipient pursuant to this Agreement;

<br> 10.5.2.2 deliver to the Board a full accounting, including a statement showing all payments collected by it and a statement of all money held by it, covering the period following the date of the last accounting furnished to the Board; and

<br> 10.5.2.3 deliver to the Board all property and documents of the Service Recipient then in the custody of the Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 **Release of Money or Other Property Upon Written Request**. The Service Provider hereby agrees that any money or other property of the Service Recipient or its Subsidiaries
 held by the Service Provider under this Agreement shall be held by the Service Provider as custodian for such Person, and the Service Provider's records shall be appropriately marked clearly to reflect the ownership of such money or other
 property by such Person. Upon the receipt by the Service Provider of a written request signed by a duly authorized representative of the Service Recipient requesting the Service Provider to release to the Service Recipient any money or
 other property then held by the Service Provider for the account of the Service Recipient under this Agreement, the Service Provider shall release such money or other property to the Service Recipient within a reasonable period of time,
 but in no event later than five (5) days following such request. The Service Provider shall not be liable to the Service Recipient, Board or any other Person for any acts performed or omissions to act by the Service Recipient in
 connection with the money or other property released to the Service Recipient in accordance with the second sentence of this <u>Section 10.6</u>. The Service Recipient shall indemnify and hold harmless the Service Provider and any of
 its Affiliates (and any directors, officers, agents, members, partners, shareholders and employees of the foregoing) against any and all Liabilities which arise in connection with the relevant member of the Service Provider's release of
 such money or other property to the Service Recipient in accordance with the terms of this <u>Section 10.6</u>. Indemnification pursuant to this provision shall be in addition to any right of such Persons to indemnification under <u>Section 9.1</u> hereof. For the avoidance of doubt, the provisions of this <u>Section 10.6</u> shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 **Pre-Renewal Consultations**. During the six (6) month period prior to the expiration of the Initial Term and each Renewal Term, at either party's request, the parties shall
 consult in good faith regarding opportunities to enhance the delivery of Services, historical investment performance during the then-current Initial Term or Renewal Term, and the pursuit of the Service Recipient's strategic objectives. 
 During the subsequent Renewal Term, the parties shall work in good faith and use commercially reasonable efforts to implement any mutually agreed upon measures to give effect to such objectives.

------

#### ARTICLE 11

#### GENERAL PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 **Assignment.** 

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| | |
|:---|:---|
| 11.1.1 | **Generally**. |

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---

| | |
|:---|:---|
| 11.1.1.1 | This Agreement shall not be assigned by the Service Provider without the prior written consent of the Service Recipient, except in the case of assignment by any of the Service Provider to an Affiliate or to a Person that is its successor by a statutory conversion, merger, consolidation or purchase of assets, in which case the Affiliate or successor shall be bound under this Agreement and by the terms of the assignment in the same manner as such of the Service Provider is bound under this Agreement. For the avoidance of doubt, any transaction that indirectly results in an "assignment" (as that term is defined under the Advisers Act) of this Agreement by Service Provider shall not be permitted without the prior written consent of Service Recipient. |

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| | |
|:---|:---|
| 11.1.1.2 | This Agreement shall not be assigned by the Service Recipient without the prior written consent of the Service Provider, except in the case of assignment by the Service Recipient to a Person that is its successor by merger, consolidation or purchase of assets, in which case the successor shall be bound under this Agreement and by the terms of the assignment in the same manner as the Service Recipient is bound under this Agreement. |

---

<br> 11.1.1.3 Any purported assignment of this Agreement in violation of this<u>Section 11.1.1</u> shall be null and void.

---

| | |
|:---|:---|
| 11.1.2 | **Advisers Act**. Notwithstanding <u>Section 11.1.1</u>, this Agreement will not be assigned (within the meaning of the Advisers Act) by the Service Provider without the prior written consent of the Service Recipient. Any purported assignment of this Agreement in violation of this <u>Section 11.1.2</u> shall be null and void with respect to the Investment Advisory Services (and, for the avoidance of doubt, shall not affect the validity or enforceability of any other Service or provision hereof). |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 **Certain Transactions**.

---

| | |
|:---|:---|
| 11.2.1 | In the event of a de-listing of the Common Stock from the New York Stock Exchange or any change of control, take-private transaction or other similar transaction that results, directly or indirectly, in the diminution or impairment of the Pershing Square Group's governance rights or consent rights (including by virtue of its voting power with respect to Service Recipient or any successor thereof and any rights under the Shareholder Agreement) or any rights under this Agreement, then the Service Recipient or such successor, the acquiror (if any), and, subject to<u>Section 10.2.2.5</u>, the Service Provider (and/or its applicable Affiliates) will promptly enter into such amendments or additional agreements as may be necessary to replicate, in all material respects, such governance, consent and other rights. |

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---

| | |
|:---|:---|
| 11.2.2 | In connection with any proposed "spin-off" transaction with respect to the Service Recipient or its Affiliates, the Board shall determine in good faith whether to cause the SpinCo to enter into a services agreement with the Service Provider on substantially similar terms as those set forth herein (a "**Successor Agreement**"). If so determined by the Board, the parties, acting reasonably and in good faith, considering all relevant factors, including the proportionate allocation of the Services and the Base Fee, shall endeavor to enter into a Successor Agreement concurrently with the completion of the spin-off transaction. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 **Inurement**. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 **Notices**. Any notice or other communication required or permitted to be given hereunder will be in writing and will be deemed to have been duly given if delivered by
 prepaid first-class mail, by email or other means of electronic communication or by hand-delivery and addressed as follows:

<br> 11.4.1 if to the Company:

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| | |
|:---|:---|
|  | Howard Hughes Holdings Inc. |
|  | 9950 Woodloch Forest Drive, Suite 1100 |
|  | The Woodlands, Texas 77380 |
| Attention: | General Counsel |
| Email: | [email address]<br>|
|  | with a copy (which shall not constitute notice) to: |
|  | Hogan Lovells US LLP |
|  | Columbia Square |
|  | 555 Thirteenth St, NW |
|  | Washington, DC 20004 |

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------

---

| | |
|:---|:---|
| Attention: | David Bonser |
|  | John Beckman |
|  | Stacey McEvoy |
| Email: | [email address] |
|  | [email address] |
|  | [email address] |

---

---

| | |
|:---|:---|
|  | and |
|  | Morgan, Lewis & Bockius LLP |
|  | 2222 Market Street |
| Philadelphia, PA 19103 | Philadelphia, PA 19103 |

---

---

| | |
|:---|:---|
| Attention: | Justin W. Chairman |
|  | Richard B. Aldridge |
| Email: | [email address] |
|  | [email address] |

---

<br> 11.4.2 if to PSCM:

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| |
|:---|
| Pershing Square Capital Management, L.P. |
| 787 Eleventh Ave<br> New York, New York 10019<br> Attention: Chief Legal Officer<br> Email: legal@persq.com |
| with a copy (which shall not constitute notice) to: |
| Sullivan & Cromwell LLP<br> 125 Broad Street |

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New York, New York 10004

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| | |
|:---|:---|
| Attention: | Scott D. Miller |
|  | Ken Li |
| Email: | [email address] |
|  | [email address] |

---

<br> 11.4.3 if to any new Service Provider appointed pursuant to <u>Section 2.2</u>, at the address listed in the joinder agreement executed by the new Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 **Further Assurances**. Each of the parties hereto will promptly do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts,
 documents and things as the other party hereto may reasonably require from time to time for the purpose of giving effect to this Agreement and will use reasonable efforts and take all such steps as may be reasonably within its power to
 implement to their full extent the provisions of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 **Counterparts**. This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when
 counterparts have been signed by each of the parties and delivered to the other party (including via email or other electronic transmission), it being understood that each party need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 **Entire Agreement**. The Transaction Documents constitute the entire agreement of the parties and their Affiliates and supersede all prior and contemporaneous agreements,
 arrangements or understandings, whether written or oral, among the parties and their Affiliates with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 **Waiver, Amendment**. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only
 by a written instrument signed by the parties hereto or, in the case of a waiver, by the party hereto waiving compliance. No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall
 operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement,
 preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any
 rights or remedies which any party otherwise may have at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 **Certain Remedies**. The parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their
 specific terms. It is accordingly agreed that each of the parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to
 enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 **Interpretation; Headings.** The parties hereto have participated jointly in negotiating and drafting this Agreement. In the event
 that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of
 the authorship of any provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this
 Agreement. Unless the context otherwise requires, as used in this Agreement: (i) "or" shall mean "and/or"; (ii) "including" and its variants mean "including, without limitation" and its variants; (iii) words defined in the singular have
 the parallel meaning in the plural and vice versa; (iv) references to "written" or "in writing" include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; and (vi) the terms "Article" and
 "Section" refer to the specified Article or Section of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 **Waiver of Jury Trial**. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES
 AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF
 VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER
 VOLUNTARILY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 **Governing Law**. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. EACH OF THE PARTIES HEREBY IRREVOCABLY
 SUBMITS TO THE JURISDICTION OF, AND VENUE IN, ANY STATE OR FEDERAL COURT LOCATED IN NEW YORK, NEW YORK AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 **Sequencing**. For the avoidance of doubt, the Board may approve and adopt any matter referred to herein that also requires approval of the Company's stockholders under the
 Delaware General Corporation Law prior to the Company obtaining the approval required herein; *provided*, that the Company may not permit such matter to
 occur until the approval required herein is obtained.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the date first set forth above.

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| | | |
|:---|:---|:---|
| HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. |
| By: | /s/ David O'Reilly | /s/ David O'Reilly |
|  | Name: | David O'Reilly |
|  | Title: | Chief Executive Officer |
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |

---

[*SIGNATURE PAGE TO SERVICES AGREEMENT*]

------

#### Schedule A

#### JOINDER TO SERVICES AGREEMENT

THIS JOINDER to the Services Agreement dated as of [●], 2025 (this "**Joinder**"), is entered into by and between Pershing Square Capital Management, L.P. ("**PSCM**") and [●] (the "**New Service Provider**"). Capitalized terms used herein but not otherwise defined shall have the meanings set forth in the Services Agreement.

#### RECITALS:

WHEREAS, the Services Agreement provides that the Service Provider may, from time to time, appoint an Affiliate of PSCM to act as a new Service Provider under the Services Agreement;

WHEREAS, the New Service Provider is an Affiliate of PSCM; and

WHEREAS, the Service Provider wishes to appoint the New Service Provider to act as a new Service Provider under the Services Agreement and the New Service Provider wishes to accept such appointment.

**NOW THEREFORE** in consideration of good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the New Service Provider agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Agreement to be Bound.** The New Service Provider hereby agrees that upon execution of this Joinder, it shall become a party to the Services Agreement and acknowledges that it is fully bound by, and subject to, all of the covenants, representations, terms and conditions of this Joinder and of the Service Provider under the Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Successors, Assigns and Amendments.** Any purported assignment of this Joinder in violation of Section 11.1 of the Services Agreement will be null and void. No amendment or waiver of this Joinder will be binding unless executed in writing by both of the undersigned parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Inurement.** This Joinder will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Notices.** Notices and other communications to the New Service Provider will be addressed as follows:

[●]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Counterparts.** This Joinder may be signed in counterparts and each of such counterparts will constitute an original document and such counterparts, taken together, will constitute one and the same instrument.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Governing Law.** This Joinder will be governed by and construed in accordance with the internal laws of the State of New York. Each of the parties hereby irrevocably submits to the jurisdiction of, and venue in, any state or federal court located in New York, New York and waives any objection based on forum non conveniens.

[NEXT PAGE IS THE SIGNATURE PAGE]

------

IN WITNESS WHEREOF the parties hereto have caused this Joinder to be executed as of the date first set forth above.

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| | |
|:---|:---|
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: |  |
|  | Name: |
|  | Title: |
| [*New Service Provider*] | [*New Service Provider*] |
| By: |  |
|  | Name: |
|  | Title: |

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------

## Exhibit 10.19

------

#### Exhibit 10.19

#### SHAREHOLDER AGREEMENT

#### by and among

#### Howard Hughes Holdings Inc.,

#### Pershing Square Holdco, L.P.

#### and

#### Pershing Square Capital Management, L.P.

#### Dated as of May 5, 2025

------

#### **Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | Page |
| 1. | Definitions | 1 |
| 2. | Subscription Right | 4 |
| 3. | Board of Directors | 8 |
| 4. | Transfer Restrictions | 10 |
| 5. | Certain Actions | 10 |
| 6. | Notices | 12 |
| 7. | Assignment; Third Party Beneficiaries | 13 |
| 8. | Inurement | 13 |
| 9. | Prior Negotiations; Entire Agreement | 13 |
| 10. | Governing Law; Venue | 14 |
| 11. | Counterparts | 14 |
| 12. | Waivers and Amendments | 14 |
| 13. | Severability | 14 |
| 14. | Certain Remedies | 14 |
| 15. | Interpretation; Headings | 15 |
| 16. | Waiver of Jury Trial | 15 |
| 17. | Sequencing | 15 |

---

-i-

------

SHAREHOLDER AGREEMENT

This SHAREHOLDER AGREEMENT, dated as of May 5, 2025 (this "<u>Agreement</u>"), is entered into by and among Howard Hughes Holdings Inc. (the "<u>Company</u>"), Pershing Square Holdco, L.P. (the "<u>Purchaser</u>") and Pershing Square Capital Management, L.P. ("<u>PSCM</u>").

#### W I T N E S S E T H:

WHEREAS, the Company and the Purchaser have entered into that certain Share Purchase Agreement, dated as of the date hereof, by and between the Company and the Purchaser (the "<u>Share Purchase Agreement</u>"), pursuant to which the Purchaser will purchase certain shares of Common Stock from the Company on the terms and conditions set forth therein; and

WHEREAS, in connection with the transactions contemplated by the Share Purchase Agreement, the Company, the Purchaser and PSCM desire to enter into this Agreement concerning the Common Stock held, or to be held, by the Purchaser and related provisions concerning the Purchaser Group's relationship with, and investment in, the Company.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u>

"<u>Additional Sales Period</u>" means, in the case of <u>Section 2(d)(i)</u>, the one hundred twenty (120) day period following the date of the Company's notice to each of the Purchaser and PSCM pursuant to <u>Section 2(b)</u>, and in the case of <u>Section 2(d)(ii)</u>, the one hundred twenty (120) day period following (i) the expiration of the one hundred twenty (120) day period specified in <u>Section 2(c)</u> or (ii) if earlier, the date on which it is finally determined that the applicable member of the Purchaser Group is unable to consummate such purchase contemplated by <u>Section 2(c)</u> within such one hundred twenty (120) day period specified in <u>Section 2(c)</u>.

"<u>Affiliate</u>" of any particular Person means any other Person controlling, controlled by or under common control with such particular Person. For the purposes of this definition, "<u>control</u>" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise.

"<u>Agreement</u>" has the meaning assigned thereto in the Preamble.

"<u>Board</u>" means the Board of Directors of the Company.

"<u>Business Day</u>" means any day other than (i) a Saturday, (ii) a Sunday, or (iii) any day on which commercial banks in New York, New York are required or authorized to close by law or executive order.

"<u>Common Stock</u>" means the common stock of the Company, par value $0.01 per share.

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"<u>Company</u>" has the meaning assigned thereto in the Preamble.

"<u>Company Benefit Plan</u>" means each "employee benefit plan" within the meaning of Section 3(3) of ERISA and each other stock purchase, stock option, restricted stock, severance, retention, employment, consulting, change-of-control, collective bargaining, bonus, incentive, deferred compensation, employee stock purchase plan, employee loan, fringe benefit and other benefit plan, agreement, program, policy, commitment or other arrangement, whether or not subject to ERISA (including any related funding mechanism now in effect or required in the future), whether formal or informal, oral or written, in each case sponsored or maintained by the Company or any of its Subsidiaries for the benefit of any past or present director, officer, employee, consultant or independent contractor of the Company or any of its Subsidiaries has any present or future right to benefits.

"<u>Disinterested Director</u>" means, with respect to any matter upon which the Board votes, a director of the Board who is not a party to the act or transaction and does not have a material interest in the act or transaction or a material relationship with a person that has a material interest in the act or transaction, as reasonably determined by the Board in good faith.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended.

"<u>Fully Diluted Basis</u>" means all outstanding shares of Common Stock, assuming the exercise of all outstanding Share Equivalents (other than any options or other stock incentives issued to an employee of the Company or its Subsidiaries pursuant to the terms of a Company Benefit Plan) without regard to any restrictions or conditions with respect to the exercisability of such Share Equivalents.

"<u>Governing Documents</u>" means, collectively, the Amended and Restated Certificate of Incorporation of the Company, adopted as of August 11, 2023 (as amended from time to time) and the Amended and Restated Bylaws of the Company, adopted as of August 11, 2023 (as amended from time to time).

"<u>Governmental Entity</u>" means any (i) nation, region, state, province, county, city, town, village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, court or tribunal, or other entity), (iv) multinational organization or body or (v) body entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature or any other self-regulatory organizations.

"<u>Indentures</u>" means, collectively, that certain (i) Indenture, dated as of March 16, 2017, by and between The Howard Hughes Corporation and Wells Fargo Bank, National Association, as trustee, (ii) Indenture, dated as of August 18, 2020, by and among The Howard Hughes Corporation, its Subsidiaries and Wells Fargo Bank, National Association, as trustee, (iii) Indenture dated as of February 2, 2021, by and among The Howard Hughes Corporation, its Subsidiaries and Wells Fargo Bank, National Association, as trustee, and (iv) Indenture, dated as of February 2, 2021, by and among The Howard Hughes Corporation, its Subsidiaries and Wells Fargo Bank, National Association, as trustee.

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"<u>Initial Public Offering</u>" means an initial public offering of equity securities that results in such securities being quoted or traded on a public stock market or exchange or a direct listing of such equity securities on such market or exchange.

"<u>Issuer</u>" has the meaning assigned thereto in <u>Section 5(a)</u>.

"<u>Laws</u>" means any statutes, laws (including common law), rules, ordinances, regulations, codes, orders, judgments, decisions, injunctions, writs, decrees, applicable to the (i) Company or any of its Subsidiaries or (ii) PSCM or its Affiliates, as applicable, or each of their respective properties or assets.

"<u>Person</u>" means an individual, a group (including a "group" under Section 13(d) of the Securities Exchange Act of 1934 as amended), a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Entity or any department, agency or political subdivision thereof.

"<u>Proposed Securities</u>" has the meaning assigned thereto in <u>Section 2(a)</u>.

"<u>PSCM</u>" has the meaning assigned thereto in the Preamble.

"<u>Purchaser</u>" has the meaning assigned thereto in the Preamble.

"<u>Purchaser Board Designees</u>" has the meaning assigned thereto in <u>Section 3(a)</u>.

"<u>Purchaser Group</u>" means the Purchaser, PSCM and their respective Affiliates, including the investment funds managed by one or more Affiliates of the Purchaser (for the avoidance of doubt, including as of the date hereof Pershing Square Holdings, Ltd., Pershing Square International, Ltd. and Pershing Square, L.P.).

"<u>Registration Rights Agreement</u>" means that certain Registration Rights Agreement, dated as of May 5, 2025, by and between the Company and the Purchaser.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Services Agreement</u>" means that certain Services Agreement, dated as of May 5, 2025, by and between the Company and PSCM.

"<u>Share Equivalent</u>" means any stock, warrants, rights, calls, options or other securities exchangeable or exercisable for, or convertible into, shares of Common Stock.

"<u>Share Purchase Agreement</u>" has the meaning assigned thereto in the Recitals.

------

"<u>Standstill Agreement</u>" means that certain Standstill Agreement, dated as of May 5, 2025, by and between the Company and the Purchaser.

"<u>Subscription Right</u>" has the meaning assigned thereto in <u>Section 2(a)</u>.

"<u>Subsidiary</u>" means, with respect to a Person, (i) a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect a majority of the directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and one or more Subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, (iii) a limited liability company of which such Person, or a Subsidiary of such Person, is a managing member or (iv) any other Person (other than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person.

