# EDGAR Filing Document

**Accession Number:** 0002026053
**File Stem:** 0001140361-26-014335
**Filing Date:** 2026-4
**Character Count:** 2060032
**Document Hash:** 45351d82701cd2393a4f7522bab0108c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-014335.hdr.sgml**: 20260413

**ACCESSION NUMBER**: 0001140361-26-014335

**CONFORMED SUBMISSION TYPE**: S-1/A

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260413

**DATE AS OF CHANGE**: 20260413

**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:** S-1/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294165
- **FILM NUMBER:** 26856408

**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 filed with the Securities and Exchange Commission on April 13, 2026.

#### Registration No. 333-294165

### UNITED STATES <br>

### SECURITIES AND EXCHANGE COMMISSION <br>

#### Washington, D.C. 20549

### Amendment No. 1<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.) |

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#### 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>**Aarthy S. Thamodaran**<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. 333-294164 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, 1 share of our common stock for every 5 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 APRIL 13, 2026
![](logo_pershingsquareincx1.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, 1 share of our common stock for every 5 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 have applied 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.

PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. PSUS currently expects to raise between $5 billion and $10 billion in the combined transaction, consisting of the $2.8 billion in the PSUS Private Placement and between $2.2 billion and $7.2 billion, respectively, in the PSUS IPO. See "Unaudited Pro Forma Consolidated Financial Information."

Upon completion of the combined transaction, assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, certain members of our senior management will initially own, directly or indirectly, 63.9% or 60.1%, respectively, of the outstanding shares of our common stock (or 63.6% or 59.2%, respectively, 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 all of these shares, and as a result, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. As a result, upon completion of the combined transaction, 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 ManagementCo continues to have the power to vote 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 31 of this prospectus.

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| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0  | &nbsp;&nbsp;$0 |
| Underwriting discounts and commissions<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Proceeds, before expenses, to Pershing Square Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&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 , 2026.

#### Global Coordinators & Bookrunners

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

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#### Bookrunners

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| | | |
|:---|:---|:---|
| **RBC Capital Markets** | **BTG Pactual** | **Keefe, Bruyette & Woods, Inc.**<br>***A Stifel Company*** |

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#### Co-Lead Managers

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| | | |
|:---|:---|:---|
| **Academy Securities** | **Huntington Capital Markets**  | **Loop Capital Markets** |

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| | | | |
|:---|:---|:---|:---|
| **Oppenheimer & Co.** | **Piper Sandler**  | **Roberts & Ryan** | **Wedbush Securities** |

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#### Co-Managers

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| | | |
|:---|:---|:---|
| **Aegis Capital Corp.** | **AmeriVet Securities** | **C.L. King & Associates** |
| **CastleOak Securities, L.P.** | **Clear Street** | **InspereX** |
| **Jones** | R. Seelaus & Co., LLC | **Samuel A. Ramirez & Company, Inc.** |
| **Siebert Williams Shank** |  | **Tigress Financial Partners** |

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#### Selected Selling Group Members

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| | |
|:---|:---|
| **Charles Schwab & Co., Inc.** | **Robinhood Financial LLC** |

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The date of this prospectus is , 2026

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#### **TABLE OF CONTENTS**
**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Summary](#tSUM) | &nbsp;&nbsp;&nbsp;[1](#tSUM) |
| [Risk Factors](#tRF) | &nbsp;&nbsp;[31](#tRF) |
| [Forward-Looking Statements](#tFLS) | &nbsp;&nbsp;[62](#tFLS) |
| [Market and Industry Data](#tMAR) | &nbsp;&nbsp;[62](#tMAR) |
| [Trademarks, Service Marks and Trade Names](#tTRA) | &nbsp;&nbsp;[62](#tTRA) |
| &nbsp;&nbsp;[Use of Proceeds](#tUSE) | &nbsp;&nbsp;[63](#tUSE) |
| [Dividend Policy](#tDIV) | &nbsp;&nbsp;[64](#tDIV) |
| [Capitalization](#tCAP) | &nbsp;&nbsp;[65](#tCAP) |
| [Unaudited Pro Forma Consolidated Financial Information](#tUPF) | &nbsp;&nbsp;[66](#tUPF) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDA) | &nbsp;&nbsp;[76](#tMDA) |
| [Business](#tBUS) | [105](#tBUS) |
| [Management](#tMAN) | [138](#tMAN) |

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| | |
|:---|:---|
| [Executive Compensation](#tEC) | [144](#tEC) |
| [Director Compensation](#tDC) | [153](#tDC) |
| [Certain Relationships and Related Person Transactions](#tCER) | [154](#tCER) |
| &nbsp;&nbsp;[Principal Stockholders](#tPS) | [159](#tPS) |
| &nbsp;&nbsp;[Description of Capital Stock](#tDES) | [162](#tDES) |
| [Certain U.S. Federal Income Tax Consequences](#tCUF) | [171](#tCUF) |
| &nbsp;&nbsp;[Shares Eligible for Future Sale](#tSE) | [175](#tSE) |
| [Underwriting](#tUNW) | [177](#tUNW) |
| &nbsp;&nbsp;[Legal Matters](#tLM) | [192](#tLM) |
| [Experts](#tEX) | [192](#tEX) |
| [Where You Can Find More Information](#tWYC) | [192](#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 , 2026 (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"), 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.

Certain amounts, percentages, and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have been calculated, in some cases, not on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures on the face of our consolidated financial statements included elsewhere in this prospectus. Certain other amounts that appear in this prospectus may not sum due to rounding.

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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, 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. In addition, unless otherwise noted or the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;• "assets under management" or "AUM" means, with respect to our core funds and PSVII, the net assets of our core funds and PSVII as calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") or International Financial Reporting Standards ("IFRS"), as applicable, while adding back the principal value of PSH's outstanding bonds without double counting the investment made by any of our funds in PSVII. Assets under management or AUM means, with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent publicly available filing;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined offering" refers collectively to this initial public offering of shares of our common stock together with the initial public offering of PSUS Shares;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined private placement" refers collectively to the offer and sale of PSUS Shares in a private placement transaction exempt from registration under the Securities Act and the offer and sale of shares of our common stock in a private placement transaction exempt from registration under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined transaction" refers collectively to the combined offering and the combined private placement;

&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, (ii) the Shareholder Agreement, dated May 5, 2025, by and between HHH, Pershing Square Holdco, L.P. and PSCM, (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;• "fee-paying assets under management" or "Fee-Paying AUM" means, with respect to our core funds and PSVII, the AUM we manage and earn a performance fee and/or management fee from. Fee-paying assets under management or Fee-Paying AUM means, with respect to HHH, the market capitalization of HHH;

&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, attached hereto as Exhibit 10.18, pursuant to which HHH has agreed to pay PSCM certain fees in consideration of the investment advisory and other services we provide to HHH;

&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 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

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#### **TABLE OF CONTENTS**
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 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 option of the fund investor or stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• "permanent capital AUM" refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option of the fund investor or stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• our "pre-IPO management owners" refers to our pre-IPO owners excluding the Strategic Investors;

&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;• "PSGP" refers to Pershing Square GP, LLC, a Delaware limited liability company, which is the general partner of 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;

&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. 333-294164 and 811-23932) relating to the initial public offering of the PSUS Shares 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;

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

&nbsp;&nbsp;&nbsp;&nbsp;• "Vantage" refers to Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance holding company; and

&nbsp;&nbsp;&nbsp;&nbsp;• "Vantage Acquisition" refers to the proposed acquisition by HHH of Vantage, as agreed to on December 17, 2025 and expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions.

iii<br>

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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, 1 share of our common stock for every 5 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 transaction?*** |

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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. Similarly, we will issue shares of our common stock to the private placement investors for no additional consideration, and we will not receive any proceeds from the PSUS Private Placement. Accordingly, the combined private placement also will not result in any proceeds to us. |

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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 have applied 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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#### 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, high-return investment strategies. 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 option 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 assets, 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 times 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 equal to 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 net asset value of a fund 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—generally, 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 CompCo (as defined below), an entity that compensates its members (including our investment professionals and certain other 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 us of performance-related revenue because as long as our 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 that the highly attractive***

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economics of our business—with one of the largest amounts of invested capital per employee in the industry—along with our unique permanent capital base and 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 22 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, board of directors, and retail and institutional shareholders. We believe we have also earned a reputation for being a good partner to 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 15% of the shares outstanding of Howard Hughes Holdings Inc. ("HHH") (for a total interest in HHH of 47% including shares held by our core funds), 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. On December 17, 2025, HHH entered into an agreement to acquire Vantage Group Holdings, Ltd. ("Vantage" and such acquisition, the "Vantage Acquisition"), a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash. In connection with the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. 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 ("MPC") real estate business.

\* \* \*

Pershing Square is a leading alternative asset manager with approximately $30.7 billion in total assets under management ("AUM") and approximately $20.7 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 96% is permanent capital, as of December 31, 2025. For the year ended December 31, 2025, we generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million.

#### Permanent Capital
We view the stability of our capital base, substantially all of which is permanent capital, 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

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implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth requires fundraising first to maintain and then to 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 our funds' 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 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 and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced CEOs who prefer the stability and backing afforded by a significant 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 and Team
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 22 years, we have developed the organizational talent and systems 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 our growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 15 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to, among other reasons, the $5.8 billion (as of December 31, 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 44 employees as of December 31, 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 15% of the shares outstanding of HHH (for a total interest in HHH of 47% including shares held by our core funds). 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 Management Fee and the HHH Variable Management 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

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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.

#### Our Track Record
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 December 31, 2025
![](ny20040230x18_linechart01.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.

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(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 22 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 Pershing Square Holdco, L.P. ("PS Holdco") became the parent company of PSCM. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

#### Our Funds and Investment Vehicles
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 $15.0 billion in Fee-Paying AUM, PSH accounts for approximately 73% of our total Fee-Paying AUM as of December 31, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.5 billion and $409 million in AUM, respectively, and $648 million and $225 million in Fee-Paying AUM, respectively, in each case, as of December 31, 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.

Certain of the existing investors in our private funds have agreed to redeem an aggregate of $316 million of their interests in the private funds (determined as of the date of this prospectus based on the private funds' net asset value as of March 31, 2026) and apply eligible net proceeds of approximately $289 million from such redemption to acquire an aggregate of approximately 5.8 million PSUS Shares and receive an aggregate of approximately 1.7 million shares of our common stock in the combined private placement. The final net asset value used to determine the value at which interests in the private funds will be redeemed will be determined as of a redemption date prior to the completion of the PSUS IPO, and therefore, the amount set forth above will fluctuate as a result of any subsequent changes in net asset value until such redemption date.

Our core funds each have a similar investment program and generally invest in the same assets in similar 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 December 31, 2025 (except in the case of PSUS)
![](ny20040230x18_table01.jpg)<br>

(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2025, PSH's Fee-Paying AUM does not reflect the bonds outstanding.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

\* In the case of AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, including amounts invested by us, and in the case of Fee-Paying AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, 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."*

#### Our Management and Performance Fees
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 certain 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, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. 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 certain other employees.

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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 Management 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 Management Fee" and together with the HHH Base Management 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 businesses. 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 over our portfolio companies, provides stability and support for management teams and boards of directors of our portfolio companies, and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives, all of which we believe help 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, after 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 drive key strategic initiatives to execute 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 the 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.

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We complement our core investment strategy by seeking to identify and execute upon 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 macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research with respect to our current and potential future portfolio company investments 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 being a good partner to 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 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. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for being a good partner to 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, on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. 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 MPC real estate business.

PSCM intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. Subject to applicable law, PSCM plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common stocks of public companies in a manner consistent with the investment strategy of our core funds. Accordingly, we believe PSCM's strategy for managing the assets of

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Vantage's insurance company subsidiaries will be highly synergistic to our core funds' investment strategy and our own cash management practices. PSCM also plans to manage the assets of Vantage's insurance company subsidiaries in a low-leverage fashion, meaning that they will write relatively small amounts of premium relative to capital, with the result that they will likely have lower ratios of invested assets to capital than a typical U.S. property-and-casualty insurance company. We believe this low-leverage approach will allow Vantage's insurance company subsidiaries to prudently invest a relatively higher percentage of their respective assets in common stocks, as opposed to fixed income securities, compared with a typical U.S. property-and-casualty insurance company. Accordingly, we expect Vantage's insurance company subsidiaries will be able to generate higher returns on their assets compared with more highly leveraged U.S. property-and-casualty insurance companies, which generally derive their profits principally from underwriting and a predominantly fixed-income investment strategy.

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 to capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH.

Although we expect the investment strategy of HHH will differ in some respects from that of our core funds, including, for example, with respect to the Vantage Acquisition and acquisition of controlling ownership stakes in operating companies, we anticipate that the type of companies in which HHH will acquire controlling interests will be sufficiently similar to the type of companies in which our core funds invest (i.e., companies with simple, predictable, free-cash-flow generative businesses), but of substantially smaller size. In addition, we expect to invest the assets of Vantage's insurance company subsidiaries in fixed income securities and common stocks of public companies in a manner consistent with the investment strategy of our core funds. As such, we do not anticipate that the Howard Hughes Transaction will require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds.

There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company 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 at these businesses.

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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 were inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam in a $2.9 billion IPO, the largest European IPO of 2014, 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.

In 2015, we made an investment 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. They did so 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 approximately 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 by the purchase by our Founder and other employees of a large minority ownership interest in PSH; 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 29.5% of shares outstanding, PSH has grown organically to reach $15.0 billion in Fee-Paying AUM as of December 31, 2025. Including the Fee-Paying AUM of HHH, permanent capital represents 96% of our Fee-Paying AUM as of December 31, 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 unfavorable tax characteristics of PSH for U.S. taxpayers, 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 minimize 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 the risks of short-term investor capital flows, which 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.

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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 the largest 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, long-term, 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.

#### 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 outperform the stock market each year.

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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 December 31, 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 December 31, 2025
![](ny20040230x18_barchart01.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 December 31, 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 22.3%, representing 800 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 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. 

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#### 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 single-digit percentage of our Fee-Paying AUM in our two private funds 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 option 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 at 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 December 31, 2025, 96% 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 December 31, 2025
![](ny20040230x18_piechart01.jpg)<br>

We view the stability of our capital base, substantially all of which is permanent capital, 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 requires fundraising first to maintain and then to grow their managed assets. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile for Pershing Square 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 increase the size of 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 and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced senior executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment holding periods 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 of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH at December 31, 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person

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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 of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion.

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 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 generally 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 all of the management fees earned from our funds. We pay our investment professionals and certain 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, above the applicable high-water mark for certain of our core funds and subject to certain other offsettable fees. 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 our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

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 to Pershing Square Inc. 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 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.

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#### 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 similar 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 over 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 $30.7 billion in AUM as of December 31, 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 Capital Markets Innovations
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 which 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. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with Pershing Square as an anchor, committed capital sponsor. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

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The launch of PSUS, which would 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 and, as a result of the Vantage Acquisition, to build a profitable insurance company whose assets we will manage.

#### PSUS IPO Will Substantially Increase Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to substantial 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 costs, 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 alongside continued growth in the cash flows from HHH's MPC real estate business. Our first initiative for HHH was to acquire or create an insurance company, the investment assets of which would be managed by PSCM. On December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries 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, along with our extensive track record and reputational equity developed 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 to capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed costs or headcount, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM, 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 unique 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.

Our collaborative culture is also demonstrated by our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish an excellent 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 $5.8 billion as of December 31, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV, before any accrued performance fee, 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 have agreed to increase our existing $17.1 million investment in PSUS to $150 million by investing $100 million in common shares in the PSUS Private Placement and an additional $50 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 the combined transaction.

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 performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. For additional information, see "—Reorganization Transactions" and "—Implications of Being a Controlled Company" below. To further align certain of our senior professionals with our long-term investment horizon, in connection with the combined offering, certain of our senior professionals will receive interests in PS Partner Group (as defined below in "—Reorganization Transactions—Holdco Reorganization") that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

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, like the HHH Transaction, 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 over 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 rapid 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.

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#### 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. For example, we may consider launching new permanent capital funds that focus on investments with asymmetric payoff structures and/or opportunistic private investments, which leverage our substantial experience with asymmetric hedges and history of privately negotiated transactions. 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.

#### Reorganization Transactions

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM 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. As a result of the Holdco Reorganization and subsequent related transfers of interests, our owners who previously held interests directly in PSCM now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group"), and/or Pershing Square Holdco, L.P. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such owners also hold interests in PS CompCo, LLC, a Delaware limited liability company ("CompCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), with Pershing Square Holdco, L.P. and PSCM. 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 Subordinated Profits Interest."

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

&nbsp;&nbsp;&nbsp;&nbsp;![](ny20040230x18_diagram01x1.jpg)<br>

(1) Following the Holdco Reorganization and subsequent related transfers of interests, our current and former employees of PSCM, 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") and/or Pershing Square Holdco, L.P.

(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 CompCo. As described in "Business—Advisory Fees and Compensation—Allocation of Performance Fee Revenue," generally we pay our investment professionals and certain other employees our performance fees remaining after payment by PSCM 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 Subordinated 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 and subsequent related transfers of interests, but prior to the Corporate Conversion, our Founder, together with his affiliated entities, directly or indirectly, owns 51.5% of CompCo and 34.0% of PS Partner Group and directly owns 22.5% of Pershing Square Holdco, L.P.

(8) Each of the Strategic Investors owns an interest of 3% or less of our business.

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

(10) Generally, the General Partner or the Managing Member, as the case may be, has all rights and powers to manage and administer the business and affairs of the relevant entity; and the Limited Partners or the non-managing Members, as the case may be, generally have no voting or approval rights, except with respect to limited minority protection rights as set forth in the applicable organizational document.

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#### 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. In connection with 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 (iii) the non-economic interest of Holdco GP will be converted into the Special Voting Share in Pershing Square Inc. and, following the dissolution of Holdco GP immediately thereafter, 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 transaction. Because the capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the information regarding the ownership of shares of our common stock, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion.

![](ny20040230x18_diagram01b.jpg) <br>

(1) Certain of our active investment professionals and employees will continue to own interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Accordingly, any such redemption will not be dilutive to our public shareholders. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." 

(2) Prior to the completion of the combined transaction, PS Partner Group and our other pre-IPO owners, excluding the Strategic Investors, to whom we refer as the "pre-IPO management owners," 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 and the PS Private Placement. Accordingly, although the combined transaction will result in a decrease in the ownership of our common stock by the pre-IPO management owners, on the one hand, and an increase in the ownership by the initial investors in the combined transaction, 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 initially 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). The approval by members of ManagementCo holding at least 80% of its then outstanding units shall be required to exercise ManagementCo's voting power in us to remove our Founder as a member of our board of directors, other than in certain cases of cause. For so long as our Founder and his affiliates (including family members) retain a substantial equity interest in our business, he and his designated successors will be members of ManagementCo. The successors to the members of ManagementCo other than our Founder shall be designated by a majority vote of the then current members of ManagementCo, provided that, at all times, at least a majority in interest of the members of ManagementCo shall be investment team members. Each of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin will provide an irrevocable voting proxy to ManagementCo with respect to any shares of our common stock which they own or over which they hold the power to vote. 

(5)<br> Our investment professionals and certain other employees will continue to own interests in CompCo, and ManagementCo will remain the managing member of CompCo. As described in "Business— Advisory Fees and Compensation—Allocation of Performance Fee

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Revenue," generally we pay our investment professionals and certain other employees our performance fees remaining after payment by PSCM 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 Subordinated Profits Interest."

(6) Represents a profits interest substantially 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 Subordinated Profits Interest." 

(7) Our Founder, together with his affiliated entities, directly or indirectly, will own 58.1% of CompCo under both Scenario 1 and Scenario 2 and 47.8% or 46.3% of PS Partner Group under Scenario 1 and Scenario 2, respectively, and will directly own 22.5% of shares of our common stock under both Scenario 1 and Scenario 2.

(8) Under both Scenario 1 and Scenario 2, each of the Strategic Investors will continue to own an interest of 3% or less in our business.

(9) Under both Scenario 1 and Scenario 2, the private placement investors will own 4% of our shares of common stock. 

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

(11) Generally, the General Partner or the Managing Member, as the case may be, has all rights and powers to manage and administer the business and affairs of the relevant entity; and the Limited Partners or the non-managing Members, as the case may be, generally have no voting or approval rights, except with respect to limited minority protection rights as set forth in the applicable organizational document. 

#### Implications of Being a Controlled Company
Following the combined transaction, 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;

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&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 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 from what 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 investment performance and 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.

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&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.

&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. Following the completion of the combined offering, we will maintain a website at www.pershingsquareinc.com. 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, 1 share of our common stock for every 5 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.

PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act. We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.

No fractional shares of our common stock will be delivered in the combined transaction. If an initial investor in the PSUS IPO or a private placement investor in the PSUS Private Placement 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 the combined transaction
400,000,000 shares. As described in "Summary— Reorganization Transactions," the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors in the PSUS

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Private Placement will be accompanied by a contribution to us of an equal number of shares of our common stock by PS Partner Group and our other pre-IPO owners, excluding the Strategic Investors, to whom we refer as the "pre-IPO management owners." Accordingly, although the combined transaction will result in a decrease in the ownership of our common stock by the pre-IPO management owners, on the one hand, and an increase in the ownership by the initial investors in the combined transaction, 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 transaction will not result in any proceeds to Pershing Square Inc. In the combined offering, 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. Similarly in the combined private placement, we are issuing shares of our common stock to the private placement investors in the PSUS Private Placement for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS Private Placement will be received 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 transaction, ManagementCo will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. 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 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

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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 transaction, ManagementCo will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. 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 the:

&nbsp;&nbsp;&nbsp;&nbsp;• 20,000,000 shares of common stock that are available for award under our equity incentive plan (the "Equity Incentive Plan"), which includes shares of our common stock underlying 2,750,000 restricted stock units ("RSUs") to be awarded to certain employees and other service providers in connection with the combined offering. These shares will be issuable upon settlement of such RSUs, contingent upon satisfaction of the vesting conditions set forth in the corresponding RSU award agreements.

See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan."

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#### Summary Historical and Pro Forma Consolidated Financial Information
The following table presents (i) 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 (ii) 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 2025 and the summary historical consolidated statements of financial condition data as of December 31, 2024 and 2025 from the audited consolidated financial statements of Pershing Square Holdco, 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 condensed consolidated financial data of Pershing Square Inc. presented below from our unaudited pro forma condensed consolidated financial statements included elsewhere in this prospectus. The summary unaudited pro forma condensed consolidated statement of operations data for the year ended December 31, 2025 gives effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information" as if they had occurred on January 1, 2025. The summary unaudited pro forma condensed consolidated statement of financial condition data as of December 31, 2025 gives effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information," except for the Howard Hughes Transaction, as if they had occurred on December 31, 2025. The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the accounting for certain transaction accounting adjustments presented in the unaudited pro forma condensed consolidated financial information. Therefore, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion. 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>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square Inc.**  | **Pershing Square Inc.**  |
|  | **Audited Historical** | **Audited Historical** | **Unaudited Pro Forma**  | **Unaudited Pro Forma**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
| **(in thousands)** | **2024** | **2025** | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
|  |  |  | **Scenario 1** <br>**$5 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement** | **Scenario 2** <br>**$10 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement**  |
| **Summary Statement of Operations Data:**<br>|  |  |  |  |
| Revenue<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | $206067 | $230420 | &nbsp;&nbsp;$237074 | &nbsp;&nbsp;$242239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance fees<sup>(2)</sup> | &nbsp;&nbsp;249431 | &nbsp;&nbsp;532088 | &nbsp;&nbsp;&nbsp;&nbsp;512088 | &nbsp;&nbsp;&nbsp;&nbsp;492088 |
| Total revenue | &nbsp;&nbsp;455498 | &nbsp;&nbsp;762508 | &nbsp;&nbsp;&nbsp;&nbsp;749162 | &nbsp;&nbsp;&nbsp;&nbsp;734327 |
| Expenses<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit-sharing partner compensation<sup>(2)</sup> | &nbsp;&nbsp;339133 | &nbsp;&nbsp;459079 | &nbsp;&nbsp;1009345 | &nbsp;&nbsp;1091012 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliates fee rebate | &nbsp;&nbsp;&nbsp;69301 | &nbsp;&nbsp;&nbsp;77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative expense | &nbsp;&nbsp;&nbsp;50812 | &nbsp;&nbsp;&nbsp;42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50744 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee compensation and benefits | &nbsp;&nbsp;&nbsp;13164 | &nbsp;&nbsp;&nbsp;20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38378 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 |
| Total expenses | &nbsp;&nbsp;475188 | &nbsp;&nbsp;601262 | &nbsp;&nbsp;1099118 | &nbsp;&nbsp;1182435 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square Inc.**  | **Pershing Square Inc.**  |
|  | **Audited Historical** | **Audited Historical** | **Unaudited Pro Forma**  | **Unaudited Pro Forma**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
| **(in thousands)** | **2024** | **2025** | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
|  |  |  | **Scenario 1** <br>**$5 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement** | **Scenario 2** <br>**$10 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement**  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161246 | &nbsp;&nbsp;&nbsp;(349956) | &nbsp;&nbsp;&nbsp;(448108) |
| Other income (expenses)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;110700 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16910  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment 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;3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8833) |
| Total non-operating income (expenses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142773 | &nbsp;&nbsp;&nbsp;&nbsp;127413 | &nbsp;&nbsp;&nbsp;&nbsp;127413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) before taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304019 | &nbsp;&nbsp;&nbsp;(222543) | &nbsp;&nbsp;&nbsp;(320695) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp;(77050) | &nbsp;&nbsp;&nbsp;&nbsp;(99006) |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281710 | &nbsp;&nbsp;&nbsp;(145493) | &nbsp;&nbsp;&nbsp;(221689) |
| &nbsp;&nbsp;Net (income) loss attributable to non-controlling interest<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31933) | &nbsp;&nbsp;&nbsp;&nbsp;(31933) | &nbsp;&nbsp;&nbsp;&nbsp;(31933) |
| Net income (loss) attributable to Pershing Square Holdco, L.P. | $(14151) | $249777 | $(177426) | $(253622) |
| **Summary Statement of Financial Condition Data (at period end):**<br>|  |  |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;$964857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7135 |
| Total assets | &nbsp;&nbsp;&nbsp;1318793 | &nbsp;&nbsp;&nbsp;1701202 | &nbsp;&nbsp;2703090 | &nbsp;&nbsp;3651440 |
| Total debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;134415 | &nbsp;&nbsp;&nbsp;&nbsp;134415 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622089 | &nbsp;&nbsp;&nbsp;&nbsp;999954 | &nbsp;&nbsp;1215184 |
| Total partners' capital | &nbsp;&nbsp;&nbsp;&nbsp;$967258 | &nbsp;&nbsp;$1079113 | $1703136 | $2436256 |
| **Summary Statement of Cash Flows Data:**<br>|  |  |  |  |
| Net cash provided by (used in) operating activities | &nbsp;&nbsp;&nbsp;&nbsp;$294481 | &nbsp;&nbsp;&nbsp;$(134233) |  |  |
| &nbsp;&nbsp;Net cash provided by (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1558) | &nbsp;&nbsp;&nbsp;&nbsp;(607679) |  |  |
| Net cash provided by (used in) financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667399 | &nbsp;&nbsp;&nbsp;&nbsp;(167546) |  |  |
| **Summary Other Financial and Operational Data:<sup>(3)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp;Assets Under Management (at period end) | $17090738 | $30665570 |  |  |
| Fee-Paying Assets Under Management (at period end) | &nbsp;&nbsp;14010882 | &nbsp;&nbsp;20659723 |  |  |
| Permanent Capital AUM (at period end) | &nbsp;&nbsp;13011230 | &nbsp;&nbsp;19787024  |  |  |
| Fee-Related Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297925 |  |  |
| Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312533 |  |  |

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(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, which are non-GAAP financial measures, 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. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. 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 investment performance and 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

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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, 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 of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH as of December 31, 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 93% 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 of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion. However, if we do not exercise our right to acquire these shares on or before the tenth anniversary of the Corporate Conversion, 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

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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 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, 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 are not a majority stockholder in HHH, exposing us to the risk of decisions made by others with whom we may not agree*." As described in "Business—Legal Proceedings," certain alleged stockholders of HHH have filed a complaint in the Delaware Court of Chancery seeking, among other things, a declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law and related injunctive relief. Termination by HHH of the HHH Services Agreement, or a determination that it is unenforceable and a failure to reach a new services agreement on substantially the same economic terms, 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.