"<u>Transaction Documents</u>" means, individually or collectively, the Share Purchase Agreement, the Services Agreement, the Registration Rights Agreement, the Standstill Agreement and this Agreement, in each case, as any such agreement may be amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Subscription Right.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Sale of New Equity Securities</u>*. If the Company at any time or from time to time directly or indirectly issues or sells any shares of Common Stock (or Share Equivalents) (other than shares issued pursuant to any options or other stock incentives issued to an employee, director or consultant of the Company or its Subsidiaries pursuant to the terms of a Company Benefit Plan) (the "<u>Proposed Securities</u>"), the members of the Purchaser Group shall have the right to acquire from the Company at such time(s), for the same price (net of any underwriting discounts or sales commissions or any other discounts or fees if not purchasing from or through an underwriter, placement agent or broker) and on the same terms (or, in the case of the acquisition of another Person, business or assets by the Company or any of its Subsidiaries, whether by purchase of stock, merger, consolidation, purchase of all or substantially all of the assets of such Person or otherwise or to strategic partners or joint ventures in connection with a commercial relationship with the Company or its Subsidiaries, or to the parties in connection with them providing the Company or its Subsidiaries with loans, credit lines, cash price reductions or similar transactions, under arm's-length arrangements, at a price per share that shall be determined in good faith by a majority vote of the Disinterested Directors (or by a special committee comprised of Disinterested Directors), to reflect the per share value in the transaction) as such Proposed Securities are proposed to be offered to others, up to the amount of such Proposed Securities in the aggregate required to enable it to maintain its then aggregate proportionate Common Stock-equivalent interest in the Company on a Fully Diluted Basis determined in accordance with the following sentence, in each case, subject to such limitations as may be imposed by applicable Law or stock exchange rules (the "<u>Subscription Right</u>"). The aggregate amount of such Proposed Securities that the members of the Purchaser Group shall be entitled to purchase in the aggregate in any offering pursuant to the preceding sentence shall (subject to such limitations as may be imposed by applicable Law or stock exchange rules) be determined by multiplying (x) the total number of such offered shares of the Proposed Securities issued or sold to third parties by (y) a fraction, the numerator of which is the aggregate number of shares of Common Stock then held by the Purchaser Group on a Fully Diluted Basis as of the date of the Company's notice pursuant to <u>Section 2(b)</u> in respect of the issuance of such Proposed Securities, and the denominator of which is (i) the number of shares of Common Stock then outstanding on a Fully Diluted Basis *minus* (ii) the number of shares of Common Stock in the numerator of such fraction. For the avoidance of doubt, the actual amount of securities to be sold to the members of the Purchaser Group pursuant to their exercise of the Subscription Right hereunder shall be proportionally reduced if the aggregate amount of the Proposed Securities issued or sold to third parties is reduced. Any offers and sales pursuant to this <u>Section 2</u> may be conditioned upon reasonably acceptable and customary representations and warranties of each applicable member of the Purchaser Group designated pursuant to <u>Section 2(f)</u> regarding its status as the type of offeree to whom a private sale can be made (including if made concurrently with a registered public offering) in compliance with applicable securities Laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *<u>Notice</u>*. In the event the Company proposes to issue or sell the Proposed Securities, it shall give each of the Purchaser and PSCM, on behalf of the Purchaser Group, written notice of the Company's intention, describing the estimated price (or range of prices), anticipated amount of securities, timing and other terms upon which the Company proposes to offer the same (including, in the case of a registered public offering and to the extent possible, a copy of the prospectus included in the registration statement filed with respect to such offering), no later than five (5) Business Days after the commencement of marketing with respect to such offering or after the Company takes substantial steps to pursue any other offering. The applicable member of the Purchaser Group shall have until 5:00 p.m. Eastern Time on the fifth (5th) Business Day following the date of receipt of such a notice to notify the Company in writing that it intends to exercise the Subscription Right and as to the amount of the Proposed Securities such member of the Purchaser Group desires to purchase, up to the maximum amount calculated pursuant to <u>Section 2(a)</u>. In connection with an underwritten public offering, such notice shall constitute a non-binding indication of interest to purchase the Proposed Securities at such a range of prices as such member of the Purchaser Group may specify and, with respect to other offerings, such notice shall constitute a binding commitment of the applicable member of such Purchaser Group to purchase the amount of the Proposed Securities so specified at the price and other terms set forth in the Company's notice to each of the Purchaser and PSCM. The failure of such member of the Purchaser Group to so respond within such five (5) Business Day period shall be deemed to be a waiver of the applicable Subscription Right under this <u>Section 2</u> only with respect to the offering described in the applicable notice provided by the Company. In connection with an underwritten public offering or a private placement, the applicable member of the Purchaser Group shall further enter into an agreement (in form and substance customary for transactions of this type) to purchase the Proposed Securities to be acquired contemporaneously with the execution of any underwriting agreement or purchase agreement entered into with the Company, the underwriters or initial purchasers of such underwritten public offering or private placement, and, subject to <u>Section 2(g)</u>, the failure of such member of the Purchaser Group to enter into such an agreement at or prior to such time shall constitute a waiver of the Subscription Right in respect of such offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *<u>Purchase Mechanism</u>*. If a member of the Purchaser Group exercises its Subscription Right provided in this <u>Section 2</u>, the closing of the purchase of the Proposed Securities with respect to which such right has been exercised shall take place concurrently with the sale to the other investors in the applicable offering, which period of time for the closing of the purchase of the Proposed Securities with respect to which such right has been exercised shall be extended for a maximum of one hundred twenty (120) days in order to comply with applicable Laws (including receipt of any applicable regulatory or stockholder approvals). Each applicable member of the Purchaser Group shall use its reasonable best efforts to secure any regulatory or stockholder approvals or other consents, and to comply with any Law necessary in connection with the purchase of such Proposed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *<u>Failure of Purchase</u>*. In the event (i) the applicable member of the Purchaser Group fails to exercise its Subscription Right provided in this <u>Section 2</u> within the five (5) Business Day period, or (ii) if so exercised, such member of the Purchaser Group fails or is unable to consummate such purchase within the one hundred twenty (120) day period specified in <u>Section 2(c)</u>, without prejudice to other remedies, the Company shall thereafter be entitled during the Additional Sales Period to sell the Proposed Securities not elected to be purchased pursuant to this <u>Section 2</u> or which the applicable member of the Purchaser Group fails to (or is unable to) purchase, at a price and upon terms no more favorable in any material respect to the purchasers of such securities than were specified in the Company's notice to each of the Purchaser and PSCM. In the event the Company has not sold the Proposed Securities within the Additional Sales Period, the Company shall not thereafter offer, issue or sell such Proposed Securities without first offering such securities to the members of the Purchaser Group in the manner provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *<u>Non-Cash Consideration</u>*. In the case of the offering of securities for a consideration in whole or in part other than cash, including securities acquired in exchange therefor (other than securities by their terms so exchangeable), the consideration other than cash shall be deemed to be the fair value (in cash) thereof as determined by a majority vote of the Disinterested Directors; <u>provided</u>, <u>however</u>, that such fair value as determined by the Board shall not exceed the aggregate market price of the securities being offered as of the date the Board authorizes the offering of such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *<u>Allocation Among Purchaser Group</u>*. The Purchaser has the right (including indirectly through PSCM as the attorney-in-fact and/or investment manager of each member of the Purchaser Group other than the Purchaser) to exercise all of the rights of the members of the Purchaser Group hereunder and designate the members of such Purchaser Group to receive any securities to be issued, and the Company may rely on any designations made by the Purchaser. As a condition to the Company's obligations with respect to the exercise of a Subscription Right by a member of the Purchaser Group not a party to this Agreement, the Purchaser shall cause such member to agree to perform each obligation applicable to it under this <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *<u>General</u>*. Notwithstanding anything herein to the contrary (including, for the avoidance of doubt, <u>Section 2(b)</u>):

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(i) if (A) a member of the Purchaser Group exercises its Subscription Right pursuant to this<u>Section 2</u> and is unable to complete the purchase of the Proposed Securities concurrently with the sales to the other investors in the applicable offering as contemplated by <u>Section 2(c)</u> due to applicable regulatory or stockholder approvals and (B) the Company or the Board determines in good faith that any delay in completion of an offering in respect of which such member of the Purchaser Group is entitled to exercise its Subscription Right would materially impair the financing objective of such offering, the Company may proceed with such offering without the participation of such member of the Purchaser Group in such offering, in which event the Company and such member of the Purchaser Group shall promptly thereafter agree on a process otherwise consistent with this <u>Section 2</u> as would allow such member of the Purchaser Group to purchase, at the same price (net of any underwriting discounts or sales commissions or any other discounts or fees if not purchasing from or through an underwriter, placement agent or broker) as in such offering, up to the amount of shares of Common Stock (or Share Equivalents) as shall be necessary to enable the Purchaser Group to maintain its aggregate proportionate Common Stock-equivalent interest in the Company on a Fully Diluted Basis;

(ii) if the Company or the Board determines in good faith that compliance with the notice provisions in<u>Section 2(b)</u> would materially impair the financing objective of an offering in respect of which the members of the Purchaser Group are entitled to exercise Subscription Rights, the Company shall be permitted (by notice to the Purchaser) to reduce the notice period required under <u>Section 2(b)</u> (but not to less than one (1) Business Day) to the minimum extent required to meet the financing objective of such offering, and the members of the Purchaser Group shall have the right to either (A) exercise their Subscription Rights during the shortened notice periods specified in such notice or (B) require the Company to promptly thereafter agree on a process otherwise consistent with this <u>Section 2</u> as would allow the applicable members of the Purchaser Group to purchase, at the same price (net of any underwriting discounts or sales commissions or any other discounts or fees if not purchasing from or through an underwriter, placement agent or broker) as in such offering, up to the amount of shares of Common Stock (or Share Equivalents) as shall be necessary to enable the Purchaser Group to maintain its aggregate proportionate Common Stock-equivalent interest in the Company on a Fully Diluted Basis; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event the Company is unable to issue shares of Common Stock (or Share Equivalents) to the Purchaser Group as a result of a failure to receive regulatory or stockholder approval therefor, the Company
 shall take such action or cause to be taken such other action in order to place the Purchaser Group, in so far as reasonably practicable (subject to any limitations that may be imposed by applicable Law or stock exchange rules), in the same
 position in all material respects as if the applicable member of the Purchaser Group was able to effectively exercise its Subscription Right hereunder, including, without limitation, at the option of such member, issuing to such member of the
 Purchaser Group another class of securities of the Company having terms to be agreed by the Company and such member having a value at least equal to the value per share of Common Stock, in each case, as shall be necessary to enable the
 Purchaser Group to maintain its aggregate proportionate Common Stock-equivalent interest in the Company on a Fully Diluted Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) *<u>Cooperation</u>*. The Company and each applicable member of the Purchaser Group shall (i) cooperate in good faith to facilitate the exercise of such member of the Purchaser Group's Subscription Right hereunder and (ii) use its respective reasonable best efforts to secure any required approvals or consents (including regulatory or stockholder approvals or other consents) and to comply with any Law necessary in connection with the exercise of such member's Subscription Right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *<u>Termination</u>*. This <u>Section 2</u> shall terminate at such time as the Purchaser Group collectively beneficially owns (directly or indirectly) less than 5% of the outstanding shares of Common Stock on a Fully Diluted Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Board of Directors.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Immediately following the effective time of the Closing (as defined in the Share Purchase Agreement), the Board will have eleven (11) members and will be comprised of the members set forth on <u>Schedule A</u>, and William A. Ackman will be appointed the Executive Chairman of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company agrees that, with respect to any annual meeting or special meeting of stockholders of the Company at which directors are to be elected to the Board, the Company shall:

(i) so long as the Purchaser Group beneficially owns (directly or indirectly) in the aggregate at least 17.5% of the shares of Common Stock on a Fully Diluted Basis, nominate for election a number of persons designated by Purchaser (such designees from time to time, the "<u>Purchaser Board Designees</u>") equal to 25% of the total number of members of the Board as constituted after giving effect to such election, rounded up to the nearest integer (*e.g.*, three (3) Purchaser Board Designees in the case of an eleven (11) member Board); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) so long as the Purchaser Group beneficially owns (directly or indirectly) in the aggregate at least 10% (but less than 17.5%) of the shares of Common Stock on a Fully Diluted Basis, nominate for election a
 number of Purchaser Board Designees equal to 10% of the total number of members of the Board as constituted after giving effect to such election, rounded up to the nearest integer (*e.g.*, two 2
 Purchaser Board Designees in the case of an eleven (11) member Board).

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For the avoidance of doubt, at and following such time as the Purchaser Group beneficially owns (directly or indirectly) in the aggregate less than 10% of the shares of Common Stock on a Fully Diluted Basis, the Purchaser shall no longer have the right to nominate Purchaser Board Designees for election to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall nominate the Purchaser Board Designees as part of its slate of directors and use its reasonable best efforts (i) to have the Purchaser Board Designees be elected to the Board (including through the solicitation of proxies for such person to the same extent as it does for any of its other nominees to the Board) subject to applicable Law and stock exchange rules (<u>provided</u> that the Purchaser Board Designees need not be "independent" under the applicable rules of the applicable stock exchange or the SEC) and (ii) so long as the Purchaser Group beneficially owns (directly or indirectly) in the aggregate at least 17.5% of the shares of Common Stock on a Fully Diluted Basis, cause William A. Ackman to be designated as Executive Chairman of the Board so long as he is willing and able to serve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to applicable Law and stock exchange rules, there shall be proportional representation by the Purchaser Board Designees on any committee of the Board, except for special committees established for potential conflict of interest situations, and except that only those Purchaser Board Designees that qualify under the applicable rules of the applicable stock exchange or the SEC may serve on committees where such qualification is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If at any time the number of Purchaser Board Designees serving on the Board exceeds the number of Purchaser Board Designees that the Purchaser is then otherwise entitled to designate as a result of a decrease in the percentage of shares of Common Stock beneficially owned (directly or indirectly) by the Purchaser Group on a Fully Diluted Basis, the Purchaser shall use commercially reasonable efforts to cause any such additional Purchaser Board Designees to resign such that the number of Purchaser Board Designees serving on the Board after giving effect to such resignation does not exceed the number of Purchaser Board Designees that the Purchaser is entitled to designate for election to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Except with respect to the resignation of a Purchaser Board Designee pursuant to <u>Section 3(e)</u>, (i) the Purchaser shall have the power to designate a Purchaser Board Designee's replacement upon the death, resignation, retirement, disqualification or removal from office of such Purchaser Board Designee and (ii) the Board shall promptly take all action reasonably required to fill any vacancy resulting therefrom with such replacement Purchaser Board Designee (including nominating such person, subject to applicable Law, to serve on the Board and causing the Company to use all reasonable efforts to have such person elected as a director of the Company and solicit proxies for such person to the same extent as it does for any of the Company's other nominees to the Board).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i) The Purchaser Board Designees (A) shall be entitled to the same indemnification in connection with their role as a director as the other members of the Board, (B) to the extent the Purchaser Board Designees consist of officers or employees of the Purchaser or an Affiliate of the Purchaser (which, for the avoidance of doubt, shall not include directors of the Purchaser or an Affiliate of the Purchaser that are not officers or employees of the Purchaser or an Affiliate of the Purchaser), shall not be entitled to any compensation under the Company's director compensation program and (C) shall be entitled to reimbursement for documented, reasonable out-of-pocket expenses incurred in attending meetings of the Board or any committees thereof, to the same extent as other members of the Board, and (ii) the Company shall, in accordance with the Governing Documents, (A) notify each Purchaser Board Designee of all regular and special meetings of the Board and shall notify each Purchaser Board Designee of all regular and special meetings of any committee of the Board of which such Purchaser Board Designee is a member and (B) provide each Purchaser Board Designee with copies of all notices, minutes, consents and other materials provided to all other members of the Board concurrently as such materials are provided to the other members (except, for the avoidance of doubt, as are provided to members of committees of which such Purchaser Board Designee is not a member).

The Purchaser Board Designee candidates shall be subject to such reasonable and customary eligibility criteria as applied in good faith by the nominating, corporate governance or similar committee of the Board to other candidates for the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Company hereby acknowledges and agrees that each Purchaser Board Designee is a representative of the Purchaser Group on the Board and is permitted to share information obtained in the course of such person's service on the Board with Purchaser Group, subject to the execution of a customary non-disclosure agreement between the Company and PSCM; <u>provided</u>, <u>however</u>, that a Purchaser Board Designee may not share any such information with third parties in violation of a policy applicable to the Board or any specific resolution of the Board. For the avoidance of doubt, the foregoing shall not relieve Purchaser Group of any obligations to comply with a contractual obligation or applicable securities Law restrictions on the use of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All subsequent appointments of the Executive Chairman, other than as provided for in <u>Section 3(c)</u>, shall be made by the Board (which, for the avoidance of doubt, shall include the Purchaser Board Designees).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) With respect to communications with the public, the Executive Chairman shall be entitled to speak for the Company on behalf of the Board to the same extent the CEO may speak for the Company on behalf of management. The Company's Corporate Governance Guidelines and other applicable policies shall reflect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Transfer Restrictions</u>. For the avoidance of doubt, neither the Purchaser Group's Subscription Right pursuant to <u>Section 2</u> nor the Purchaser's right to designate for nomination the Purchaser Board Designees pursuant to <u>Section 3</u> may be transferred or assigned to a Person that is not a member of the Purchaser Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Certain Actions.</u>

 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective if and when the Purchaser, any successor thereto or any vehicle formed for the purpose of engaging in an Initial Public Offering of interests in the Purchaser or its successor (the "<u>Issuer</u>") publicly files a registration statement on Form S-1 for an Initial Public Offering, without the prior written consent of the Purchaser (not to be unreasonably withheld, conditioned, or delayed), the Company and its Subsidiaries shall not:

(i) acquire or dispose any shares or similar equity interests, instruments convertible into or exchangeable for shares or similar equity interests, assets, business or operations that, taken as a whole, would exceed any of the conditions of significance in the definition of "significant subsidiary" at the thirty percent (30%) level under the total asset test as set forth in Rule 3-05 of Regulation S-X under the Securities Act;

(ii) incur, assume, guarantee, refinance, be allocated or become obligated with respect to any third-party indebtedness (including by issuance of debt securities of the Company or any Subsidiary) if, immediately following such incurrence, the Company's Indebtedness to Consolidated Tangible Net Worth Ratio (as defined in the Indentures in effect as of the date hereof) would exceed 2.5;

(iii) materially change the business of the Company and its Subsidiaries, taken as a whole, in a manner that would constitute a significant departure from the Company's intended strategy of acquiring controlling interests in private and public operating companies and becoming a diversified holding company;

(iv) provided that the Services Agreement remains in effect and has not been terminated in accordance with its terms, cause or permit the appointment, removal or replacement of the Chief Investment Officer of the Company, or amend, modify or alter the scope of the authority, duties or responsibilities of the Executive Chairman or the Chief Investment Officer; or

<br> (v) authorize, agree or commit to do any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The consent rights set forth in <u>Section 5(a)</u> shall be suspended if, following the above-referenced public filing of a registration statement on Form S-1, (i) the Issuer has withdrawn such registration statement prior to the completion of an Initial Public Offering (and has not refiled such registration statement) or (ii) the Issuer completes an Initial Public Offering but subsequently ceases to be a publicly traded company and is not an "investment company" as defined in the Investment Company Act of 1940, as amended (as determined by Purchaser in its sole discretion). Notwithstanding any such suspension pursuant to this <u>Section 5(b)</u>, Purchaser shall be entitled to exercise the consent rights set forth in <u>Section 5(a)</u> once again if the Issuer subsequently files a new registration statement on Form S-1 for an Initial Public Offering (and for the avoidance of doubt, this <u>Section 5(b)</u> shall also remain in effect). The consent rights set forth in <u>Section 5(a)</u> shall terminate when the Purchaser Group no longer beneficially owns (directly or indirectly) in the aggregate at least 17.5% of the shares of Common Stock on a Fully Diluted Basis.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties acknowledge and agree that the Company may obtain any consent required by <u>Section 5(a)</u> by sending written notice (email being sufficient), which shall include the request and reasonable explanation therefor, to the Purchaser in accordance with <u>Section 6</u>. The Purchaser shall promptly respond in writing to any such written notice. If the Purchaser fails to respond in writing to any such written notice within six (6) Business Days of receiving such written notice, the Purchaser shall be deemed to have consented to such matters set forth in the notice for all purposes under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Notices</u>. Any notice or other communication required or permitted to be given hereunder will be in writing and will be deemed to have been duly given if delivered by prepaid first-class mail, by email or other means of electronic communication or by hand-delivery and addressed as follows:

If to the Purchaser or PSCM, to:

Pershing Square Capital Management, L.P.

787 Eleventh Ave

New York, New York 10019

Attention: Chief Legal Officer

Email: legal@persq.com

with a copy (which shall not constitute notice) to:

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

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| | |
|:---|:---|
| Attention: | Scott D. Miller |
|  | Ken Li |
| Email: | [email address] |
|  | [email address] |

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If to the Company, to:

Howard Hughes Holdings Inc.

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

Attention: General Counel <br> Email: [email address]

with copies (which shall not constitute notice) to:

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Hogan Lovells US LLP

Columbia Square

555 Thirteenth St, NW

Washington, DC 20004

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| | |
|:---|:---|
| Attention: | David Bonser |
|  | John Beckman |
|  | Stacey McEvoy |
| Email: | [email address] |
|  | [email address] |
|  | [email address] |

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and

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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| | |
|:---|:---|
| Attention: | Justin W. Chairman |
|  | Richard B. Aldridge |
| Email: | [email address] |
|  | [email address] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Assignment; Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by any party without the prior written consent of the other party. Notwithstanding the preceding sentence, each of the Purchaser and PSCM shall be permitted to assign or transfer, in whole or in part, this Agreement and/or its rights, interests or obligations hereunder to one or more members of the Purchaser Group. Notwithstanding the foregoing or any other provisions herein, no such assignment shall relieve the Purchaser or PSCM of its obligations hereunder if such assignee fails to perform such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Inurement</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Prior Negotiations; Entire Agreement</u>. The Transaction Documents constitute the entire agreement of the parties and supersede all prior and contemporaneous agreements, arrangements or understandings, whether written or oral, among the parties with respect to the subject matter of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Governing Law; Venue</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HEREBY AGREES THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT (WHETHER BROUGHT BY ANY PARTY OR ANY OF ITS AFFILIATES OR AGAINST ANY PARTY OR ANY OF ITS AFFILIATES) SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR IN THE EVENT, BUT ONLY IN THE EVENT, THAT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER SUCH ACTION OR PROCEEDING, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION) OR, IF SUBJECT MATTER JURISDICTION OVER THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) AND EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE JURISDICTION OF, AND VENUE IN, SUCH COURTS AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other party (including via email or other electronic transmission), it being understood that each party need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Waivers and Amendments</u>. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument signed by the Company, the Purchaser and PSCM or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Certain Remedies</u>. The parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that each of the parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Interpretation; Headings</u>. The parties hereto have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Unless the context otherwise requires, as used in this Agreement: (i) "or" shall mean "and/or"; (ii) "including" and its variants mean "including, without limitation" and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to "written" or "in writing" include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; and (vi) the term "Section" refers to the specified Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Sequencing</u>. For the avoidance of doubt, the Board may approve and adopt any matter referred to herein that also requires approval of the Company's stockholders under the Delaware General Corporation Law prior to the Company obtaining the approval required herein; provided, that the Company may not permit such matter to occur until the approval required herein is obtained.

[*Signature Page Follows*]

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IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. | HOWARD HUGHES HOLDINGS INC. |
| By: | /s/ David O'Reilly | /s/ David O'Reilly |
|  | Name: | David O'Reilly |
|  | Title: | Chief Executive Officer |
| PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |

---

[*SIGNATURE PAGE TO SHAREHOLDER AGREEMENT*]

------

#### Schedule A

1. William A. Ackman\*

2. Ben Hakim\*

3. Ryan Israel\*

4. David O'Reilly

5. Scot Sellers

6. David Eun

7. Beth Kaplan

8. Steven Shepsman

9. Mary Ann Tighe

10. Anthony Williams

11. Jean-Baptiste Wautier

\* Purchaser Board Designee

------

## Exhibit 10.20

------

#### Exhibit 10.20

#### STANDSTILL AGREEMENT

#### by and between

#### Howard Hughes Holdings Inc.

#### and

#### Pershing Square Holdco, L.P.

#### Dated as of May 5, 2025

#### <br>

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I DEFINITIONS | ARTICLE I DEFINITIONS | 1 |
| SECTION 1.1 | Defined Terms | 1 |
| ARTICLE II COMPANY RELATED PRINCIPLES | ARTICLE II COMPANY RELATED PRINCIPLES | 6 |
| SECTION 2.1 | Board of Directors | 6 |
| SECTION 2.2 | Voting | 7 |
| SECTION 2.3 | Related Party Transactions | 8 |
| SECTION 2.4 | No Other Voting Restrictions | 8 |
| ARTICLE III INVESTOR RELATED COVENANTS | ARTICLE III INVESTOR RELATED COVENANTS | 8 |
| SECTION 3.1 | Ownership Limitations. | 8 |
| SECTION 3.2 | Transfer Restrictions | 9 |
| SECTION 3.3 | Purchaser Board Designees | 11 |
| ARTICLE IV TERMINATION | ARTICLE IV TERMINATION | 12 |
| SECTION 4.1 | Termination of Agreement | 12 |
| SECTION 4.2 | Procedure upon Termination | 12 |
| SECTION 4.3 | Effect of Termination | 12 |
| ARTICLE V MISCELLANEOUS | ARTICLE V MISCELLANEOUS | 13 |
| SECTION 5.1 | Notices | 13 |
| SECTION 5.2 | Assignment; No Third Party Beneficiaries | 14 |
| SECTION 5.3 | Prior Negotiations; Entire Agreement | 14 |
| SECTION 5.4 | Governing Law; Venue | 14 |
| SECTION 5.5 | Counterparts | 14 |
| SECTION 5.6 | Expenses | 15 |
| SECTION 5.7 | Waivers and Amendments | 15 |
| SECTION 5.8 | Construction | 15 |
| SECTION 5.9 | Severability | 15 |
| SECTION 5.10 | Equitable Relief | 16 |
| SECTION 5.11 | Successor Securities | 16 |
| SECTION 5.12 | Inurement | 16 |
| SECTION 5.13 | Voting Procedures | 16 |
| SECTION 5.14 | Waiver of Jury Trial | 16 |
| SECTION 5.15 | Sequencing | 16 |

---

i

------

#### STANDSTILL AGREEMENT

This Standstill Agreement (this "<u>Agreement</u>") is dated as of May 5, 2025 (the "<u>Effective Date</u>"), by and between Howard Hughes Holdings Inc., a Delaware corporation (the "<u>Company</u>") and Pershing Square Holdco, L.P. ("<u>Investor</u>").

WHEREAS, Investor has entered into that certain Share Purchase Agreement, effective as of the date hereof (the "<u>Share Purchase Agreement</u>"), that contemplates, among other things, the purchase by Investor of shares of Common Stock subject to the terms and conditions contained therein;

WHEREAS, in connection with the consummation of the transactions contemplated by the Share Purchase Agreement, the Company and Investor have agreed to execute this Agreement.

NOW THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

#### ARTICLE I

#### DEFINITIONS

SECTION 1.1 <u>Defined Terms</u>. For purposes of this Agreement, the following terms, when used in this Agreement with initial capital letters, shall have the respective meanings set forth in this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" of any particular Person means any other Person controlling, controlled by or under common control with such particular Person. For the purposes of this Agreement, "control" means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Agreement</u>" has the meaning assigned thereto in the Preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Beneficial Ownership</u>" by a Person (the "<u>Beneficial Owner</u>") of any securities means "beneficial ownership" as used for purposes of Rule 13d-3 adopted by the SEC under the Exchange Act; <u>provided</u>, <u>however</u>, to the extent the term "Beneficial Ownership" is used in connection with any obligation on the part of an Investor Party to vote, or direct the vote, of shares of Common Stock, "Beneficial Ownership" by a Person of any securities shall be deemed to refer solely to those securities with respect to which such Person possesses the power to vote or direct the vote. The term "<u>Beneficially Own</u>" shall have a correlative meaning. For avoidance of doubt, for purposes of this Agreement shares of Common Stock held by an Investor Investment Advisor shall not be deemed to be Beneficially Owned by Investor or the Investor Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Board</u>" means the Board of Directors of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Change of Control</u>" means any transaction involving (i) a Merger Transaction, (ii) a sale of all or substantially all of the assets of the Company and its Subsidiaries (determined on a consolidated basis), in one transaction or series of related transactions, or (iii) the consolidation, merger, amalgamation, reorganization of the Company or a similar transaction in which the Company is combined with another Person, unless shares of Common Stock held by holders who are not affiliated with the Company or any entity acquiring the Company remain unchanged or are exchanged for, converted into or constitute solely (except to the extent of applicable appraisal rights or cash received in lieu of fractional shares) the right to receive as consideration Public Stock and the Persons or Group who Beneficially Own the outstanding Common Stock of the Company immediately before consummation of the transaction Beneficially Own more than fifty percent (50%) (by voting power) of the outstanding voting stock of the combined or surviving entity or new parent immediately thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Charter</u>" means the Amended and Restated Certificate of Incorporation of the Company as the same may be amended and/or restated from time to time in accordance therewith and applicable Law and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Common Stock</u>" means the common stock, par value $0.01 per share, of the Company, as authorized by the Charter, and any successor security as provided by <u>Section 5.11</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Company</u>" has the meaning assigned thereto in the Preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Company Benefit Plan</u>" means each "employee benefit plan" within the meaning of Section 3(3) of ERISA and each other stock purchase, stock option, restricted stock, severance, retention, employment, consulting, change-of-control, collective bargaining, bonus, incentive, deferred compensation, employee stock purchase plan, employee loan, fringe benefit and other benefit plan, agreement, program, policy, commitment or other arrangement, whether or not subject to ERISA (including any related funding mechanism now in effect or required in the future), whether formal or informal, oral or written, in each case sponsored or maintained by the Company or any of its Subsidiaries for the benefit of any past or present director, officer, employee, consultant or independent contractor of the Company or any of its Subsidiaries who has any present or future right to benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Company Transaction</u>" has the meaning assigned thereto in <u>Section 2.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Disinterested Director</u>" means, with respect to any matter upon which the Board votes, a director of the Board who is not a party to the act or transaction and does not have a material interest in the act or transaction or a material relationship with a person that has a material interest in the act or transaction, as reasonably determined by the Board in good faith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Economic Ownership</u>" by a Person of any securities includes ownership by any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has (i) "beneficial ownership" as defined in Rule 13d-3 adopted by the SEC under the Exchange Act or (ii) economic interest in such security as a result of any cash-settled total return swap transaction or any other swap, other derivative or "synthetic" ownership arrangement (in which case the number of securities with respect to which such Person has Economic Ownership shall be determined by the Company in it reasonable judgment based on such Person's equivalent net long position); <u>provided</u>, <u>however</u>, that for purposes of determining Economic Ownership, a Person shall be deemed to be the Economic Owner of any securities which may be acquired by such Person pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or only after the giving of notice or the passage of time, including the giving of notice or the passage of time in excess of sixty (60) days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing), in each case, without duplication of any securities included pursuant to sub-clauses (i) or (ii) above. For purposes of this Agreement, a Person shall be deemed to be the Economic Owner of any securities Economically Owned by any Group of which such Person is or becomes a member. The term "<u>Economically Own</u>" shall have a correlative meaning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Effective Date</u>" has the meaning assigned thereto in the Preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same may be amended and shall be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Fair Market Value</u>" means, with respect to each share of Public Stock, the average of the daily volume weighted average prices per share of such Public Stock for the ten (10) consecutive trading days immediately preceding the day as of which Fair Market Value is being determined, as reported on the New York Stock Exchange, or if such shares are not listed on the New York Stock Exchange, as reported by the principal U.S. national or regional securities exchange or quotation system on which such shares are then listed or quoted; <u>provided</u>, <u>however</u>, that in the absence of such listing or quotations, the Fair Market Value of such shares shall be the fair market value per share as determined by an Independent Financial Expert appointed for such purpose, using one or more valuation methods that the Independent Financial Expert in its professional judgment determines to be most appropriate, assuming such shares are fully distributed and are to be sold in an arm's-length transaction and there was no compulsion on the part of any party to such sale to buy or sell and taking into account all relevant factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Fully Diluted Basis</u>" means all outstanding shares of Common Stock, assuming the exercise of all outstanding Share Equivalents (other than any options or other stock incentives issued to an employee of the Company or its Subsidiaries pursuant to the terms of a Company Benefit Plan) without regard to any restrictions or conditions with respect to the exercisability of such Share Equivalents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Governmental Entity</u>" means any (i) nation, region, state, province, county, city, town, village, district or other jurisdiction, (ii) federal, state, local, municipal, foreign or other government, (iii) governmental or quasi-governmental authority of any nature (including any governmental agency, branch, department, court or tribunal, or other entity), (iv) multinational organization or body or (v) body entitled to exercise any administrative, executive, judicial, legislative, police, regulatory or taxing authority or power of any nature or any other self-regulatory organizations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Group</u>" has the meaning assigned to it in Section 13(d)(3) of the Exchange Act and Rule 13d-5 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Independent Directors</u>" has the meaning assigned thereto in <u>Section 2.1(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Independent Financial Expert</u>" means a nationally recognized financial advisory firm approved by a majority of the Disinterested Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Investor</u>" has the meaning assigned thereto in the Preamble.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Investor Investment Advisor</u>" means any independently operated business unit of any Affiliate of Investor that holds shares of Common Stock (i) in trust for the benefit of persons other than any Investor Party, (ii) in mutual funds, open- or closed-end investment funds or other pooled investment vehicles sponsored, managed or advised or subadvised by such Investor Investment Advisor, (iii) as agent and not principal, or (iv) in any other case where such Investor Investment Advisor is disaggregated from Investor for the purposes of Section 13(d) of the Exchange Act; <u>provided</u>, <u>however</u>, that (A) in each case, such shares of Common Stock were acquired in the Ordinary Course of Business of the Investor Investment Advisor's respective investment management or securities business and not with the intent or purpose on the part of Investor or the Investor Parties of influencing control of the Company or avoiding the provisions of this Agreement and (B) where appropriate, "ethical walls" or other informational barriers and other procedures have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Investor Parties</u>" means Investor, Pershing Square Capital Management, L.P. and their respective Affiliates; <u>provided</u>, <u>however</u>, that none of the Company, any Subsidiary of the Company or any Investor Investment Advisor shall be deemed to be an Investor Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Knowledge</u>" has the meaning assigned thereto in <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Large Stockholder</u>" means a Person that is the Beneficial Owner of more than ten percent (10%) of the outstanding shares of Common Stock on a Fully Diluted Basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Law</u>" means any statutes, laws (including common law), rules, ordinances, regulations, codes, orders, judgments, decisions, injunctions, writs, and decrees applicable to the Company, Common Stock, Investor or Investor's Affiliates, or their respective properties or assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Merger Transaction</u>" means any transaction involving the acquisition (by purchase, merger or otherwise) by any Person or Group of Beneficial Ownership of voting securities of the Company entitling such Person or Group to exercise a majority of the total voting power of all outstanding securities entitled to vote generally in elections of directors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Ordinary Course of Business</u>" means the ordinary and usual course of day-to-day operations of the business of the Company consistent with past practice.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Ownership Cap</u>" means forty seven percent (47%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Person</u>" means an individual, a group (including a "group" under Section 13(d) of the Exchange Act), a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization or a Governmental Entity or any department, agency or political subdivision thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "<u>Public Stock</u>" means common stock listed on a recognized U.S. national securities exchange with an aggregate market capitalization (held by non-Affiliates of the issuer) in excess of $1 billion in Fair Market Value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "<u>Registration Rights Agreement</u>" means that certain Registration Rights Agreement, dated as of May 5, 2025, by and between the Company and Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "<u>Rule 144</u>" means Rule 144 promulgated by the SEC under the Securities Act (or any successor provision then in force), as the same may be amended and shall be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "<u>SEC</u>" means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Securities Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "<u>Services Agreement</u>" means that certain Services Agreement, dated as of May 5, 2025, by and between the Company and Pershing Square Capital Management, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "<u>Share Equivalent</u>" means any stock, warrants, rights, calls, options or other securities exchangeable or exercisable for, or convertible into, shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Share Purchase Agreement</u>" has the meaning assigned thereto in the Recitals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Shareholder Agreement</u>" means that certain Shareholder Agreement, dated as of May 5, 2025, between the Company, Investor and Pershing Square Capital Management, L.P.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "<u>Specified Provisions</u>" has the meaning assigned thereto in <u>Section 3.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "<u>Subsidiary</u>" means, with respect to a Person, (i) a company a majority of whose capital stock with voting power, under ordinary circumstances, to elect a majority of the directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and one or more Subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, (iii) a limited liability company of which such Person, or a Subsidiary of such Person, is a managing member or (iv) any other Person (other than a company) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "<u>Suspension Period</u>" has the meaning assigned thereto in <u>Section 3.3(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "<u>Termination Date</u>" has the meaning assigned thereto in <u>Section 4.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "<u>Transaction Documents</u>" means, individually or collectively, the Share Purchase Agreement, the Shareholder Agreement, the Services Agreement, the Registration Rights Agreement and this Agreement, in each case, as any such agreement may be amended or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "<u>Transfer</u>" has the meaning assigned thereto in <u>Section 3.2(a)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "<u>Transferee</u>" means any proposed transferee of securities pursuant to <u>Section 3.2(b)(i)</u> or <u>Section 3.2(b)(vi)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "<u>Transferee Agreement</u>" has the meaning assigned thereto in <u>Section 3.2(c)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>Votes Cast</u>" means the aggregate number of shares of Common Stock that are properly voted for or against any action to be taken by stockholders, excluding any shares held by the Investor Parties or a Transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "<u>Voting Cap</u>" means forty percent (40%).

#### ARTICLE II

#### COMPANY RELATED PRINCIPLES

SECTION 2.1 <u>Board of Directors</u>. So long as Investor and the Investor Parties, collectively, shall Beneficially Own ten percent (10%) or more of the outstanding shares of Common Stock, none of Investor or the Investor Parties shall take any action that is inconsistent with its support for the following corporate governance principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A majority of the members of the Board shall be Independent Directors, where "<u>Independent Director</u>" means a director who satisfies all standards for independence promulgated by the New York Stock Exchange (or the applicable exchange where shares of Common Stock are then listed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Board shall have a nominating committee, a majority of which shall be Independent Directors who are not Affiliated with, and were not nominated pursuant to Section 3 of the Shareholder Agreement by, the Investor or any of its Affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in connection with any stockholder meeting or consent solicitation relating to the election of members of the Board, Investor and the other Investor Parties may vote the shares of Common Stock that they Beneficially Own in their sole and absolute discretion, <u>provided</u>, <u>however</u>, that if Investor and the other Investor Parties, collectively, Beneficially Own shares of Common Stock that represent more than the Voting Cap of the then-outstanding Common Stock, then Investor shall, and shall cause the other Investor Parties to, vote the shares of Common Stock that account for the excess over the Voting Cap in such election of members of the Board in proportion to the Votes Cast (except with respect to the election of the Purchaser Board Designees (as such term is defined in the Shareholder Agreement), in which case the Investor and other Investor Parties may vote all the shares of Common Stock that they Beneficially Own in their sole and absolute discretion);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Board shall consist of eleven (11) members and not be increased or reduced, unless approved by seventy-five percent (75%) of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any Change of Control (other than a transaction contemplated by <u>Section 3.1(b)(ii)</u>) in which a Large Stockholder or its controlled Affiliate is the acquiror or part of the acquiror group or is proposed to be directly or indirectly combined with the Company must be approved by a majority of the Disinterested Directors as if it were a Company Transaction involving such Large Stockholder and by a majority of the voting power of the stockholders (other than such Large Stockholder and its controlled Affiliates); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Change of Control (other than a transaction contemplated by <u>Section 3.2(b)(v)</u>) in which any Large Stockholder or its controlled Affiliate receives per share consideration in its capacity as a stockholder of the Company in excess of that to be received by other stockholders, must be approved by a majority of the Disinterested Directors as if it were a Company Transaction involving such Large Stockholder and by a majority of the voting power of the stockholders (other than such Large Stockholder and its controlled Affiliates).

The Company shall not waive any provisions similar to <u>Sections 2.1(c)</u>, <u>(e)</u> or <u>(f)</u> above for any Large Stockholder under any other agreement unless the Company grants a similar waiver under this Agreement.

SECTION 2.2 <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Sections 2.1(c)</u>, <u>(e)</u> and <u>(f)</u> in connection with any matter being voted on at a stockholder meeting or in a consent solicitation that the Board has recommended that the stockholders of the Company approve, Investor and the other Investor Parties may vote the shares of Common Stock that they Beneficially Own against or in favor of such matter, in their sole and absolute discretion, <u>provided</u>, <u>however</u>, that if Investor and the other Investor Parties, collectively, Beneficially Own shares of Common Stock that represent more than the Voting Cap of the then-outstanding Common Stock, then Investor shall, and shall cause the other Investor Parties to, vote the shares of Common Stock that account for the excess over the Voting Cap on such matter in proportion to the Votes Cast.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to <u>Sections 2.1(c)</u>, <u>(e)</u> and <u>(f)</u> in connection with any matter being voted on at a stockholder meeting or in a consent solicitation that the Board has recommended that the stockholders of the Company <u>not</u> approve, Investor and the other Investor Parties may vote the shares of Common Stock that they Beneficially Own:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against such matter; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in favor of such matter; <u>provided</u>, <u>however</u>, that if Investor and the other Investor Parties, collectively, Beneficially Own shares of Common Stock that represent more than the Voting Cap of the then-outstanding Common Stock, then Investor shall, and shall cause the other Investor Parties to, vote the shares of Common Stock that account for the excess over the Voting Cap on such matter in proportion to the Votes Cast.