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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 Management 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.*"

#### 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 certain other employees are generally entitled to participate in any realized performance fees remaining after payment by PSCM 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

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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 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 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

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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, 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 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.

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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.

***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. 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

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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 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.

In November 2025, the European Commission proposed significant changes to the SFDR regime, which are anticipated to come into effect during 2028. There is significant uncertainty as to the final form that such rules could take. 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 will apply to in-scope companies from July 26, 2029, imposes requirements on in-scope companies to conduct upstream and limited 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" and, following extensive negotiations between the EU legislators, the final text was published in the Official Journal on February 26, 2026. The changes significantly reduce the scope of application of both CSRD and CSDDD and seek to simplify the sustainability-related disclosure and due diligence obligations therein. Nonetheless, companies in scope of either regime are still expected to be subject to a significant additional compliance burden. 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,

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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 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.

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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.

***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 contributing to the obsolescence of, other AI Technologies). In addition, AI Technologies could significantly disrupt the markets in

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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, use and training of AI Technologies. At the federal level, the current Presidential Administration issued America's AI Action Plan in July 2025, which includes recommended policy actions to accelerate AI innovation, build American AI infrastructure, and lead in international AI diplomacy and security, and a subsequent December 2025 Executive Order stating the policy of sustaining and enhancing the United States' global AI dominance through a minimally burdensome national policy framework for AI and, among other things, directing the U.S. Attorney General to establish an AI Litigation Task Force to challenge burdensome U.S. state AI laws inconsistent with that policy. The potential conflict between the U.S. federal government's deregulatory efforts and the U.S. states' efforts to regulate AI Technologies creates an uncertain legal landscape that may result in heightened compliance costs.

The current Presidential Administration may continue to implement new executive orders and/or other rule making relating to AI Technologies in the future. 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 its obligations are becoming applicable in phases, the first of which began on February 2, 2025. The EU AI Act has already prohibited certain AI practices and introduced certain AI literacy provisions and is due to impose significant requirements on both the providers and deployers of certain AI Technologies. The EU AI Act also sets out significant sanctions for breaches, including fines of up to 7% of annual worldwide turnover or €35 million, whichever is higher, for the most serious 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 EU is currently considering targeted amendments to the EU AI Act. 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. Further legislative evolution in the field of data security and privacy is also expected. For example, the UK's Data (Use and Access) Act received Royal Assent on June 19, 2025 and is making various amendments to the current UK data protection regime, including to bring the maximum fine threshold for infringement of certain requirements relating to direct marketing and the use of cookies (currently £500,000) in line with the UK GDPR threshold (i.e., the higher of £17.5 million or 4% of annual global turnover), as well as introducing new data sharing

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frameworks. In addition, on November 19, 2025, the EU published a proposal to make certain simplifications to the GDPR and other data, privacy and cybersecurity related laws, including the ePrivacy Directive and EU AI Act. There is increasing divergence between EEA and UK requirements, which may create a greater dual regulatory compliance burden in circumstances where entities are subject to both regimes.

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, and regulatory and judicial interpretations thereof, 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, data protection and privacy laws may also impose restrictions on transfers of certain non-personal data, and certain jurisdictions have passed or are considering passing laws requiring or which may encourage local data residency. These and other restrictions and requirements around transfers of data, and other changes in data protection and privacy laws (or interpretations thereof) as they continue to develop could impact our operations, or those of HHH or a portfolio company, and 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, 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.

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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 being a good partner 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.

#### 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

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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, 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 HHH shares outstanding. 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 Management Fee, on the value of the HHH stock

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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 Management 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 Management 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;

&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 of our funds 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 into a diversified holding company 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

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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 require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds, we may in fact need to increase our fixed costs or headcount and/or there may be some disruption to the operation of our core funds. Furthermore, the Howard Hughes Transaction involves a number of special risks, including the potential 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 are not a majority stockholder in HHH, exposing us to the risk of decisions made by others with whom we may not agree.
We are not a majority stockholder in HHH and do not have full discretionary authority over the investments of HHH. In connection with the Howard Hughes Transaction, we agreed generally 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 HHH shares outstanding and we and our affiliates have limited our beneficial ownership of HHH common stock to 47%.

Additionally, we agreed to a provision establishing that a majority of HHH directors will be independent, under applicable stock exchange standards, so long as we own more than 10% of HHH common stock. Although we provide investment advisory and other services to support HHH's new diversified holding company strategy, and following completion of the Vantage Acquisition, Vantage and its insurance company subsidiaries, 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 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.

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There can be no assurance that the 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 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 we invest may make business, financial or management decisions contrary to our expectations or with which we do not agree or 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

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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.

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."

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#### 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 executed in a timely fashion.
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 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.

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***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.

#### 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;

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&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 reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. 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. Furthermore, employees and affiliates of PSCM, or other individuals who have provided material assistance to PSCM, 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 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

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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 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. In addition, there may be some investor rotation for a period following the combined offering. An investor in the combined offering that desires to invest in only the PSUS Shares or shares of our common stock (and not both) may seek to sell or short the security that it does not intend to hold, and such activity may put downward pricing pressure and/or increase volatility in the trading markets for our common stock and the PSUS Shares. 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

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"—*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 one PSUS Share and a corresponding fraction of 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 transaction, ManagementCo, an entity managed by members of our senior management, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively, 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 ManagementCo.

Even if 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."

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ManagementCo will also control PS Partner Group and CompCo, which will allow ManagementCo to have oversight and control over a significant portion of our executives' compensation. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

***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 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. 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 or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) 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."

#### 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

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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.

Furthermore, in addition to allocations made to retail investors by the underwriters, a portion of the PSUS Shares and our common stock offered pursuant to the combined offering will, upon request, be offered to retail investors through Charles Schwab & Co., Inc. ("Charles Schwab") and Robinhood Financial, LLC ("Robinhood") via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with us. There may be risks associated with the use of such platforms, including risks related to the technology and operation of such platforms, and the publicity and the use of social media by users of such platforms that we cannot foresee and/or control.

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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 transaction, 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.

Regardless of whether we rely on such exemptions in the future, ManagementCo will also have oversight and control over a significant portion of our executives' compensation. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Both CompCo and PS Partner Group will be controlled by ManagementCo, not our board of directors. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

***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

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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.

***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

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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 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 transaction, we will have 600,000,000 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 20,000,000 shares of common stock for issuance under our Equity Incentive Plan, which will be in effect for a period of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms), and we expect to award 2,750,000 RSUs to certain employees and other service providers under the Equity Incentive Plan in connection with the combined offering. 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.

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#### 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 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 transaction 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 transaction, we will have a total of 400,000,000 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 ("Rule 144"). 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 to be delivered to the private placement investors in the combined private placement 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 or in reliance on another exemption from registration.

The shares of our common stock held by our pre-IPO owners and management, including our Founder, after the combined offering will also be subject to certain restrictions on resale. We, PS Partner Group, and our officers and directors 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 a period ending 180 days after 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 such lock-up agreements at any time. See "Underwriting." In addition, in connection with the Strategic Investment, our pre-IPO owners, including our Founder and certain other senior professionals as well as the Strategic Investors, agreed not to sell interests in us held by them until the first anniversary of the combined offering. Our articles of incorporation will memorialize this one-year transfer restriction for shares of our common stock held by our pre-IPO owners. See "Description of Capital Stock—Common Stock" for additional information. Possible sales of these shares in the market following the waiver or expiration of such lock-up agreements and transfer restrictions could exert downward pressure on our stock price.

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Upon the expiration of the applicable lock-up agreements and transfer restrictions 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 one-year transfer restriction based on his expected share ownership. Certain of our other stockholders may also be considered affiliates at the time of expiration of the applicable lock-up agreement or transfer restriction. However, as a result of the registration rights agreements with ManagementCo and our pre-IPO owners, certain shares of our common stock may be eligible for future sale without complying with the conditions of Rule 144. See "Shares Eligible for Future Sale—Lock-Up Agreements, Transfer Restrictions and Registration Rights" and "Certain Relationships and Related Person Transactions—Registration Rights Agreements."

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. 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.

***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.

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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. Similarly, the combined private placement will not result in any proceeds to Pershing Square Inc. We will issue shares of our common stock to the private placement investors in the PSUS Private Placement for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS Private Placement will be received 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, 2025:

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

&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, giving effect to the combined transaction 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 transaction 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). 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.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Unaudited** <br>**Pershing Square** <br>**Inc.** <br>**Pro Forma** | **Unaudited** <br>**Pershing Square** <br>**Inc.** <br>**Pro Forma** |
|  | <br>**Pershing** <br>**Square** <br>**Holdco, L.P.** <br>**Actual** | **Scenario 1 –** <br>**$5 billion** <br>**PSUS**<br>**IPO and PSUS**<br>**Private**<br>**Placement** | **Scenario 2 –** <br>**$10 billion** <br>**PSUS** <br>**IPO and PSUS** <br>**Private** <br>**Placement**  |
| **(in thousands, except per share amounts)**<br>|  |  |  |
| Cash and cash equivalents | $55398  | &nbsp;&nbsp;&nbsp;&nbsp;$7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135  |
| Partners' capital controlling interests | &nbsp;&nbsp;1016418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common stock, par value $0.001 per share; no shares authorized and no shares issued and outstanding on an actual basis; 1,000,000,000 shares authorized and 400,000,000 shares issued and outstanding on a pro forma basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| 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;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Non-controlling interests<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(161087) | &nbsp;&nbsp;&nbsp;&nbsp;(180808) |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1801128 | &nbsp;&nbsp;&nbsp;&nbsp;2553969 |
| Total partners' capital | &nbsp;&nbsp;1079113 | &nbsp;&nbsp;&nbsp;&nbsp;1703136 | &nbsp;&nbsp;&nbsp;&nbsp;2436256 |
| Total capitalization | $1701202  | &nbsp;&nbsp;&nbsp;&nbsp;$2703090 | &nbsp;&nbsp;&nbsp;&nbsp;$3651440 |

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(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, except as described in the following sentence, the consummation of the combined transaction (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 year ended December 31, 2025 assume that the Transactions occurred on January 1, 2025. The pro forma adjustments to the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025 assume that the Transactions, except for the Howard Hughes Transaction, occurred on December 31, 2025. No adjustments related to the Howard Hughes Transaction have been applied to the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025, as the impact is already reflected in the historical consolidated statement of financial condition as of December 31, 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 transaction and related transactions, including the conversion of Pershing Square Holdco, L.P. into a Nevada corporation pursuant to a statutory conversion;

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of replacing, in part, the LTIP with certain interests of PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group (see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group" for additional information);

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of the issuance of RSU awards under the Equity Incentive Plan in connection with the combined offering (see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan" for additional information);

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

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of the consummation of the PSUS IPO and PSUS Private Placement, 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.

The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the accounting for certain transaction accounting adjustments presented in the

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unaudited pro forma condensed consolidated financial information. Therefore, we have contemplated the effects of the combined transaction under two scenarios, which are presented separately within the unaudited pro forma condensed consolidated financial information. The two scenarios are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Scenario 1 – PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement, consisting of $2.2 billion raised in the PSUS IPO and $2.8 billion raised in the PSUS Private Placement (which includes the $100 million common shares investment we have agreed to make in the PSUS Private Placement as part of the Anchor Investment, as described in "Business—The Funds and HHH—Pershing Square USA, Ltd.");

&nbsp;&nbsp;&nbsp;&nbsp;• Scenario 2 – PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion, consisting of $7.2 billion raised in the PSUS IPO and $2.8 billion raised in the PSUS Private Placement (which includes the $100 million common shares investment we have agreed to make in the PSUS Private Placement as part of the Anchor Investment).

In both Scenario 1 and Scenario 2, as part of the Anchor Investment, we also intend to invest $50 million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. See "Business—The Funds and HHH—Pershing Square USA, Ltd." for more information on the Anchor Investment.

The Scenario 2 Offering Transactions adjustment column within the unaudited pro forma condensed consolidated statement of operations and unaudited pro forma condensed consolidated statement of financial condition table presents the incremental adjustments to illustrate the effects of the incremental capital raise described above.

There may be differences between these preliminary estimates and assumptions used to prepare the following unaudited pro forma condensed combined financial information and the final accounting which could have a material impact on our future results of operations and financial position.

#### 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 generally to limit our voting power to 40.0% and our beneficial ownership to 47.0% (of which 15.2% is held by the Company and 31.7% is held by our 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 Management Fee"), subject to annual adjustment for inflation based on the Core PCE Price Index, 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 an initial reference share price of $66.1453, subject to annual adjustment for inflation based on the Core PCE Price Index, multiplied by a reference share count of 59,393,938 shares, in each case, subject to adjustment for stock splits, reclassifications or similar capital changes (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"). See "Business—Advisory Fees and Compensation—HHH Fees" for more information. Because the HHH Variable Management Fee, if any, will be based on the future equity market capitalization of HHH, the impact of the HHH Variable Management Fee has been excluded from the unaudited pro forma condensed consolidated financial information presented herein, except for HHH Variable Management Fees earned subsequent to May 5, 2025, which are reflected in our historical audited consolidated statement of operations for the year ended December 31, 2025.

In connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital.

We have elected to account for the investment in HHH 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 investment in HHH which was acquired as a result of the HHH Transaction each reporting period. The impact of any future changes in the fair value of the investment in HHH has been excluded from the unaudited pro forma condensed consolidated financial information presented herein.

#### PSUS Private Placement
PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices, pension funds, insurance companies, ultra-high-net-worth

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investors and other investors, that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act. We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.

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

#### For the Year Ended December 31, 2025

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | | |  | | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** |
|  | <br>**Historical** | <br>**Howard** <br>**Hughes** <br>**Transaction**  |  | <br>**As Adjusted** <br>**Before** <br>**Offering** <br>**Transactions** | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma** |  | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma** |  |
| **Revenue**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Management fees | $230420 | &nbsp;&nbsp;$(1549) | 1(a) | &nbsp;&nbsp;&nbsp;$228995 | &nbsp;&nbsp;$100000 | 1(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$237074 |  | &nbsp;&nbsp;&nbsp;$100000 | 1(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$242239 |  |
| &nbsp;&nbsp;Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;5151 | 1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(91921) | 1(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(94835) | 1(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;Management fees |  | &nbsp;&nbsp;&nbsp;(5027) | 1(o) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp;532088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;532088 | &nbsp;&nbsp;&nbsp;(20000) | 1(i)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512088 |  | &nbsp;&nbsp;&nbsp;(20000) | 1(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492088 |  |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**762508** | &nbsp;&nbsp;&nbsp;**(1425)** |  | &nbsp;&nbsp;&nbsp;**761083** | &nbsp;&nbsp;&nbsp;**(11921)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**749162** |  | &nbsp;&nbsp;&nbsp;**(14835)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**734327** |  |
| **Expenses**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Profit-sharing partner compensation<sup>(1)</sup>  | &nbsp;&nbsp;459079  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;459079 | &nbsp;&nbsp;&nbsp;464594 | 1(j) | &nbsp;&nbsp;&nbsp;&nbsp;1009345 |  | &nbsp;&nbsp;&nbsp;61946 | 1(j) | &nbsp;&nbsp;&nbsp;&nbsp;1091012 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(62234) | 1(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;19721 | 1(e)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;147906 | 1(e)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| Affiliates fee rebate | &nbsp;&nbsp;&nbsp;77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;77580 | &nbsp;&nbsp;&nbsp;(77580) | 1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |
| General and administrative expense | &nbsp;&nbsp;&nbsp;42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9056 | 1(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50744 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50744 |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | 1(r) |  |  |  |  |  |  |
| &nbsp;&nbsp;Employee compensation and benefits | &nbsp;&nbsp;&nbsp;20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;20228 | &nbsp;&nbsp;&nbsp;&nbsp;12375 | 1(t) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36728 |  | &nbsp;&nbsp;&nbsp;&nbsp;1650 | 1(t) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38378 |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4125 | 1(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |
| &nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;— |  | 2301 |  | &nbsp;&nbsp;&nbsp;— |  | 2301 |  |
| **Total expenses** | &nbsp;&nbsp;**601262** | &nbsp;&nbsp;**—** |  | &nbsp;&nbsp;&nbsp;**601262** | &nbsp;&nbsp;**497856** |  | **1099118** |  | &nbsp;&nbsp;&nbsp;**83317** |  | **1182435** |  |
| **Operating income** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp;**161246**  | &nbsp;&nbsp;&nbsp;**(1425)**  |  | &nbsp;&nbsp;&nbsp;**159821** | &nbsp;&nbsp;**(509777)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(349956)** |  | &nbsp;&nbsp;&nbsp;**(98152)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(448108)** |  |
| Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp;110700  |  |  | &nbsp;&nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110700 |  |
| Interest income | &nbsp;&nbsp;&nbsp;16910  | &nbsp;&nbsp;(12480) | 1(n) | &nbsp;&nbsp;&nbsp;&nbsp;4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99) | 1(r) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4331 |  |
| &nbsp;&nbsp;Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12224 |  |
| &nbsp;&nbsp;Investment 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;3750 | 1(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750 |  |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5241 |  |
| &nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;(2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;(2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302 | 1(p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8833) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8833) |  |
| &nbsp;&nbsp;Interest expense |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) | 1(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;Interest expense |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(8375)  | 1(q) |  |  | &nbsp;&nbsp;&nbsp;— |  |  |  |
| **Total non-operating income (expenses)** | **142773** | &nbsp;&nbsp;**(12480)** |  | &nbsp;&nbsp;&nbsp;**130293** | &nbsp;&nbsp;**(2880)** |  | **127413** |  | &nbsp;&nbsp;&nbsp;**—** |  | **127413** |  |
| **Net income (loss) before taxes** | &nbsp;&nbsp;**304019**  | &nbsp;&nbsp;**(13905)** |  | &nbsp;&nbsp;&nbsp;**290114**  | &nbsp;&nbsp;**(512657)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(222543)** |  | &nbsp;&nbsp;&nbsp;**(98152)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(320695)** |  |
| Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556)  | 1(c)  | &nbsp;&nbsp;&nbsp;21753  | &nbsp;&nbsp;(98803)  | 1(f)  | (77050) |  | &nbsp;&nbsp;&nbsp;(21956)  | 1(f)  | (99006) |  |
| **Net income (loss)** | &nbsp;&nbsp;**281710** | &nbsp;&nbsp;**(13349)** |  | &nbsp;&nbsp;&nbsp;**268361**  | &nbsp;&nbsp;**(413854)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(145493)** |  | &nbsp;&nbsp;&nbsp;**(76196)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(221689)** |  |
| Less: Net (income) loss attributable to non-controlling interest<sup>(1)</sup> | &nbsp;&nbsp;(31933) | &nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;(31933) | &nbsp;&nbsp;— |  | (31933) |  | &nbsp;&nbsp;&nbsp;— |  | (31933) |  |
| **Net income (loss) attributable to Pershing Square Inc.** | **$249777** | &nbsp;&nbsp;**$(13349)** |  | &nbsp;&nbsp;&nbsp;**$236428** | &nbsp;&nbsp;**$(413854)** |  | **$(177426)** |  | &nbsp;&nbsp;&nbsp;**$(76196)** |  | **$(253622)** |  |
| Basic and diluted weighted average shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;400000471 | 1(h) |  |  | &nbsp;&nbsp;400000471 | 1(h) |
| Basic and diluted earnings per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.44) | 1(h) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.63) | 1(h) |

---

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

(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>

69<br>

------

#### **TABLE OF CONTENTS**

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

#### Financial Condition <br>

#### As of December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  |
|  | <br>**Historical** | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing**<br>**Square Inc.**<br>**Pro Forma** | **Offering**<br>**Transactions**<br>**Adjustment** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma**  |
| **Assets:**<br>|  |  |  |  |  |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;$55398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(8741)  | 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7135  |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4125) | 2(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;(134100) | 2(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34800)  | 2(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;134100 | 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(597) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119  |
| Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp;497330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;497330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;497330 |
| Due from affiliates<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15611 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1345 |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79288 |
| &nbsp;&nbsp;Investment in PSUS, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;134100 | 2(b) | &nbsp;&nbsp;&nbsp;&nbsp;134100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;134100 |
| Investment in HHH, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;717930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;717930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;717930 |
| Deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp;283158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;283158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;283158 |
| Deferred share issuance asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;919207 | 2(f) | &nbsp;&nbsp;&nbsp;&nbsp;919207 | &nbsp;&nbsp;&nbsp;948350 | 2(f) | &nbsp;&nbsp;1867557 |
| Lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28441 |
| Fixed assets and leasehold improvements, net of accumulated depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14984 |
| Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129 |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3153) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 |
| &nbsp;&nbsp;**Total assets** | **$1701202** | **$1001888** |  | **$2703090** | &nbsp;&nbsp;&nbsp;**948350** |  | **$3651440** |
| **Liabilities:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;Accrued compensation and benefits<sup>(1)</sup> | &nbsp;&nbsp;$426094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;$426094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;$426094 |
| Performance fee distribution payable<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54839  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54839  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54839 |
| Affiliate fee rebate payable  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24144  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24144 |
| Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 |
| Distribution payable to partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10104 |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3287) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5333 |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31094  | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48123 |
| Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42673 |
| Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34800) | 2(d) | &nbsp;&nbsp;&nbsp;&nbsp;134415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;134415 |
| Loans payable |  | &nbsp;&nbsp;&nbsp;&nbsp;134415 | 2(e)<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;— |
| Deferred tax liability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;250443  | 2(i)  | &nbsp;&nbsp;&nbsp;&nbsp;250443  | &nbsp;&nbsp;&nbsp;215230 | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp;465673 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**622089** | &nbsp;&nbsp;&nbsp;&nbsp;**377865** |  | &nbsp;&nbsp;&nbsp;&nbsp;**999954** | &nbsp;&nbsp;&nbsp;**215230** |  | &nbsp;&nbsp;**1215184** |
| &nbsp;&nbsp;Commitments and contingencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Equity**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;Partners' capital controlling interests | &nbsp;&nbsp;1016418 | &nbsp;&nbsp;(1015952)  | 2(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Partners' capital controlling interests |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(466)  | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | 2(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 |
| Special Voting Share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62695 |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8741)  | 2(a)  | &nbsp;&nbsp;&nbsp;(161087) | &nbsp;&nbsp;&nbsp;(19721) | 2(h) | &nbsp;&nbsp;&nbsp;(180808)  |
| Retained earnings (accumulated deficit) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4125) | 2(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Retained earnings (accumulated deficit) |  | &nbsp;&nbsp;&nbsp;&nbsp;(147906) | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(315) | 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1015552  | 2(c) | &nbsp;&nbsp;1801128 | &nbsp;&nbsp;&nbsp;948350 | 2(f) | &nbsp;&nbsp;2553969 |
| &nbsp;&nbsp;Additional paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp;919207 | 2(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19721 | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;Additional paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp;147906 | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(215230) | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;(281537)  | 2(i)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 equity** | &nbsp;&nbsp;**1079113** | &nbsp;&nbsp;&nbsp;&nbsp;**624023** |  | &nbsp;&nbsp;**1703136** | &nbsp;&nbsp;&nbsp;**733120** |  | &nbsp;&nbsp;**2436256** |
| **Total liabilities and equity** | **$1701202** | **$1001888** |  | **$2703090** | **$948350** |  | **$3651440** |

---

(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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#### Notes to the Unaudited Pro Forma Condensed Consolidated Financial Information
The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 and the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 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 year ended December 31, 2025 are as follows:

(a)<br> *Management fees* – Reflects the recurring reduction of management fees paid to PSCM 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 recurring HHH Base Management Fee as outlined within the section above titled "Howard Hughes Transaction."

(c)<br> *Income tax expense (benefit)* – Reflects the tax effects of the transaction accounting adjustments related to the Howard Hughes Transaction.

(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 CompCo. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH. 

(e) *Profit-sharing partner compensation* – Certain senior professionals are eligible to receive an additional interest in the LTIP upon the occurrence of a "Terminal Value Event," including, for this purpose, this offering. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—LTIP" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Termination and Change of Control Provisions" for more information. The adjustment reflects the incremental compensation recognized for the additional interests which will be vested in the LTIP upon the consummation of the combined offering. The following table reflects the adjustment in the two scenarios as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2025**  | **For the Year Ended** <br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  | **Scenario 2** <br>**–$10 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  |
| Profit-sharing partner compensation  | $147906  | $167627 |

---

(f) *Income tax expense (benefit) –* 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, inclusive of the Offering Transactions adjustments, assuming Pershing Square Holdco, L.P. was subject to U.S. federal tax for the periods presented. 

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(g) *Management fees –* As described in "Business—The Funds and HHH—Pershing Square USA, Ltd." and the accompanying PSUS Prospectus, pursuant to the investment management agreement between PSUS and PSCM, as investment manager, PSCM 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 recurring management fees PSCM 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 and PSUS Private Placement as follows:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31, 2025**  | **For the Year Ended**<br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Management fees | $100000 | $200000 |

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This offering is conditioned upon the consummation of the PSUS IPO, and the combined private placement is contingent upon the closing of the combined offering and the satisfaction of other customary closing conditions.

(h) *Earnings (loss) per share* – 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 transaction, including the portion of the RSUs to be awarded under the Equity Incentive Plan which will vest at the end of the year in which the combined offering is completed. 

(i)<br> *Performance fees* – As described in "Business—Advisory Fees and Compensation—PSH—<br>

Performance Fee," pursuant to the investment management agreement between PSH and PSCM, as investment manager, the performance fee PSCM 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 recurring reduction in the performance fees PSCM would have received from PSH assuming an aggregate offering size in the PSUS IPO and PSUS Private Placement as follows:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2025**  | **For the Year Ended** <br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  | **Scenario 2** <br>**–$10 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  |
| Performance fees  | $(20000)  | $(40000) |

---

This offering is conditioned upon the consummation of the PSUS IPO, and the combined private placement is contingent upon the closing of the combined offering and the satisfaction of other customary closing conditions.

(j) *Profit-sharing partner compensation* – In connection with the combined offering, the LTIP will be amended and replaced in part by certain interests of PS Partner Group that may become redeemable, subject to vesting and certain other conditions, for shares of our common stock held by PS Partner Group, in order to continue to align certain of our senior professionals with our long-term investment horizon. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." Represents the adjustment to reflect the annual amortization expense associated with the vesting of such interests of PS Partner Group held by profit-sharing partners. 

(k)<br> *Profit-sharing partner compensation –* Historically, we have accounted for our profit-sharing arrangement and the discretionary portion of our LTIP awards as compensation expense. Both of

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these awards were considered cash-based profit-sharing arrangements in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification 710 Compensation-General. Following the combined offering, the profit-sharing arrangement and LTIP related to interests in PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM) will cease. Amounts historically allocated to profit-sharing partners and LTIP participants will instead be distributed in the form of dividends to all holders of our common stock, including former profit-sharing partners and LTIP participants, in their capacity as equity holders. As a result, certain amounts paid to former profit-sharing partners and LTIP participants will no longer be accounted for as compensation expense in accordance with ASC 710. Certain amounts paid to CompCo will continue to be accounted for as profit-sharing partner compensation.

(l)<br> *General and administrative expense and Employee compensation and benefits* – Reflects estimated offering and one-time transaction costs not reflected in the historical period.

(m) *Management fees* – Reflects the reduction in management fees related to the amortization of the deferred asset which will be recognized in connection with the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors for no additional consideration. The deferred asset will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years. The following table reflects the adjustment in the two scenarios as follows:

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| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Management fees | $(91921) | $(186756) |

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

(o) *Amortization of deferred HHH Services Agreement premium* – Reflects the incremental amortization of the deferred asset which was recognized in connection with the Howard Hughes Transaction. We recognized a $292.8 million deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. 

(p)<br> *Interest expense* – Reflects the adjustment to the historical interest expense as we intend to repay our outstanding loan balance on or immediately prior to the completion of the combined offering.

(q) *Interest expense* – Reflects the adjustment to recognize the incremental interest expense associated with the Term Loan Facility, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Secured Credit Facilities," to facilitate our investment in PSUS as noted in adjustment 2(e) below, which adjustment is not impacted by the amount of capital raised through the PSUS IPO and PSUS Private Placement. The increase in our interest expense ($8.4 million for the year ended December 31, 2025) is calculated based on an interest rate of SOFR + 1.75%, inclusive of our commitment fee. An increase or decrease in the interest rate of 1/8% would result in an increase or decrease in estimated interest expense of $0.2 million for the year ended December 31, 2025.

(r)<br> *General and administrative and interest income* – Reflects the adjustment to deconsolidate PSUS, which will no longer be a consolidated subsidiary following the combined offering.

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(s) *Investment income* – Reflects the adjustment to record the investment income that we will earn through a 7.5% dividend on the preferred shares of PSUS to be purchased by us as part of the Anchor Investment.

(t)<br> *Employee compensation and benefits* – Reflects the adjustment to record the amortization associated with the annual vesting of the RSUs to be awarded under the Equity Incentive Plan in connection with the combined offering.

(u)<br> *Interest expense* – Represents the adjustment to record the amortization of the deferred financing costs recognized in connection with the Term Loan Facility, which is further described in adjustment 2(e) below.

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 December 31, 2025 are as follows:

(a) *Cash and cash equivalents* – Reflects the adjustment related to estimated unpaid offering costs and other one-time transaction costs associated with this offering with a corresponding decrease to retained earnings. We may incur additional costs through the completion of the combined offering which we expect to be settled in cash. 

(b)<br> *Cash and cash equivalents* – Reflects the adjustment related to the Anchor Investment we have agreed to make in PSUS as described in "Business—The Funds and HHH—Pershing Square USA, Ltd."

(c) *Partners' capital and common stock* – Reflects 400,000,000 shares of our common stock outstanding after giving effect to the Corporate Conversion as described in "Summary—Corporate Conversion." As described elsewhere in this prospectus, the issuance of shares of our common stock to the initial investors in the PSUS IPO and to the private placement investors in the PSUS Private Placement will be accompanied by a contribution to us of an equal number of shares of our common stock by the pre-IPO management owners. Accordingly, the combined transaction will not result in any change in the total number of shares of our common stock outstanding. 

(d)<br> *Loan payable* – We intend to repay our outstanding loan balance on or immediately prior to the completion of the combined offering.

(e) *Loan payable* – As noted in adjustment 2(b) above, we have agreed to make the Anchor Investment in PSUS. To facilitate this investment, we intend to finance the purchase of PSUS Shares using borrowings under the Term Loan Facility. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Secured Credit Facilities" for more information. We have also recognized $1.4 million in deferred financing costs associated with the Term Loan Facility. The adjustment is not impacted by the amount of capital raised through the PSUS IPO and PSUS Private Placement. 

(f) *Deferred share issuance asset* – Reflects the recognition of the deferred asset which will be recognized in connection with the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors for no additional consideration. The deferred asset will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years. The following table reflects the adjustment in the two scenarios as follows:

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Deferred share issuance asset | $919207 | $1867557 |

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(g)<br> *Deconsolidation of PSUS* – Reflects the adjustment to deconsolidate PSUS, which will no longer be a consolidated subsidiary following the combined offering.

(h) *Additional paid-in capital* – Certain senior professionals are eligible to receive an additional interest in the LTIP upon the occurrence of a "Terminal Value Event," including, for this purpose, this offering. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—LTIP" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Termination and Change of Control Provisions" for more information. The adjustment reflects the stock-based compensation expense which will be recognized upon the consummation of the combined offering. The following table reflects the adjustment in the two scenarios as follows: 

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| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO and** <br>**PSUS Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO and**<br>**PSUS Private**<br>**Placement**  |
| Additional paid-in capital | &nbsp;&nbsp;$147906 | &nbsp;&nbsp;$167627 |

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(i) *Income taxes* – 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, inclusive of the Offering Transaction adjustments, assuming Pershing Square Holdco, L.P. was subject to U.S. federal tax for the periods presented.

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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 $30.7 billion in total AUM and $20.7 billion in Fee-Paying AUM, of which 96% is permanent capital, as of December 31, 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 option 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. With respect to performance fees, Pershing Square Inc. is entitled to the "Preferred Performance Fees," which are the performance fees earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees.

Any realized performance fees in excess of the Preferred Performance Fees, which we refer to as the "Subordinated Performance Fees," are paid to CompCo and used to compensate our investment professionals and certain other employees. 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. See "—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

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#### **TABLE OF CONTENTS**
Because the management fees we earn are a function of the Fee-Paying AUM 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 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 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 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 reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital.

&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 generally to limit our voting power to 40.0% and our beneficial ownership to 47.0% of which 15.2% is held by the Company and 31.7% 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 Management 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 an initial reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"). The HHH

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Base Management 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 and PSUS Private Placement
As reflected in "Unaudited Pro Forma Consolidated Financial Information," we present two scenarios for how much capital may be raised in the PSUS IPO and the PSUS Private Placement. 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 increase our existing $17.1 million investment in PSUS to a $150 million investment in PSUS comprising (i) $100 million of common shares in the PSUS Private Placement and (ii) $50 million of preferred shares to be issued by PSUS in a private placement in connection with and upon completion of the PSUS IPO. See "Business—The Funds and HHH—Pershing Square USA, Ltd." for more information. We intend to finance this additional investment using borrowings under the Term Loan Facility,

As investment manager, PSCM 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. Upon completion of the PSUS IPO, a portion of these management fees from PSUS, or the "offsettable management fees," will reduce the performance fees we receive from PSH. 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, 1 share of our common stock for every 5 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. Similarly, we will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment) in the PSUS Private Placement, for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement. See "Unaudited Pro Forma Consolidated Financial Information" for more information.

Following the completion of the combined offering, we will recognize a deferred asset for the fair value (the "Share Value") of the shares of our common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor. The Share Value will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning on the closing date of the combined offering.

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM 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. As a result of the Holdco Reorganization and subsequent related transfers of interests, our owners who previously held interests directly in PSCM now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group") and/or Pershing Square Holdco, L.P. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such owners also hold interests in PS CompCo, LLC, a Delaware limited liability company ("CompCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), with Pershing Square Holdco, L.P. and PSCM. 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 Subordinated Profits Interest."

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#### **TABLE OF CONTENTS**

#### 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 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 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.

#### 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.

The simplified diagram below depicts the management fees and performance fees we earn from HHH and our existing core funds. The diagram below is presented for illustrative purposes only to facilitate an understanding of our revenue streams.

![](ny20040230x18_diagram01c.jpg)<br>

\*<br> Management fee presented on an annual basis.

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#### **TABLE OF CONTENTS**
*Management Fees* 

Management fees consist of fees earned by PSCM for providing management and administrative services to our funds and other investment vehicles. PSCM 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 services to PSH and our private funds, PSCM 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 reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. As compensation for services to PSVII prior to its liquidation on December 31, 2024, PSCM 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 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.

*Management Fees – HHH Fees*

Management fees also consist of the quarterly HHH Fees earned by PSCM 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 services to HHH, we will earn (i) a quarterly HHH Base Management Fee of $3,750,000 ($15,000,000 on an annual basis) and (ii) a quarterly HHH Variable Management Fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over an initial reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares. The HHH Base Management 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.

The HHH Base Management Fee is calculated and paid to us quarterly in advance at the beginning of each quarter. The HHH Variable Management Fee is 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 Management Fee will be driven by changes in the stock price of shares of HHH common stock from quarter to quarter. As of December 31, 2025, the reference share price was $66.1453 and the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on December 31, 2025 was $81.1647.

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*Management Fees – Contra-Revenue* 

We recognized a $292.8 million deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

In addition, in periods following the completion of the combined offering, we will recognize a deferred asset for the fair value (the "Share Value") of the shares of our common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor. The Share Value will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning on the closing date of the combined offering.

*Performance Fees* 

Performance fees consist of fees and allocations earned by PSCM, as investment manager, from certain of our funds and other investment vehicles generally based on the NAV appreciation 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, the annual performance fee PSCM 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 offsettable 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 reflect an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles pursuant to the Variable Compensation Agreement (as amended and restated, the "VCA") that we entered into in connection with the Strategic Investment.

The VCA has two primary purposes: (1) to provide the company with a preferred return-like entitlement of performance fees, which we refer to as the "Preferred Performance Fees," received by our principal operating subsidiary, PSCM, and (2) to provide an important source of compensation for certain of our personnel, including 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 offsettable fees pursuant to the fee offset arrangement and VCA, as between us and CompCo that would have been required by the VCA and the successor arrangement to be implemented in connection with the combined offering using our actual results for the

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periods presented. As illustrated below, the Preferred Performance Fee that we are entitled to receive for a given period is a function of the applicable high-water mark of the fee-paying investors in the fund, as calculated as of January 1 for such period, as adjusted for capital activity and share buybacks. Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. The amount of the 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. 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 accrue to the next period's Preferred Performance Fee for such fund until paid by such fund.

While our Preferred Performance Fee arrangement for the allocation of performance fee revenue may result in variability in the amounts paid to us and CompCo 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.

The table below 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 and the successor arrangement to be implemented in connection with the combined offering operate. 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 Subordinated Profits Interest."

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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.**  | **Pershing Square Holdings, Ltd.**  |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
| **(in millions)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |  |
| High water mark of performance fee-paying investors<sup>(1)</sup> | $5198.3 | $9052.5 | $10935.8 | $10524.0 | $11899.7 | $12543.8 | [A]  |
| Current year's Preferred Performance Fee<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 | &nbsp;&nbsp;&nbsp;&nbsp;$100.4 | [B] = [A] \* 16% \* 5%  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Offsettable Management Fees<sup>(3)</sup> | $— | $— | $— | $— | $— | $— | [C]  |
| **Current year's Preferred Performance Fee owed to the Company<sup>(4)</sup>** | **$41.6** | **$72.4** | **$87.5** | **$84.2** | **$95.2** | **$100.4** | **[D] = [B] + [C]**  |
| Realized PSH Performance Fees<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;$665.6 | &nbsp;&nbsp;&nbsp;$453.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$306.2 | &nbsp;&nbsp;&nbsp;&nbsp;$226.6 | &nbsp;&nbsp;&nbsp;&nbsp;$489.2 | [E]  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Offsettable Performance Fees<sup>(6)</sup> | $16.0 | $3.6 | $— | $2.1 | $1.7 | $2.6 | [F]  |
| &nbsp;&nbsp;**PSH Performance Fees available for allocation<sup>(7)</sup>** | &nbsp;&nbsp;&nbsp;**$681.6** | &nbsp;&nbsp;&nbsp;**$456.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$308.2** | &nbsp;&nbsp;&nbsp;&nbsp;**$228.2** | &nbsp;&nbsp;&nbsp;&nbsp;**$491.8** | **[G] = [E] + [F]**  |
| &nbsp;&nbsp;Current year's Preferred Performance Fee paid to the Company<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$41.6 | &nbsp;&nbsp;&nbsp;&nbsp;$72.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$84.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$95.2 | &nbsp;&nbsp;&nbsp;&nbsp;$100.4 | [H] = MIN ([D], [G])  |
| Preferred Performance Fee Carryforward<sup>(9)</sup> from prior year(s) paid to the Company<sup>(10)</sup> | $— | $— | $— | $87.5 | $— | $— | [I] = MIN (([G] - [H]), Prior Year [K])  |
| **Total Preferred Performance Fees paid to the Company<sup>(11)</sup>** | **$41.6** | **$72.4** | **$—** | **$171.7** | **$95.2** | **$100.4** | **[J] = [H] + [I]**  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Preferred Performance Fee Carryforward<sup>(9)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$87.5* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*$—* | [K] = MAX (([D] + Prior Year [K] - [J]), 0)  |
| Subordinated Performance Fees paid to CompCo<sup>(12)</sup> | $640.0 | $384.5 | $— | $136.5 | $133.1 | $391.5 | [L] = [G] - [J] |

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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.**  | **Pershing Square International, Ltd.**  |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
| **(in millions)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |  |
| High water mark of performance 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 | &nbsp;&nbsp;$281.8 | [A]  |
| **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** | &nbsp;&nbsp;&nbsp;&nbsp;**$2.3** | **[B] = [A] \* 20% \* 80% \* 5%**  |
| Realized PSINTL Performance Fees<sup>(5)</sup> | &nbsp;&nbsp;$79.9 | &nbsp;&nbsp;$18.2 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$10.3 | &nbsp;&nbsp;&nbsp;&nbsp;$8.3 | &nbsp;&nbsp;$13.1 | [C]  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Offsettable Performance Fees<sup>(6)</sup> | &nbsp;&nbsp;$(16.0) | &nbsp;&nbsp;$(3.6) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(2.1) | &nbsp;&nbsp;$(1.7) | &nbsp;&nbsp;$(2.6) | [D]  |
| &nbsp;&nbsp;**PSINTL Performance Fees available for allocation<sup>(7)</sup>** | &nbsp;&nbsp;**$63.9** | &nbsp;&nbsp;**$14.5** | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;**$8.3** | &nbsp;&nbsp;&nbsp;&nbsp;**$6.6** | &nbsp;&nbsp;**$10.5** | **[E] = [C] + [D]**  |
| &nbsp;&nbsp;Current year's Preferred Performance Fee 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;$2.9 | &nbsp;&nbsp;&nbsp;&nbsp;$3.1 | &nbsp;&nbsp;&nbsp;&nbsp;$2.3 | [F] = MIN ([B], [E])  |
| Preferred Performance Fee Carryforward<sup>(9)</sup> from prior year paid to the Company<sup>(10)</sup> | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3.1 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | [G] = MIN (([E] - [F]), Prior Year [I])  |
| **Total Preferred Performance Fees paid to the Company<sup>(11)</sup>** | &nbsp;&nbsp;**$4.7** | &nbsp;&nbsp;**$3.1** | &nbsp;&nbsp;**$—** | &nbsp;&nbsp;**$6.0** | &nbsp;&nbsp;**$3.1** | &nbsp;&nbsp;**$2.3** | **[H] = [F] + [G]**  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Preferred Performance Fee Carryforward<sup>(9)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;*$3.1* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | &nbsp;&nbsp;&nbsp;&nbsp;*$—* | [I] = MAX (([B] + Prior Year [I] - [H]), 0)  |
| Subordinated Performance Fees paid to CompCo<sup>(12)</sup> | &nbsp;&nbsp;$59.2 | &nbsp;&nbsp;$11.4 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2.3 | &nbsp;&nbsp;$3.6 | &nbsp;&nbsp;$8.3 | [J] = [E] - [H] |

---

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

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

(2) Represents an amount equal to the performance fees PSCM 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 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 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 initially calculated for PSH, which pays PSCM a 16% performance fee, is not similarly reduced by the fee offset arrangement and represents 0.8% of PSH's high-water mark (the product of 16% \* 5%). 

(3) Includes the gross amount of management fees available from certain non-PSH funds pursuant to the investment management agreement between PSH and PSCM to reduce the Preferred Performance Fee calculated for PSH. As of the date hereof, no fund generates such offsettable management fees. Following the completion of the PSUS IPO, the gross amount of such offsettable management fees will consist of 20% of PSUS's management fees.

(4) Represents an amount equal to the performance fees PSCM would have earned from PSH, as described under "Business—Advisory Fees and Compensation," if PSH had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for the offsettable management fees. As of the date hereof, no fund generates offsettable management fees. Following the completion of the PSUS IPO, the gross amount of such offsettable management fees will consist of 20% of PSUS's management fees. 

(5) Refers to the performance fees PSCM earned from the fund, after giving effect to the fee offset arrangement. Pursuant to the investment management agreement between PSH and PSCM, a portion of the performance fees available from certain non-PSH funds reduce the performance fee paid by PSH to PSCM. As of the date hereof, the gross amount of such offsettable performance fees consists of (i) 20% of PSLP's performance allocations and (ii) 20% of PSINTL's performance fees. 

(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 realized PSH performance fees 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. 

(7) Refers to the amount available in a given year, if any, to satisfy payment of the Preferred Performance Fee and any Preferred Performance Fee Carryforward, as described in note (9), then owed to the Company. 

(8) Refers to the amount distributed to us from PSCM with respect to the current year's Preferred Performance Fee, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the current year's Preferred Performance Fee then owed to the Company and (ii) the performance fees available for allocation to the Company and CompCo. For example, had this arrangement been in effect, we would not have received any distribution from PSCM in respect of the Preferred Performance Fee for 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 no performance fees available for allocation to the Company and CompCo. As a result, the Preferred Performance Fee owed to the Company for 2022 was carried forward to 2023, a year in which the funds generated sufficient performance fees to pay the Preferred Performance Fee owed to the Company for 2023 and the Preferred Performance Fee Carryforward from 2022. Had the performance fees earned by the funds in 2023 not been sufficient to satisfy the Preferred Performance Fee owed to the Company for 2023 and/or the Preferred Performance Fee Carryforward from 2022, the unpaid portion would have continued to be carried forward to subsequent years until it was paid in full.

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(9) Refers to the unpaid portion, if any, of the current year's 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. For example, had this arrangement been in effect, a Preferred Performance Fee Carryforward would have been generated in 2022 for the reasons described above in note (8).

(10) Refers to the amount distributed to us from PSCM with respect to the Preferred Performance Fee Carryforward from prior years, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the accrued Preferred Performance Fee Carryforward and (ii) the performance fees available for allocation to the Company and CompCo, less the amounts distributed to us from PSCM with respect to the current year's Preferred Performance Fee.

(11) Refers to the total amount distributed to us from PSCM with respect to the current year's Preferred Performance Fee owed to the Company and any Preferred Performance Fee Carryforward from prior years had this arrangement been in effect for the period presented. 

(12) Refers to the amount distributed to CompCo from PSCM, had this arrangement been in effect for the period presented, in an amount equal to the difference, if any, between the performance fees available for allocation to the Company and CompCo and the Total Preferred Performance Fees paid 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.

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 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 and represent a substantive class of equity. In connection with the combined offering, the LTIP will be replaced in part by certain interests of PS Partner Group that may become redeemable, subject to vesting and certain other conditions, for shares of our common stock held by PS Partner Group, in order to continue to align certain of our senior professionals with our long-term investment horizon. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

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 senior professionals. In addition, in connection with the Holdco Reorganization, former holders of LTIP Awards in PSCM received interests in PS Partner Group which were treated to the same extent as LTIP Awards. The unvested portion of interests in PS Partner Group will be amortized over a 10-year period on a straight-line basis.

Following the combined offering, the profit-sharing arrangement and LTIP related to interests in PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM) will cease. Amounts historically allocated to profit-sharing partners and LTIP participants will instead be distributed in the form of dividends to all holders of our common stock, including former profit-sharing partners and LTIP participants, in their capacity as equity holders and therefore, amounts distributed to former profit-sharing partners and LTIP

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participants will no longer be accounted for as compensation expense in accordance with ASC 710. The LTIP will otherwise remain in full force and effect with respect to the existing interests held by LTIP participants in all other applicable Pershing Square entities, including CompCo and PSGP.

We may also grant awards under our Equity Incentive Plan to employees, directors, consultants and advisors subsequent to the combined offering. These equity awards will be recorded as an expense in our consolidated statements of operations. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan" for a discussion of the plan. We do not currently plan to grant awards under the Equity Incentive Plan to our executive officers.

*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 CompCo. The affiliate fee rebate paid by PS Partner Group following the Holdco Reorganization is recognized as an expense. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH.