SECTION 2.3 <u>Related Party Transactions</u>. Without the approval of a majority of the Disinterested Directors, Investor shall not, and shall not permit any of the Investor Parties to, engage in any Company Transaction. "<u>Company Transaction</u>" means (i) any transaction or series of related transactions, directly or indirectly, between the Company or any Subsidiary of the Company, on the one hand, and any of the Investor Parties, on the other hand, or (ii) with respect to the purchase or sale of Common Stock by any of the Investor Parties, any waiver of any limitation or restriction with respect to such purchase or sale in the Transaction Documents; <u>provided</u>, <u>however</u>, that none of the following shall constitute a Company Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) transactions expressly contemplated in the Transaction Documents (for the avoidance of doubt, including transactions with third parties that the Investor Parties may advise on as provided under the Services Agreement subject to any required approvals under the Services Agreement but excluding any transaction between the Company or any Subsidiary of the Company, on the one hand, and any of the Investor Parties, on the other hand) and any amendments, renewals, extensions or other modification of the Transaction Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) customary compensation arrangements (whether in the form of cash or equity awards), expense reimbursement, director insurance coverage and/or indemnification arrangements (and related advancement of expenses) in each case for Board designees, or any use by such persons, for Company business purposes, of aircraft, vehicles, property, equipment or other assets owned or customarily provided to members of the Board by the Company or any of its Subsidiaries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any transaction or series of transactions if the same is in the Ordinary Course of Business and does not involve payments by the Company in excess of $10,000,000 in the aggregate for such transaction or series of transactions.

SECTION 2.4 <u>No Other Voting Restrictions</u>. For the avoidance of doubt, except as restricted herein or by applicable Law, Investor and the other Investor Parties may vote the Common Stock that they Beneficially Own in their sole and absolute discretion.

#### ARTICLE III

#### INVESTOR RELATED COVENANTS

SECTION 3.1 <u>Ownership Limitations.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in <u>Section 3.1(b)</u>, Investor agrees that it (together with the other Investor Parties) shall not, and shall cause the other Investor Parties not to, acquire Economic Ownership of shares of Common Stock that would result in the Investor Parties in the aggregate Economically Owning a percentage of the then-outstanding Common Stock on a Fully Diluted Basis that is greater than the Ownership Cap; <u>provided</u>, that if the Investor Parties inadvertently acquire Economic Ownership of shares of Common Stock that would result in the Investor Parties in the aggregate Economically Owning a percentage of the then-outstanding Common Stock on a Fully Diluted Basis that is greater than the Ownership Cap, then such Investor Party shall divest such shares as promptly as practicable. For the avoidance of doubt, no Person shall be in violation of this <u>Section 3.1</u> as a result of any acquisition by the Company of any Common Stock or any other event that reduces the number of shares of Common Stock outstanding, in each case, which is approved by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding <u>Section 3.1(a)</u>, any of the Investor Parties may acquire Economic Ownership of shares of Common Stock that would result in the Investor Parties (taken as a whole) having Economic Ownership of a percentage of the then-outstanding Common Stock on a Fully Diluted Basis that is greater than the Ownership Cap under any of the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) acquisitions of shares pursuant to any pro rata stock dividend or stock distribution effected by the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if such acquisition is pursuant to a tender offer or exchange offer, in each case that includes an offer for all outstanding shares of Common Stock owned by the Target Stockholders, or a merger, consolidation, binding share exchange or similar transaction pursuant to an agreement with the Company, so long as in each case (A) such offer, merger, consolidation, binding share exchange or similar transaction is approved by a majority of the Disinterested Directors or by a special committee comprised of Disinterested Directors (such tender offer or exchange offer, an "<u>Approved Offer</u>", and such merger, consolidation, binding share exchange or similar transaction, an "<u>Approved Merger</u>"), and (B) in any such Approved Offer, a majority of the Target Shares are tendered into such Approved Offer and not withdrawn prior to the final expiration of such Approved Offer, or in such Approved Merger, a majority of the Target Shares that are voted (in person or by proxy) on the related transaction proposal are voted in favor of such proposal. As used in this <u>Section 3.1(b)(ii)</u>: "<u>Target Shares</u>" means the then-outstanding shares of Common Stock not owned by the Investor Parties; and "<u>Target Stockholders</u>" means the stockholders of the Company other than the Investor Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The limitation set forth in <u>Section 3.1(a)</u> may only be waived by the Company if a majority of the Disinterested Directors consent thereto.

SECTION 3.2 <u>Transfer Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to <u>Section 3.2(b)</u>, unless approved by a majority of the Independent Directors, Investor shall not, and shall not permit any of the Investor Parties to, sell or otherwise transfer or agree to transfer (each of the foregoing, a "<u>Transfer</u>"), directly or indirectly, any shares of Common Stock that are held directly or indirectly by Investor or any of the other Investor Parties if, immediately after giving effect to such Transfer, the Person that acquires such Common Stock (other than any underwriter acting in such capacity in an underwritten public offering of such shares) would, together with its Affiliates, to the actual knowledge ("<u>Knowledge</u>") of the transferor Beneficially Own more than ten percent (10%) of the then-outstanding Common Stock. A transferor shall be deemed to have Knowledge of any transferee's Beneficial Ownership of Common Stock if the transferor has actual knowledge of the identity of the transferee and such Beneficial Ownership has been, at the time of the agreement to transfer, publicly disclosed in accordance with Section 13 of the Exchange Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The limitations in <u>Section 3.2(a)</u> shall not apply, and any Investor Party may Transfer freely:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to any Person (including any Affiliate of Investor) if such Person has executed and delivered to the Company a Transferee Agreement (as defined below) (for the avoidance of doubt, no such Transferee Agreement will be required in the case of Transfers among Investor Parties already subject to this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to one or more underwriters or initial purchasers acting in their capacity as such in a manner not intended to circumvent the restrictions contained in <u>Section 3.2(a)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in a sale in the public market, in accordance with Rule 144, including the volume and manner of sale limitations set forth therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in any Merger Transaction (other than a transaction contemplated by <u>Section 3.2(b)(v)</u> below) or transaction contemplated by clause (iii) of the definition of Change of Control (A) in which (in either case) no Investor Party is the acquiror or part of the acquiring group or is proposed to be combined with the Company and (B) that has been approved by the Board and a majority of the stockholders (it being understood that this clause (iv) does not affect the agreement of the parties under <u>Section 2.1(e)</u> and <u>(f)</u>);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with a tender or exchange offer that (A) is not solicited by any Investor Party and in which all holders of Common Stock are offered the opportunity to sell shares of Common Stock and (B) complies with applicable securities laws, including Rule 14d-10 promulgated under the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in connection with any bona fide mortgage, encumbrance, pledge or hypothecation of capital stock to a financial institution in connection with any bona fide loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Transfer under <u>Section 3.2(b)(i)</u> shall be valid unless and until a Transferee Agreement has been executed by the Transferee and delivered to the Company. For the purpose of this Agreement a "<u>Transferee Agreement</u>" executed by a Transferee means an agreement substantially in the form of this Agreement or in such other form as is reasonably satisfactory to the Company except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) notwithstanding <u>Section 2.1(c)</u>, in connection with any stockholder meeting or consent solicitation relating to the election of members of the Board, such Transferee may vote the shares of Common Stock that it Beneficially Owns in favor of one director candidate in its sole and absolute discretion and regarding any other director candidates in such election must vote in proportion to Votes Cast;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "Investor" shall be defined to mean such Transferee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Ownership Cap" shall be defined to mean the lower of (x) forty seven percent (47%) and (y) the sum of five percent (5%) and the percentage of the outstanding Common Stock on a Fully Diluted Basis that the Transferee Economically Owns as of the date of (and after giving effect to) such Transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "Voting Cap" shall be defined to mean the lower of (x) forty percent (40%) and (y) the sum of five percent (5%) and the percentage of the outstanding Common Stock on a Fully Diluted Basis that the Transferee Beneficially Owns as of the date of (and after giving effect to) such Transfer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any obligation on the part of Investor hereunder to cause the Investor Parties to take any action or refrain from taking any action shall only apply to the Investor Parties controlled by the Transferee and the Transferee Agreement shall provide that the Transferee shall use all reasonable efforts to cause Affiliates that the Transferee does not control to take or refrain from taking the action that it is otherwise required to cause under this Agreement.

SECTION 3.3 <u>Purchaser Board Designees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything contained herein to the contrary, the provisions in <u>Article II</u> (collectively, the "<u>Specified Provisions</u>") shall be suspended and shall not apply in the event that the Purchaser Board Designees (as defined in the Shareholder Agreement) that Investor is entitled to designate under the terms of Section 3 of the Shareholder Agreement are not elected at a stockholders' meeting at which the stockholders voted on the election of such Purchaser Board Designees (any such period, a "<u>Suspension Period</u>"); <u>provided</u>, <u>however</u>, that this <u>Section 3.3(a)</u> shall apply only if Investor has complied with its obligations under Section 3 of the Shareholder Agreement, including Investor's timely designation of Purchaser Board Designees. No Suspension Period shall be deemed to occur during any reasonable period of time during which a Purchaser Board Designee is being replaced upon the death, resignation, retirement, disqualification or removal from office of such Purchaser Board Designee. Any Suspension Period shall end upon the election or appointment of the Purchaser Board Designees that Investor is entitled to designate under the terms of Section 3 of the Shareholder Agreement. At all times other than during a Suspension Period, the Specified Provisions shall apply in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything contained herein or in the Share Purchase Agreement, no Person that acquires Common Stock from the Investor Parties or from any other Person shall have any rights of Investor under Section 3 of the Shareholder Agreement with respect to the designation of members of the Board.

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#### ARTICLE IV

#### TERMINATION

SECTION 4.1 <u>Termination of Agreement</u>. This Agreement may be terminated as follows (the date of such termination, the "<u>Termination Date</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if Investor and the Company mutually agree to terminate this Agreement, but only if at least two-thirds (2/3) of the Disinterested Directors have approved such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) without any further action by the parties hereto, if Investor and the Investor Parties Beneficially Own less than ten percent (10%) of the then outstanding Common Stock on a Fully Diluted Basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) without any other action by the parties hereto, upon the consummation of a Change of Control not involving Investor or any Investor Party as a purchaser of any direct or indirect interest in the Company or any of its assets or properties; <u>provided</u> that the Investor Parties shall not have violated this Agreement in connection with any transaction under this clause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) without any other action by the parties hereto, upon the consummation of: (i) a sale of all or substantially all of the assets the Company and its Subsidiaries (determined on a consolidated basis), in one transaction or series of related transactions; or (ii) the acquisition (by purchase, merger or otherwise) by any Person or Group of Beneficial Ownership of voting securities of the Company entitling such Person or Group to exercise ninety percent (90%) or more of the total voting power of all outstanding securities entitled to vote generally in elections of directors of the Company; <u>provided</u> that the Investor Parties shall not have violated this Agreement in connection with any transaction under the preceding clauses (i) and (ii); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) upon notice by Investor to the Company in the event the Services Agreement expires or is otherwise terminated pursuant to Section 10.2.4 thereof.

SECTION 4.2 <u>Procedure upon Termination</u>. In the event of termination pursuant to <u>Section 4.1</u>, this Agreement shall terminate on the Termination Date without further action by Investor and the Company.

SECTION 4.3 <u>Effect of Termination</u>. In the event that this Agreement is validly terminated as provided in this <u>Article</u> <u>IV</u>, then each of the parties hereto shall be relieved of their duties and obligations arising under this Agreement after the date of such termination and such termination shall be without liability to the other party; <u>provided</u>, <u>however</u>, that <u>Article V</u> shall survive any such termination and shall be enforceable hereunder; <u>provided</u>, <u>further</u>, <u>however</u>, that nothing in this <u>Section 4.3</u> shall relieve any party hereto of any liability for a breach of a representation, warranty or covenant in this Agreement prior to the Termination Date. <br>

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#### ARTICLE V

#### MISCELLANEOUS

SECTION 5.1 <u>Notices</u>. Any notice or other communication required or permitted to be given hereunder will be in writing and will be deemed to have been duly given if delivered by prepaid first-class mail, by email or other means of electronic communication or by hand-delivery and addressed as follows:

If to Investor, to:

Pershing Square Capital Management, L.P.

787 Eleventh Ave

New York, New York 10019

Attention: Chief Legal Officer

Email: legal@persq.com

with a copy (which shall not constitute notice) to:

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

Attention:

Scott D. Miller

Ken Li

Email:

[email address]

[email address]

If to the Company, to:

Howard Hughes Holdings Inc.

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

<br> Attention: General Counsel

Email: [email address]

with copies (which shall not constitute notice) to:

Hogan Lovells US LLP

Columbia Square

555 Thirteenth St, NW

Washington, DC 20004

Attention:

David Bonser

John Beckman

Stacey McEvoy

Email:

[email address]

[email address]

[email address]

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and

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

Attention:

Justin W. Chairman

Richard B. Aldridge

Email:

[email address]

[email address]

SECTION 5.2 <u>Assignment; No Third Party Beneficiaries</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by any party without the prior written consent of the other party. This Agreement (including the documents and instruments referred to in this Agreement) is not intended to and does not confer upon any person other than the parties hereto any rights or remedies under this Agreement.

SECTION 5.3 <u>Prior Negotiations; Entire Agreement</u>. The Transaction Documents constitute the entire agreement of the parties and their Affiliates and supersede all prior and contemporaneous agreements, arrangements or understandings, whether written or oral, between the parties and their Affiliates with respect to the subject matter of this Agreement.

SECTION 5.4 <u>Governing Law; Venue</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HEREBY AGREE THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT (WHETHER BROUGHT BY ANY PARTY OR ANY OF ITS AFFILIATES OR AGAINST ANY PARTY OR ANY OF ITS AFFILIATES) SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR IN THE EVENT, BUT ONLY IN THE EVENT, THAT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER SUCH ACTION OR PROCEEDING, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION) OR, IF SUBJECT MATTER JURISDICTION OVER THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) AND EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE JURISDICTION OF, AND VENUE IN, SUCH COURTS AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

SECTION 5.5 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other party (including via email or other electronic transmission), it being understood that each party need not sign the same counterpart.

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SECTION 5.6 <u>Expenses</u>. Except as otherwise provided in this Agreement or any other Transaction Document (including the Investor's right to reimbursement of certain expenses under Section 7(f) of the Share Purchase Agreement), Investor and the Company shall each bear its own expenses incurred in connection with the negotiation and execution of this Agreement and each other agreement, document and instrument contemplated by this Agreement and the consummation of the transactions contemplated hereby and thereby.

SECTION 5.7 <u>Waivers and Amendments</u>. Subject to <u>Section 5.2</u>, this Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, only by a written instrument signed by Investor and the Company (with the approval of a majority of the Disinterested Directors) or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at law or in equity.

SECTION 5.8 <u>Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties hereto have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the context otherwise requires, as used in this Agreement: (i) "or" shall mean "and/or"; (ii) "including" and its variants mean "including, without limitation" and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to "written" or "in writing" include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; and (vi) the terms "Article" and "Section" refer to the specified Article or Section of this Agreement.

SECTION 5.9 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

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SECTION 5.10 <u>Equitable Relief</u>. The parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that each of the parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

SECTION 5.11 <u>Successor Securities</u>. The provisions of this Agreement pertaining to shares of Common Stock shall apply to all shares of Common Stock Beneficially Owned by any Investor Party and any voting equity securities of the Company, regardless of class, series, designation or par value, that are issued as a dividend on or in any other distribution in respect of, or as a result of a reclassification (including a change in par value) in respect of, shares of Common Stock or other shares of the Company which, as provided by this section, are considered as shares of Common Stock for purposes of this Agreement and shall also apply to any voting equity security issued by any company that succeeds, by merger, consolidation, a share exchange, a reorganization of the Company or any similar transaction, to all or substantially all the business of the Company, or to the ownership thereof, if such security was issued in exchange for or otherwise as consideration for or in respect of shares of Common Stock (or other shares of the Company which, as provided by this section, are considered as shares of Common Stock for purposes of this Agreement) in connection with such succession transaction.

SECTION 5.12 <u>Inurement</u>. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

SECTION 5.13 <u>Voting Procedures</u>. If, in connection with any stockholder meeting or consent solicitation, Investor or the Investor Parties are required under the terms of this Agreement to vote in proportion to Votes Cast, then the parties shall cooperate to determine appropriate procedures and mechanics to facilitate such proportionate voting.

SECTION 5.14 <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

SECTION 5.15 <u>Sequencing</u>. For the avoidance of doubt, the Board may approve and adopt any matter referred to herein that also requires approval of the Company's stockholders under the Delaware General Corporation Law prior to the Company obtaining the approval required herein; provided, that the Company may not permit such matter to occur until the approval required herein is obtained.

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#### \*\* REMAINDER OF PAGE INTENTIONALLY LEFT BLANK\*\*

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IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed and delivered by each of them or their respective officers thereunto duly authorized, all as of the date first written above.

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| | | |
|:---|:---|:---|
| **HOWARD HUGHES HOLDINGS INC.** | **HOWARD HUGHES HOLDINGS INC.** | **HOWARD HUGHES HOLDINGS INC.** |
| By: | /s/ David O'Reilly | /s/ David O'Reilly |
|  | Name: | David O'Reilly |
|  | Title: | Chief Executive Officer |

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| | | |
|:---|:---|:---|
| **PERSHING SQUARE HOLDCO, L.P.** | **PERSHING SQUARE HOLDCO, L.P.** | **PERSHING SQUARE HOLDCO, L.P.** |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |

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[*Signature Page to Pershing Standstill Agreement*]

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## Exhibit 10.21

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**Exhibit 10.21**<br>

#### REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT, dated as of May 5, 2025 (this "<u>Agreement</u>"), is entered into by and between the entities listed in <u>Schedule I</u> hereto (the "<u>Purchasers</u>"), and Howard Hughes Holdings Inc., a Delaware corporation (the "<u>Company</u>").

#### RECITALS

WHEREAS, Pershing Square Holdco, L.P. has, pursuant to the terms of that certain Share Purchase Agreement, dated as of the date thereof, by and between the Company and Pershing Square Holdco, L.P. (the "<u>Share Purchase Agreement</u>"), agreed, among other things, to purchase 9,000,000 shares of common stock, par value $0.01, of the Company (the "<u>Common Stock</u>");

WHEREAS, in case any securities held by a Purchaser or any of its transferees are at any time not freely transferable by the holder in accordance with applicable laws, the Company and the Purchasers desire to define certain registration rights with respect to the Common Stock and certain other securities on the terms and subject to the conditions herein set forth; and

WHEREAS, this Agreement supersedes and replaces the Purchasers' registration rights under the Registration Rights Agreement, dated November 9, 2010, between The Howard Hughes Corporation, Pershing Square Capital Management, L.P. and the other entities listed on Schedule I and Schedule II thereto.

NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the parties hereby agree as follows:

#### SECTION 1. DEFINITIONS

As used in this Agreement, the following terms have the respective meanings set forth below:

"<u>Affiliate</u>" of any particular Person shall mean any other Person controlling, controlled by or under common control with such particular Person. For the purposes of this definition, "<u>control</u>" shall mean the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the ownership of voting securities, contract or otherwise;

"<u>Agreement</u>" shall have the meaning set forth in the Preamble hereto;

"<u>Business Day</u>" shall mean any day other than (i) a Saturday, (ii) a Sunday, or (iii) any day on which commercial banks in New York, New York are required or authorized to close by law or executive order;

"<u>Common Stock</u>" shall have the meaning set forth in the Recitals hereto;

"<u>Company</u>" shall have the meaning set forth in the Preamble hereto;

"<u>Demand Notice</u>" shall have the meaning set forth in <u>Section 2.1(a)</u> hereof;

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"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same may be amended and shall be in effect from time to time;

"<u>FINRA</u>" shall mean the Financial Industry Regulatory Authority;

"<u>Holder</u>" shall mean any holder of Registrable Securities subject to this Agreement, solely in their capacity as such, including Permitted Assignees;

"<u>Indemnified Party</u>" shall have the meaning set forth in <u>Section 2.7(c)</u> hereof;

"<u>Indemnifying Party</u>" shall have the meaning set forth in <u>Section 2.7(c)</u> hereof;

"<u>Initiating Holder(s)</u>" shall mean any Holder, with respect to the Registrable Securities as to which such Holder submits a Demand Notice pursuant to <u>Section 2.1</u> hereof;

"<u>Issuer Free Writing Prospectus</u>" shall mean an "Issuer Free Writing Prospectus", as defined in Rule 433 under the Securities Act, relating to an offer of Registrable Securities;

"<u>Losses</u>" shall have the meaning set forth in <u>Section 2.7(a)</u> hereof;

"<u>Other Stockholders</u>" shall have the meaning set forth in <u>Section 2.1(c)</u> hereof;

"<u>Participating Holders</u>" shall mean Holders participating in the Registration relating to the Registrable Securities;

"<u>Permitted Assignee</u>" shall have the meaning set forth in <u>Section 3.5</u> hereto;

"<u>Person</u>" shall mean an individual, a group (including a "group" under Section 13(d) of the Exchange Act), a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a government or agency or political subdivision thereof;

"<u>Prospectus</u>" shall mean the prospectus (including any preliminary, final or summary prospectus) included in any Registration Statement, all amendments and supplements to such prospectus and all other material incorporated by reference in such prospectus;

"<u>Purchasers</u>" shall have the meaning set forth in the Preamble hereto;

"<u>Qualifying Employee Stock</u>" shall mean (i) rights and options issued in the ordinary course of business under employee benefits plans of the Company or any predecessor or otherwise to executives in compensation arrangements approved by the Board of Directors of the Company or any predecessor and any securities issued after the date hereof upon exercise of such rights and options and options issued to employees of the Company or any predecessor as a result of adjustments to options in connection with the reorganization of the Company or any predecessor and (ii) restricted stock and restricted stock units issued after the date hereof in the ordinary course of business under employee benefit plans and securities issued after the date hereof in settlement of any such restricted stock units;

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"<u>Register</u>", "<u>Registered</u>" and "<u>Registration</u>" shall mean a registration effected by preparing and (i) filing a Registration Statement in compliance with the Securities Act (and any post-effective amendments filed or required to be filed) and the declaration or ordering of effectiveness of such Registration Statement, or (ii) filing a Prospectus and/or prospectus supplement in respect of an appropriate effective Registration Statement;

"<u>Registrable Securities</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any shares of Common Stock acquired or held by the Purchasers on or after the date hereof (whether or not acquired in connection with the Share Purchase Agreement or otherwise);

(ii) (A) any securities of the Company or its Affiliates issued as a dividend or other distribution with respect to, or in exchange for or in conversion, exercise or replacement of, any Registrable Securities described in clause (i) (the "<u>Initial Securities</u>") or securities that may become Registrable Securities by virtue of clause (C); (B) any securities of the Company or its Affiliates offered wholly or partly in consideration of the Initial Securities or securities that may become Registrable Securities by virtue of clause (C) in any tender or exchange offer; or (C) any securities of the Company or its Affiliates issued as a dividend or other distribution with respect to, or in exchange for or in conversion, exercise or replacement of or offered wholly or partly in any tender or exchange offer in consideration of any Registrable Securities described in clause (A) or (B); and

(iii) any Registrable Securities described in clause (i) or (ii) above acquired or held by a Person, for which rights and obligations have been assigned pursuant to clause (ii) of<u>Section 3.5</u> and in accordance with the terms of <u>Section 3.5</u> hereof;

<u>provided</u>, that as to any particular Registrable Securities, such securities shall cease to be Registrable Securities (1) when a Registration Statement with respect to such securities has been declared effective under the Securities Act and such securities have been disposed of pursuant to such Registration Statement, (2) after such securities have been sold in accordance with Rule 144 (but not Rule 144A), (3) after such securities shall have otherwise been transferred and new securities not subject to transfer restrictions under any federal securities laws and not bearing any legend restricting further transfer shall have been delivered by the Company, all applicable holding periods shall have expired, and no other applicable and legally binding restriction on transfer by the holder thereof shall exist, (4) when such securities are eligible for sale pursuant to Rule 144 under the Securities Act without limitation thereunder on volume or manner of sale, or (5) when such securities cease to be outstanding;

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"<u>Registration Expenses</u>" shall mean (i) any and all expenses incurred by the Company and its Subsidiaries in effecting any Registration pursuant to this Agreement, including, without limitation, all (1) Registration and filing fees, and all other fees and expenses payable in connection with the listing of securities on any securities exchange or automated interdealer quotation system, (2) fees and expenses of compliance with any securities or "blue sky" laws (including fees and disbursements of counsel in connection with "blue sky" qualifications of the securities registered), (3) expenses in connection with the preparation, printing, mailing and delivery of any Registration Statements, Prospectuses, Issuer Free Writing Prospectus and other documents in connection therewith and any amendments or supplements thereto, (4) security engraving and printing expenses, (5) internal expenses of the Company (including, without limitation, all salaries and expenses of its officers and employees performing legal or accounting duties), (6) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company (including the expenses associated with the delivery by independent certified public accountants of any comfort letters requested pursuant to the terms hereof), (7) fees and expenses of any special experts retained by the Company in connection with such Registration, (8) fees and expenses in connection with any review by FINRA of any underwriting arrangements or other terms of the offering, and all reasonable fees and expenses of any "qualified independent underwriter", (9) reasonable fees and disbursements of underwriters customarily paid by issuers or sellers of securities, but excluding any underwriting fees, discounts and commissions attributable to the sale of Registrable Securities and fees and expenses of counsel, (10) costs of printing and producing any agreements among underwriters, underwriting agreements, any "blue sky" or legal investment memoranda and any selling agreements and other documents in connection with the offering, sale or delivery of the Registrable Securities, (11) transfer agents' and registrars' fees and expenses and the fees and expenses of any other agent or trustee appointed in connection with such offering and (12) expenses relating to any analyst or investor presentations or any "road shows" undertaken in connection with the Registration, marketing or selling of the Registrable Securities; and (ii) reasonable and documented fees and expenses of one counsel for all of the Participating Holders, which counsel shall be selected by the Participating Holder holding the largest number of the Registrable Securities to be sold in the applicable Registration. Registration Expenses shall not include any out-of-pocket expenses of the Participating Holders;

"<u>Registration Statement</u>" shall mean any registration statement of the Company that covers Registrable Securities pursuant to the provisions of this Agreement filed with, or to be filed with, the SEC under the rules and regulations promulgated under the Securities Act, including the related Prospectus, amendments and supplements to such registration statement, including pre- and post-effective amendments, and all exhibits, financial information and all material incorporated by reference in such registration statement;

"<u>Required Shelf Registration Statement</u>" shall have the meaning set forth in <u>Section 2.3</u>;

"<u>Rule 144; Rule 144A</u>" shall mean Rule 144 and Rule 144A, respectively, under the Securities Act (or any successor provisions then in force), as the same may be amended and shall be in effect from time to time;

"<u>S-1 Registration Statement</u>" shall mean a registration statement of the Company on Form S-1 (or any comparable or successor form) filed with the SEC registering any Registrable Securities;

"<u>Scheduled Black-Out Period</u>" shall mean the period from and including the last day of a fiscal quarter of the Company to and including the earliest of (i) the Business Day after the day on which the Company publicly releases its earnings information for such quarter or annual earnings information, as applicable, and (ii) the day on which the executive officers and directors of the Company are no longer prohibited by Company policies applicable with respect to such quarterly earnings period from buying or selling equity securities of the Company;

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"<u>SEC</u>" shall mean the U.S. Securities and Exchange Commission;

"<u>Securities Act</u>" shall mean the Securities Act of 1933;

"<u>security</u>" and "<u>securities</u>" shall have the meaning set forth in Section 2(a)(1) of the Securities Act;

"<u>Selling Expenses</u>" shall mean all underwriting discounts, selling commissions and stock transfer taxes applicable to the sale of Registrable Securities and all fees and disbursements of counsel for each of the Holders, other than the fees and expenses of one counsel for all of the Holders, which shall be paid for by the Company in accordance with the terms set forth in clause (ii) of the definition of "Registration Expenses" set forth herein;

"<u>Services Agreement</u>" shall mean that certain Services Agreement, dated as of May 5, 2025, by and between the Company and Pershing Square Capital Management, L.P.;

"<u>Share Purchase Agreement</u>" shall have the meaning set forth in the Recitals hereto.

"<u>Shareholder Agreement</u>" shall mean that certain Shareholder Agreement, dated as of May 5, 2025, by and among the Company, Pershing Square Holdco, L.P., and Pershing Square Capital Management, L.P.;

"<u>Shelf Registration Statement</u>" shall mean a "shelf" registration statement of the Company that covers all the Registrable Securities (and may cover other securities of the Company) on Form S-3 and under Rule 415 or, if the Company is not then eligible to file on Form S-3, on Form S-1 under the Securities Act, or any successor rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein, all exhibits thereto and any document incorporated by reference therein;

"<u>Standstill Agreement</u>" shall mean that certain Standstill Agreement, dated as of May 5, 2025, by and between the Company and Pershing Square Holdco, L.P.;

"<u>Subsidiary</u>" shall mean, with respect to a Person, (i) a corporation a majority of whose capital stock with voting power, under ordinary circumstances, to elect a majority of the directors is at the time, directly or indirectly, owned by such Person, by a Subsidiary of such Person, or by such Person and one or more Subsidiaries of such Person, (ii) a partnership in which such Person or a Subsidiary of such Person is, at the date of determination, a general partner of such partnership, (iii) a limited liability company of which such Person, or a Subsidiary of such Person, is a managing member or (iv) any other Person (other than a corporation) in which such Person, a Subsidiary of such Person or such Person and one or more Subsidiaries of such Person, directly or indirectly, at the date of determination thereof, has (x) at least a majority ownership interest or (y) the power to elect or direct the election of a majority of the directors or other governing body of such Person; and

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"<u>Transaction Documents</u>" shall mean, individually or collectively, the Share Purchase Agreement, the Shareholder Agreement, the Services Agreement, the Standstill Agreement and this Agreement, in each case, as any such agreement may be amended or restated from time to time.

#### SECTION 2. REGISTRATION RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Request for Registration</u>. Subject to the limitations and conditions of <u>Section 2.1(b)</u>, if the Company shall receive from an Initiating Holder(s) a written demand (the "<u>Demand Notice</u>") that the Company effect any Registration with respect to all or a part of the Registrable Securities owned by such Initiating Holder(s) having an estimated aggregate fair market value of at least $25 million, the Company shall:

<br> (i) promptly give written notice of the proposed Registration to all other Holders in accordance with the terms of <u>Section 2.2</u>;

(ii) use its reasonable best efforts to file a Registration Statement with the SEC in accordance with the request of the Initiating Holder(s), including without limitation the method of disposition specified therein and covering resales of the Registrable Securities requested to be registered, as promptly as reasonably practicable but no later than (x) in the case of a Registration Statement other than an S-1 Registration Statement, within 30 days of receipt of the Demand Notice or (y) in the case of an S-1 Registration Statement, within 60 days of receipt of the Demand Notice;

(iii) use reasonable best efforts to cause such Registration Statement to be declared or become effective as promptly as practicable, but in no event later than 60 days after the date of initial filing of a Registration Statement pursuant to <u>Section 2.1(a)(i)</u>; and

(iv) use reasonable best efforts to keep such Registration Statement continuously effective and in compliance with the Securities Act and usable for resale of such Registrable Securities for the period as requested in writing by the Initiating Holder(s) or such longer period as may be requested in writing by any Holder participating in such registration (which periods shall be extended to the extent of any suspensions of sales pursuant to <u>Sections 2.1(a)(iii)</u> or (iv));

<u>provided</u>, <u>however</u>, that the Company shall be permitted, with the consent of the Initiating Holder(s) not to be unreasonably withheld, to file a post-effective amendment or prospectus supplement to any currently effective Shelf Registration Statement (including the Required Shelf Registration Statement contemplated by <u>Section 2.3</u> hereof) in lieu of an additional registration statement pursuant to <u>Section 2.1(a)</u> to the extent the Company reasonably determines that the Registrable Securities of the Initiating Holder(s) may be sold thereunder by such Initiating Holder(s) pursuant to their intended plan of distribution (in which case such post-effective amendment or prospectus supplement shall not be counted against the limited number of demand registrations). It shall not be unreasonable if, following the recommendation of an underwriter, the Initiating Holder(s) do not consent to the Company filing a post-effective amendment or prospectus supplement to a Shelf Registration Statement in lieu of an additional registration statement requested by the Initiating Holder(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary contained herein, the Company shall not be obligated to effect, or take any action to effect, any such Registration pursuant to this <u>Section 2.1</u>:

(i) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process or qualify to do business in effecting such Registration, qualification or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act or applicable rules or regulations thereunder;

<br> (ii) with respect to securities that are not Registrable Securities;

(iii) if the Company has notified the Holders that in the good faith judgment of the Company, it would be materially detrimental to the Company or its security holders for such registration to be effected at such time, in which event the Company shall have the right to defer such registration for a period of not more than 60 days; <u>provided</u>, that such right to delay a registration pursuant to this clause (iii) shall be exercised by the Company only if the Company has generally exercised (or is concurrently exercising) similar black-out rights against holders of similar securities that have registration rights, if any; or

(iv) solely with respect to any Affiliate of the Company, during any Scheduled Black-Out Period; <u>provided</u>, that the total number of days that any such suspension, deferral or delay in registration pursuant to clauses (iii) and (iv) in the aggregate may be in effect in any 180-day period shall not exceed 60 days. The Company agrees to use its reasonable best efforts to issue earnings releases as promptly as practicable following the end of quarterly reporting periods and to otherwise minimize the duration of Scheduled Black-Out Periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Registration Statement filed pursuant to the request of the Initiating Holder may, subject to the provisions of <u>Section 2.1(d)</u> below, include shares of Common Stock which are held by Holders and Persons who, by virtue of agreements with the Company (other than this Agreement), are entitled to include their securities in any such Registration (such Persons, other than Holders, "<u>Other Stockholders</u>"). In the event the Initiating Holder(s) request a Registration pursuant to this <u>Section 2.1</u> in connection with a distribution of Registrable Securities to its partners or members or any other Holder elects to participate in such Registration pursuant to <u>Section 2.2</u> hereof in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for the resale by such partners or members, if requested by such Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Underwriting</u>. If the Initiating Holder(s) intend to distribute the Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of the request made pursuant to <u>Section 2.1</u>. If Other Stockholders or Holders, to the extent they have any registration rights under <u>Section 2.2</u>, request inclusion of their shares of Common Stock in the underwriting, the Initiating Holder(s) shall offer to include the shares of Common Stock of such Holders and Other Stockholders in the underwriting and may condition such offer on their acceptance of the further applicable provisions of this <u>Section 2</u>. The Holders whose Registrable Securities are to be included in such Registration and the Company shall (together with all Other Stockholders proposing to distribute their shares of Common Stock through such underwriting) enter into an underwriting agreement in customary form for secondary public offerings with the managing underwriter or underwriters selected for such underwriting by a majority-in-interest of the Holders whose Registrable Securities are to be included in such Registration subject to approval by the Company not to be unreasonably withheld (which underwriters may also include a non-bookrunning co-manager selected by the Company subject to approval by a majority-in-interest of the Holders whose Registrable Securities are to be included in such Registration); <u>provided</u>, <u>however</u>, that such underwriting agreement shall not provide for indemnification or contribution obligations on the part of any Holder or Other Stockholder greater than the obligations of the Holders under <u>Section 2.7(b)</u> or <u>Section 2.7(d)</u>. Notwithstanding any other provision of this <u>Section 2.1</u>, if the managing underwriter or underwriters advise the Holders in writing that marketing factors require a limitation on the number of shares to be underwritten, some or all of the securities of the Company held by the Other Stockholders shall be excluded from such Registration to the extent so required by such limitation. If, after the exclusion of such shares held by such Other Stockholders, further reductions are still required due to the marketing limitation, the number of Registrable Securities included in the Registration by each Holder (including the Initiating Holder(s)) shall be reduced on a pro rata basis (based on the number of Registrable Securities requested to be included in such registration by such Holders), by such minimum number of shares as is necessary to comply with such request. No Registrable Securities or any other securities excluded from the underwriting by reason of the underwriter's marketing limitation shall be included in such Registration. If any Holder or Other Stockholder who has requested inclusion in such Registration as provided above disapproves of the terms of the underwriting, such Person may elect to withdraw therefrom by providing written notice to the Company, the underwriter and the Initiating Holder(s). The securities so withdrawn shall also be withdrawn from Registration. If the underwriter has not limited the number of Registrable Securities or other securities to be underwritten, the Company and executive officers and directors of the Company (whether or not such Persons have registration rights pursuant to <u>Section 2.2</u> hereof) may include its or their securities for its or their own account in such Registration if the managing underwriter or underwriters and the Company so agree and if the number of Registrable Securities and other securities which would otherwise have been included in such Registration and underwriting will not thereby be limited.

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(e) The number of demand registrations that the Holders shall be entitled to request, and that the Company shall be obligated to undertake, pursuant to this <u>Section 2.1</u> shall be unlimited; <u>provided</u>, that the Company shall not be obligated to undertake more than three underwritten offerings pursuant to this <u>Section 2</u> during the term of this Agreement, <u>provided</u>, <u>further</u> that in no event shall the Company be required to effect more than one underwritten offering in any twelve-month period pursuant to this <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the case of an underwritten offering under this <u>Section 2.1</u>, the price, underwriting discount and other financial terms for the Registrable Securities shall be determined by the Initiating Holder(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Piggyback Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Company shall determine to register any of its capital stock either (x) for its own account, (y) for the account of the Holders listed in <u>Section 2.1</u> pursuant to the terms thereof, or (z) for the account of Other Stockholders (other than (A) a Registration relating solely to Qualifying Employee Stock, (B) a Registration relating solely to a Rule 145 transaction under the Securities Act or (C) a Registration on any Registration form which does not permit secondary sales or does not include substantially the same information as would be required to be included in a Registration Statement), the Company will, subject to the conditions set forth in this <u>Section 2.2</u>:

<br> (i) promptly give to each of the Holders a written notice thereof (which shall include a list of the jurisdictions in which the Company intends to attempt to qualify such securities under the applicable blue sky or other state securities laws); and

(ii) subject to <u>Section 2.2(b)</u> below and any transfer restrictions any Holder may be a party to, include in such Registration (and any related qualification under blue sky laws or other compliance), and in any underwriting involved therein, all the Registrable Securities specified in a written request or requests, made by the Holders. Such written request may specify all or a part of the Holders' Registrable Securities and shall be received by the Company within ten (10) days after written notice from the Company is given under <u>Section 2.2(a)(i)</u> above. In the event any Holder requests inclusion in a Registration pursuant to this <u>Section 2.2</u> in connection with a distribution of Registrable Securities to its partners or members, the Registration shall provide for the resale by such partners or members, if requested by such Holder.