*General and Administrative Expense* 

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. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the LTIP. 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. In connection with the completion of the combined offering, we expect to grant RSUs under our Equity Incentive Plan to certain employees and other service providers. 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)
*Unrealized Gain (Loss) on HHH Shares Held at Fair Value* 

We account for our investment in HHH using the fair value option, in accordance with ASC 825-10 Financial Instruments. As a part of the election, we recognize any changes in the fair value of the investment in HHH as non-operating income or loss, commensurate with appreciation or depreciation in the value of HHH's publicly traded share price as of the end of the reporting period.

*Interest Income* 

Interest income consists of interest earned from our cash on hand.

*Unrealized Gain (Loss) on Investment in Pershing Square, L.P. Held at Fair Value* 

Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value consists of the gain or loss 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 GAAP.

*Other Income (Expense)* 

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

Prior to December 31, 2025, Mr. Ackman's family office, TABLE Management, L.P. ("TABLE"), licensed a portion of our office space under a license agreement which also granted TABLE the use of certain office-related services. As of December 31, 2025, TABLE no longer licenses office space from us, and, as a result, following such date, we no longer receive the related income or bear the associated license expense. 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's corporate aircraft and, in such cases, PSCM 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* 

Interest expense 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.

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#### 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.

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.

PS Holdco and PS Partner Group elected to be subject to both the New York State and New York City Pass-Through Entity Tax (together, "PTET") for the year ended December 31, 2025, and PSCM made the same elections for the year ended December 31, 2024. PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns, and any PTET owed is a joint liability of (i) PS Holdco or PS Partner Group and (ii) each 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 (i) with respect to our core funds and PSVII, the net assets of our core funds and PSVII as calculated in accordance with GAAP or IFRS, as applicable, while adding back accrued performance fees and the principal value of PSH's outstanding bonds (approximately $2.3 billion and $3.7 billion as of December 31, 2024 and December 31, 2025, respectively) without double counting the investment made by any of our funds in PSVII and (ii) with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent publicly available filing.

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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)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp;(188.8)  | &nbsp;&nbsp;&nbsp;&nbsp;(11.1)  | &nbsp;&nbsp;&nbsp;&nbsp;(6.0)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2)  | &nbsp;&nbsp;&nbsp;&nbsp;(206.1) |
| 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)  |
| Appreciation (Depreciation) in Market Value | &nbsp;&nbsp;&nbsp;1589.1 | &nbsp;&nbsp;&nbsp;&nbsp;159.9 | &nbsp;&nbsp;&nbsp;&nbsp;65.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96.9) | &nbsp;&nbsp;&nbsp;1717.5  |
| Increase (Decrease) in EUR FX Translation of PSH Bond Proceeds | &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** | **$15329.2** | **$1328.0** | **$433.6** | **$—** | **$17090.7** |

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(1) As of December 31, 2024 and 2023, 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). 

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

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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** | **HHH** | **Total**<br>**Funds & HHH**  |
| **Balance at December 31, 2024** | $15329.2 | $1328.0 | $433.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$17090.7  |
| Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;104.3 | &nbsp;&nbsp;&nbsp;&nbsp;80.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184.3  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(232.2) | &nbsp;&nbsp;(199.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(431.8)  |
| Initiation of HHH Services Agreement<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9256.4 | &nbsp;&nbsp;&nbsp;9256.4  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp;(118.1) | &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;(118.1)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp;(369.1) | &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;(369.1)  |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp;(208.0) | &nbsp;&nbsp;&nbsp;&nbsp;(10.4) | &nbsp;&nbsp;&nbsp;&nbsp;(4.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(222.9)  |
| Performance Fees | &nbsp;&nbsp;&nbsp;&nbsp;(489.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(13.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(502.3) |
| Appreciation (Depreciation) in Market Value / Market Capitalization<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;3222.6 | &nbsp;&nbsp;&nbsp;&nbsp;340.9 | &nbsp;&nbsp;&nbsp;112.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768.6 | &nbsp;&nbsp;&nbsp;4444.8  |
| PSH Bond Issuance | &nbsp;&nbsp;&nbsp;1235.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1235.5  |
| Increase (Decrease) in EUR FX Translation of PSH Bond Proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.0  |
| **Balance at December 31, 2025** | **$18700.9** | **$1530.6** | **$409.0** | **$10025.0** | &nbsp;&nbsp;**$30665.6** |

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(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date).

(2)<br> Reflects HHH's market capitalization at market open on May 5, 2025 plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.

(3)<br> Appreciation (depreciation) in market capitalization is only applicable to HHH.

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The table below presents the AUM of our core funds and HHH as of January 1, 2020 and as of December 31 for each of the last six years.

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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)** | **CAGR**  |
| **Fund** | **January 1,** <br>**2020** | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(3)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **(2020-2025)<sup>(4)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSH<sup>(1)</sup> | $7121 | $11153 | $14409 | $12215 | $14415 | $15329 | $18701 | 17%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth*<br>|  | *57%* | *29%* | *(15%)* | *18%* | *6%* | *22%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSLP | 727 | 903 | 1472 | 1217 | 1384 | 1328 | 1531 | 13%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *24%* | *63%* | *(17%)* | *14%* | *(4%)* | *15%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSINTL  | 726 | 510 | 629 | 520 | 592 | 434 | 409 | (9%)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *(30%)* | *23%* | *(17%)* | *14%* | *(27%)* | *(6%)* |  |
| **Total Core Funds** | **$8573** | **$12566** | **$16510** | **$13951** | **$16391** | **$17091** | **$20641** | **16%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *47%* | *31%* | *(15%)* | *17%* | *4%* | *21%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HHH<sup>(2)</sup> |  |  |  |  |  |  | 10025 |  |
| **Total Core Funds & HHH** | **$8573** | **$12566** | **$16510** | **$13951** | **$16391** | **$17091** | **$30666** | **24%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *47%* | *31%* | *(15%)* | *17%* | *4%* | *79%* |  |

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(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of 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. As of January 1, 2020, PSH's AUM includes bond proceeds of $1.4 billion.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

(3) 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 ("CAGR") is presented from January 1, 2020 through December 31, 2025 (with the exception of HHH on its own as its calculation period is less than one year).

#### Fee-Paying Assets Under Management
Fee-Paying AUM refers to (i) with respect to our core funds and PSVII, the AUM we manage and earn a performance fee and/or management fee from for our core funds and PSVII and (ii) with respect to HHH, the market capitalization of HHH. 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)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp;(188.8)  | &nbsp;&nbsp;&nbsp;(11.1)  | &nbsp;&nbsp;&nbsp;&nbsp;(6.0)  | &nbsp;&nbsp;&nbsp;(0.2)  | &nbsp;&nbsp;&nbsp;&nbsp;(206.1)  |
| Performance Fees / Allocations | &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)  |
| Appreciation (Depreciation) in Market Value | &nbsp;&nbsp;&nbsp;1589.1 | &nbsp;&nbsp;&nbsp;&nbsp;84.3 | &nbsp;&nbsp;&nbsp;&nbsp;47.6 | &nbsp;&nbsp;&nbsp;(4.3) | &nbsp;&nbsp;&nbsp;1716.7  |
| **Balance at December 31, 2024** | **$13011.2** | **$669.8** | **$329.8** | **$—** | **$14010.9** |
| Less: Non-Permanent Fee-Paying AUM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(669.8)  | &nbsp;&nbsp;(329.8)  | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(999.6)  |
| **Permanent Fee-Paying AUM** | **$13011.2**  | **$—** | **$—** | **$—** | **$13011.2** |

---

(1)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnotes 1 to the tables immediately 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.

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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**  | **HHH**  | **Total** <br>**Funds & HHH**  |
| **Balance at December 31, 2024**  | $13011.2  | $669.8  | $329.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;$14010.9  |
| Private Funds Subscriptions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.9  |
| Private Funds Redemptions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(149.0)  | &nbsp;&nbsp;(157.6)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;$(306.6)  |
| Private Funds Transfer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.9  |
| Initiation of HHH Services Agreement<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;4007.3  | &nbsp;&nbsp;$4007.3  |
| PSH Dividends  | &nbsp;&nbsp;&nbsp;&nbsp;(118.1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;$(118.1)  |
| PSH Buybacks  | &nbsp;&nbsp;&nbsp;&nbsp;(369.1)  | &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;$(369.1)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp;(208.0)  | &nbsp;&nbsp;&nbsp;(10.4)  | &nbsp;&nbsp;&nbsp;&nbsp;(4.5)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;$(222.9)  |
| Performance Fees / Allocations  | &nbsp;&nbsp;&nbsp;&nbsp;(489.2)  | &nbsp;&nbsp;&nbsp;(29.7)  | &nbsp;&nbsp;&nbsp;(13.1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;$(532.1) |
| Appreciation (Depreciation) in Market Value / Market Capitalization<sup>(3)</sup>  | &nbsp;&nbsp;&nbsp;3222.6 | &nbsp;&nbsp;&nbsp;158.5  | &nbsp;&nbsp;&nbsp;&nbsp;70.1  | &nbsp;&nbsp;&nbsp;&nbsp;730.3 | &nbsp;&nbsp;$4181.5 |
| **Balance at December 31, 2025**  | **$15049.4** | **$648.0**  | **$224.7**  | **$4737.6** | &nbsp;&nbsp;**$20659.7** |
| Less: Non-Permanent Fee-Paying AUM<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;(648.0) | &nbsp;&nbsp;(224.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(872.7) |
| &nbsp;&nbsp;**Permanent Capital AUM** | **$15049.4** | **$—** | **$—** | **$4737.6** | &nbsp;&nbsp;**$19787.0** |

---

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

(2)<br> Reflects the market capitalization of HHH at market open on May 5, 2025.

(3)<br> Appreciation (depreciation) in market capitalization is only applicable to HHH.

(4)<br> Non-Permanent Fee-Paying AUM refers to the portion of Fee-Paying AUM that is subject to withdrawal or redemption at the option of the fund investor or stockholder.

The table below presents the Fee-Paying AUM of our core funds and HHH as of January 1, 2020 and as of December 31 for each of the last six years.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **CAGR**  |
| **Fund** | **January 1,** <br>**2020** | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(2)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **(2020-2025)<sup>(3)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSH<sup>(1)</sup> | $5721 | $9053 | $11409 | $9880 | $12063 | $13011 | $15049 | *17%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *58%* | *26%* | *(13%)* | *22%* | *8%* | *16%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSLP | 610 | 667 | 735 | 634 | 743 | 670 | 648 | *1%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *9%* | *10%* | *(14%)* | *17%* | *(10%)* | *(3%)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;PSINTL | 717 | 495 | 397 | 333 | 426 | 330 | 225 | *(18%)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *(31%)* | *(20%)* | *(16%)* | *28%* | *(23%)* | *(32%)* |  |
| **Total Core Funds** | **$7047** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$15922** | ***15%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *45%* | *23%* | *(14%)* | *22%* | *6%* | *14%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;HHH  |  |  |  |  |  |  | 4738 |  |
| **Total Core Funds & HHH** | **$7047** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$20660** | ***20%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*% Growth* |  | *45%* | *23%* | *(14%)* | *22%* | *6%* | *47%* |  |

---

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

(2) 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 quarterly dividend payment to the PSH shareholders, (c) negative performance in our underlying portfolio related to decreases in the stock prices of some of our portfolio companies and (d) crystallization of a performance fee with respect to PSINTL.

(3)<br> Compound Annual Growth Rate ("CAGR") is presented from January 1, 2020 through December 31, 2025 (with the exception of HHH on its own as its calculation period is less than one year).

#### Permanent Capital AUM
Permanent capital AUM refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option 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,

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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.

The following table compares permanent capital AUM for our core funds and HHH as of December 31, 2023, 2024 and 2025. 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**  | **As of**  | **As of**  |
|  | **December 31, 2023** | **December 31, 2024** | **December 31, 2025**  |
| Core Funds and HHH<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$12062.6 | &nbsp;&nbsp;&nbsp;&nbsp;$13011.2 | &nbsp;&nbsp;&nbsp;&nbsp;$19787.0 |

---

(1) Periods prior to May 5, 2025 do not reflect HHH's permanent capital AUM. HHH's permanent capital AUM as of December 31, 2025 reflects the market capitalization of HHH at market open on May 5, 2025 adjusted for appreciation or depreciation in such market capitalization as of the end of the reporting period.

#### Recent Developments
As of March 31, 2026, AUM for PSH, PSLP, PSINTL, HHH, and total AUM for our core funds and HHH was $16.1 billion, $1.3 billion, $341 million, $8.9 billion and $26.6 billion, respectively, and Fee-Paying AUM for PSH, PSLP, PSINTL, HHH, and total core AUM for our funds and HHH was $12.5 billion, $533 million, $185 million, $3.8 billion and $17.0 billion, respectively. As of March 31, 2026, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date), and PSH's Fee-Paying AUM does not reflect such bonds outstanding. As of March 31, 2026, permanent capital AUM for our core funds and HHH was $16.3 billion.

#### 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 periods ended December 31, 2024 and December 31, 2025. 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)%  |
| Interest Rate <br>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% |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  |
| &nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10.3% | &nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9.0% | &nbsp;&nbsp;Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| Federal National Mortgage Association | &nbsp;&nbsp;5.8%  | &nbsp;&nbsp;Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;5.2%  | Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;&nbsp;5.9%  |
| Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;&nbsp;5.0%  | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;4.7%  | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;5.1%  |
| Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.5%  | Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.0%  | Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp;Uber Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.1%  |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Share Buyback Accretion | &nbsp;&nbsp;&nbsp;&nbsp;1.2%  | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1.1%  | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.9%  |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.0%  | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.8%  | Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.6%  |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp;Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.5%  | &nbsp;&nbsp;Nike, Inc.  | &nbsp;&nbsp;&nbsp;(1.8)%  | &nbsp;&nbsp;Howard Hughes Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.5%  |
| Bond Interest Expense  | &nbsp;&nbsp;(0.8)%  | Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp;(3.3)%  | &nbsp;&nbsp;Nike, Inc.  | &nbsp;&nbsp;&nbsp;(1.9)%  |
| &nbsp;&nbsp;Nike, Inc.  | &nbsp;&nbsp;(2.5)%  | &nbsp;&nbsp;All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;&nbsp;0.4%  | Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp;(3.6)%  |
| Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;(4.6)%  |  |  | All Other Positions and Other Income/Expense | &nbsp;&nbsp;&nbsp;(0.2)% |
| &nbsp;&nbsp;All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;&nbsp;0.6%  |  |  |  |  |
| &nbsp;&nbsp;**Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;26.5%  | &nbsp;&nbsp;**Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;24.6%  | &nbsp;&nbsp;**Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |

---

(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 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. 

For the three-month period ended March 31, 2026, gross returns for PSH, PSLP and PSINTL were (15.9)%, (13.8)% and (15.3)%, respectively. For more information on gross returns, refer to footnote 1 to the tables immediately above.

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#### Consolidated Results of Operations
The following tables set forth information regarding our consolidated results of operations for the years ended December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended December 31,** | **For the Year**<br>**Ended December 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change**  |
| **($ in thousands)** | **2024** | **2025** | $**%** |
| **Revenue**<br>|  |  |  |
| Management fees<sup>(1)</sup> | $206067 | $230420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%  |
| Performance fees<sup>(2)</sup> | &nbsp;&nbsp;249431 | &nbsp;&nbsp;532088 | &nbsp;&nbsp;&nbsp;&nbsp;113%  |
| **Total revenue** | &nbsp;&nbsp;455498 | &nbsp;&nbsp;762508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67%  |
| **Expenses**<br>|  |  |  |
| Profit-sharing partner compensation<sup>(2)</sup> | &nbsp;&nbsp;339133 | &nbsp;&nbsp;459079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35%  |
| &nbsp;&nbsp;Affiliates fee rebate | &nbsp;&nbsp;&nbsp;69301 | &nbsp;&nbsp;&nbsp;77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12%  |
| General and administrative expense | &nbsp;&nbsp;&nbsp;50812 | &nbsp;&nbsp;&nbsp;42074 | &nbsp;&nbsp;&nbsp;&nbsp;(17%)  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp;13164 | &nbsp;&nbsp;&nbsp;20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54%  |
| Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;2778 | &nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp;(17%)  |
| **Total expenses** | &nbsp;&nbsp;475188 | &nbsp;&nbsp;601262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27%  |
| **Operating income (loss)** | &nbsp;&nbsp;(19690) | &nbsp;&nbsp;161246 | &nbsp;&nbsp;&nbsp;&nbsp;919%  |
| **Non-operating income (expenses)**<br>|  |  |  |
| Unrealized gain on HHH shares held at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;110700 | &nbsp;&nbsp;&nbsp;&nbsp;100% |
| Interest income | &nbsp;&nbsp;&nbsp;28508 | &nbsp;&nbsp;&nbsp;16910 | &nbsp;&nbsp;&nbsp;&nbsp;(41%)  |
| Unrealized gain on investment in Pershing Square, L.P. held at fair value<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6986 | &nbsp;&nbsp;&nbsp;12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75%  |
| &nbsp;&nbsp;Other income | &nbsp;&nbsp;&nbsp;&nbsp;5667 | &nbsp;&nbsp;&nbsp;&nbsp;5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8%)  |
| &nbsp;&nbsp;Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;(3096) | &nbsp;&nbsp;&nbsp;&nbsp;(2302) | &nbsp;&nbsp;&nbsp;&nbsp;(26)%  |
| **Total non-operating income** | &nbsp;&nbsp;&nbsp;38065 | &nbsp;&nbsp;142773 | &nbsp;&nbsp;&nbsp;&nbsp;275%  |
| **Net income before taxes** | &nbsp;&nbsp;&nbsp;18375 | &nbsp;&nbsp;304019 | &nbsp;&nbsp;1,555%  |
| Income tax expense | &nbsp;&nbsp;&nbsp;15985 | &nbsp;&nbsp;&nbsp;22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40%  |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp;2390 | &nbsp;&nbsp;281710 | &nbsp;&nbsp;11,687%  |
| Less: Net (income) loss attributable to non-controlling interest | &nbsp;&nbsp;(16541) | &nbsp;&nbsp;(31933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93%  |
| &nbsp;&nbsp;&nbsp;**Net income (loss) attributable to Pershing Square** <br>**Holdco, L.P.** | $(14151) | $249777 | &nbsp;&nbsp;1,865% |

---

(1) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

(2) 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, 2024 and 2025

#### Revenue
*Management Fees* 

Total management fees increased by $34.0 million, or 16%, on a gross basis, and $24.4 million, or 12%, net of the HHH contra-revenue, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase of $17.1 million in fees earned pursuant to the HHH Services Agreement and an increase of $9.6 million in management fees earned from PSH offset by a decrease of $1.5 million in management fees earned from PSINTL.

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*Performance Fees* 

Total performance fees increased $282.7 million, or 113%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily due to an increase in performance fees earned from PSH. The increase in performance fees was driven by an increase in gross returns of 26.5% for the year ended December 31, 2025 compared to gross returns of 13.8% for the year ended December 31, 2024. See "—Fund Performance" above for more information.

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

Profit-sharing partner compensation increased $119.9 million, or 35%, from the year ended December 31, 2024 to the year ended December 31, 2025. The increase was primarily driven by an increase of $248.7 million in the Subordinated Performance Fees offset by a $111.3 million reduction in new permanent profits interests grants.

*Affiliates Fee Rebate* 

The affiliates fee rebate increased $8.3 million, or 12%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase in fee rebates to partners as a result of higher earned management fees and performance fees.

*General and Administrative Expense* 

General and administrative expense decreased $8.7 million, or 17%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by a decrease of $6.4 million in aircraft expense and a decrease of $4.6 million in professional fees, offset by an increase of $1.8 million in travel-related expenses.

*Employee Compensation and Benefits* 

Employee compensation and benefits increased $7.1 million, or 54%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase in headcount.

*Depreciation and Amortization Expense* 

Depreciation and amortization expense had an immaterial decrease in the amount of $0.5 million, or 17%, from the year ended December 31, 2024 to the year ended December 31, 2025.

#### Non-operating Income (Expenses)
*Unrealized gain on HHH shares held at fair value*

Unrealized gain on HHH shares held at fair value increased by $110.7 million, or 100%, from the year ended December 31, 2024 to the year ended December 31, 2025, as a result of the HHH Transaction which took place in May 2025 and the share price of HHH's publicly traded common stock on December 31, 2025.

*Interest Income* 

Interest income decreased by $11.6 million, or 41%, from the year ended December 31, 2024 to the year ended December 31, 2025. Interest income for the year ended December 31, 2024 was primarily related to interest on cash and cash equivalents as a result of the Strategic Investment. Cash and cash equivalents have decreased for the year ended December 31, 2025 as a result of the Howard Hughes Transaction, which has led to a decrease in interest income for the period.

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*Unrealized Gain on Investment in Pershing Square, L.P. Held at Fair Value* 

Unrealized gain on investment in PSLP held at fair value increased by $5.2 million, or 75%, from the year ended December 31, 2024 to the year ended December 31, 2025. As of December 31, 2025 and 2024, PSGP had an ownership interest of approximately 5.2% and 4.5%, respectively, in PSLP. For the years ended December 31, 2025 and 2024, PSGP recorded a gain of $12.2 million and $7.0 million, respectively, from its investment in PSLP based on PSLP's performance.

*Other Income*

Other income had an immaterial decrease in the amount of $0.4 million, or 8%, from the year ended December 31, 2024 to the year ended December 31, 2025.

*Interest Expense* 

Interest expense had an immaterial decrease in the amount of $0.8 million, or 26%, from the year ended December 31, 2024 to the year ended December 31, 2025.

*Income Tax Expense* 

Income tax expense increased by $6.3 million, or 40%, from the year ended December 31, 2024 to the year ended December 31, 2025, which was primarily related to the New York City Unincorporated Business Tax ("UBT").

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

Net income attributable to non-controlling interest increased by $15.4 million, or 93%, from the year ended December 31, 2024 to the year ended December 31, 2025, which was directly attributable to the increased gain allocated from PSLP. For the year ended December 31, 2024, the net income allocated from PSLP and PSVII was $16.5 million. For the year ended December 31, 2025, the net income allocated from PSLP was $31.9 million. PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

#### Consolidated Changes in Financial Condition
The following table sets forth information regarding our consolidated changes in financial condition as of December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,**  | **As of December 31,**  | **Change**  |
| **($ in thousands)** | **2024**  | **2025**  | $**%**  |
| **Assets**<br>|  |  |  |
| Cash and cash equivalents  | $964857  | $55398  | &nbsp;&nbsp;&nbsp;&nbsp;(94%)  |
| Restricted cash  | 119  | 119  | &nbsp;&nbsp;&nbsp;&nbsp;0%  |
| Performance fees receivable  | 232670  | 497330  | &nbsp;&nbsp;&nbsp;&nbsp;114%  |
| Due from affiliates<sup>(1)</sup> | 8069  | 15614  | &nbsp;&nbsp;&nbsp;&nbsp;93%  |
| Prepaid expenses  | 866  | 1345  | &nbsp;&nbsp;&nbsp;&nbsp;55%  |
| Investment in Howard Hughes Holdings Inc. shares, at fair value  | —  | 717930  | &nbsp;&nbsp;&nbsp;&nbsp;100%  |
| Deferred HHH Services Agreement premium  | —  | 283158 | &nbsp;&nbsp;&nbsp;&nbsp;100%  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | 59513  | 79288  | &nbsp;&nbsp;&nbsp;&nbsp;33%  |
| &nbsp;&nbsp;Lease right-of-use assets  | 30590  | 28441  | &nbsp;&nbsp;&nbsp;&nbsp;(7%)  |
| Fixed assets and leasehold improvements (net of accumulated depreciation of $15,292 and $17,593)  | 16835  | 14984  | &nbsp;&nbsp;&nbsp;&nbsp;(11%)  |
| Deferred sublease incentive  | 4640  | 4129  | &nbsp;&nbsp;&nbsp;&nbsp;(11%)  |
| Other assets  | 634  | 3466  | &nbsp;&nbsp;&nbsp;&nbsp;447%  |
| **Total assets** | 1318793  | 1701202  | &nbsp;&nbsp;&nbsp;&nbsp;29%  |
| **Liabilities**<br>|  |  |  |
| Accrued compensation and benefits<sup>(1)</sup> | 170115  | 426094  | &nbsp;&nbsp;&nbsp;&nbsp;150%  |
| Performance fee distributions payable<sup>(1)</sup> | 49283  | 54839  | &nbsp;&nbsp;&nbsp;&nbsp;11%  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,**  | **As of December 31,**  | **Change**  |
| **($ in thousands)** | **2024**  | **2025**  | $**%**  |
| &nbsp;&nbsp;Affiliates fee rebate payable  | 21662  | 24144  | &nbsp;&nbsp;&nbsp;&nbsp;11%  |
| Taxes payable  | 13628  | 17029  | &nbsp;&nbsp;&nbsp;&nbsp;25%  |
| Distributions payable to partners | 8736  | 10104  | &nbsp;&nbsp;&nbsp;&nbsp;16%  |
| Accounts payable | 6982  | 8620  | &nbsp;&nbsp;&nbsp;&nbsp;23%  |
| Deferred revenue | —  | 3786  | &nbsp;&nbsp;&nbsp;&nbsp;100%  |
| Operating lease liabilities  | 46329  | 42673  | &nbsp;&nbsp;&nbsp;&nbsp;(8%)  |
| Loans payable  | 34800  | 34800  | &nbsp;&nbsp;&nbsp;&nbsp;0%  |
| **Total liabilities**  | 351535  | 622089  | &nbsp;&nbsp;&nbsp;&nbsp;77%  |
| **Partners' capital**<br>|  |  |  |
| Partners' capital controlling interests  | 920469  | 1016418  | &nbsp;&nbsp;&nbsp;&nbsp;10%  |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | 46789  | 62695  | &nbsp;&nbsp;&nbsp;&nbsp;34%  |
| **Total partners' capital**  | 967258  | 1079113 | &nbsp;&nbsp;&nbsp;&nbsp;12%  |
| **Total liabilities and partners' capital**  | $1318793  | $1701202 | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

(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 Balances as of December 31, 2024 and December 31, 2025
*Cash and Cash Equivalents* 

Cash and cash equivalents decreased by $909.5 million, or 94%, from December 31, 2024 to December 31, 2025, primarily driven by the use of cash for the HHH Transaction which was completed in May 2025.

*Performance Fees Receivable* 

Performance fees receivable increased by $264.7 million, or 114%, from December 31, 2024 to December 31, 2025, primarily due to an increase in the performance fees receivable from PSH. See "—Comparison of the Years Ended December 31, 2024 and 2025—Revenue—Performance Fees."

*Investment in HHH Shares, at Fair Value* 

Investment in HHH shares, at fair value increased by $717.9 million, or 100%, from December 31, 2024 to December 31, 2025, due to the Howard Hughes Transaction which was completed in May 2025.

*Deferred HHH Services Agreement Premium* 

Deferred HHH Services Agreement premium increased by $283.2 million, or 100%, from December 31, 2024 to December 31, 2025, due to the HHH Premium, which is deemed for accounting purposes to represent the amount paid above HHH's publicly traded share price to obtain the HHH Services Agreement, offset by the amortization. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years with a start date of May 5, 2025.

*Accrued Compensation and Benefits* 

Accrued compensation and benefits increased by $256.0 million, or 150%, from December 31, 2024 to December 31, 2025, primarily due to increased profit-sharing partner compensation. Distributions of profit-sharing partner compensation are accrued in the year in which our performance fees crystalize, but are not paid out until after year end.

#### 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").

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#### 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 and other operating expenses, and after deducting "Subordinated Performance Fees," which consist of amounts in excess of Preferred Performance Fees which are payable to CompCo 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. Although the VCA will be terminated in connection with the combined offering and PSCM will issue the Preferred Profits Interest (as defined below) and the Subordinated Profits Interest (as defined below) to CompCo, the terms of the Preferred Profits Interest and the Subordinated Profits Interest will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between us and CompCo, as currently provided by the VCA. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

#### 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.

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, 2024 and 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **CAGR<sup>(5)</sup>**  |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024**  | **2025** | **2020-2025** |
| Management fees | $117286 | $162443 | $163515 | $170801 | $206067 | $230420 | 14% |
| Management fees – contra-revenue<sup>(1)</sup> |  |  |  |  |  | 9612 |  |
| Preferred Performance Fees – current year<sup>(2)</sup> | 46332 | 75555 | 33 | 87087 | 98269 | 102604 |  |
| Preferred Performance Fees – carryforwards |  |  |  | 90573 |  |  |  |
| **FRE revenue** | **$163618** | **$237998** | **$163548** | **$348461** | **$304336** | **$342636** | **16%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***45%*** | ***(31%)*** | ***113%*** | ***(13%)*** | ***13%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Employee compensation and benefits | $(19170) | $(12699) | $(10859) | $(13124) | $(13164) | $(20228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: General and administrative expense, net<sup>(3)</sup> | (11029) | (13428) | (21801) | (18380) | (45145) | (36834) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Depreciation and amortization expense | (2762) | (2985) | (5035) | (2758) | (2778) | (2301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-recurring expenses<sup>(4)</sup> |  |  |  |  | 25890 | 14652 |  |
| **Less: FRE expenses** | **$(32961)** | **$(29112)** | **$(37695)** | **$(34262)** | **$(35197)** | **$(44711)** | ***6%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***(12%)*** | ***29%*** | ***(9%)*** | ***3%*** | ***27%*** |  |
| **Fee-related earnings** | **$130657** | **$208886** | **$125853** | **$314199** | **$269139** | **$297925** | ***18%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Margin*** | ***79.9%*** | ***87.8%*** | ***77.0%*** | ***90.2%*** | ***88.4%*** | ***87.0%*** |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **CAGR<sup>(5)</sup>**  |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024**  | **2025** | **2020-2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***60%*** | ***(40%)*** | ***150%*** | ***(14%)*** | ***11%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (expense), net | $(1139) | $(932) | $(2529) | $(6330) | $25413 | $14608 |  |
| **Distributable earnings** | **$129518** | **$207954** | **$123324** | **$307869** | **$294552** | **$312533** | ***19%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***61%*** | ***(41%)*** | ***150%*** | ***(4%)*** | ***6%*** |  |

---

(1) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

(2) Reflects total performance fees less performance fees from Pershing Square, L.P. See footnote 3 in the table immediately below. 

(3)<br> Reflects general and administrative expense less other income.

(4) Refers to non-recurring expenses that do not represent the ongoing cost of running our business and are not reflective of our operational performance. For the year ended December 31, 2024, includes expenses related to the Strategic Investment and for the year ended December 31, 2025, includes expenses related to the HHH Transaction and the combined transaction.

(5)<br> Compound Annual Growth Rate ("CAGR") is presented from January 1, 2020 through December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025**  |
| Net income (loss) attributable to Pershing Square Holdco, L.P. | $481852 | $300064 | $51839 | $209460 | $(14151) | $249777  |
| Net (income) loss attributable to non-controlling interest | (60000) | (31678) | 4729 | (24261) | (16541) | (31933)  |
| **Net income** | **$541852** | **$331742** | **$47110** | **$233721** | **$2390** | **$281710**  |
| &nbsp;&nbsp;&nbsp;&nbsp;*% Margin* | 56.2% | 48.7% | 28.8% | 45.6% | 0.5% | 36.9%  |
| Income tax expense | 17400 | 10516 | 4793 | 18170 | 15985 | 22309  |
| **Net income before taxes** | **$559252** | **$342258** | **$51903** | **$251891** | **$18375** | **$304019**  |
| Subordinated Performance Fees<sup>(1)</sup> | (699174) | (395863) |  | (138829) | (136618) | (399741)  |
| Management fees – contra-revenue<sup>(2)</sup> |  |  |  |  |  | 9612  |
| Gain on lease modification |  |  | (3570) |  |  | —  |
| Gain on unvested compensation |  | (897) |  |  |  | —  |
| Unrealized (gain) loss allocated from Pershing Square, L.P.<sup>(3)</sup> | (4496) | (15763) | 4737 | (11362) | (6986) | (12224)  |
| Unrealized (gain) loss on HHH shares held at fair value |  |  |  |  |  | (110700) |
| Performance fees from Pershing Square, L.P.<sup>(3)</sup> | (70585) | (35935) | (13) | (19408) | (14543) | (29742)  |
| Non-recurring expenses<sup>(4)</sup> |  |  |  |  | 25890 | 14652  |
| Affiliates fee rebate<sup>(5)</sup> | 164037 | 141041 | 34849 | 115706 | 69301 | 77580  |
| Profit-sharing partner compensation<sup>(6)</sup> | 210584 | 183936 | 35418 | 115830 | 339133 | 459077  |
| Performance fee offset<sup>(7)</sup> | (30100) | (10823) |  | (5959) |  | —  |
| **Distributable earnings** | **$129518** | **$207954** | **$123324** | **$307869** | **$294552** | **$312533**  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***61%*** | ***(41%)*** | ***150%*** | ***(4%)*** | ***6%*** |
| Interest income (expense), net | $1139 | $932 | $2529 | $6330 | $(25413) | $(14608)  |
| **Fee-related earnings** | **$130657** | **$208886** | **$125853** | **$314199** | **$269139** | **$297925**  |
| &nbsp;&nbsp;&nbsp;&nbsp;***% Growth*** |  | ***60%*** | ***(40%)*** | ***150%*** | ***(14%)*** | ***11%*** |

---

(1)<br> PSCM pays the Subordinated Performance Fees to CompCo, an entity that compensates its members (including our investment professionals and certain other employees). As such, the Subordinated Performance Fees are not available to us for distribution or dividends.

(2) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. 

(3)<br> The operations of PSGP, the general partner of PSLP, are consolidated with our results under GAAP rules, but we have no equity interest in PSGP and, as a result, the gain/loss allocated from PSLP is attributable to non-controlling interest.

(4) Refers to non-recurring expenses that do not represent the ongoing cost of running our business and are not reflective of our operational performance. For the year ended December 31, 2024, includes expenses related to the Strategic Investment and for the year ended December 31, 2025, includes expenses related to the HHH Transaction and the combined transaction. 

(5) We have historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Such rebates will not continue following the completion of the combined offering, and therefore in order to facilitate period-to-period comparability, we have presented DE for the historical periods presented on a basis that excludes such affiliates fee rebate. 

(6)<br> Prior to or following the completion of the combined offering, shares of our common stock and/or certain interests of PS Partner Group will be granted to the partners in PS Partner Group in exchange for their existing profit-sharing interests. As a result, all cash-based

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profit-sharing distributions which had previously been treated as a compensation expense prior to the completion of the combined offering will be treated as equity distributions subsequent to such offering. Therefore, in order to facilitate period-to-period comparability, we have presented DE for the historical periods presented on a basis that excludes such profit-sharing partner compensation.

(7) Refers to the portion of the fees earned by certain of our funds that serves to reduce the performance fee paid by PSH to PSCM. As such, the amount of the performance fee offset is not available to us for distribution or dividends. 

#### 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 the 2021 Line of Credit. Going forward, we intend to finance our operations and working capital through net cash provided by operating activities and borrowings under our Revolving Facility (as defined below).

We expect that our cash flow from operations, current cash and cash equivalents, and the availability of borrowings under our Revolving Facility 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. See Note 6, "Debt Obligations" to our consolidated financial statements included elsewhere in this prospectus.

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. As of December 31, 2025, $34,800,000 was outstanding under the 2014 Line of Credit, and we had no borrowings under the 2021 Line of Credit. We intend to repay any amounts outstanding under, and close, the 2014 Line of Credit and 2021 Line of Credit at or prior to the completion of the combined offering.

#### Senior Secured Credit Facilities
We and a syndicate of banks, led by Bank of America, N.A., as administrative agent, intend to enter into a credit agreement (the "Credit Agreement") prior to the completion of the combined offering. The Credit Agreement will consist of (i) a senior secured revolving credit facility (the "Revolving Facility") in an initial aggregate principal amount of $100 million, subject to increase prior to the closing date of the Credit Agreement pursuant to any reallocation as described in clause (ii), and (ii) a senior secured term loan facility (the "Term Loan Facility," and together with the Revolving Facility, the "Senior Credit Facilities") of up to $150 million aggregate principal amount, provided that such amount may be reduced at our election to the amount required to fund the Anchor Investment in PSUS, where the amount of any such reduction shall be allocated to the Revolving Facility.

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Borrowings under the Senior Credit Facilities will bear interest at a rate equal to, at our option, either (i) Term SOFR, plus an applicable margin or (ii) a base rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the rate of interest in effect as publicly announced by Bank of America from time to time as its "prime rate," (c) Term SOFR plus 1.00% and (d) 1.00%. The applicable margins will vary based on our consolidated leverage ratio.

Loans under the Term Loan Facility will not be subject to amortization prior to maturity. The Senior Credit Facilities will mature on the third anniversary of the closing date of the Credit Agreement, at which time all outstanding loans and other obligations will be due and payable.

The obligations under the Credit Agreement are expected to be guaranteed by certain of our subsidiaries and secured by first-priority liens on substantially all of the assets of the loan parties, subject to customary exceptions and exclusions. The Credit Agreement is expected to include customary representations and warranties, affirmative and negative covenants, financial covenants and events of default for a credit facility of this type.

The Credit Agreement remains subject to the negotiation and execution of definitive documentation and satisfaction of customary conditions to closing.

#### Cash Flows
The following table summarizes our cash flows for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** |
|  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
| **(in thousands)** | **2024** | **2025** |
| Net cash provided by (used in) operating activities | &nbsp;&nbsp;&nbsp;&nbsp;$294481 | &nbsp;&nbsp;&nbsp;&nbsp;$(134233) |
| &nbsp;&nbsp;Net cash provided by (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp;(1558) | &nbsp;&nbsp;&nbsp;&nbsp;(607679) |
| Net cash provided by (used in) financing activities | &nbsp;&nbsp;&nbsp;&nbsp;667399 | &nbsp;&nbsp;&nbsp;&nbsp;(167546) |

---

*Cash Flows from Operating Activities* 

For the year ended December 31, 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 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, and a $72.7 million increase in accrued compensation and benefits, offset by a $56.1 million decrease in the affiliates fee rebate payable.

For the year ended December 31, 2025, net cash used in operating activities was $134.2 million, resulting from net income of $281.7 million, adjusted for non-cash depreciation and amortization expense, non-cash lease expense, and amortization of our LTIP awards and the deferred HHH Services Agreement premium amounting to $15.7 million, and a $110.7 million unrealized gain on investments held at fair value. Cash flows used in operating activities were also impacted by changes in operating assets and liabilities of $320.9 million, primarily due to a $264.7 million increase in performance fees receivable and a $292.8 million increase related to the deferred asset for the HHH Premium, offset by a $256.0 increase in accrued compensation and benefits.

*Cash Flows from Investing Activities* 

For the year ended December 31, 2024, net cash used in investing activities was insignificant.

For the year ended December 31, 2025, net cash used in investing activities of $607.7 million was primarily related to the Howard Hughes Transaction.

*Cash Flows from Financing Activities* 

For the year ended December 31, 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 proceeds from loans, partially offset by $298.7 million of payments made for capital distributions, $80.5 million of loan repayments, and $16.5 million of payments made for offering costs related to the PSUS Shares and equity interests of Pershing Square Holdco, L.P.

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For the year ended December 31, 2025, net cash used in financing activities of $167.5 million was primarily related to payments made for capital distributions.

#### Contractual Obligations and Commercial Commitments
The following table presents our contractual obligations and other commitments as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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;2247  | &nbsp;&nbsp;2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Operating lease obligations | $53726 | $6429 | $12806 | &nbsp;&nbsp;13549 | $20942 |

---

(1) Estimated interest payments on our 2014 Line of Credit include estimated future interest payments calculated using 5.96% interest rate in effect as of December 31, 2025. 

#### 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 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,

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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 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.

Performance fees include both performance fees earned in our capacity as the investment manager of PSINTL and PSH and performance allocations earned by the general partners of PSLP. In contrast to certain fund structures where carried interest allocations crystallize at the end of the life of the fund or upon liquidation, the performance fees and performance allocations we are eligible to receive are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the private funds and PSH's payment of a dividend. We recognize performance fees as revenue upon crystallization of such performance fees. We have concluded that only once crystallization has occurred is it probable that a significant reversal will not occur given the realization of any performance fees and performance allocations are subject to factors outside our control including market volatility.

Until December 31, 2024, we were also eligible to earn a performance allocation from PSVII Master, L.P. However, no performance allocation ever crystallized prior to the cessation of the fund's operations.

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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 Management Fee and HHH Variable Management Fee. The HHH Variable Management Fee, if any, is calculated following the close of the final business day of each quarter. We have concluded that only once the final business day of the quarter has closed is it probable that a significant reversal of the HHH Variable Management Fee will not occur given the determination is subject to factors outside our control including market volatility.

#### 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'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'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 Management 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 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 also earns a quarterly management fee from our investment in HHH, consisting of the HHH Base Management Fee and HHH Variable Management Fee, in exchange for the investment advisory and other services provided to HHH. The HHH Variable Management 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 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, 2025, 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 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.

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#### 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 outstanding under our debt obligations as of both December 31, 2025 and December 31, 2024. 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, 2025, we did not have any interest rate swaps in place for these borrowings. Based on our debt obligations as of December 31, 2025, 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, 2025, 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 $30.7 billion in total assets under management ("AUM") and approximately $20.7 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 96% is permanent capital, as of December 31, 2025. For the year ended December 31, 2025, we generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million.

#### Permanent Capital
We view the stability of our capital base, substantially all of which is permanent capital, 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 requires fundraising first to maintain and then to 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 our funds' 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 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 and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced CEOs who prefer the stability and backing afforded by a significant 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 and Team
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 22 years, we have developed the organizational talent and systems 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 our growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 15 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to, among other reasons, the $5.8 billion (as of December 31, 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 44 employees as of December 31, 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

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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 15% of the shares outstanding of HHH (for a total interest in HHH of 47% including shares held by our core funds). 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 Management Fee and the HHH Variable Management 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.

#### Our Track Record
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.

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

#### Since Inception Through December 31, 2025
![](ny20040230x18_linechart01.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 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. 

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(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 22 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. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

#### Our Funds and Investment Vehicles
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 $15.0 billion in Fee-Paying AUM, PSH accounts for approximately 73% of our total Fee-Paying AUM as of December 31, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.5 billion and $409 million in AUM, respectively, and $648 million and $225 million in Fee-Paying AUM, respectively, in each case, as of December 31, 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.

Certain of the existing investors in our private funds have agreed to redeem an aggregate of $316 million of their interests in the private funds (determined as of the date of this prospectus based on the private funds' net asset value as of March 31, 2026) and apply eligible net proceeds of approximately $289 million from such redemption to acquire an aggregate of approximately 5.8 million PSUS Shares and receive an aggregate of approximately 1.7 million shares of our common stock in the combined private placement. The final net asset value used to determine the value at which interests in the private funds will be redeemed will be determined as of a redemption date prior to the completion of the PSUS IPO, and therefore, the amount set forth above will fluctuate as a result of any subsequent changes in net asset value until such redemption date.

Our core funds each have a similar investment program and generally invest in the same assets in similar 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 December 31, 2025 (except in the case of PSUS)
![](ny20040230x18_table01.jpg)<br>

(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2025, PSH's Fee-Paying AUM does not reflect the bonds outstanding.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

\* In the case of AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, including amounts invested by us, and in the case of Fee-Paying AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, 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.*"

#### Our Management and Performance Fees
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 certain 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, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees.

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 certain other employees.

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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 Management 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 Management Fee" and together with the HHH Base Management 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 businesses. 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 over our portfolio companies, provides stability and support for management teams and boards of directors of our portfolio companies, and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives, all of which we believe help 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, after 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 drive key strategic initiatives to execute 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 the 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.

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We complement our core investment strategy by seeking to identify and execute upon 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 macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research with respect to our current and potential future portfolio company investments 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 being a good partner to 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 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. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for being a good partner to 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, on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. 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 MPC real estate business.

PSCM intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. Subject to applicable law, PSCM plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common stocks of public companies in a manner consistent with the investment strategy of our core funds. Accordingly, we believe

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PSCM's strategy for managing the assets of Vantage's insurance company subsidiaries will be highly synergistic to our core funds' investment strategy and our own cash management practices. PSCM also plans to manage the assets of Vantage's insurance company subsidiaries in a low-leverage fashion, meaning that they will write relatively small amounts of premium relative to capital, with the result that they will likely have lower ratios of invested assets to capital than a typical U.S. property-and-casualty insurance company. We believe this low-leverage approach will allow Vantage's insurance company subsidiaries to prudently invest a relatively higher percentage of their respective assets in common stocks, as opposed to fixed income securities, compared with a typical U.S. property-and-casualty insurance company. Accordingly, we expect Vantage's insurance company subsidiaries will be able to generate higher returns on their assets compared with more highly leveraged U.S. property-and-casualty insurance companies, which generally derive their profits principally from underwriting and a predominantly fixed-income investment strategy.

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 to capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH.

Although we expect the investment strategy of HHH will differ in some respects from that of our core funds, including, for example, with respect to the Vantage Acquisition and acquisition of controlling ownership stakes in operating companies, we anticipate that the type of companies in which HHH will acquire controlling interests will be sufficiently similar to the type of companies in which our core funds invest (i.e., companies with simple, predictable, free-cash-flow generative businesses), but of substantially smaller size. In addition, we expect to invest the assets of Vantage's insurance company subsidiaries in fixed income securities and common stocks of public companies in a manner consistent with the investment strategy of our core funds. As such, we do not anticipate that the Howard Hughes Transaction will require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds.

There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company 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

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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 at 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 were inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam in a $2.9 billion IPO, the largest European IPO of 2014, 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.

In 2015, we made an investment 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. They did so 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 approximately 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 by the purchase by our Founder and other employees of a large minority ownership interest in PSH; 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 29.5% of shares outstanding, PSH has grown organically to reach $15.0 billion in Fee-Paying AUM as of December 31, 2025. Including the Fee-Paying AUM of HHH, permanent capital represents 96% of our Fee-Paying AUM as of December 31, 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 unfavorable tax characteristics of PSH for U.S. taxpayers, 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 minimize 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 the risks of short-term investor capital flows, which 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.

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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 the largest 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, long-term, 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.

#### 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 outperform the stock market each year.

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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 December 31, 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 December 31, 2025
![](ny20040230x18_barchart01.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 December 31, 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 22.3%, representing 800 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 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. 

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#### 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 single-digit percentage of our Fee-Paying AUM in our two private funds 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 option 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 at 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 December 31, 2025, 96% 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 December 31, 2025
![](ny20040230x18_piechart01.jpg)<br>

We view the stability of our capital base, substantially all of which is permanent capital, 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 requires fundraising first to maintain and then to grow their managed assets. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile for Pershing Square 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 increase the size of 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 and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced senior executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment holding periods 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 of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH at December 31, 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person

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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 of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion.

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 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 generally 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 all of the management fees earned from our funds. We pay our investment professionals and certain 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, above the applicable high-water mark for certain of our core funds and subject to certain other offsettable fees. 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 our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

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 to Pershing Square Inc. 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 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.

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#### 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 similar 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 over 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 $30.7 billion in AUM as of December 31, 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 Capital Markets Innovations
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 which 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. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with Pershing Square as an anchor, committed capital sponsor. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

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The launch of PSUS, which would 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 and, as a result of the Vantage Acquisition, to build a profitable insurance company whose assets we will manage.

#### PSUS IPO Will Substantially Increase Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to substantial 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 costs, 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 alongside continued growth in the cash flows from HHH's MPC real estate business. Our first initiative for HHH was to acquire or create an insurance company, the investment assets of which would be managed by PSCM. On December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries 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, along with our extensive track record and reputational equity developed 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 to capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed costs or headcount, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM, 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 unique 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.

Our collaborative culture is also demonstrated by our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish an excellent 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 $5.8 billion as of December 31, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV, before any accrued performance fee, 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 have agreed to increase our existing $17.1 million investment in PSUS to $150 million by investing $100 million in common shares in the PSUS Private Placement and an additional $50 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 the combined transaction.

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 performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. For additional information, see "Summary—Reorganization Transactions" and "Summary—Implications of Being a Controlled Company." To further align certain of our senior professionals with our long-term investment horizon, in connection with the combined offering, certain of our senior professionals will receive interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

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, like the HHH Transaction, 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 over 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 rapid 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. For example, we may consider launching new permanent capital funds that focus on investments with asymmetric payoff structures and/or opportunistic private

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investments, which leverage our substantial experience with asymmetric hedges and history of privately negotiated transactions. 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.

#### 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 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 businesses. 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 in which we generally make investments for our funds with the expectation of holding the investment for multiple years and do not typically engage in short-term trading of the securities of the 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. We believe our commitment to making long-term investments provides the management teams and boards of directors of our portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder.

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 and their underlying asset values.

&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.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive valuation**. We seek to make investments in companies at a discount to their intrinsic value with the businesses operated 'as-is,' and at a potentially substantially greater discount relative to their value if the businesses were optimized.

&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 and that have implemented incentive compensation and robust governance structures designed to foster close shareholder alignment. We typically prefer to make investments in companies without controlling shareholders. However, at times, 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 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 have historically reinvested, and expect to continue to reinvest, profits from our asymmetric hedges during periods of market disruption by increasing our investments in existing portfolio companies and occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks which typically occur during market disruptions. Our opportunistic hedging strategy has allowed us to increase our exposure to high-quality companies at materially discounted valuations, contributing to our long-term investment performance. We believe our 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 substantial experience in negotiating relevant agreements for derivative transactions, and we have longstanding relationships with the counterparties to such agreements, which have historically allowed us to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

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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 22 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, 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. Accordingly, we believe our leverage strategy has the potential to enhance our long-term returns without adding meaningful risk to our funds' portfolios. Since inception PSH has raised approximately $4.6 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

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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 with respect to our current and potential future portfolio company investments 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 was to acquire or create an insurance company whose assets we will manage, and on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. In connection with the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. HHH's investment strategy also will continue to consist of investing in and growing its existing core real estate development and MPC real estate business.

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 MPC 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

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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 also intends to use the Vantage Acquisition to build a profitable insurance company which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries similarly to how we manage 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 22 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 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;

&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

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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, 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. In addition, following the closing of the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries.

The following table provides an overview of our core funds and HHH:

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| | | | |
|:---|:---|:---|:---|
| **Core Fund<sup>(1)(2)</sup>** | **Launch Date** | **Assets Under** <br>**Management as of** <br>**December 31, 2025** | **Availability**  |
| PSH<sup>(3)</sup> | December 31, 2012 | $18.7 billion | Shares traded on London Stock Exchange  |
| PSLP | January 1, 2004 | $1.5 billion | Open but not actively marketing  |
| PSINTL | January 1, 2005 | $409.0 million | Open but not actively marketing  |
| PSUS | \*  | —  | Shares to be traded on the NYSE following the PSUS IPO  |
| **Total AUM — Core Funds** |  | $20.6 billion |  |
| HHH<sup>(4)</sup> |  | $10.0 billion | Shares traded on the NYSE |
| **Total AUM — Core Funds and HHH** |  | $30.7 billion |  |

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\*<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' fees. Following the Holdco Reorganization, we ceased to provide these rebates, which were instead continued by PS Partner Group and CompCo. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH. See "Certain Relationships and Related Person Transactions—Other Transactions—Fee Waivers and Rebates."