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(b) <u>Underwriting</u>. If the Registration of which the Company gives notice is for a Registered public offering involving an underwriting, the Company shall so advise each of the Holders as a part of the written notice given pursuant to <u>Section 2.2(a)(i)</u> above. In such event, the right of each of the Holders to Registration pursuant to this <u>Section 2.2</u> shall be conditioned upon such Holders' participation in such underwriting and the inclusion of such Holders' Registrable Securities in the underwriting to the extent provided herein. The Holders whose Registrable Securities are to be included in such Registration shall (together with the Company and the Other Stockholders distributing their securities through such underwriting) enter into an underwriting agreement in customary form for secondary public offerings with the managing (underwriter or underwriters selected for underwriting by the Company (and if the Registration was initiated by a Holder pursuant to <u>Section 2.1</u>, such underwriters must be selected by the Initiating Holder(s) and reasonably acceptable to the Company); <u>provided</u>, <u>however</u>, that such underwriting agreement shall not provide for indemnification or contribution obligations on the part of any Holder or Other Stockholder greater than the obligations of the Holders under <u>Section 2.7(b)</u> or <u>Section 2.7(d)</u>. Notwithstanding any other provision of this <u>Section 2.2</u>, if any Registration in respect of which any Holder is exercising its rights under this <u>Section 2.2</u> involves an underwritten public offering (other than a demand Registration pursuant to <u>Section 2.1</u>, in which case the provisions with respect to priority of inclusion in such Registration set forth in <u>Section 2.1</u> shall apply) and the managing underwriter or underwriters advise the Company that in their view marketing factors require a limitation on the number of securities to be underwritten, then there shall be included in such underwritten offering the number or dollar amount of securities of the Company that in the opinion of the managing underwriter or underwriters can be sold without adversely affecting such offering, and such number of securities of the Company shall be allocated for inclusion as follows: (i) first, all securities of the Company being sold by the Company for its own account or by any Person (other than a Holder) exercising a contractual right to demand registration; (ii) second, all Registrable Securities requested to be included by the Holders and securities of the Company being sold by any Person (other than a Holder) with similar piggyback registration rights, pro rata, based on the number of shares requested to be included in such registration by such Holders and such Persons; and (iii) third, among any other holders of securities of the Company requesting such registration, pro rata, based on the number of securities requested to be included in such registration by each such holder. For the avoidance of doubt, in the event any Initiating Holder exercises demand registration rights, such registration is an underwritten public offering and the managing underwriter advises that marketing factors require a limitation on the number of securities to be so underwritten, Registrable Securities of any Holders exercising piggyback rights under this <u>Section 2.2</u> in connection with such offering and any securities to be included in such offering by the Initiating Holder(s) shall be included in such offering in the same priority and allocated on a pro rata basis, as set forth in clause (ii) above. If any of the Holders or any officer, director or Other Stockholder disapproves of the terms of any such underwriting, he, she or it may elect to withdraw therefrom by providing written notice to the Company, the underwriter and the Initiating Holder(s). Any Registrable Securities or other securities excluded or withdrawn from such underwriting shall be withdrawn from such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Required Shelf Registration Statement</u>. The Company shall use reasonable best efforts to remain eligible to use Form S-3 (or any successor form) and, in the event the Company ceases to be eligible to use Form S-3 (or any successor form), the Company shall use reasonable best efforts to become eligible to use Form S-3 (or any successor form). If requested by a Holder, the Company shall use reasonable best efforts to promptly, but within no later than 90 days, file a Shelf Registration Statement on Form S-3 (or any successor form) registering all Registrable Securities then held by the Holders (the "<u>Required Shelf Registration Statement</u>"), and shall use reasonable best efforts to cause such Required Shelf Registration Statement to be continuously effective so long as there are any Registrable Securities outstanding. In connection with the Required Shelf Registration Statement, the Company will, subject to the terms and limitations of this <u>Section 2</u>, as promptly as reasonably practicable upon notice from any Holder requesting Registration in accordance with the terms of this <u>Section 2.3</u>, cooperate in any shelf take-down by amending or supplementing the Prospectus related to such Registration as may be reasonably requested by such Holder or as otherwise required to reflect the number of Registrable Securities to be sold thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Expenses of Registration</u>. All Registration Expenses incurred in connection with any Registration, qualification or compliance pursuant to this <u>Section 2</u> shall be borne by the Company, and all Selling Expenses shall be borne by the Holders of the securities so registered pro rata on the basis of the number of their shares so registered (or, in the case of fees and disbursements of counsel and advisors to any Holders that do not constitute Registration Expenses, by the Holders as incurred).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Black-Out Periods</u>. Unless the Company otherwise permits in writing, for so long as a Participating Holder has an officer, director, partner or senior employee serving as a member of the Board of Directors of the Company, such Participating Holder shall not make any offers or sales of Registrable Securities under a Registration Statement during any Scheduled Black-Out Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Registration Procedures</u>. In the case of each Registration effected by the Company pursuant to this <u>Section 2</u>, the Company will keep the Participating Holders advised in writing as to the initiation of each Registration and as to the completion thereof. At its expense, the Company will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as practicable, prepare and file with the SEC such pre- and post-effective amendments to such Registration Statement, supplements to the Prospectus and such amendments or supplements to any Issuer Free Writing Prospectus as may be (i) reasonably requested by the Initiating Holder(s) (if any), (ii) reasonably requested by any other Participating Holder (to the extent such request relates to information relating to such Participating Holder), or (iii) necessary to keep such Registration effective for the period of time required by this Agreement, and comply with provisions of the applicable securities laws with respect to the sale or other disposition of all securities covered by such Registration Statement during such period in accordance with the intended method or methods of disposition by the sellers thereof set forth in such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) notify the Participating Holders and the managing underwriter or underwriters, if any, and (if requested) confirm such advice in writing and provide copies of the relevant documents, as promptly as practicable after notice thereof is received by the Company (i) when the applicable Registration Statement or any amendment thereto has been filed or becomes effective, and when the applicable Prospectus or Issuer Free Writing Prospectus or any amendment or supplement thereto has been filed, (ii) to the extent any of the following relates to the Participating Holders or information supplied by the Participating Holders, of any written comments by the SEC or any request by the SEC or any other federal or state governmental authority for amendments or supplements to such Registration Statement, Prospectus or Issuer Free Writing Prospectus or for additional information, (iii) of the issuance by the SEC of any stop order suspending the effectiveness of such Registration Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any Prospectus or any Issuer Free Writing Prospectus or the initiation or threatening of any proceedings for such purposes, (iv) if, at any time, the representations and warranties of the Company in any applicable underwriting agreement cease to be true and correct in all material respects, and (v) of the receipt by the Company or its legal counsel of any notification with respect to the suspension of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) promptly notify the Participating Holders and the managing underwriter or underwriters, if any, when the Company becomes aware of the happening of any event as a result of which the applicable Registration Statement, the Prospectus included in such Registration Statement (as then in effect) or any Issuer Free Writing Prospectus contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein (in the case of such Prospectus or any Issuer Free Writing Prospectus, in light of the circumstances under which they were made) not misleading, and when any Issuer Free Writing Prospectus includes information that may conflict with the information contained in the Registration Statement, or, if for any other reason it shall be necessary during such time period to amend or supplement such Registration Statement, Prospectus or Issuer Free Writing Prospectus in order to comply with the Securities Act and, in either case as promptly as reasonably practicable thereafter, prepare and file with the SEC, and furnish without charge to the Participating Holders and the managing underwriter or underwriters, if any, an amendment or supplement to such Registration Statement, Prospectus or Issuer Free Writing Prospectus which shall correct such misstatement or omission or effect such compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) use its reasonable best efforts to prevent, or obtain the withdrawal of, any stop order or other order suspending the use of any Prospectus or any Issuer Free Writing Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) deliver to each Participating Holder and each underwriter, if any, without charge, as many copies of the applicable Prospectus (including each preliminary Prospectus), any Issuer Free Writing Prospectus and any amendment or supplement thereto as such Participating Holder or underwriter may reasonably request (it being understood that the Company consents to the use of such Prospectus, any Issuer Free Writing Prospectus and any amendment or supplement thereto by such Holder and the underwriters, if any, in connection with the offering and sale of the Registrable Securities thereby) and such other documents as such Participating Holder or underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities by such Participating Holder or underwriter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) subject to the terms set forth in <u>Section 2.1(b)(i)</u> and <u>Section 2.3</u> hereof, on or prior to the date on which the applicable Registration Statement is declared effective, use its reasonable best efforts to register or qualify the Registrable Securities covered by such Registration Statement under such other securities or "blue sky" laws of such jurisdictions in the United States as any Participating Holder reasonably (in light of such Participating Holder's intended plan of distribution) requests and do any and all other acts and things that may be reasonably necessary or advisable to enable such Participating Holder to consummate the disposition of the Registrable Securities owned by such Participating Holder pursuant to such Registration Statement, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where it is not so qualified, subject itself to taxation in any such jurisdiction or consent to general service of process in any such jurisdiction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) make such representations and warranties to the Participating Holders and the underwriters or agents, if any, in form, substance and scope as are customarily made by issuers in underwritten public offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) enter into such customary agreements (including underwriting and indemnification agreements) and take such other actions as the Initiating Holder(s) or the managing underwriter, if any, reasonably requests in order to expedite or facilitate the Registration and disposition of such Registrable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use its reasonable best efforts to obtain for delivery to the managing underwriter, if any, an opinion or opinions from counsel for the Company dated the effective date of the Registration Statement or, in the event of an underwritten offering, the date of the closing under the underwriting agreement, in form and substance as is customarily given to underwriters in an underwritten secondary public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) in the case of an underwritten offering, use reasonable best efforts to obtain for delivery to the Company and the managing underwriter, if any, a "comfort" letter from the Company's independent certified public accountants in form and substance as is customarily given by independent certified public accountants in an underwritten secondary public offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) cooperate with each Participating Holder and the underwriters, if any, of such Registrable Securities and their respective counsel in connection with any filings required to be made with FINRA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) use its reasonable best efforts to cause all Registrable Securities covered by the applicable Registration Statement to be listed or quoted on a national securities exchange or trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) cooperate with the Participating Holders and the underwriters, if any, to facilitate the timely preparation and delivery of certificates, with requisite CUSIP numbers, representing Registrable Securities to be sold and not bearing any restrictive legends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) in the case of an underwritten offering, make reasonably available the senior executive officers of the Company to participate in the customary "road show" presentations that may be reasonably requested by the managing underwriter in any such underwritten offering and otherwise to facilitate, cooperate with, and participate in each proposed offering contemplated herein and customary selling efforts related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) use its reasonable best efforts to procure the cooperation of the Company's transfer agent in settling any offering or sale of Registrable Securities, including with respect to the transfer of physical security instruments into book-entry form in accordance with any procedures reasonably requested by the Holders or any managing underwriter(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) use its reasonable best efforts to take such actions as are under its control to become or remain a well-known seasoned issuer (as such term is defined in Rule 405 under the Securities Act) and not become an illegible issuer (as such term is defined in Rule 405 under the Securities Act) during the period when such Registration Statement remains in effect; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) make available for inspection by a representative of Participating Holders that are selling at least five percent (5%) of the Registrable Securities included in such Registration (and who is named in the applicable prospectus supplement as a Person who may be deemed to be an underwriter with respect to an offering and sale of Registrable Securities), the managing underwriter(s), if any, and any attorneys or accountants retained by such Holders or the managing underwriters(s), at the offices where normally kept, during reasonable business hours, financial and other records and pertinent corporate documents of the Company, and cause the officers, directors and employees of the Company to supply all information in each case reasonably requested by any such representative, managing underwriter, attorney or accountant in connection with such Registration Statement; <u>provided</u>, that if any such information is identified by the Company as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information and shall sign customary confidentiality agreements reasonably requested by the Company prior to the receipt of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Indemnification by the Company</u>. With respect to each Registration which has been effected pursuant to this <u>Section 2</u>, the Company agrees to indemnify and hold harmless, to the fullest extent permitted by law, (i) each of the Participating Holders and each of its officers, directors, limited or general partners and members thereof, (ii) each member, limited or general partner of each such member, limited or general partner, (iii) each of their respective Affiliates, officers, directors, shareholders, employees, advisors, and agents and each Person who controls (within the meaning of the Securities Act or the Exchange Act) such Persons and each underwriter, if any, and each person who controls (within the meaning of the Securities Act or the Exchange Act) any underwriter, against any and all claims, losses, damages, penalties, judgments, suits, costs, liabilities and expenses (or actions in respect thereof) (collectively, the "<u>Losses</u>") arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement (including any Prospectus or Issuer Free Writing Prospectus) or any other document incident to any such Registration, qualification or compliance, (B) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made not misleading), or (C) any violation by the Company of the Securities Act or the Exchange Act applicable to the Company and relating to action or inaction required of the Company in connection with any such Registration, qualification or compliance, and will reimburse each of the Persons listed above for any reasonable and documented legal and any other expenses reasonably incurred in connection with investigating and defending any such Losses; <u>provided</u>, that the Company will not be liable in any such case to the extent that any such Losses arise out of or are based on any untrue statement or omission based upon written information furnished to the Company by the Participating Holders or underwriter and stated to be specifically for use therein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Indemnification by the Participating Holders</u>. Each of the Participating Holders agrees (severally and not jointly) to indemnify and hold harmless, to the fullest extent permitted by law, the Company, each of its directors and officers and each underwriter, if any, of the Company's securities covered by such a Registration Statement, each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) or such underwriter, each other Participating Holder and each of their respective officers, directors, partners and members, and each Person controlling such Participating Holder (within the meaning of the Securities Act or the Exchange Act) against any and all Losses arising out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any Registration Statement (including any Prospectus or Issuer Free Writing Prospectus) or any other document incident to any such Registration, qualification or compliance (including any notification or the like) made by such Participating Holder in writing or (B) any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements by such Participating Holder therein not misleading (in the case of any Prospectus or Issuer Free Writing Prospectus, in light of the circumstances under which they were made not misleading) and will reimburse the Persons listed above for any reasonable and documented legal or any other expenses reasonably incurred in connection with investigating or defending any such Losses, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in reliance upon and in conformity with written information furnished to the Company by such Participating Holder and stated to be specifically for use therein; <u>provided</u>, <u>however</u>, that the obligations of each of the Participating Holders hereunder shall be limited to an amount equal to the net proceeds (after giving effect to any underwriters, discounts and commissions) such Participating Holder receives in such Registration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conduct of the Indemnification Proceedings</u>. Each party entitled to indemnification under this <u>Section 2.7(c)</u> (the "<u>Indemnified Party</u>") shall give notice to the party required to provide indemnification (the "<u>Indemnifying Party</u>") promptly after such Indemnified Party has actual knowledge of any claim as to which indemnity may be sought, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; <u>provided</u>, that counsel for the Indemnifying Party, who shall conduct the defense of such claim or any litigation resulting therefrom, shall be approved by the Indemnified Party (whose approval shall not unreasonably be withheld) and the Indemnified Party may participate in such defense at such party's expense (unless the Indemnified Party shall have reasonably concluded that there may be a conflict of interest between the Indemnifying Party and the Indemnified Party in such action, in which case the fees and expenses of counsel shall be at the expense of the Indemnifying Party), and <u>provided</u>, <u>further</u>, that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under this <u>Section 2.7</u> unless the Indemnifying Party is prejudiced thereby. It is understood and agreed that the Indemnifying Party shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate legal counsel for all Indemnified Parties; <u>provided</u>, <u>however</u>, that where the failure to be provided separate legal counsel could potentially result in a conflict of interest on the part of such legal counsel for all Indemnified Parties, separate counsel shall be appointed for Indemnified Parties to the extent needed to alleviate such potential conflict of interest. No Indemnifying Party, in the defense of any such claim or litigation shall, except with the prior written consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. Each Indemnified Party shall furnish such information regarding itself or the claim in question as an Indemnifying Party may reasonably request in writing and as shall be reasonably required in connection with the defense of such claim and litigation resulting therefrom.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this <u>Section 2.7</u> is held by a court of competent jurisdiction to be unavailable to an Indemnified Party with respect to any Losses, then the Indemnifying Party, in lieu of indemnifying such Indemnified Party hereunder, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party on the one hand and of the Indemnified Party on the other in connection with the statements or omissions (or alleged statements or omissions) which resulted in such Losses, as well as any other relevant equitable considerations. The relative fault of the Indemnifying Party and of the Indemnified Party shall be determined by reference to, among other things, whether the untrue (or alleged untrue) statement of a material fact or the omission (or alleged omission) to state a material fact relates to information supplied by the Indemnifying Party or by the Indemnified Party and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission; <u>provided</u>, <u>however</u>, that the obligations of each of the Participating Holders hereunder shall be several and not joint and shall be limited to an amount equal to the net proceeds (after giving effect to any underwriters, discounts and commissions) such Participating Holder receives in such Registration and, <u>provided</u>, <u>further</u>, that no Person guilty of fraudulent misrepresentation (within the meaning of Section 11.6 of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes of this <u>Section 2.7(d)</u>, each Person, if any, who controls an underwriter or agent within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as such underwriter or agent and each director of the Company, each officer of the Company who signed a Registration Statement, and each Person, if any, who controls the Company or a selling Holder within the meaning of Section 15 of the Securities Act shall have the same rights to contribution as the Company or such selling Holder, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the limitations on the Holders' liability set forth in <u>Section 2.7(b)</u> and <u>Section 2.7(d)</u>, the remedies provided for in this <u>Section 2.7</u> are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Party at law or equity. The remedies shall remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any Indemnified Party and survive the transfer of such securities by such Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The obligations of the Company and of the Participating Holders hereunder to indemnify any underwriter or agent who participates in an offering (or any Person, if any controlling such underwriter or agent within the meaning of Section 15 of the Securities Act) shall be conditioned upon the underwriting or agency agreement with such underwriter or agent containing an agreement by such underwriter or agent to indemnify and hold harmless the Company, each of its directors and officers, each other Participating Holder, and each Person who controls the Company (within the meaning of the Securities Act or the Exchange Act) or such Participating Holder against all Losses, but only with respect to untrue statements or omissions, or alleged untrue statements or omissions, made in the Registration Statement (or any amendment thereto), or any preliminary prospectus or the Prospectus (or any amendment or supplement thereto) in reliance upon and in conformity with written information furnished to the Company by such underwriter or agent expressly for use in such filings described in this sentence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Participating Holders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Participating Holders shall furnish to the Company such information regarding such Participating Holder and its partners and members, and the distribution proposed by such Holder, as the Company may reasonably request in writing and as shall be reasonably requested in connection with any Registration, qualification or compliance referred to in this <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that, either immediately prior to or subsequent to the effectiveness of any Registration Statement, any Participating Holder shall distribute Registrable Securities to its partners or members, such Participating Holder shall so advise the Company and provide such information as shall be necessary to permit an amendment to such Registration Statement to provide information with respect to such partners or members, as selling security holders. As soon as is reasonably practicable following receipt of such information, the Company shall file an appropriate amendment to such Registration Statement reflecting the information so provided. Any incremental expense to the Company resulting from such amendment shall be borne by such Participating Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Holder agrees that at the time that such Holder is a Participating Holder, upon receipt of any notice from the Company of the happening of any event of the kind described in <u>Section 2.6(c)</u>, such Holder shall forthwith discontinue disposition of Registrable Securities pursuant to the Registration Statement covering such Registrable Securities until such Holder's receipt of the copies of a supplemented or amended Prospectus or Issuer Free Writing Prospectus or until such Holder is advised in writing by the Company that the use of the Prospectus or Issuer Free Writing Prospectus, as the case may be, may be resumed, and, if so directed by the Company, such Holder shall deliver to the Company all copies, other than any permanent file copies then in such Holder's possession, of the most recent Prospectus or any Issuer Free Writing Prospectus covering such Registrable Securities at the time of receipt of such notice. If the Company shall give such notice, the Company shall extend the period during which such Registration Statement shall be maintained effective by the number of days during the period from and including the date of the giving of notice pursuant to <u>Section 2.6(c)</u> to the date when the Company shall make available to such Holder a copy of the supplement or amended Prospectus or Issuer Free Writing Prospectus or is advised in writing that the use of the Prospectus or Issuer Free Writing Prospectus may be resumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 <u>Rule 144</u>. With a view to making available the benefits of certain rules and regulations of the SEC which may permit the sale of restricted securities to the public without Registration, the Company agrees to use its reasonable best efforts to file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at any time after it has become subject to such reporting requirements (or, if the Company is not required to file such reports, it will, upon the reasonable request of the Holders holding a majority of the then outstanding Registrable Securities, make publicly available such necessary information for so long as necessary to permit sales pursuant to Rule 144 under the Securities Act).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 <u>Termination</u>. The registration rights set forth in this <u>Section 2</u> shall terminate and cease to be available as to any securities held by a Holder at such time as such Holder (after owning) first ceases to own any Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 <u>Lock-Up Agreements</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company agrees that, if requested by the managing underwriter in any underwritten public offering contemplated by this Agreement, it will enter into a customary "lock-up" agreement providing that it will not, directly or indirectly, sell, offer to sell, grant any option for the sale of, or otherwise dispose of any Common Stock or securities convertible into or exchangeable or exercisable for Common Stock (subject to customary exceptions), for a period of up to 60 days from the effective date of the Registration Statement pertaining to such Common Stock; <u>provided</u>, <u>however</u>, that any such lock-up agreement shall not prohibit the Company from directly or indirectly (i) selling, offering to sell, granting any option for the sale of or otherwise disposing of any Qualifying Employee Stock (or otherwise maintaining its employee benefits plans in the ordinary course of business) or (ii) issuing Common Stock or securities convertible into or exchangeable for Common Stock upon exercise or conversion of any option, right or convertible or exchangeable security. Each Holder shall coordinate with other Holders and, to the extent the Holders are aware of Other Stockholders, Other Stockholders such that the total number of days that the Company will be subject to such restrictions (including similar restrictions pursuant to any registration rights agreements with any Other Stockholders) as may be in effect in any 365-day period shall not exceed 120 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Holder is an Affiliate of the Company, if requested by the managing underwriter in any underwritten public offering permitted by this Agreement, such Holder will enter into a customary "lock-up" agreement providing that it will not sell, grant any option for the sale of, or otherwise dispose of any Common Stock outside of such public offering (subject to customary exceptions) for a period of up to 60 days from the effective date of the Registration Statement pertaining to such Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Notwithstanding any provision of this Agreement to the contrary, in order for a Registration to be included as a Registration for purposes of this <u>Section 2</u>, the Registration Statement in connection therewith shall have been continually effective in compliance with the Securities Act and usable for resale for the full period established with respect to such Registration (except in the case of any suspension of sales pursuant to (i) a Scheduled Black-Out Period or (ii) <u>Section 2.6(c)</u> hereof, in which case such period shall be extended to the extent of such suspension).

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2.13 Notwithstanding any provision of this Agreement to the contrary, if the Company is required to file a post-effective amendment to a Registration Statement to incorporate the Company's quarterly and annual reports and related financial statements on Form 10-Q and Form 10-K, the Company shall use its reasonable best efforts to promptly file such post-effective amendment and may postpone or suspend effectiveness of such Registration Statement for a period not to exceed thirty (30) consecutive days to the extent the Company determines necessary to comply with applicable securities laws; <u>provided</u>, that the period by which the Company postpones or suspends the effectiveness of a shelf Registration Statement pursuant to this <u>Section 2.13</u> plus any suspension, deferral or delay pursuant to <u>Section 2.6(c)</u> shall not exceed 60 days in the aggregate in any twelve-month period.

#### SECTION 3. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Governing Law</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HEREBY AGREES THAT ANY SUIT, ACTION OR PROCEEDING SEEKING TO ENFORCE ANY PROVISION OF, OR BASED ON ANY MATTER ARISING OUT OF OR IN CONNECTION WITH, THIS AGREEMENT (WHETHER BROUGHT BY ANY PARTY OR ANY OF ITS AFFILIATES OR AGAINST ANY PARTY OR ANY OF ITS AFFILIATES) SHALL BE BROUGHT IN THE COURT OF CHANCERY OF THE STATE OF DELAWARE (OR IN THE EVENT, BUT ONLY IN THE EVENT, THAT SUCH COURT DOES NOT HAVE SUBJECT MATTER JURISDICTION OVER SUCH ACTION OR PROCEEDING, THE SUPERIOR COURT OF THE STATE OF DELAWARE (COMPLEX COMMERCIAL DIVISION) OR, IF SUBJECT MATTER JURISDICTION OVER THE ACTION OR PROCEEDING IS VESTED EXCLUSIVELY IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA, THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF DELAWARE) AND EACH OF THE PARTIES IRREVOCABLY SUBMITS TO THE JURISDICTION OF, AND VENUE IN, SUCH COURTS AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Interpretation; Headings</u>. The parties hereto have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Unless the context otherwise requires, as used in this Agreement: (i) "or" shall mean "and/or"; (ii) "including" and its variants mean "including, without limitation" and its variants; (iii) words defined in the singular have the parallel meaning in the plural and vice versa; (iv) references to "written" or "in writing" include in visual electronic form; (v) words of one gender shall be construed to apply to each gender; and (vi) the term "Section" refers to the specified Section of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Notices</u>. Any notice or other communication required or permitted to be given hereunder will be in writing and will be deemed to have been duly given if delivered by prepaid first-class mail, by email or other means of electronic communication or by hand-delivery and addressed as follows:

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if to the Company, to:

Howard Hughes Holdings Inc.

9950 Woodloch Forest Drive, Suite 1100

The Woodlands, Texas 77380

Attention: General Counsel <br> Email: [email address]

with a copy (which shall not constitute notice) to:

Hogan Lovells US LLP

Columbia Square

555 Thirteenth St, NW

Washington, DC 20004

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| | |
|:---|:---|
| Attention: | David Bonser |
|  | John Beckman |
|  | Stacey McEvoy |
| Email: | [email address] |
|  | [email address] |
|  | [email address] |

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and

Morgan, Lewis & Bockius LLP

2222 Market Street

Philadelphia, PA 19103

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| | |
|:---|:---|
| Attention: | Justin Chairman |
|  | Richard B. Aldridge |
| Email: | [email address] |
|  | [email address] |

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if to any Purchaser, to:

Pershing Square Holdco, L.P.

787 Eleventh Ave

New York, New York 10019

Attention: Chief Legal Officer <br> Email: legal@persq.com

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with a copy (which shall not constitute notice) to:

Sullivan & Cromwell LLP

125 Broad Street

New York, New York 10004

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| | |
|:---|:---|
| Attention: | Scott D. Miller |
|  | Ken Li |
| Email: | [email address] |
|  | [email address] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Reproduction of Documents</u>. This Agreement and all documents relating thereto, including, without limitation, any consents, waivers and modifications which may hereafter be executed, may be reproduced by the Holders by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and the Holders may destroy any original document so reproduced. The parties hereto agree and stipulate that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by the Holders in the regular course of business) and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Successors and Assigns</u>. Neither this Agreement nor any right or obligation hereunder may be assigned in whole or in part by any party without the prior written consent of the other parties hereto and any purported assignment in violation of this provision shall be void; <u>provided</u>, <u>however</u>, that the rights and obligations hereunder of the Purchasers may be assigned, in whole or in part, to any Person who acquires such Registrable Securities that (i) is an Affiliate of any of the Purchasers or (ii) is unable to immediately sell, without limitations (including, but not limited to, any limitation on volume or manner of sale) or restrictions under Rule 144, all Registrable Securities and other shares of Common Stock held by such Person (<u>provided</u>, that for this clause (ii), any such rights and obligations may be assigned solely with respect to such Registrable Securities) (each such Person described in clause (i) or (ii), a "<u>Permitted Assignee</u>"). Any assignment pursuant to this <u>Section 3.5</u> shall be effective and any Person shall become a Permitted Assignee only upon receipt by the Company of (1) a written notice from the transferring Holder stating the name and address of the transferee and identifying the number of shares of Registrable Securities with respect to which the rights under this Agreement are being transferred and, if fewer than all of the rights attributable to a Holder hereunder are to be so transferred, the nature of the rights so transferred and (2) a written instrument by which the transferee agrees to be bound by all of the terms and conditions applicable to a Holder of such Registrable Securities. Subject to the foregoing, this Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Several Nature of Commitments</u>. The obligations of each Holder hereunder are several and not joint and several, and relate only to the Registrable Securities held by such Holder from time to time. No Holder shall bear responsibility to the Company for breach of this Agreement or any information provided by any other Holder.

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3.7 <u>Additional Stockholders</u>. The parties hereto acknowledge that certain Persons may become stockholders of the Company and the Company may wish to grant such Persons registration rights with respect to the shares of Common Stock issued to such Persons. The Company may do so in its discretion so long as such registration rights are not inconsistent with the registration rights granted to the Holders hereunder and, if any registration rights granted are more favorable than those provided to Holders of Common Stock hereunder, conforming changes reasonably acceptable to the Purchasers are made to this Agreement to provide Holders hereunder with substantially similar rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Entire Agreement</u>. The Transaction Documents constitute the entire agreement of the parties and their Affiliates and supersede all prior and contemporaneous agreements, arrangements or understandings, whether written or oral, among the parties and their Affiliates with respect to the subject matter of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Amendment and Waiver</u>. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions of this Agreement may be waived, with (and only with) the written consent of the Company and the Holders holding a majority of the then outstanding Registrable Securities and any such amendment shall apply to all Holders and all of their Registrable Securities; <u>provided</u>, <u>however</u>, that, notwithstanding the foregoing, no amendment to this Agreement may adversely affect the rights of a Holder hereunder without the prior written consent of such Holder; <u>provided</u>, <u>further</u>, that, notwithstanding the foregoing, additional Holders may become party hereto upon an assignment of rights and obligations hereunder pursuant to <u>Section 3.5</u>; <u>provided</u>, <u>further</u>, <u>however</u>, that other than as set forth in <u>Section 3.5</u>, the Company may not add additional parties hereto without the consent of Holders holding a majority of the then outstanding Registrable Securities. The observance of any term of this Agreement may be waived by the party or parties waiving any rights hereunder; <u>provided</u>, that any such waiver shall apply to all Holders and all of their Registrable Securities only if made by Holders holding a majority of then-outstanding Registrable Securities.

No delay on the part of any party in exercising any right, power or privilege pursuant to this Agreement shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege pursuant to this Agreement, nor shall any single or partial exercise of any right, power or privilege pursuant to this Agreement, preclude any other or further exercise thereof or the exercise of any other right, power or privilege pursuant to this Agreement. The rights and remedies provided pursuant to this Agreement are cumulative and are not exclusive of any rights or remedies which any party otherwise may have at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Injunctive Relief</u>. The parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that each of the parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

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3.11 <u>WAIVER OF JURY TRIAL</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>No Inconsistent Agreements</u>. The Company is not currently a party to any agreement which is, or could be inconsistent with, the rights granted to the Holders by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Severability</u>. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to any person or entity or any circumstance, is found to be invalid or unenforceable in any jurisdiction, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this Agreement and the application of such provision to other persons, entities or circumstances shall not be affected by such invalidity or unenforceability, nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof, in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other party (including via email or other electronic transmission), it being understood that each party need not sign the same counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 <u>Interpretation of This Agreement</u>. Where any provision in this Agreement refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

[**Remainder of Page Intentionally Left Blank**]

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IN WITNESS WHEREOF, the undersigned have executed this Registration Rights Agreement as of the date first set forth above.

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| | | |
|:---|:---|:---|
| **HOWARD HUGHES HOLDINGS INC.** | **HOWARD HUGHES HOLDINGS INC.** | **HOWARD HUGHES HOLDINGS INC.** |
| By: | /s/ David O'Reilly | /s/ David O'Reilly |
|  | Name: | David O'Reilly |
|  | Title: | Chief Executive Officer |

---

---

| | | |
|:---|:---|:---|
| **PERSHING SQUARE HOLDCO, L.P.** | **PERSHING SQUARE HOLDCO, L.P.** | **PERSHING SQUARE HOLDCO, L.P.** |
| On behalf of itself | On behalf of itself | On behalf of itself |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |
| **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** | **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** | **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** |
| On behalf of each of the Purchasers other than Pershing Square Holdco, L.P. | On behalf of each of the Purchasers other than Pershing Square Holdco, L.P. | On behalf of each of the Purchasers other than Pershing Square Holdco, L.P. |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Chief Executive Officer |

---

[*Signature Page to Registration Rights Agreement*]

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#### Schedule I

Pershing Square Holdco, L.P., a Delaware limited partnership

Pershing Square, L.P., a Delaware limited partnership

Pershing Square Holdings, Ltd., a Guernsey company

Pershing Square International, Ltd., a Cayman Islands exempted company

[*Schedule I to Registration Rights Agreement*]

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## Exhibit 10.22

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<u> </u>**Exhibit 10.22**<u><br></u> 

<br> <u>INVESTMENT MANAGEMENT AGREEMENT</u>

Dated as of July 15, 2024

This Investment Management Agreement (this "<u>Agreement</u>") is made and entered into as of the date set forth above by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Company</u>"), and Pershing Square Capital Management, L.P., a Delaware limited partnership (the "<u>Manager</u>" and, together with the Company, the "<u>Parties</u>"). Capitalized terms used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Section 1.

<u>R E C I T A L S</u>:

WHEREAS, the Company wishes to appoint the Manager, a registered investment adviser under the Advisers Act, to perform various investment management and advisory services for the Company, a closed-end management investment company registered under the 1940 Act;

WHEREAS, the Manager has agreed to furnish investment management and advisory services to the Company upon the terms and conditions herein set forth; and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1.

<u>Definitions</u>.

Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following meanings:

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| | |
|:---|:---|
| "<u>1940 Act</u>" | means the Investment Company Act of 1940, as amended, including the rules and regulations promulgated thereunder.<br>|
| "<u>Administrator</u>" | means any firm or firms as the Board may, in its discretion, select for the purpose of maintaining the Company's books and records and performing administrative services (which may include back- office and mid-office services) on behalf of the Company, including tax and accounting functions.<br>|
| "<u>Advisers Act</u>" | means the Investment Advisers Act of 1940, as amended, including the rules and regulations promulgated thereunder. |

---

------

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| | |
|:---|:---|
| "<u>Affiliate</u>" | means, with respect to any specified Person: |
| (a) | any Person that directly or indirectly controls, is directly or indirectly controlled by or is directly or indirectly under common control with such specified Person;<br>|
| (b) | any Person that serves as a director or officer (or in any similar capacity) of such specified Person; and<br>|
| (c) | any Person with respect to which such specified Person serves as a general partner or trustee (or in any similar capacity).<br>|
|  | For purposes of this definition, "control" (including "controlled by" and "under common control with") means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. |
| "<u>Agreement</u>" | shall have the meaning set forth in the preamble hereof. |
| "<u>Board</u>" | means the Board of Trustees of the Company. |
| "<u>Business Day</u>" | means any weekday on which banks in New York, New York are open for normal banking business. |
| "<u>By-Laws</u>" | means the By-Laws of the Company, as amended, supplemented or amended and restated from time to time. |
| "<u>CFTC</u>" | means the U.S. Commodity Futures Trading Commission or any successor agency. |
| "<u>Code of Ethics</u>" | shall have the meaning set forth in Section 7(b) hereof. |
| "<u>Company</u>" | shall have the meaning set forth in the preamble hereof. |
| "<u>Company Documents</u>" | means the Declaration and the By-Laws. |
| "<u>Declaration</u>" | means the Amended and Restated Agreement and Declaration of Trust of the Company, as amended, supplemented or amended and restated from time to time. |
| "<u>Disabling Conduct</u>" | shall have the meaning set forth in Section 11 hereof. |
| "<u>Disinterested Non-Party Trustees</u>" | shall have the meaning set forth in Section 12(c) hereof. |
| "<u>Exchange Act</u>" | means the Securities Exchange Act of 1934, as amended. |

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------

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| | |
|:---|:---|
| "<u>GAAP</u>" | means U.S. generally accepted accounting principles.<br>|
| "<u>Indemnified Losses</u>" | shall have the meaning set forth in Section 12(a).<br>|
| "<u>Indemnified Party</u>" | means each of the Pershing Square Advisers, and the principals, partners, officers, employees, advisors and legal representatives (*e.g.*, executors, guardians and trustees) of any of them, including Persons formerly serving in such capacities.<br>|
| "<u>Licensed Name</u>" | shall have the meaning set forth in Section 14 hereof.<br>|
| "<u>Management Fee</u>" | shall have the meaning set forth in Section 8(a) hereof.<br>|
| "<u>Manager</u>" | shall have the meaning set forth in the preamble hereof.<br>|
| "<u>NAV</u>" | means the net asset value as determined by the Company or any of its agents, including the Manager and/or the Administrator, as the case may be.<br>|
| "<u>Other Accounts</u>" | means other accounts (including investment companies or companies that would be investment companies but for an exception under Section 3(c) of the 1940 Act) to which any Pershing Square Adviser provides investment services from time to time.<br>|
| "<u>Parties</u>" | shall have the meaning set forth in the preamble hereof.<br>|
| "<u>Pershing Square Advisers</u>" | means, collectively, the Manager and its Affiliates.<br>|
| "<u>Person</u>" | means a natural person, partnership, limited liability company, corporation, unincorporated association, joint venture, trust, estate or any other entity or any governmental agency or political subdivision thereof.<br>|
| "<u>Proceedings</u>" | means claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative, which includes formal and informal inquiries and "sweep" examinations in connection with the Company's investment activity), actual or threatened.<br>|
| "<u>SEC</u>" | means the U.S. Securities and Exchange Commission. |

---

------

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| | |
|:---|:---|
| "<u>Security</u>" and "<u>Securities</u>" | means interests commonly referred to as securities, other financial instruments of U.S. and non-U.S. entities and other assets, including capital stock; shares of beneficial interest; partnership interests and similar financial instruments; bonds, notes and debentures (whether subordinated, convertible or otherwise); currencies; commodities; physical and intangible assets; interest rate, currency, commodity, equity and other derivative products, including (i) futures contracts (and options thereon) relating to stock indices, currencies, U.S. Government securities and securities of non-U.S. governments, other financial instruments and all other commodities, (ii) swaps, options, swaptions, warrants, caps, collars, floors and forward rate agreements,<br>(iii) spot and forward currency transactions and (iv) agreements relating to or securing such transactions; mortgage-backed obligations issued or collateralized by U.S. Federal agencies (including fixed-rate pass-throughs, adjustable rate mortgages, collateralized mortgage obligations, stripped mortgage-backed securities and REMICs); repurchase and reverse repurchase agreements; loans; structured finance instruments; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts; participations; mutual funds, exchange traded funds and similar financial instruments; money market funds; obligations of the United States or any non-U.S. government, or any country, state, governmental agency or political subdivision thereof; commercial paper; certificates of deposit; bankers' acceptances; choses in action; trust receipts; and any other obligations and instruments or evidences of indebtedness of whatever kind or nature that exist now or are hereafter created; in each case, of any Person, whether or not publicly traded or readily marketable.<br>|
| "<u>Shareholders</u>" | means the shareholders of the Company.<br>|
| "<u>Trustees</u>" | means the members of the Company's Board of Trustees. |

---

Section 2.

<u>Interpretation and Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<br>

In this Agreement:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person, Persons or other reference in the context requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where specific language is used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<br>

"any" shall mean "one or more";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all references to "funds", "dollars" or "payments" shall mean United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The language used in this Agreement has been chosen by the Parties to express their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any Party shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise specified in this Agreement, all accounting terms used in this Agreement shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP.

Section 3.

<u>Appointment of the Manager</u>. Under the terms of this Agreement and subject to the overall supervision of the Board, the Manager shall manage the day-to-day operations of, and provide investment advisory and management services to, the Company. The Manager undertakes to give the Company the benefit of its best judgment and efforts in rendering its services.

Section 4.

<u>Authority and Responsibility of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with its obligations hereunder, subject to the overall supervision of the Board, the Manager shall have the authority for and in the name of the Company, subject to Sections 5 and 7 hereof, to perform any acts as the Manager deems necessary or appropriate in order to act as investment adviser to the Company, including to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide research and analysis and direct the formulation of investment strategies for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquire a long position or establish a short position with respect to any Security and make purchases or sales increasing, decreasing or liquidating such position or changing from a long position to a short position or from a short position to a long position, without any limitation as to the frequency of the fluctuation in such positions or as to the frequency of the changes in the nature of such positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<br>

purchase Securities and hold them for investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into contracts for or in connection with investments in Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, Securities and other property and funds held or owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) lend, either with or without security, any Securities, funds or other properties of the Company and, from time to time, without limit as to the amount, borrow or raise funds and secure the payment of obligations of the Company by mortgage upon, or pledge or hypothecation of, or guarantee of, all or any part of the property of the Company;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) open, maintain and close accounts, including margin and custodial accounts, with brokers and dealers, which power shall include the authority to issue all instructions and authorizations to brokers and dealers regarding the Securities and/or money therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) pay, or authorize the payment and reimbursement of, brokerage commissions that may be in excess of the lowest rates available that are paid to brokers who execute transactions for the account of the Company and who (A) supply, or pay for (or rebate a portion of the Company's brokerage commissions to the Company for payment of) the cost of, brokerage, research or execution services utilized by the Company and/or (B) pay for (or rebate a portion of the Company's brokerage commissions for the payment of) obligations of the Company (as provided in Section 10) or the Company's share of such obligations; <u>provided</u> that the selection of a broker shall be made on the basis of seeking best execution and other relevant considerations, including: confidentiality; price quotes; the size of the transaction and ability to find liquidity; the broker-dealer's promptness of execution; the nature of the market for the financial instrument; the timing of the transaction; the difficulty of execution; the broker-dealer's expertise in the specific financial instrument or sector in which the Company seeks to trade; the extent to which the broker-dealer makes a market in the financial instrument involved or has access to such markets; the broker-dealer's skill in positioning the financial instruments involved; the broker-dealer's financial stability; the broker- dealer's reputation for diligence, fairness and integrity; the quality of service rendered by the broker-dealer in other transactions for the Manager; the quality and usefulness of brokerage and research services and investment ideas presented by the broker-dealer or third parties through the broker-dealer; the broker-dealer's willingness to correct errors; the broker-dealer's ability to accommodate any special execution or order handling requirements that may surround the particular transaction; and other factors deemed appropriate by the Manager. The Manager may, but need not, solicit competitive bids and does not have an obligation to execute trades solely based on the lowest available commission cost or spread;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) open, maintain and close accounts, including custodial accounts, with banks and wire funds, draw checks, or make other orders for the payment of monies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into trades in Securities through a market-maker ("interpositioning") and engage in "step-out" transactions in which the Company pays commissions in respect of a transaction to one broker, whereas the transaction is executed by a different broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) allocate investment opportunities among the Company and the Other Accounts in a manner that the Manager believes is fair and reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) provide the Administrator or other service providers to the Company, with such information and instructions as may be necessary to enable such service providers to perform their duties in accordance with the applicable agreements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) engage attorneys, independent accountants, other service providers and such other Persons as the Manager may deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) authorize any partner, member, employee or other agent of the Pershing Square Advisers or other agent of the Company to act for and on behalf of the Company in all matters incidental to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in any wind down of the Company's operations, manage, on behalf of the Company, the realization of the Company's assets and the distribution thereof to the Shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) on behalf of the Company, conduct relations with administrators, custodians, depositories, transfer agents, pricing agents, investor support service providers, investor relations providers, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) do any and all acts on behalf of the Company as the Manager may deem necessary or advisable in connection with the maintenance and administration of the Company, and exercise all rights of the Company, with respect to its interest in any Person, including the voting of Securities, participation in arrangements with creditors of the Company, the institution and settlement or compromise of Proceedings and other like or similar matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<br>

For so long as this Agreement remains in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Manager shall have sole authority to make investment decisions for and to determine how to vote any Securities held by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Manager shall have sole responsibility with respect to all matters that, pursuant to the U.S. Commodity Exchange Act and the regulations and interpretations of the CFTC or the staff thereof, as they may be amended or supplemented from time to time, must be performed by a registered "commodity pool operator," including, without limitation, retaining and terminating the Company's commodity trading advisor(s) and its futures commission merchant(s), and the Manager agrees to register as a commodity pool operator with the CFTC as such registration may be required with respect to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company agrees that it shall not declare or pay any cash or in- kind distributions to the Shareholders, including, without limitation, by way of (interim) dividend or share repurchases, without prior consultation with the Manager; and no distributions to the Shareholders shall be paid in excess of the amounts permitted under applicable law or approved by the Board.