(3) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). 

(4)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

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#### 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. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

#### 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 also seek to acquire, over time, controlling ownership of high-quality, durable growth public and private operating companies while continuing to grow its MPC 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 generally 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, 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 March 10, 2026, PSUS filed with the SEC a registration statement on Form N-2 relating to the proposed PSUS IPO (including the issuance to us and resale by us of PSUS Shares). Please refer to the accompanying PSUS Prospectus for more information about PSUS.

In connection with the PSUS IPO and PSUS Private Placement, we have agreed to (i) increase our existing $17.1 million investment in PSUS to a $150 million investment in PSUS comprising (a) $100 million of common shares in the PSUS Private Placement and (b) $50 million of preferred shares to be issued by PSUS in a private placement in connection with and upon completion of the PSUS IPO and (ii) maintain such investment (or substantially equivalent economic position) for at least 25 years following the consummation of the combined transaction, subject to certain exceptions and unless prohibited by applicable law (the "Anchor Investment"). We intend to finance this additional investment using borrowings under the Term Loan Facility,

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.

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In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by PSH by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSH.

*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).

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 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, 2025, the Fee-Paying AUM of PSLP was 42%.

In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by PSLP by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSLP attributable to its fee-paying capital.

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*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 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, 2025, the Fee-Paying AUM of PSINTL was 55%.

In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM held by PSINTL by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSINTL attributable to its fee-paying capital.

*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 following the termination and replacement of the VCA in connection with the combined offering, minus any offsettable management fees which with respect to any fund refers to the portion of such management fee that would offset performance fees payable by PSH as described above); and

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(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 will be limited by the performance fees (and applicable offsettable performance fees) that PSCM actually receives from the applicable fund. In the case of PSH, PSCM'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 offsettable performance fees will be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or will be paid to CompCo 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 accrue to the next period's Preferred Performance Fee for such fund until paid by such fund. For further information, 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 Subordinated 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 our Preferred Performance Fee arrangement for the allocation of performance fee revenue over the six-year period ending December 31, 2025.

#### HHH Fees
*HHH Base Management Fee*

We are paid quarterly a base fee by HHH of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Management Fee"), payable in advance at the beginning of each quarter. The HHH Base Management Fee shall be prorated in the case of the second quarter of 2025. The HHH Base Management 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 Management 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) an initial reference share price equal to $66.1453 multiplied by (y) the reference share count equal to 59,393,938 shares (the "HHH Variable Management Fee" and together with the HHH Base Management 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 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 Management 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,

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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 of our other employees, together with their affiliates, directly or indirectly hold public shares of PSH that represented 28% of the outstanding public shares of PSH at December 31, 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 93% 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 general partner to PSCM) 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 December 31, 2025, PSH had a debt to capital ratio of 19.5% 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 that causes material harm and is not cured within 60 days; (ii) fraud, misrepresentation or embezzlement by PSCM; (iii) PSCM 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 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

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will pay PSCM a make-whole fee intended to approximate the present value of the total fees (both base and variable) that PSCM 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 (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 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 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.

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&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 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 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 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

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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 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 Pershing Square, 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

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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 onshored 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.

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

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be sold, requiring additional disclosures or reporting to investors or regulatory authorities or requiring registration of a fund and/or PSCM 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, 2025, we had 44 employees, including nine investment professionals. We have an investment team, a legal and compliance team, a technology team, a trading team, a finance team, a public relations team and an investor relations teams. 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.

#### 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 entitles our investment professionals and certain other 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.

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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, 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.

On February 9, 2026, certain alleged stockholders of HHH, Charter Township of Shelby Fire & Police Retirement System, MVS Marine LLC and Kurtis Solberg (the "Plaintiffs"), filed a lawsuit in the Delaware Court of Chancery against PSCM LP, PS Holdco and Mr. Ackman (the "Pershing defendants") and Mr. Hakim and certain other directors of HHH (the "HHH director defendants"), captioned *Charter Township of Shelby Fire & Police Retirement System v. Pershing Square Capital Management, L.P.*, C.A. No. 2026-0184-BWD. The lawsuit alleges claims on behalf of a putative class of HHH stockholders and derivatively on behalf of HHH and contends that the HHH Transaction amounted to a transfer of control of HHH to the Pershing defendants; that the HHH director defendants breached their fiduciary duties by approving the transaction at an unfair price; and that the Pershing defendants aided and abetted those alleged breaches of fiduciary duty. The Plaintiffs also seek a declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law. The complaint seeks, among other things, injunctive relief preventing enforcement of the HHH Services Agreement; certain other equitable relief; unspecified damages; and an award of costs and disbursements, including attorneys' fees. We believe these claims have no merit and intend to contest these claims vigorously.

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.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position**  |
| William A. Ackman | &nbsp;&nbsp;59 | Chief Executive Officer and Chairman of the Board  |
| Ryan Israel | &nbsp;&nbsp;41 | Chief Investment Officer and Director  |
| Halit Coussin | &nbsp;&nbsp;54 | Chief Legal Officer, Chief Compliance Officer and Director  |
| Michael Gonnella | &nbsp;&nbsp;45 | Chief Financial Officer  |
| Ben Hakim | &nbsp;&nbsp;50 | President and Director  |
| David Coppel Calvo | &nbsp;&nbsp;47 | Director |
| Kerry Murphy Healey | &nbsp;&nbsp;65 | Director  |
| Orion Hindawi | &nbsp;&nbsp;46 | Director  |
| Marco Kheirallah | &nbsp;&nbsp;52 | Director  |
| Nicholas M. Lamotte | &nbsp;&nbsp;43 | Director |

---

**William A. Ackman has served as our Founder and Chief Executive Officer since founding PSCM in 2003, and as Chairman of our board of directors since June 2024. Prior to founding PSCM, 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, which he founded in 2006. Mr. Ackman previously served as Chief Executive Officer and Chairman of Pershing Square Tontine Holdings, Ltd., as a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets and as a director of Universal Music Group N.V. Mr. Ackman received a Masters 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.

**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 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 Masters in Business Administration from the Pan-American Institute for Senior Business Management (IPADE).** 

**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** 

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*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.* 

#### 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 Mr. Coppel Calvo, Dr. Healey, Mr. Hindawi, Mr. Kheirallah and Mr. Lamotte 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;• 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.

&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.

#### Controlled Company Exception
Upon completion of the combined transaction, ManagementCo, an entity managed by members of our senior management, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction

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and assuming PSUS raises $10 billion in the combined transaction, respectively, 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 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 Mr. Coppel Calvo, Mr. Kheirallah and Mr. Lamotte, with Mr. Lamotte 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;• overseeing 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. Mr. Coppel Calvo, Mr. Kheirallah and Mr. Lamotte qualify as independent directors under the NYSE listing standards and the independence standards of Rule 10A-3 of the Exchange Act. We will 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 Dr. Healey, Mr. Hindawi and Mr. Kheirallah, with Dr. Healey 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 to the extent required by SEC rules;

&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report to the extent 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.

While we are electing to have a fully independent compensation committee even though it is not required, our compensation committee will not have oversight and control over all executive compensation decisions. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) certain interests of PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Both CompCo and PS Partner Group will be controlled by ManagementCo, not our board of directors. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

#### Nominating and Corporate Governance Committee
Upon the completion of the combined offering, we expect our nominating and corporate governance committee will consist of Mr. Coppel Calvo, Dr. Healey and Mr. Lamotte, with Mr. Coppel Calvo 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.

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#### 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, we will have a compensation committee whose members will consist of Dr. Healey, Mr. Hindawi and Mr. Kheirallah.

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.

#### Code of Ethics
We will adopt a new Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, which will be posted on our website. We will also adopt a Code of Ethics for Senior Financial Officers, which will apply to certain of our financial professionals, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, and will be posted on our website. Our Code of Ethics for Senior Financial Officers 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 both the Code of Business Conduct and Ethics and the Code of Ethics for Senior Financial Officers 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, 2025. 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 and performance fees received by, or performance allocations to, PSCM 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 were contributed (indirectly) to Pershing Square Holdco, L.P. In lieu of holding direct interests in PSCM, our applicable personnel, including our named executive officers, received profits-interest awards in PS Partner Group in the same applicable profit-sharing percentages as they held in PSCM (subject to ordinary course changes in such allocations). As discussed below, such personnel also hold profit-sharing interests in CompCo. Accordingly, following the Holdco Reorganization, such distributions have been 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 CompCo (pursuant to the VCA discussed below).

Such distributions are made pursuant to awards under our Long-Term Incentive Plan, dated April 17, 2017 (as amended from time to time, the "LTIP"). For Mr. Ackman, 100% of such distributions (excluding those from CompCo) were accounted for as capital distributions in 2025. For each of Messrs. Israel and Hakim, 25% of such distributions (excluding those from CompCo) were accounted for as capital distributions attributable to their Permanent Profits-Interests (as defined below) under the LTIP in 2025, while the remaining portion of these distributions were recorded as profit-sharing partner compensation. We do not account for capital distributions as compensation.

Accordingly, in addition to the amounts reflected in the table below, (i) Mr. Ackman received capital distributions in 2025 in the amount of $107,503,624, reflecting the full amount of his profit-sharing distributions and (ii) Messrs. Israel and Hakim received $5,258,059 and $2,119,686, respectively, in respect of their Permanent Profits-Interests. For additional information, see "—Narrative Disclosure to Summary Compensation Table—Long-Term Incentive Plan" below and Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

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#### Summary Compensation Table
The following table provides summary information concerning compensation earned by our named executive officers for the years ended December 31, 2024 and 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and** <br>**Principal Position**  | **Year**  | **Salary** <br>**($)<sup>(1)</sup>**  | **Bonus** <br>**($)<sup>(1)</sup>** | **Stock** <br>**Awards ($)**  | **Option** <br>**Awards** <br>**($)<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* | 2025 |  |  |  |  |  | 142775160  | 142775160 |
|  | 2024 |  |  |  |  |  | &nbsp;&nbsp;46647594 | &nbsp;&nbsp;46647594 |
| &nbsp;&nbsp;&nbsp;Ryan Israel<br>*Chief Investment Officer* | 2025 |  |  |  |  |  | &nbsp;&nbsp;44045910  | &nbsp;&nbsp;44045910  |
|  | 2024 |  |  |  |  |  | &nbsp;&nbsp;27997302 | &nbsp;&nbsp;27997302 |
| &nbsp;&nbsp;&nbsp;Ben Hakim<br>*President*  | 2025 |  |  |  |  |  | &nbsp;&nbsp;17771413  | &nbsp;&nbsp;17771413 |

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(1)<br> We did not pay salaries or bonuses or grant option awards to our named executive officers in 2025.

(2) Includes distributions received under the LTIP from PS Partner Group, PSCM and PSGP, as applicable, in respect of 2025 for Messrs. Israel and Hakim of $15,774,176 and $6,359,057, 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 CompCo in respect of 2025 for Messrs. Ackman, Israel and Hakim of $139,698,760, $28,261,234 and $11,401,856, respectively, in accordance with their respective profit-sharing percentages.

This column also includes the following amounts related to benefits and perquisites received by Mr. Ackman in 2025 (with each perquisite calculated based on the aggregate incremental cost to the Company, other than security services, which reflect the total cost incurred by the Company for such services, as described in greater detail below under "Narrative Disclosure to Summary Compensation Table—Security"): $40,000 related to public relations services; and $3,025,900 related to security services for the Company, Mr. Ackman and members of his family. Please refer to "Narrative Disclosure to Summary Compensation Table—Security" below for further details.

For each of our named executive officers, amounts also include $10,500 in Company contributions to our 401(k) savings plan in 2025.

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#### Narrative Disclosure to Summary Compensation Table

#### Long-Term Incentive Plan
PSCM 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 services to our funds, PSCM receives quarterly management fees based on the Net Asset Value of the applicable fund. In addition, PSCM 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 to certain of our funds. Performance fees and the performance allocation are generally based on the NAV appreciation 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 Hakim, directly to the performance of the funds we manage, in the form of awards of participating profits interests under the LTIP (the "LTIP Awards").

LTIP Awards historically entitled the LTIP Partners to cash distributions of management fee-based and/or performance fee-based net profits earned by PSCM 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). As of December 31, 2025, each of Messrs. Israel and Hakim have vested in their Permanent Profits-Interest to the maximum extent under the applicable vesting schedule.

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 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, our applicable personnel, including our named executive officers, received profits-interest awards, including LTIP Awards, in the same applicable profit-sharing percentages as they held in PSCM (subject to ordinary course changes in such allocations), in PS Partner Group. In addition, such personnel also hold profits-interests awards, including LTIP Awards, in CompCo, which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), attached hereto as Exhibit 10.9, with Pershing Square Holdco, L.P. and PSCM. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. For 2025, 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 CompCo (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 CompCo received by former holders of LTIP Awards in PSCM, including Messrs. Israel and Hakim, 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 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 and (2) to provide an important source of compensation for certain of our personnel, including 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 (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 completion of the combined 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;• CompCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the Preferred Performance Fees we receive from PSCM (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) 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 will be limited by the performance fees (and applicable offsettable performance fees) that PSCM actually receives from the applicable fund. In the case of PSH, PSCM'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 offsettable performance fees will be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or will be paid to CompCo 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 accrue to the next period's Preferred Performance Fee for such fund until paid by such fund. 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 our Preferred Performance Fee arrangement for the allocation of performance fee revenue over the six-year period ended December 31, 2025.

In connection with the combined offering, the VCA will be terminated and PSCM will issue the Preferred Profits Interest to us and the Subordinated Profits Interest to CompCo, which will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, respectively, and the same

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allocation of such fees between us and CompCo, respectively, as currently provided by the VCA. However, in connection with this termination of the VCA, the offsettable management fees will no longer reduce our entitlement to 100% of the management fees earned from our funds and will no longer be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or paid to CompCo as Subordinated Performance Fees in case of any applicable excess. Instead, the offsettable management fees will serve to reduce the Preferred Performance Fee which we are entitled to receive with respect to PSH by such amount. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

#### 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 our common stock is then listed, 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 U.S. Internal Revenue Code of 1986, as amended (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.

#### Security
We believe that the personal safety and security of our senior executives is critical to the Company and its shareholders. Pursuant to our executive security program, we may provide security services to certain executives, which include home security systems and monitoring and, in some cases, personal security services, which may include protection of family members. These protections are provided due to the range of security issues and threats that have been and may continue to be encountered by our senior executives from time to time.

Additionally, based on an independent, third-party security study, the disinterested members of our board of directors approved the provision of certain additional personal security services to Mr. Ackman due to heightened security considerations. Given Mr. Ackman's role as our chief executive officer, the enhanced media attention that Mr. Ackman is subject to, and the current threat landscape, the security study for Mr. Ackman recommended that Mr. Ackman use private aviation for all air travel, whether for personal, commuting, or business purposes. The security study also recommended the implementation of additional security measures for Mr. Ackman's travel in elevated-risk destinations.

We view the security services provided to Mr. Ackman, and any additional security services we may provide in the future for our other executive officers and employees, as an integral part of our risk management program and as necessary and appropriate business expenses. However, such services may be viewed as conveying a

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personal benefit to Mr. Ackman. The Company is unable to disaggregate the incremental cost of these services to Mr. Ackman. Accordingly, we have reported the total cost of such services to the Company in the "All Other Compensation" column of the Summary Compensation Table as required by Item 402 of Regulation S-K.

#### Outstanding Equity Awards at December 31, 2025
As of December 31, 2025, there were no stock or option awards outstanding for each of Messrs. Ackman, Israel and Hakim.

#### Termination and Change of Control Provisions
As discussed above, effective as of the Holdco Reorganization, interests in PSCM 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) will not be subject to the LTIP, which will continue to apply to certain other entities. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—LTIP."

Except as provided under the LTIP, none of our named executive officers are currently party to any arrangement that provides for severance benefits. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—LTIP."

As described above, PSCM (including on behalf of its affiliates) maintained the LTIP under which Messrs. Israel and Hakim (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, including Messrs. Israel and Hakim, 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 and/or (ii) 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 the 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

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the 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).

#### Pension Benefits and Non-Qualified Deferred Compensation
Our named executive officers do not participate in any pension or non-qualified deferred compensation plans and received no pension benefits or non-qualified deferred compensation during the year ended December 31, 2025.

#### Compensation Arrangements To Be Adopted in Connection with the Combined Offering

#### LTIP
In connection with the combined offering, the LTIP will be amended to, among other things, cease applying to PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM), and to cease applying to any LTIP participants that retired or were otherwise terminated on or prior to the combined offering. For all other LTIP participants, the LTIP will otherwise remain in full force and effect with respect to interests in all other applicable Pershing Square entities, including PSGP and CompCo.

Following the combined offering, interests in PS Partner Group held by our applicable personnel, including certain of our named executive officers, will be subject to vesting, redemption (for corresponding interests in Pershing Square Inc. held by PS Partner Group) and forfeiture in accordance with the terms of the M Units, as described further below in "—Redeemable Interests in PS Partner Group."

Under the amended LTIP, our Founder will be entitled to a reduced percentage of his total interests in LTIP Entities following an applicable departure (similar to the LTIP Awards and Permanent Profits-Interests for other LTIP Partners discussed above in "—Narrative Disclosure to Summary Compensation Table—Long-Term Incentive Plan").

#### Redeemable Interests in PS Partner Group
In connection with the combined offering, we and PS Partner Group adopted the terms, and approved the grant, of redeemable interests, which we refer to as "M Units," in PS Partner Group to our applicable personnel, including our named executive officers. Upon vesting (as further discussed below), such M Units may be redeemed, subject to certain conditions, for a proportional number of shares of our common stock held by PS Partner Group. Accordingly, the issuance and redemption of M Units will not be dilutive to our public shareholders.

The M Units in PS Partner Group held by Mr. Ackman will be considered fully vested and not subject to vesting or forfeiture. The M Units in PS Partner Group held by each other recipient will initially be considered unvested and subject to vesting and forfeiture (the "Unvested M Units"). The standard vesting schedule for Unvested M Units 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. If a recipient of M Units terminates as a result of death or disability, or is terminated without cause, such recipient shall be entitled to catch-up vesting as if their vesting schedule provided for annual vesting on a straight-line basis over 10 years (i.e., 10% each year). One recipient has a condensed vesting schedule, which follows the aforementioned schedules except that it has a cliff vest of all Unvested M Units in year 5. Subject to certain requirements, recipients will also receive prorated vesting for the elapsed portion of the year in which their applicable termination occurs. In addition, recipients of Unvested M Units will be entitled to accelerated vesting of 100% of their Unvested M Units in the event that PS Partner Group is subject to a qualifying change in control, dissolution or liquidation.

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In the event a recipient of Unvested M Units forfeits any Unvested M Units, the proportional number of shares of our common stock held by PS Partner Group corresponding to such number of forfeited Unvested M Units will be reallocated pro rata to the remaining active holders of M Units. Accordingly, in such event, the M Units held by such remaining holders will become redeemable for a proportionately greater number of shares of our common stock.

Under the terms of the M Units, dividends and other proceeds attributable to our common stock held by PS Partner Group will be distributed as and when received by PS Partner Group to each recipient of M Units pro rata, without regard to whether their respective M Units are vested or unvested.

PS Partner Group will be controlled by ManagementCo, not our board of directors. Accordingly, while the terms of the M Units, and the grant of such M Units to each recipient, were adopted and approved by us, as applicable, neither our Compensation Committee nor our stockholders will have control over any future compensatory decisions made by PS Partner Group. For further information, see "Summary—Reorganization Transactions—Corporate Conversion" and "Summary—Implications of Being a Controlled Company.''

#### Variable Compensation Agreement and Subordinated Profits Interest
In connection with the combined offering, the VCA will be terminated and PSCM will issue a profits interest to us (the "Preferred Profits Interest") and to CompCo (the "Subordinated Profits Interest"). The terms of the Preferred Profits Interest and the Subordinated Profits Interest will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between us and CompCo, as currently provided by the VCA. However, the offsettable management fees will no longer reduce our entitlement to 100% of the management fees earned from our funds and will no longer be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or paid to CompCo as Subordinated Performance Fees in case of any applicable excess, as currently contemplated under the VCA. Instead, the offsettable management fees will serve to reduce the Preferred Performance Fee which we are entitled to receive with respect to PSH by such amount.

CompCo will be controlled by ManagementCo, not our board of directors. Accordingly, neither our Compensation Committee nor our stockholders will have control over compensatory decisions made by CompCo. For further information, see "Summary—Reorganization Transactions—Corporate Conversion" and "Summary—Implications of Being a Controlled Company."

#### Equity Incentive Plan
Our board of directors 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 we intend to attract, retain and motivate key personnel and to align their interests with those of our 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 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 generally 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 (as applicable, the "Committee"), subject to the right of the Committee to delegate all or any portion of its authority to one or more of officers (subject to certain limitations).

The Equity Incentive Plan reserves 20,000,000 shares for issuance and has a term of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms).

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 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, or other equity-based awards tied to the value of our shares.

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

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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 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 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 increases 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.

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#### DIRECTOR COMPENSATION
Each independent director on the board of directors of the general partner to 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 2025. None of the directors included in the table below had any stock or option awards outstanding as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Fees Earned** <br>**or Paid in** <br>**Cash** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Option** <br>**Awards** <br>**($)** | **Non-Equity** <br>**Incentive Plan** <br>**Compensation** <br>**($)** | **Non-Qualified** <br>**Deferred** <br>**Compensation** <br>**Earnings** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| &nbsp;&nbsp;David Coppel Calvo<sup>(2)</sup> | &nbsp;&nbsp;294167 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 294167  |
| Kerry Murphy Healey | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300000  |
| Orion Hindawi | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300000  |
| Marco Kheirallah | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300000  |
| Nicholas M. Lamotte | &nbsp;&nbsp;300000 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 300000 |
| Christine Todd<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;6667 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;6667 |

---

(1)<br> Our executive directors, including Messrs. Ackman, Hakim and Israel and Ms. Coussin, were not separately compensated for their service on the board.

(2)<br> Mr. Coppel Calvo joined the board on January 29, 2025.

(3)<br> Ms. Todd departed from the board on January 8, 2025.

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 (and members thereof) of the general partner to Pershing Square Holdco, L.P. will become the board of directors (and members thereof) 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.

#### Contribution of Shares of Our Common Stock
We will deliver shares of our common stock to the initial investors in the PSUS IPO and to the private placement investors in the PSUS Private Placement, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operation—PSUS IPO and PSUS Private Placement." As described in "Summary—Reorganization Transactions," this issuance of shares of our common stock will be effected by a contribution from PS Partner Group (and certain of our employees or other owners who previously held interests directly in PSCM) to us of the number of shares that we are obligated to deliver to the initial investors in the PSUS IPO and the private placement investors in the PSUS Private Placement.

#### Registration Rights Agreements
In connection with the combined offering, we will enter into a registration rights agreement with ManagementCo. This agreement will provide for customary "demand" registrations and "piggyback" registration rights. This registration rights agreement also will provide that we will pay certain expenses relating to such registrations and indemnify such registration rights holders against (or make contributions in respect of) certain liabilities which may arise under the Securities Act.

In connection with the Strategic Investment, our pre-IPO owners, including the Strategic Investors, were granted certain "demand" and "piggyback" registration rights and were also entitled to have us pay certain expenses relating to such registrations and entitled to indemnification rights against certain liabilities which may arise under the Securities Act. In connection with the combined offering, we will enter into an additional registration rights agreement with such pre-IPO owners memorializing the foregoing and the right for 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, 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.

#### 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 CompCo. For the year ended December 31, 2025, the affiliates fee rebate was $77,579,860 (2024: $69,300,950). Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH.

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#### Subordinated Performance Fees
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles pursuant to the VCA. This arrangement increases the certainty and predictability to us of performance-related revenue and provides an important source of compensation for our investment professionals. Under the VCA, Pershing Square Inc. retains the Preferred Performance Fees—generally, the annual performance fees from each fund earned on the first five percentage points of return net of the management fee—and pays the balance of performance fees—the Subordinated Performance Fees—to CompCo, an entity that compensates its members (including our investment professionals and certain other employees). CompCo is controlled by ManagementCo, and certain of our personnel, including each of our executive officers, hold profit-sharing interests in CompCo. For further information on the ownership structure of CompCo and ManagementCo, see "Summary—Reorganization Transactions—Corporate Conversion." In connection with the combined offering, the VCA will be terminated and PSCM will issue the Preferred Profits Interest to us and the Subordinated Profits Interest to CompCo, which will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, respectively, and the same allocation of such fees between us and CompCo, respectively, as currently provided by the VCA. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

For the year ended December 31, 2025, the second year in which our Preferred Performance Fee arrangement for the allocation of performance fee revenue was in effect, PSCM made aggregate distributions to CompCo of Subordinated Performance Fees, which were in turn distributed by CompCo to our investment professionals and certain other employees, of $385,350,074 (2024: $136,618,188), which amount is included in profit-sharing partner compensation in our consolidated statements of operations.