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Section 5.

<u>Control and Periodic Reports</u>. The activities engaged in by the Manager on behalf of the Company shall be subject to the control of the Board. The Manager shall submit such periodic reports to the Board regarding the Manager's activities hereunder as the Board may reasonably request.

Section 6.

<u>Status of the Manager</u>. The Manager shall, for all purposes hereof, be an independent contractor and not an employee of the Company, and nothing in this Agreement shall be construed as making the Company a partner or co-venturer with any of the Pershing Square Advisers or any other Person.

Section 7.

<u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All investments of the Company and other activities undertaken by the Manager on behalf of the Company shall at all times conform to, and be in accordance with, the requirements imposed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provisions of applicable law, including the 1940 Act and the Advisers Act and the rules and regulations of the SEC thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)<br>

the Company Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)<br>

any policies adopted by the Board;

 <u>provided</u>, <u>however</u>, that in the case of clauses (ii) and (iii) above the Manager shall not be bound by any update of or modification or amendment to the Company Documents or policies of the Board adopted after the date hereof to the extent such update, modification or amendment affects the activities of the Manager hereunder, unless and until the Manager has been informed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager will maintain a written code of ethics (the "<u>Code of Ethics</u>") that complies with the requirements of Rule 17j-1 under the 1940 Act, a copy of which will be provided to the Company, and will institute procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1 under the 1940 Act) from violating its Code of Ethics. The Manager will follow such Code of Ethics in performing its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager will maintain compliance policies and procedures adopted pursuant to Rule 206(4)-7 under the Advisers Act that will satisfy the requirements of Rule 38a-1 under the 1940 Act, a copy of which will be provided to the Company, and follow such compliance policies and procedures in performing its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager will cooperate with the chief compliance officer of the Company in connection with the implementation and operation of the Company's compliance policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act, and will prepare necessary reports and provide the Company's chief compliance officer with access to information reasonably necessary for the Company to comply with Rule 38a-1.

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Section 8.

<u>Compensation of the Manager</u>. The Company agrees to pay the Manager and the Manager agrees to accept as full compensation for all services rendered by the Manager as such, a quarterly fee (the "<u>Management Fee</u>") each fiscal quarter equal to 0.50% (2.0% per annum) of the NAV of the Company on the last day of the previous fiscal quarter. The Management Fee shall be calculated and paid in advance on the first Business Day of each fiscal quarter. For any period of less than a fiscal quarter during which this Agreement is in effect and the Management Fee is payable to the Manager, the Management Fee shall be prorated for such period based on the proportion such period bears to an assumed fiscal quarter of 91 days.

Section 9.

<u>Expenses of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Manager shall pay all costs and expenses relating to the general operation of its business, including its administrative expenses, employment expenses, office expenses, rent, and all or any part of the Manager's legal expenses that are not incurred for the benefit of the Company (or, for the avoidance of doubt, the benefit of Other Accounts). The Manager, and not the Company, shall pay the compensation of all officers and Trustees of the Company who are its "affiliated persons" as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All costs and expenses incurred by the Manager on behalf of the Company which are not specifically assumed by the Manager under this Section 9 shall be borne by the Company in accordance with Section 10 hereof.

Section 10.

<u>Expenses of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section 9, the Company will bear all other costs, fees and expenses of its operations and transactions, including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<br>

the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of calculating NAV, including the cost of any third-party pricing or valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fees and expenses associated with investment research and due diligence, including fees and expenses relating to newswire, quotation equipment and services, market data services, third-party providers of research, publications, periodicals, subscriptions and database services, data processing and computer software expenses, due diligence, providers of specialized data and/or analysis related to companies, sectors or asset classes in which the Company has made or intends to make an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accounting, auditing, entity-level taxes imposed on or with respect to the Company and tax preparation fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) professional fees and expenses (including fees and expenses of investment bankers, appraisers, public and government relations firms and other consultants and experts);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses (including travel and lodging expenses) associated with corporate engagement campaigns (both long and short), such as fees and expenses related to event hosting and production, public presentations, production, preparation and dissemination of any letters or other communications with respect to plans and proposals regarding the management, ownership, business and capital structure of any portfolio company or prospective investment, creating and maintaining informational websites and engaging in online campaigns including via social media, public relations, public affairs and government relations, forensic and other analyses and investigations, proxy contests, solicitations and tender offers and compensation, indemnification and expenses of any nominees proposed by the Manager as directors or executives of portfolio companies and all related expenses (such as all costs incurred in connection with identifying and recruiting directors to serve on the board of a portfolio company, proxy solicitors, public relations and other relevant documents, the negotiation of side letters and other related costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fees and expenses (including travel and lodging expenses) relating to unaffiliated advisers, consultants and finders and/or introducers relating to investments and/or prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) website development and maintenance, media, marketing printing and postage expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix)<br>

brokerage fees and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fees and expenses relating to short sales (including dividend and stock borrowing expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) clearing and settlement charges, custodial fees, bank service fees, margin and other interest expense and transaction fees, filing and registration fees (*e.g.*, "blue sky" and corporate filing fees and expenses), insurance expenses, initial offering and organizational expenses and payments for custody of the Company's assets and for the performance of administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) legal fees and expenses (including those expenses associated with attending, and preparing for Board meetings, as applicable, and generally serving as counsel to the Company or the independent Trustees, indemnification expenses and fees, expenses, fines, penalties, damages or settlements relating to or arising out of regulatory or similar investigations, inquiries and "sweeps" and pending, threatened and future litigation arising out of the Company's investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) underwriting costs and any costs and expenses associated with or related to due diligence performed with respect to the Company's offering of its securities, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) costs incident to payment of dividends or distributions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi)<br>

costs associated with the Company's share repurchase program, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii)<br>

costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) any fees, expenses and other costs related to any Proceeding arising out of or in connection with current and past investments (including Proceedings alleging violations of laws, regulations, breach of contract or tort), subject to applicable limitations on indemnification as set forth in this Agreement, the Company Documents and applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) fees and expenses (including legal fees and expenses) relating to regulatory and self-regulatory organization filings and compliance pertaining to the Company's business and activities, investments or prospective investments, including fees and expenses related to the listing of the Company's securities on the New York Stock Exchange or any other national securities exchange and the Company's required filings and reporting under the Exchange Act, Hart-Scott- Rodino Act, filings and other similar filings, including fees and expenses incurred as a result of failing to make such filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses related to the organization of the Company, including fees and expenses related to the Company's formation, legal fees and professional and other fees related to the recruitment of the Company's Trustees who are not "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) fees and expenses incurred in the formation, maintenance and liquidation of any special purpose vehicles formed to effect or facilitate the acquisition of any investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii)<br>

wind-up and liquidation fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) other fees and expenses similar in type and nature to the fees and expenses described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) other Company fees and expenses as approved by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any of the expenses listed in Section 10(a) are incurred jointly for the account of the Company and any Other Accounts, such expenses shall be allocated among the Company and such Other Accounts in proportion to the size of the investment made by each to which such expense relates, or in such other manner as the Manager considers fair and equitable.

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Section 11.

<u>Exculpation</u>. The Indemnified Parties will not be liable for any error of judgment or mistake of law or for any loss suffered by the Company in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder) ("<u>Disabling Conduct</u>").

Section 12.

<u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall indemnify and hold harmless each Indemnified Party against any costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Party (collectively, "<u>Indemnified Losses</u>") arising from or in connection with, or concerning, the conduct of the Company's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Pershing Square Advisers hereunder, including any costs, charges, expenses, losses, damages or liabilities incurred by the Indemnified Party in defending (whether successfully or otherwise) any Proceedings arising from or in connection with, or concerning, the Company's business or its affairs or the execution or discharge of the duties, powers, authorities or discretions of the Pershing Square Advisers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 12 shall not be construed so as to provide for the indemnification of, or advancement of expenses to, an Indemnified Party for any Disabling Conduct, but shall be construed so as to effectuate the provisions of this Section 12 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may, but is not required to, make advance payments to or on behalf of any Indemnified Party in connection with the expenses of defending any Proceeding with respect to which indemnification might be sought hereunder if the Company receives a written affirmation of the Indemnified Party's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to reimburse the Company unless it is subsequently determined that such Indemnified Party is entitled to such indemnification and if the Trustees determine that the facts then known to them would not preclude indemnification. In addition, at least one of the following conditions must be met: (i) the Indemnified Party shall provide security for such undertaking, (ii) the Company shall be insured against losses arising by reason of any unlawful advance, or (iii) a majority of a quorum consisting of Trustees who are neither "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the Proceeding ("<u>Disinterested Non-Party Trustees</u>"), or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnified Party ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All determinations with respect to the standards for indemnification hereunder shall be made (i) by a final decision on the merits by a court or other body before whom the proceeding was brought that such Indemnified Party is not liable or is not liable by reason of Disabling Conduct, or (ii) in the absence of such a decision, by (A) a majority vote of a quorum of the Disinterested Non-Party Trustees, or (B) if such a quorum is not obtainable or, even if

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obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. All determinations that advance payments in connection with the expense of defending any Proceeding shall be authorized and shall be made in accordance with Section 12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights accruing to any Indemnified Party under these provisions shall not exclude any other right to which such indemnitee may be lawfully entitled.

Section 13.

<u>Activities of the Manager and Others</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Pershing Square Advisers may engage, simultaneously with their investment management activities on behalf of the Company, in other businesses, and may render services similar to those described in this Agreement for other Persons, and shall not by reason of such engaging in other businesses or rendering of services for others be deemed to be acting in conflict with the interests of the Company. The Pershing Square Advisers, in their individual capacities, may be shareholders, directors, employees, agents or officers of the Company (or of any entity in which the Company holds any Securities) but shall not be deemed by reason of such functions to have interests that are in conflict with the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The investment management services of the Manager under this Agreement are not, and are not deemed, exclusive and the Pershing Square Advisers shall be free to render similar services to others. Nothing in this Agreement shall limit or restrict the right of any principal, partner, officer or employee of the Manager to engage in any other business or to devote his or her time and attention in part to any other business.

Section 14.

<u>Use of Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>License Grant</u>. The Manager hereby grants to the Company, and the Company hereby accepts from the Manager, a fully paid-up, royalty-free, non-exclusive, non- transferable worldwide license to use "Pershing Square" (the "<u>Licensed Name</u>") during the term of this Agreement, solely (i) in connection with the conduct of the Company's business and (ii) as part of the trademark, corporate name or trade name "Pershing Square USA, Ltd." The Company shall have no right to use the Licensed Name standing alone or to use any modification, stylization or derivative of the Licensed Name without prior written consent of the Manager in its sole discretion. All rights not expressly granted to the Company pursuant to this Section 14 shall remain the exclusive property of the Licensed Name owner. Nothing in this Section 14 shall preclude the Manager, its Affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Name whether or not such entity directly or indirectly competes or conflicts with the Company's business in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership</u>. The Company acknowledges and agrees that, as between the parties, the Manager is the sole owner of all right, title, and interest in and to the Licensed Name. The Company agrees not to do anything inconsistent with such ownership, including directly or indirectly challenging, contesting or otherwise disputing the validity or enforceability of, or the Manager's ownership of or right, title or interest in the Licensed Name (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit regarding enforcement of this Section 14 of the Agreement or involving any third party. The parties intend that any and all goodwill in the Licensed Name arising from the Company's or any applicable sublicensee's use of the Licensed Name shall inure solely to benefit the Manager. Notwithstanding the foregoing, in the event that the Company is deemed to own any rights to the Licensed Name, the Company hereby irrevocably assigns (or shall cause such sublicensee to assign), without further consideration, such rights to the Manager together with all goodwill associated therewith.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sublicensing</u>. The Company shall not sublicense its rights under this Agreement except to a current or future majority-owned subsidiary of the Company, and then only with the prior written consent of the Manager, <u>provided</u> that (a) no such subsidiary shall use the Licensed Name as part of a name other than the Company name without the prior written consent of the Manager in its sole discretion and (b) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a majority-owned subsidiary, (y) this Agreement terminates for any reason or (z) the Manager gives notice of such termination. The Company shall be responsible for any such sublicensee's compliance with the provisions of this Agreement, and any breach by a sublicensee of any such provision shall constitute a breach of this Agreement by the Company. Neither the Company nor any of its current or future subsidiaries shall use a new trademark, corporate name, trade name or logo that contains the Licensed Name without the prior written consent of the Manager in its sole discretion, and any resulting license shall be governed by a new agreement between the applicable parties and/or an amendment to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance</u>. In order to preserve the inherent value of the Licensed Name, the Company agrees to use reasonable efforts to ensure that it maintains the quality of the Company's business and the operation thereof equal to the standards prevailing in the operation of the Manager's and the Company's business as of the date of this Agreement. The Company further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by the Manager and communicated to the Company from time to time in writing, or as may be agreed to by the Manager and the Company from time to time in writing. The Company shall notify the Manager promptly after it becomes aware of any actual or threatened infringement, imitation, dilution, misappropriation or other unauthorized use or conduct in derogation of the Licensed Name. The Manager and its Affiliates shall have the sole right to bring any action to remedy the foregoing, and the Company shall cooperate with the Manager in same, at the Manager's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights and license granted to the Company under this Section 14 with respect to the Licensed Name shall cease, and the Company shall immediately discontinue use of the Licensed Name.

Section 15.

<u>Limitations on Reference to Manager</u>. The Company shall not distribute or circulate any sales literature, promotional or other material which contains any reference to the Manager without the prior approval of the Manager, and shall submit in draft form all such materials requiring approval of the Manager, allowing sufficient time for review by the Manager and its counsel prior to any deadline for printing or publication. If the Manager ceases to furnish services to the Company, the Company at its expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as practicable, shall take all necessary action to cause the Company Documents to be amended to accomplish a change of name (or change of derivative such as the ticker or trading symbol) to eliminate any reference to the Manager; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 60 days after the date as of which the Manager ceases to furnish services to the Company, shall cease to use in any other manner, including use in any sales literature or promotional material, the name of the Manager, except as otherwise required by applicable law, regulations or rules of a self-regulatory organization, including a stock exchange, or for purposes of regulatory filings or reporting as required by applicable law, regulations or rules of a self-regulatory organization, including a stock exchange.

Section 16.

<u>Term</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date hereof and remain in effect and, unless sooner terminated with respect to the Company as provided herein, shall continue in effect for a period of two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Company for successive periods of 12 months, <u>provided</u> such continuance is specifically approved at least annually by both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated (i) by the Company at any time, without the payment of any penalty, upon giving the Manager 60 days' written notice (which notice may be waived by the Manager), <u>provided</u> that such termination by the Company shall be directed or approved by the vote of a majority of the Board or by the vote of a majority of the outstanding voting securities of the Company, or (ii) by the Manager on 60 days' written notice to the Company (which notice may be waived by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained herein, this Agreement will immediately terminate in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated by either Party (i) in case of dissolution or liquidation of the other Party, (ii) if a receiver or provisional liquidator or administrator or similar officer is appointed over any of the assets of the other Party or (iii) if the other Party commits a material breach of its obligations under this Agreement and such breach remains uncured for more than 30 calendar days after notice thereof is delivered to the Party in breach by the non-breaching Party in accordance with this Agreement, at any time by the non-breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As used in this Section 16, the terms "majority of the outstanding voting securities," "interested person" and "assignment" shall have the same meanings of such terms in the 1940 Act.

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Section 17.

<u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with the applicable provisions of the 1940 Act.

Section 18.

<u>Severability</u>. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

Section 19.

<u>Forum</u>. To the fullest extent permitted by law, in the event of any Proceeding arising out of the terms and conditions of this Agreement, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York, (ii) waive any defense based on doctrines of venue or *forum non conveniens*, or similar rules or doctrines, and (iii) agree that all claims in respect of such a Proceeding must be heard and determined exclusively in the Supreme Court, State of New York, New York County or the U.S. District Court for the Southern District of New York and any appellate court thereof. Process in any such Proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

Section 20.

<u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each notice relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by FedEx or similar overnight courier service, by electronic mail (e-mail) or by facsimile, to the intended recipient as follows:

*If to the Company*:

Pershing Square USA, Ltd.

787 Eleventh Avenue, 9th Floor

New York, New York 10019

E-mail: legal@persq.com

*If to the Manager*:

Pershing Square Capital Management, L.P.

787 Eleventh Avenue, 9th Floor

New York, New York 10019

Attn: Chief Legal Officer

E-mail: legal@persq.com

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With an additional copy to:

Sullivan & Cromwell LLP 125 Broad Street

New York, New York 10004-2498

Attn: William Farrar

E-mail: [email address]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any party hereto may designate a new address by notice to that effect given to the other party. Unless otherwise specifically provided in this Agreement, a notice shall be deemed to have been effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a Business Day; four Business Days after being deposited in the mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express, DHL or similar overnight courier; when sent, if e-mailed on a Business Day; the next Business Day following the day on which the e-mail is sent if e-mailed on a day that is not a Business Day; when receipt is acknowledged.

Section 21.

<u>Entire Agreement</u>. This Agreement contains all of the terms agreed upon or made by the Parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings, communications and public or private disclosures of the Parties, oral or written, respecting such subject matter.

Section 22.

<u>Amendments and Waivers</u>. No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing by the Parties. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

Section 23.

<u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company, the Manager, each Indemnified Party and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits hereunder (*e.g.*, Indemnified Parties other than the Manager) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and benefits of such Person hereunder may not be impaired without such Person's express written consent. Other than expressly provided for in Section 12 of this Agreement, this Agreement does not and is not intended to confer any rights or remedies upon any person other than the parties to this Agreement; there are no third-party beneficiaries of this Agreement, including but not limited to the shareholders of the Company.

Section 24.

<u>Headings</u>. The headings of the Sections of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to "Section" in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise.

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Section 25.

<u>Counterparts</u>. This Agreement may be executed through the use of separate signature pages or in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each Party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any court or arbitral panel of competent jurisdiction.

Section 26.

<u>Survival</u>. The provisions of Sections 1 and 2, Section 8 (only to the extent that the Management Fee is earned by the Manager upon or prior to termination of this Agreement), Sections 9 to 15 and Sections 17 to 27 shall survive the termination of this Agreement.

Section 27.

<u>Waiver of Jury Trial</u>. **EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF COMPETENT COUNSEL.**

[*Signature pages follow.*]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first set forth above.

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| | | |
|:---|:---|:---|
| PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. |
| By: | /s/ Michael Gonnella | /s/ Michael Gonnella |
|  | Name: | Michael Gonnella |
|  | Title: | Chief Financial Officer |
| By: | /s/ Halit Coussin | /s/ Halit Coussin |
|  | Name: | Halit Coussin |
|  | Title: | Chief Compliance Officer |

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| | | | |
|:---|:---|:---|:---|
| PERSHING SQUARE CAPITAL<br> MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL<br> MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL<br> MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL<br> MANAGEMENT, L.P. |
| By: | PS Management GP, LLC, its general partner | PS Management GP, LLC, its general partner | PS Management GP, LLC, its general partner |
|  | By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  |  | Name: | William A. Ackman |
|  |  | Title: | Authorized Signatory |

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