#### 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 for that portion of the aircraft's operating expenses, which amount has been paid. As of December 31, 2025, $0 (2024: $1,121) of the reimbursed expenses remained outstanding and unpaid.

On December 20, 2024, ownership of our corporate aircraft was transferred to WAFH V LLC (the "Trust"), the beneficial owner of which is an entity wholly owned by Mr. Ackman. In connection with this transfer, the associated 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 the Trust. Accordingly, following such date, we no longer incur aircraft operating expenses arising from Mr. Ackman's personal use of this aircraft (or are reimbursed by Mr. Ackman for his personal use of such aircraft).

Concurrently with such transfer, we entered into an Aircraft Lease Agreement (the "Aircraft Lease Agreement") with the Trust, pursuant to which we lease the aircraft for business purposes on an as-needed basis on a fixed hourly rate. The Aircraft Lease Agreement has an initial term of six months and renews for successive six month periods unless terminated by either party upon 30 days' notice. For the year ended December 31, 2025, $850,098 (2024: $8,781) of payments to the Trust related to the use of the aircraft had been made under the Aircraft Lease Agreement, which amount is included in general and administrative expense in our consolidated statements of operations.

While the Trust remains responsible for the aircraft's fixed costs, we are responsible for variable costs and incidental expenses associated with use of the aircraft. To facilitate aircraft operations, we entered into a Pilot and Flight Services Agreement with Executive Jet Management, Inc. ("EJM"), pursuant to which EJM provides pilot staffing, flight crew, and other flight management services. For the year ended December 31, 2025, we paid $1,026,586 (2024: $5,243) to EJM for services rendered under this agreement.

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#### 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, 2025, the Subtenant paid $2,919,044 (2024: $2,499,409) in rent and $597,485 (2024: $648,317) for office-related services, which amounts 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
Prior to December 31, 2025, Mr. Ackman's family office, TABLE Management, L.P. ("TABLE") licensed a portion of our office space under a license agreement which also granted TABLE the use of certain office-related services. For the year ended December 31, 2025. TABLE paid $1,179,477 for office space (2024: $1,129,046) and $536,319 (2024: $688,590) for office-related services under the license agreement, which amounts are both included in other income in our consolidated statements of operations. As of December 31, 2025, TABLE no longer licenses office space from us, and, as a result, following such date, we no longer receive the related income or bear the associated license expense.

#### Ownership in Landlord Entity
Mr. Ackman and his affiliates 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, 2025, we paid approximately $6,561,075 (2024: $6,641,725) in rent to Georgetown Eleventh Avenue Owners, LLC.

#### 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.

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| | | |
|:---|:---|:---|
| **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  | 61% 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> |

---

(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.

#### Our Right To Acquire PSH Shares
Our Founder, Mr. Israel, a former employee and certain of their affiliates (the "Subject PSH Shares Holders") directly or indirectly hold an aggregate of 46,265,743 public shares of PSH (the "Subject PSH Shares"). We entered into an agreement (the "PSH Share Agreement") with the Subject PSH Shares Holders whereby we have the right, but not the obligation, on the terms and subject to the conditions provided in the

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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 ninth anniversary of the Corporate Conversion and on or before the tenth anniversary of the Corporate Conversion 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 the holding entities holding such shares, as applicable) will be valued at a price per share equal to the volume-weighted average price per share of PSH as reported on the London Stock Exchange over the twenty trading-day 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 twenty trading-day 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 the Subject PSH Shares and (ii) decreased by the amount of any accrued tax liability for income realized from dividends on the Subject PSH Shares.

We may exercise our right at any time during the one-year period immediately preceding the tenth anniversary of the Corporate Conversion. The PSH Share Agreement restricts 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 in a manner that will not result in a change of control under certain bond indentures of PSH. 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
PS Holdco and PS Partner Group elected to be subject to both the New York State and New York City Pass-Through Entity Tax (together, "PTET") for the year ended December 31, 2025, and PSCM made the same elections for the year ended December 31, 2024. PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns, and any PTET owed is a joint liability of (i) PS Holdco or PS Partner Group and (ii) each partner. For the year ended December 31, 2025, PS Holdco and PS Partner Group made PTET payments totaling $32,937,551 (2024: $71,304,813) on behalf of our partners. These PTET payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner's participation in the LTIP. For Mr. Ackman, PTET payments were recorded as capital distributions. As of December 31, 2025, PTET accruals of $10,104,536 and $3,224,380 (2024: $8,736,219 and $3,263,171) were recorded in distributions payable to partners and accrued compensation and benefits, respectively. 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 audit committee. No related person transaction entered into following the 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.

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#### 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 tables set 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 our common stock immediately before the combined transaction and following the issuance of our common stock in the combined transaction, 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.

The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the information regarding the beneficial ownership of shares of our common stock. Therefore, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** |
| **Name of Beneficial Owner**  | **Before the** <br>**Combined** <br>**Transaction** | **Before the** <br>**Combined** <br>**Transaction** | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriter' Option in** <br>**the PSUS IPO Is Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriter' 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>  | 360000000 | &nbsp;&nbsp;&nbsp;&nbsp;90.0% | 298501192 | &nbsp;&nbsp;&nbsp;&nbsp;74.6% | 297332395 | &nbsp;&nbsp;&nbsp;&nbsp;74.3% |
| **Directors and named executive officers:** <br>|  |  |  |  |  |  |
| William A. Ackman<sup>(2)(3)(4)</sup>  | 181862555 | &nbsp;&nbsp;&nbsp;&nbsp;45.5% | 179465566 | &nbsp;&nbsp;&nbsp;&nbsp;44.9% | 178762859 | &nbsp;&nbsp;&nbsp;&nbsp;44.7% |
| Ryan Israel<sup>(2)(3)</sup>  | &nbsp;&nbsp;35441672 | &nbsp;&nbsp;&nbsp;&nbsp;8.9% | &nbsp;&nbsp;30975037 | &nbsp;&nbsp;&nbsp;&nbsp;7.7% | &nbsp;&nbsp;30853752 | &nbsp;&nbsp;&nbsp;&nbsp;7.7% |
| Halit Coussin<sup>(2)(3)</sup>  | &nbsp;&nbsp;10643145 | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;9175918 | &nbsp;&nbsp;&nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;9139990 | &nbsp;&nbsp;&nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Ben Hakim<sup>(2)(3)</sup> | &nbsp;&nbsp;14286311 | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;12528495 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% | &nbsp;&nbsp;12479440 | &nbsp;&nbsp;&nbsp;&nbsp;3.1% |
| &nbsp;&nbsp;David Coppel Calvo<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2676557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Kerry Murphy Healey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| &nbsp;&nbsp;Orion Hindawi<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Marco Kheirallah<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Nicholas M. Lamotte<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;7654954 | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;8254954 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;8254954 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| All directors and executive officers as a group (10 persons)<sup>(2)(3)</sup>  | 253062268 | &nbsp;&nbsp;&nbsp;&nbsp;63.3% | 244023602 | &nbsp;&nbsp;&nbsp;&nbsp;61.0% | 243114626 | &nbsp;&nbsp;&nbsp;&nbsp;60.8% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** |
| **Name of Beneficial Owner**  | **Before the** <br>**Combined** <br>**Transaction** | **Before the** <br>**Combined** <br>**Transaction** | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Exercised**  | **After the Combined** <br>**Transaction 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>  | 360000000 | &nbsp;&nbsp;&nbsp;&nbsp;90.0% | 280718462 | &nbsp;&nbsp;&nbsp;&nbsp;70.2% | 276875753 | &nbsp;&nbsp;&nbsp;&nbsp;69.2% |
| **Directors and named executive officers:** <br>|  |  |  |  |  |  |
| William A. Ackman<sup>(2)(3)(4)</sup>  | 181862555 | &nbsp;&nbsp;&nbsp;&nbsp;45.5% | 169011843 | &nbsp;&nbsp;&nbsp;&nbsp;42.3% | 166698268 | &nbsp;&nbsp;&nbsp;&nbsp;41.7% |
| Ryan Israel<sup>(2)(3)</sup>  | &nbsp;&nbsp;35441672 | &nbsp;&nbsp;&nbsp;&nbsp;8.9% | &nbsp;&nbsp;29037369 | &nbsp;&nbsp;&nbsp;&nbsp;7.3% | &nbsp;&nbsp;28639881 | &nbsp;&nbsp;&nbsp;&nbsp;7.2% |
| Halit Coussin<sup>(2)(3)</sup>  | &nbsp;&nbsp;10643145 | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;8601553 | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp;&nbsp;8483808 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Ben Hakim<sup>(2)(3)</sup> | &nbsp;&nbsp;14286311 | &nbsp;&nbsp;&nbsp;&nbsp;3.6% | &nbsp;&nbsp;11743553 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% | &nbsp;&nbsp;11582797 | &nbsp;&nbsp;&nbsp;&nbsp;2.9% |
| &nbsp;&nbsp;David Coppel Calvo<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;2676557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Kerry Murphy Healey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| &nbsp;&nbsp;Orion Hindawi<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Marco Kheirallah<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* |
| Nicholas M. Lamotte<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;7654954 | &nbsp;&nbsp;&nbsp;&nbsp;1.9% | &nbsp;&nbsp;&nbsp;8254954 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;&nbsp;8254954 | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| All directors and executive officers as a group (10 persons)<sup>(2)(3)</sup>  | 253062268 | &nbsp;&nbsp;&nbsp;&nbsp;63.3% | 230272904 | &nbsp;&nbsp;&nbsp;&nbsp;57.6% | 227283340 | &nbsp;&nbsp;&nbsp;&nbsp;56.8% |

---

\* Represents less than 1%. 

(1) Assuming Scenario 1, includes 187,181,953 or 186,096,633 shares of common stock directly held by Pershing Square Partner Group, LLC, including 144,113,451 or 143,196,768 shares of common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Assuming Scenario 2, includes 170,726,350 or 167,157,309 shares of common stock directly held by Pershing Square Partner Group, LLC, including 130,253,359 or 127,238,347 shares of common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. For additional information on the terms of the M Units, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." PS Holdco GP Managing Member, LLC ("ManagementCo") is the managing member of PS Partner Group. 

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As managing member, ManagementCo has no economic interests in PS Partner Group but sole voting control over PS Partner Group. Control over the voting and dispositive power of ManagementCo is shared among its members, consisting of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin. In addition, includes shares subject to the voting proxy arrangement described in footnote 2 below.<br>

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

ManagementCo will also be the sole holder of a Special Voting Share. The Special Voting Share will have no economic rights but 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. 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.

(2) Shares subject to the voting proxy arrangement, pursuant to which each of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin will provide an irrevocable voting proxy to ManagementCo with respect to any shares of common stock which they own or over which they hold the power to vote.

(3) Excludes shares of common stock underlying unvested M Units, which shares are currently reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above. For additional information on the vesting and other terms of the M Units, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

(4) Assuming Scenario 1, includes 89,465,566 or 88,762,859 shares of common stock underlying Mr. Ackman's vested M Units, which shares are also reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Assuming Scenario 2, includes 79,011,843 or 76,698,268 shares of common stock underlying Mr. Ackman's vested M Units, which shares are also reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Also includes 74,000,000 shares of common stock directly held by WAA Management LLC, of which Mr. Ackman is the sole manager, and 16,000,000 shares of common stock directly held by The PS 2026 GRAT, of which Mr. Ackman is the trustee, under both Scenario 1 and Scenario 2, whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares.

(5) Reflects 2,676,557 shares of common stock directly held by Pacat LP, where Mr. Coppel Calvo has voting and dispositive power over the shares held by Pacat LP, and 450,000 shares of common stock directly held by Crecer C LP, where Mr. Coppel Calvo may be deemed to have shared voting and dispositive power over the shares held by Crecer C LP.

(6)<br> Reflects shares directly held by a trust over which Mr. Hindawi is a trustee.

(7)<br> Reflects shares directly held by SIP Capital Fund Ltd., of which Mr. Kheirallah is the investment manager and controlling majority investor.

(8) Reflects 7,654,954 shares of common stock directly held by Consulta SPV II, LP and 600,000 shares of common stock directly held by Consulta Master Fund LP. Mr. Lamotte is Executive Chairman of Consulta Limited, the investment manager of Consulta SPV II, LP and Consulta Master Fund LP, and may be deemed to have shared voting and dispositive power over the shares held by each of Consulta SPV II, LP and Consulta Master Fund LP. 

Under both Scenario 1 and Scenario 2, if the offering size of the PSUS IPO increases or decreases by $100 million, 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 0.2%, 0.1% and 0.1%, respectively (whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

Similarly, under Scenario 1, if the offering size of the PSUS IPO increases or decreases by $100 million, the number of shares of our common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units would decrease or increase, as applicable, by 0.1% (whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares). Under Scenario 2, if the offering size of the PSUS IPO increases or decreases by $100 million, the number of shares of our common stock underlying the M Units granted to our senior professionals would decrease or increase, as applicable, by 0.1% (or 0.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

For information relating to our material relationships and related person transaction with our principal stockholders, see the section titled "Certain Relationships and Related Person Transactions."

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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 1,000,000,000 shares of common stock, par value $0.001 per share, and 100,000,000 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 or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) 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.

Our articles of incorporation will provide that shares of our common stock held by our pre-IPO owners may not be sold until the first anniversary of the combined offering.

#### 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

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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.

Following 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, and accordingly, will be able to control the election of the members of our board of directors and generally control the outcome of all other matters requiring the approval of our stockholders. For so long as our Founder and his affiliates (including family members) hold at least 5% of the outstanding shares of our common stock, ManagementCo has agreed to appoint a director (a "Founder Nominee") designated by our Founder or his affiliates (including family members), as applicable, to our board of directors, provided that this director nomination right shall be temporarily suspended to the extent that it would entitle our Founder and his affiliates (including family members) to appoint 25% or more of the members of our board of directors. The approval by members of ManagementCo holding at least 80% of its then outstanding units shall be required to exercise ManagementCo's voting power in us to remove a Founder Nominee as a member of our board of directors, other than in certain cases of cause. Subject to applicable law, the Special Voting Share shall not be transferable by ManagementCo except to us.

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;

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&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.

#### 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

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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 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 or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the

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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 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.

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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 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. These provisions will not apply to

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the director nomination right of a majority in interest of the Strategic Investors so long as such right remains in effect. See "Certain Relationships and Related Person Transactions—Registration Rights Agreements" for additional information. 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 June 1 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.

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.

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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.

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

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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 have applied 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 (the "Transfer Agent") for shares of our common stock will be Broadridge Financial Solutions, LLC.

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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
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, your aggregate tax basis in the PSUS Shares and shares of our common stock that you receive will equal the total purchase price you pay in the combined offering, and you must allocate the purchase price between the PSUS Shares and the shares of our common stock you received pursuant to the combined offering based on the relative fair market values of the shares acquired in the combined offering. The portion of the purchase price allocated to your PSUS Shares will be your tax basis in such PSUS Shares and the portion of the purchase price allocated to the shares of our common stock that you receive will be your tax basis in such shares of our common stock. We believe that one reasonable method for determining fair market value is to use the volume-weighted average trading prices of the PSUS Shares and shares of our common stock on the first day of trading of the PSUS Shares and shares of our common stock on the NYSE. We intend, promptly following the completion of the first day of trading of the PSUS Shares and the shares of our common stock on the NYSE, to provide additional guidance on our website regarding the computation of basis using this method based on our determination of such weighted average trading prices. However, there can be no assurance that the IRS or a court will agree with any such determination.

Your aggregate tax basis in the PSUS Shares and shares of our common stock that you receive will equal the total purchase price you pay in the combined offering even if the combined volume-weighted average trading prices of your PSUS Shares and shares of our common stock on the first day of trading equal an aggregate amount greater than (or less than) your total purchase price.

Investors should note that the allocation of tax basis between the PSUS Shares and shares of our common stock pursuant to the formula discussed herein may differ from the allocation of the proceeds of the combined offering to PSUS. In addition, this allocation of tax basis may differ from the allocation of the purchase price for certain purposes by your broker. In addition, investors who seek to dispose of either PSUS Shares or shares of our common stock prior to the determination of the fair market values following the first day of trading may not know the portion of their aggregate tax basis that will ultimately be allocated to such security, and as a result may not know the exact amount of gain or loss that may result from such disposition until such determination.

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, the foregoing treatment of the PSUS Shares and shares of our common stock and the purchase price allocation between the PSUS Shares and shares of our common stock received in the combined offering (including the method of determining the relative fair market values of such shares detailed above) 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 or our determination regarding allocation of tax basis, and any alternative characterization or allocation could result in different and potentially adverse consequences for you, PSUS, or the Company. Accordingly, you are urged to consult your own tax advisor regarding the tax consequences of participating in the combined offering, including the allocation of tax basis between the PSUS Shares and shares of our common stock.

#### 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

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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 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 stock 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

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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.

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 transaction, 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 transaction, we will have a total of 400,000,000 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 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 375.0 million or 355.0 million shares of our common stock to be held by our pre-IPO owners and management, assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively, and the 16.3 million shares of our common stock to be delivered to the private placement investors in the combined private placement 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 or in reliance on another exemption from registration.

We will enter into a registration rights agreement with ManagementCo and a registration rights agreement with our pre-IPO owners, in each case, 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 Agreements." Such securities registered under any such registration statement will be available for sale in the open market unless restrictions apply.

In addition, 20,000,000 shares may be granted under our Equity Incentive Plan, which will be in effect for a period of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms). 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.

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, Transfer Restrictions and Registration Rights
We, PS Partner Group, and our officers and directors 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 ending 180 days after the date of this prospectus. These agreements are subject to certain exceptions, as set forth in "Underwriting."

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In addition, in connection with the Strategic Investment, our pre-IPO owners, including our Founder and certain other senior professionals and the Strategic Investors, have agreed not to sell interests in us held by them until the first anniversary of the combined offering. Our articles of incorporation will memorialize this one-year transfer restriction for shares of our common stock held by our pre-IPO owners. See "Description of Capital Stock—Common Stock" for more information.

Following the expiration of the applicable lock-up period or transfer restriction, 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 Agreements." If these stockholders exercise this right, our other existing stockholders may require us to register their registrable securities.

Following the applicable lock-up period or transfer restriction described above, 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 the requirements of Rule 144, which are described in greater detail below.

#### 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 |  |
| RBC Capital Markets, LLC |  |
| Banco BTG Pactual S.A.—Cayman Branch |  |
| Keefe, Bruyette & Woods, Inc.  |  |
| Academy Securities, Inc.  |  |
| &nbsp;&nbsp;Huntington Securities, Inc.  |  |
| Loop Capital Markets LLC  |  |
| Oppenheimer & Co. Inc.  |  |
| Piper Sandler & Co.  |  |
| Roberts & Ryan, Inc.  |  |
| Wedbush Securities Inc.  |  |
| Aegis Capital Corp.  |  |
| AmeriVet Securities, Inc.  |  |
| C.L. King & Associates, Inc.  |  |
| CastleOak Securities, L.P.  |  |
| Clear Street LLC  |  |
| InspereX LLC  |  |
| &nbsp;&nbsp;JonesTrading Institutional Services LLC  |  |
| R. Seelaus & Co., LLC  |  |
| Samuel A. Ramirez & Company, Inc.  |  |
| &nbsp;&nbsp;Siebert Williams Shank & Co., LLC  |  |
| Tigress Financial Partners 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.

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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 one PSUS Share and a corresponding fraction of 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 0.2 shares and the public offering price of the PSUS Shares may be reflected as $49.99 per PSUS 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 in the PSUS IPO pursuant to the PSUS Underwriting Agreement. In addition, as described in the PSUS Prospectus, PSUS and/or the Company will reimburse the underwriters of the PSUS IPO for certain out-of-pocket expenses, including counsel fees, in connection with the PSUS IPO, in an amount of $3,500,000. As described in the PSUS Prospectus, certain underwriters will also receive fees for structuring the combined offering. No additional compensation will be paid to the underwriters in connection with this offering.

We will bear all costs associated with this offering, except that any underwriting fees in connection with the combined offering will be paid by PSUS. We estimate that the total expenses of this 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 $32,000,000.

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 5 PSUS Shares with which the underwriters will deliver 1 share 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.

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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, PS Partner Group, and our officers and directors have agreed, subject to enumerated exceptions, that for a period ending 180 days after 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.

In addition to allocations made to retail investors by the underwriters, a portion of the PSUS Shares and our common stock offered pursuant to the combined offering will, upon request, be offered to retail investors through Charles Schwab and Robinhood, via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with us or PSUS. Purchases through these platforms will be subject to the terms, conditions and requirements set by such platforms. Any purchase of PSUS Shares and delivery of our common stock in the combined offering through these platforms will initially be offered at the offering price of $50.00 per PSUS Share. Information contained on, or that can be accessed through, such brokerage platforms does not constitute part of this prospectus.

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. 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 11 Madison Avenue, New York,

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New York 10010. 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.

Banco BTG Pactual S.A.—Cayman Branch is not a broker-dealer registered with the U.S. Securities and Exchange Commission, or SEC, and therefore may not make sales of any shares of our common stock in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations. To the extent that Banco BTG Pactual S.A.—Cayman Branch intends to sell shares of our common stock in the United States, it will do so only through BTG Pactual US Capital, LLC or one or more U.S. registered broker-dealers, or otherwise as permitted by applicable U.S. law.

#### 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 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

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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.

*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

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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.*

#### 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 (![](ny20040230x18_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 (![](ny20040230x18_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

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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*).

#### 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 paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024, 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

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"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. 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.

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#### 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.

#### 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.

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#### 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").

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

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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.

#### 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.

#### For Prospective Stockholders in Chile
On June 27, 2012, the CMF issued General Rule No. 336 (Norma de Carácter General No. 336), or NCG 336, which is intended to govern the private offering of securities in Chile. NCG 336 provides that the offering of securities that meet the conditions described therein shall not be considered public offerings in Chile and shall be exempted from complying with the general rules applicable to public offerings.

The following information is provided to prospective investors pursuant to NCG 336:

1)<br> Date of commencement of the offer: as set forth on the cover page of this registration statement. The offer of the shares of our common stock is subject to NCG 336.

2) The subject matter of this offer are securities not registered with the securities registry (registro de valores) or the foreign securities registry (registro de valores extranjeros) kept by the CMF. As a consequence, the shares of our common stock are not subject to the oversight of the CMF.

3)<br> Since the shares of our common stock are not registered in Chile, there is no obligation to provide public information regarding the shares of our common stock in Chile.

4)<br> The shares of our common stock shall not be subject to public offering in Chile unless registered with the relevant securities registry kept by the CMF.

#### For Prospective Stockholders in Colombia
The shares of our common stock have not been and will not be registered with the Colombian National Registry of Securities and Issuers (*Registro Nacional de Valores y Emisores – RNVE*) maintained by the Financial Superintendence of Colombia (*Superintendencia Financiera de Colombia*; the "SFC") and, therefore, the shares of our common stock may not be publicly offered or delivered in Colombia. However, the shares of our common stock may be offered in Colombia under Colombian law pursuant to the private placement exemption set forth in the Colombian regulation (*Decree 2555 of 2010*), in accordance of which an offering shall be deemed a private placement if it is addressed to fewer than one hundred (100) specific persons (*article 6.1.1.1.1, Decree 2555 of 2010*). These materials are solely our responsibility and have not been

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reviewed or authorized by the SFC and may not be publicly distributed in Colombia. In making an investment decision, all investors, including any Colombian investor who may acquire shares of our common stock from time to time, must rely on their own examination of the terms of the offering and shares of our common stock, including the merits and risks involved.

#### For Prospective Stockholders in Kuwait
This document is not for general circulation to the public in Kuwait. The shares of our common stock have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the shares of our common stock in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the shares of our common stock is being made in Kuwait, and no agreement relating to the sale of the shares of our common stock will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the shares of our common stock in Kuwait.

#### For Prospective Stockholders in Peru
The shares of our common stock have not been and will not be registered with or approved by the Peruvian Superintendency of Capital Markets (*Superintendencia del Mercado de Valores,* or the "Peruvian SMV") or the Lima Stock Exchange (*Bolsa de Valores de Lima,* or the "BVL" or the "Lima Stock Exchange"). Accordingly, this offering will not be a public offering in Peru.

Peruvian securities laws and regulations on public offerings will not be applicable to the offering of the shares of our common stock and, therefore, the disclosure obligations set forth therein will not be applicable to us, before or after their acquisition by prospective investors. Offering materials relating to the offering of shares of our common stock are being supplied to those Peruvian investors who have expressly requested them. Such materials may not be distributed to any person or entity other than the intended recipients. Accordingly, the shares of our common stock cannot be offered or delivered in Peru, except if: (i) such shares of our common stock were previously registered with the Peruvian SMV, or (ii) such offering is considered a private offering under the Peruvian securities laws and regulations. The Peruvian securities laws establish, among other things, that an offer directed exclusively to institutional investors (as defined by Peruvian law) qualifies as a private offering. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the shares of our common stock to determine their ability to invest in such shares.

No offer or invitation to subscribe for or sell shares of our common stock or beneficial interests therein can be made in Peru except in compliance with the Peruvian securities laws and regulations.

In making an investment decision, institutional investors must rely on their own examination of the terms of the offering of shares of our common stock to determine their ability to invest in them.

#### For Prospective Shareholders in Bahrain
This prospectus and the shares of our common stock have not been reviewed, approved or registered by the Central Bank of Bahrain ("CBB"), the Bahrain Bourse or the Ministry of Industry and Commerce of the Kingdom of Bahrain. None of these authorities has passed upon the merits of an investment in our common stock or the adequacy of this prospectus.

This prospectus does not constitute, and may not be used in connection with, an offer to the public in Bahrain. No marketing, promotion or offering of shares of our common stock will be conducted in or from within Bahrain, and no mass or general advertising will be undertaken in Bahrain. Any sale to persons in Bahrain will occur only on a strictly cross-border, reverse-enquiry basis. All subscription documents will be executed, and all subscription monies will be paid to and received, outside Bahrain. The distribution of this prospectus and any related offering materials in or into Bahrain is restricted. This prospectus may not be issued, passed to, or made available to the public generally in Bahrain.

By subscribing, each person in Bahrain represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any marketing, promotion, invitation or inducement made in or from within Bahrain; that no in-person marketing meetings, roadshows or other promotional activities occurred with it in

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Bahrain; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Bahrain; that it will not reproduce or distribute this prospectus or any offering materials in or into Bahrain; and that it understands this prospectus is intended only for persons who are "Accredited Investors" as defined by the CBB and does not constitute a public offer in Bahrain.

#### For Prospective Investors Located in the British Virgin Islands
This prospectus and the shares of our common stock have not been registered, recognized, approved or licensed by the British Virgin Islands Financial Services Commission (the "BVI FSC"). Neither the BVI FSC nor any other authority in the British Virgin Islands ("BVI") has passed upon the merits of an investment in shares of our common stock or the adequacy of this prospectus. This prospectus does not constitute, and there will not be, an offering of shares of our common stock to the public in the BVI. The shares of our common stock are not being offered or sold, and no invitation to subscribe for shares of our common stock is being made in or from within the BVI. No person is authorized, in or from within the BVI, to make any invitation or inducement to any other person to subscribe for or purchase shares of our common stock, or otherwise to promote the Company.

Notwithstanding the foregoing, shares of our common stock may be offered and sold (i) on a reverse-enquiry or unsolicited basis to persons in the BVI and (ii) from outside the BVI to BVI-domiciled companies, BVI corporate trustees and BVI partnerships comprised wholly of non-natural persons (together, "BVI Entities"), provided that no person promotes the Company in or from within the BVI, no in-person marketing occurs in the BVI, and all subscription documentation is executed and all subscription monies are received outside the BVI. By subscribing, each person or entity in the BVI (each, a "BVI Person") represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any promotion, invitation or inducement made in or from within the BVI; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in the BVI; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside the BVI; and that it will not reproduce or distribute this prospectus or any offering materials in or from within the BVI. If such BVI Person is a BVI-domiciled company, a BVI corporate trustee or a BVI partnership comprised wholly of non-natural persons, it further represents that any solicitation, if any, occurred from outside the BVI.

#### For Prospective Investors Located in India
This prospectus and the shares of our common stock have not been registered with, reviewed or approved by the Securities and Exchange Board of India ("SEBI"), the Reserve Bank of India ("RBI"), the Registrar of Companies ("ROC"), or any other Indian authority. No Indian authority has passed upon the merits of an investment in shares of our common stock or the adequacy of this prospectus. This prospectus does not constitute, and may not be used in connection with, an offer or invitation to the public in India, or a "prospectus" for registration with the ROC. The shares of our common stock will not be marketed, offered or sold in or into India except in a manner consistent with private placement practices and on a strictly reverse-enquiry basis. No cold-calling, mass solicitation, general advertising, or roadshows will be undertaken in India. All subscription documents will be executed, and all subscription monies will be paid and received, outside India. The distribution of this prospectus and any related offering materials in or into India is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in India. Persons in India who receive this prospectus must inform themselves about and observe any applicable legal or regulatory restrictions.

By subscribing, each investor who is resident in, or located in, India represents, warrants and agrees that its approach was wholly unsolicited and not the result of any marketing, invitation or inducement in or into India; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in India; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside India; that it will not distribute offering materials in or into India; and that it is permitted under applicable Indian exchange control and overseas investment rules (including, as applicable, the Foreign Exchange Management Act and the Overseas Investment/Liberalised Remittance Scheme framework) to acquire and hold shares of our common stock and has obtained, and will maintain, any required approvals or consents.

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#### For Prospective Shareholders in Indonesia
This prospectus and the shares of our common stock have not been registered with, reviewed or approved by the Financial Services Authority of the Republic of Indonesia (Otoritas Jasa Keuangan or "OJK"). This prospectus does not constitute, and may not be used in connection with, an offering that constitutes a public offering in Indonesia. The shares of our common stock may not be offered or sold, directly or indirectly, in or into Indonesia or to any Indonesian party in a manner that would constitute a public offering under Indonesian law. No public advertising, mass solicitation or mass-media distribution in or into Indonesia will be undertaken. Subscription documents will not be executed in, and subscription monies will not be paid to or received in, Indonesia. The distribution of this prospectus and any related offering materials in or into Indonesia is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in Indonesia. Persons in Indonesia who receive this prospectus must observe all applicable legal or regulatory restrictions.

By subscribing, each Indonesian party represents and agrees that it has not received any offer, invitation or inducement made in or into Indonesia or through Indonesian mass media; that no in-person marketing in Indonesia occurred with it; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Indonesia; and that it will not distribute offering materials in or into Indonesia and understands that the offering is not a public offering in Indonesia.

#### For Prospective Investors Located in South Africa
This prospectus and the shares of our common stock have not been approved by the Financial Sector Conduct Authority ("FSCA") under the Collective Investment Schemes Control Act, 2002 ("CISCA") and are not registered for public offer in South Africa. This prospectus does not constitute, and may not be used for, an offer to the public in South Africa. No marketing, promotion or solicitation will be conducted in or into South Africa. Any sale to persons in South Africa will occur only in response to a genuine, specific and unsolicited reverse enquiry, and all subscription documents will be executed and all subscription monies will be paid and received outside South Africa. The distribution of this prospectus and any related offering materials in or into South Africa is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in South Africa.

By subscribing, each South African investor represents, warrants and agrees that its approach was a genuine, specific and unsolicited reverse enquiry; that it did not receive any marketing, promotion or solicitation in or into South Africa; that no in-person marketing meetings or roadshows occurred with it in South Africa; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside South Africa; and that it will not distribute offering materials in or into South Africa. The investor acknowledges that the Company is not approved under CISCA and that this prospectus does not constitute a public offer in South Africa.

#### For Prospective Investors Located in Barbados
The shares of our common stock have not been and will not be registered or approved by the Financial Services Commission of Barbados (the "FSC") under the Barbados Mutual Funds Act, Cap. 320B or the Securities Act, Cap. 318A, and no Barbadian regulator has reviewed this prospectus. Accordingly, this prospectus does not constitute, and should not be construed as an offer, sale, or invitation for subscription or purchase of any shares of our common stock in Barbados.

#### For Prospective Investors Located in Turkey
The securities described herein have not been, and will not be, registered with the Capital Markets Board of Turkey (the "CMB"), and no prospectus or issuance certificate has been approved by the CMB. This document does not constitute, and may not be used in connection with, a public offering in Turkey. No general solicitation, advertisement, or marketing will be carried out in or into Turkey. These materials are provided solely at the specific unsolicited request of the investor, on a confidential basis, and may not be reproduced or distributed in or into Turkey. Any sale to a person resident in Turkey will occur only on a genuine, unsolicited reverse enquiry basis. Documents to purchase the securities described herein will not be executed in, and monies to purchase such securities will not be paid to or received in, Turkey. Turkish residents are responsible for complying with applicable Turkish law, including routing transactions through a locally licensed intermediary and transferring payments via Turkish banks, as required.

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By reviewing this document, each person resident in Turkey represents and agrees that it requested this information on an unsolicited basis and that it will not reproduce or distribute this document in or into Turkey.

#### For Prospective Shareholders in The Bahamas
The securities described herein have not been registered with, approved or licensed by the Securities Commission of The Bahamas ("SCB") and no prospectus or issuance certificate has been filed or approved in The Bahamas. This document does not constitute, and may not be used in connection with, an offer to the public in The Bahamas.

Interests will be offered and sold in or into The Bahamas only in circumstances that do not constitute a public offering and solely to "Accredited Investors" as defined in the Securities Industry Regulations, 2012. No general solicitation, advertising or public marketing will be undertaken in or into The Bahamas. The Fund is not administered or managed in or from The Bahamas.

These materials are provided solely at the specific request of the recipient on a confidential basis and may not be reproduced or distributed in or into The Bahamas. Subscription documents should be executed, and subscription monies paid and received, outside The Bahamas. Persons in The Bahamas are responsible for complying with any applicable Bahamian laws, including exchange control requirements of the Central Bank of The Bahamas.

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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. at December 31, 2025 and 2024, and for each of the two years in the period ended December 31, 2025, appearing in this prospectus and registration statement have been audited by Ernst & Young LLP, 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.

The consolidated financial statements of Howard Hughes Holdings Inc. as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said 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 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 (www.pershingsquareinc.com), 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

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| | |
|:---|:---|
| **Pershing Square Holdco, L.P.** <br>**Audited Consolidated Financial Statements** | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#tRIR2) | [F-2](#tRIR2) |
| [Consolidated Statements of Financial Condition as of December 31, 2025 and 2024](#tCSF2) | [F-3](#tCSF2) |
| [Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024](#tCSO2) | [F-4](#tCSO2) |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Changes in Partners' Capital for the Years Ended December 31, 2025 ](#tCSCF2)<br>[and 2024](#tCSCF2) | [F-5](#tCSCF2) |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#tCSC2) | [F-6](#tCSC2) |
| [Notes to Consolidated Financial Statements](#tNCF2) | [F-7](#tNCF2) |

---

---

| | |
|:---|:---|
| **Howard Hughes Holdings Inc.** <br>**Audited Consolidated Financial Statements** | **Page** |
| [Management's Report on Internal Control over Financial Reporting](#t1MRIC) | [F-31](#t1MRIC) |
| [Report of Independent Registered Public Accounting Firm](#t1ROI) | [F-32](#t1ROI) |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#t1CBS) | [F-34](#t1CBS) |
| [Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023](#t1CSO) | [F-35](#t1CSO) |
| &nbsp;&nbsp;&nbsp;[Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, ](#t1CSC)<br>[2024, and 2023](#t1CSC) | [F-36](#t1CSC) |
| [Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024, and 2023](#t1CSE) | [F-37](#t1CSE) |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023](#t1CSCF) | [F-38](#t1CSCF) |
| [Notes to Consolidated Financial Statements](#t2NCFS) | [F-40](#t2NCFS) |

---

F-1<br>

------

#### **TABLE OF CONTENTS**

#### Report of Independent Registered Public Accounting Firm
To the Partners of Pershing Square Holdco, L.P. and the Board of Directors of Pershing Square Holdco GP, LLC

#### 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, 2025 and 2024, the related consolidated statements of operations, changes in partners' capital and cash flows for each of the two years in the period ended December 31, 2025, 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, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, 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. 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.

/s/ Ernst & Young LLP

We have served as the Partnership's auditor since 2010.

New York, New York

March 9, 2026

F-2<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Financial Condition

---

| | | |
|:---|:---|:---|
| **Year ended December 31,** | **2025** | **2024**  |
| **Assets**<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;**$55397767** | &nbsp;&nbsp;$964856513  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118935  |
| Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp;**497330469** | &nbsp;&nbsp;&nbsp;&nbsp;232670263  |
| Due from affiliates<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15613554** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069477  |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1344606** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865523  |
| Investment in Howard Hughes Holdings Inc. ("HHH"), at fair value | &nbsp;&nbsp;&nbsp;&nbsp;**717930000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp;**283158457** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**79288239** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59512945  |
| Lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28440786** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30589920  |
| Fixed assets and leasehold improvements (net of accumulated depreciation of **$17,592,861** and $15,292,146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14983725** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16835002  |
| Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4129121** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639939  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3465870** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634149  |
| **Total assets** | **$1701201529** | $1318792666  |
| **Liabilities**<br>|  |  |
| Accrued compensation and benefits<sup>(1)</sup> | &nbsp;&nbsp;**$426093557** | &nbsp;&nbsp;&nbsp;$170114923  |
| Performance fee distributions payable<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54838527** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49282797  |
| Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24143741** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21661699  |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17029108** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13627356  |
| Distributions payable to partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10104536** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8736219  |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8620401** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6981829  |
| Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3786000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**42672771** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46329394  |
| &nbsp;&nbsp;Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**34800000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34800000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**622088641** | &nbsp;&nbsp;&nbsp;&nbsp;351534217  |
| **Commitments and Contingencies (see Note 7)**<br>|  |  |
| **Partners' capital**<br>|  |  |
| Partners' capital controlling interests | &nbsp;&nbsp;**1016418004** | &nbsp;&nbsp;&nbsp;&nbsp;920469068  |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**62694884** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46789381  |
| &nbsp;&nbsp;Total partners' capital | &nbsp;&nbsp;**1079112888** | &nbsp;&nbsp;&nbsp;&nbsp;967258449  |
| **Total liabilities and partners' capital** | **$1701201529** | $1318792666 |

---

<sup>(1)</sup> 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>

F-3<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
| **Year ended December 31,** | **2025** | **2024**  |
| **Revenue**<br>|  |  |
| Management fees (net of contra-revenue of **$9,611,543** and $0) | **$230420369** | $206066898  |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp;**532087325** | &nbsp;&nbsp;249430688  |
| &nbsp;&nbsp;**Total revenue** | &nbsp;&nbsp;**762507694** | &nbsp;&nbsp;455497586 |
| **Expenses**<br>|  |  |
| Profit-sharing partner compensation<sup>(1)</sup> | &nbsp;&nbsp;**459079001** | &nbsp;&nbsp;339132746  |
| Affiliates fee rebate | &nbsp;&nbsp;&nbsp;**77579860** | &nbsp;&nbsp;&nbsp;69300950  |
| General and administrative expense | &nbsp;&nbsp;&nbsp;**42074054** | &nbsp;&nbsp;&nbsp;&nbsp;50811911  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp;**20228019** | &nbsp;&nbsp;&nbsp;13164376  |
| &nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;**2300715** | &nbsp;&nbsp;&nbsp;&nbsp;2778063  |
| **Total expenses** | &nbsp;&nbsp;**601261649** | &nbsp;&nbsp;475188046 |
| **Operating income (loss)** | &nbsp;&nbsp;**161246045** | &nbsp;&nbsp;(19690460)  |
| **Non-operating income (expenses)**<br>|  |  |
| Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp;**110700000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest income | &nbsp;&nbsp;&nbsp;**16910323** | &nbsp;&nbsp;&nbsp;28508310  |
| Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;**12224037** | &nbsp;&nbsp;&nbsp;&nbsp;6986422  |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp;**5240476** | &nbsp;&nbsp;&nbsp;&nbsp;5666428  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;**(2302369)** | &nbsp;&nbsp;&nbsp;&nbsp;(3095596)  |
| **Total non-operating income (expenses)** | &nbsp;&nbsp;**142772467** | &nbsp;&nbsp;&nbsp;38065564 |
| **Net income (loss) before taxes** | &nbsp;&nbsp;**304018512** | &nbsp;&nbsp;&nbsp;18375104  |
| Income tax expense | &nbsp;&nbsp;&nbsp;**22308640** | &nbsp;&nbsp;&nbsp;15985175  |
| **Net income (loss)** | &nbsp;&nbsp;**281709872** | &nbsp;&nbsp;&nbsp;&nbsp;2389929  |
| Less: Net (income) loss attributable to non-controlling interest | &nbsp;&nbsp;**(31933262)** | &nbsp;&nbsp;(16541033)  |
| **Net income (loss) attributable to Pershing Square Holdco, L.P.** | **$249776610** | $(14151104) |

---

(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>

F-4<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Changes in Partners' Capital

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Controlling** <br>**Interest - GP<sup>(1)</sup>** | **Controlling** <br>**Interest - LPs<sup>(1)</sup>** | **Limited Partner** <br>**Interest -** <br>**PS Holdco<sup>(2)</sup>** | **Non-controlling** <br>**Interest** | **Total**  |
| **As of December 31, 2023** | $3418131 | &nbsp;&nbsp;&nbsp;$75426004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $45847566 | &nbsp;&nbsp;$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;&nbsp;&nbsp;1647202  |
| Capital distributions | &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;&nbsp;(8099218) | &nbsp;&nbsp;&nbsp;(158142067)  |
| &nbsp;&nbsp;Net income (loss) | &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;&nbsp;5079321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36443066  |
| **As of May 31, 2024** | &nbsp;&nbsp;&nbsp;**2231341** | &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;**42827669** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4639902**  |
| General Partner transfer<sup>(1)</sup> | &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;&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;&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;— | &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;&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;&nbsp;&nbsp;(16545979)  |
| &nbsp;&nbsp;Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;11461712 | &nbsp;&nbsp;&nbsp;&nbsp;(34053137)  |
| **As of December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**920469068** | &nbsp;&nbsp;&nbsp;**46789381** | &nbsp;&nbsp;&nbsp;&nbsp;**967258449**  |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461901** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461901**  |
| 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;**(155289575)** | &nbsp;&nbsp;**(16027759)** | &nbsp;&nbsp;&nbsp;**(171317334)**  |
| &nbsp;&nbsp;Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**249776610** | &nbsp;&nbsp;&nbsp;**31933262** | &nbsp;&nbsp;&nbsp;&nbsp;**281709872**  |
| **As of December 31, 2025** | **$—** | **$—** | **$1016418004** | **$62694884** | **$1079112888** |

---

(1)<br> These balances represent the former classes of equity of Pershing Square Capital Management, L.P. prior to the Reorganization (defined and described in Note 1) which took place on May 31, 2024.

(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>

F-5<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| **Year ended December 31,**  | **2025** | **2024**  |
| **Cash flows from operating activities**<br>|  |  |
| Net income | **$281709872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2389929  |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Amortization of deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9611543** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2300715** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2778063  |
| &nbsp;&nbsp;&nbsp;Non-cash lease expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2302819** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2782814  |
| &nbsp;&nbsp;&nbsp;Amortization of LTIP grants in profit-sharing partner compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461901** | &nbsp;&nbsp;&nbsp;&nbsp;112737683  |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on HHH shares held at fair value | &nbsp;&nbsp;**(110700000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Changes in operating assets and liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Performance fees receivable | &nbsp;&nbsp;**(264660206)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89026283  |
| &nbsp;&nbsp;&nbsp;Due from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;**(7544077)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62671548  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(479083)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;536375  |
| &nbsp;&nbsp;&nbsp;Deferred HHH Services Agreement premium | &nbsp;&nbsp;**(292770000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Investment in Pershing Square, L.P. | &nbsp;&nbsp;&nbsp;**(19775294)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6307697  |
| &nbsp;&nbsp;&nbsp;Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**510818** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;698573  |
| &nbsp;&nbsp;&nbsp;Other assets | &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;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | &nbsp;&nbsp;&nbsp;**255978634** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72688143  |
| &nbsp;&nbsp;&nbsp;Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3401752** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804022  |
| &nbsp;&nbsp;&nbsp;Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3786000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1638572** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1401191  |
| &nbsp;&nbsp;&nbsp;Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2482042** | &nbsp;&nbsp;&nbsp;&nbsp;(56064460)  |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;**(3810308)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4276979)  |
| **Net cash provided by (used in) operating activities** | &nbsp;&nbsp;**(134233082)** | &nbsp;&nbsp;&nbsp;&nbsp;294480882  |
| **Cash flows from investing activities**<br>|  |  |
| Purchase of investment in HHH, net | &nbsp;&nbsp;**(607230000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Purchases of fixed assets and leasehold improvements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(449438)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557877)  |
| **Net cash provided by (used in) investing activities** | &nbsp;&nbsp;**(607679438)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1557877) |
| **Cash flows from financing activities**<br>|  |  |
| Payments for capital distributions | &nbsp;&nbsp;**(164393287)** | &nbsp;&nbsp;&nbsp;(298747239)  |
| Offering costs for Pershing Square USA, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;**(3152939)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(321218)  |
| Proceeds from capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;1047164069  |
| Proceeds from borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16384813  |
| Repayment of borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;(80535856)  |
| 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;(16545979)  |
| **Net cash provided by (used in) financing activities** | &nbsp;&nbsp;**(167546226)** | &nbsp;&nbsp;&nbsp;&nbsp;667398590 |
| Net change in cash and cash equivalents and restricted cash | &nbsp;&nbsp;**(909458746)** | &nbsp;&nbsp;&nbsp;&nbsp;960321595  |
| Cash and cash equivalents and restricted cash, beginning of period | &nbsp;&nbsp;&nbsp;**964975448** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4653853  |
| **Cash and cash equivalents and restricted cash, end of period** | **$55516702** | $964975448  |
| **Supplemental disclosures:**<br>|  |  |
| Cash paid during the period for income tax expense | &nbsp;&nbsp;&nbsp;**$19437613** | &nbsp;&nbsp;&nbsp;&nbsp;$15181153  |
| Cash paid during the period for interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2358213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332283  |
| Non-cash activities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1461901** | &nbsp;&nbsp;&nbsp;&nbsp;120249812  |
| *Reconciliation of cash and cash equivalents and restricted cash*<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp;**55397767** | &nbsp;&nbsp;&nbsp;&nbsp;964856513  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118935  |
| **Total cash and cash equivalents and restricted cash, end of period** | **$55516702** | $964975448 |

---

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

F-6<br>

------

#### **TABLE OF CONTENTS**

#### <br>

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

#### Notes to Consolidated Financial Statements
1. **ORGANIZATION** 

Pershing Square Holdco, L.P., a Delaware limited partnership ("PS Holdco" or the "Partnership"), was formed on April 11, 2024. Pershing Square Holdco GP, LLC, a Delaware limited liability company, serves as the general partner of PS Holdco. 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 have any holdings 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 CompCo, LLC, a Delaware limited liability company ("CompCo" which was formerly named PS VariableCo, LLC), 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 CompCo. 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.

Prior to December 31, 2024, PSCM was 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 operated collectively as a co-investment vehicle that primarily invested in securities of (or otherwise sought to be exposed to the value of securities issued by) Universal Music Group, N.V. ("UMG"). PSVII GP, LLC, the general partner of PSVII Master, PSVII LP, PSVII Intl and PSVIIA ("PSVII GP"), determined to cease the operations of PSVII Master and PSVIIA and distribute its assets to limited partners as of December 31, 2024. All subsequent references to the PSVII Funds throughout these financial statements are applicable only up to their cessation date of December 31, 2024.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
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. 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.

On May 5, 2025, PS Holdco and Howard Hughes Holdings Inc. ("HHH") entered into a Share Purchase Agreement (the "HHH Share Purchase Agreement") whereby PS Holdco 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, PS Holdco owned 15.2% of HHH common stock, while the Core Funds, which PS Holdco does not consolidate, owned 31.7% of HHH common stock, providing PS Holdco and its affiliates with a collective voting power of 46.9% of the outstanding HHH common stock. Pursuant to a Standstill Agreement between PS Holdco and HHH dated May 5, 2025, PS Holdco, PSCM and the Core Funds are, in the aggregate, generally subject to a voting cap of 40% of the outstanding common stock of HHH (with all shares in excess of the cap voted proportionally to HHH shareholders other than PS Holdco, PSCM and the Core Funds).

In connection with the HHH Share Purchase Agreement, PSCM entered into a Services Agreement with HHH dated May 5, 2025 (the "HHH Services Agreement" and together with the HHH Share Purchase Agreement, the "HHH Agreements"), pursuant to which PSCM provides HHH with investment, advisory and other services. In consideration for these services, PSCM will receive a quarterly fixed fee (the "Base Management Fee") and be eligible to receive a quarterly variable fee (the "Variable Management Fee" and together with the Base Management Fee, the "HHH Fees"). 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. HHH may 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, subsequently, by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by PSCM and its affiliates (including PS Holdco). The HHH Services Agreement may be terminated by HHH in prescribed circumstances such as (i) with the approval of two-thirds of the disinterested members of its board of directors upon (a) a default of any material provision of the HHH Services Agreement by PSCM or any of its permitted assignees or subcontractors that results in material harm to HHH, (b) fraud, misappropriation or embezzlement by PSCM or any of its permitted assignees or subcontractors against HHH, (c) action(s) by PSCM or any of its permitted assignees or subcontractors constituting bad faith, willful misconduct, gross negligence, or criminal conduct in the performance of its duties under the HHH Services Agreement, (d) PSCM's entry into bankruptcy, insolvency or reorganization proceedings or (e) certain changes of control of HHH or (ii) with the prior unanimous approval of the disinterested members of its board of directors, upon PS Holdco and its affiliates (and their permitted transferees), in the aggregate, ceasing to own at least 9,000,000 shares of HHH's common stock, 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) on or prior to May 5, 2035 or ceasing to own at least 75% of such number of shares thereafter, in each case as a result of sales of shares to third parties.

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On August 5, 2025 in connection with the HHH Services Agreement, each of the Core Funds amended and restated its investment management agreement ("IMA") to reduce the management fees PSCM will earn 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.

PSCM's primary sources of revenue are (i) management fees from the Core Funds and, prior to December 31, 2024, PSVII Master, (ii) the HHH Fees and (iii) 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 above a prior high-water mark. In addition, as described under "Consolidation" in Note 2, the performance allocations earned by the general partners of PSLP and PSVII Master are consolidated with PSCM's and the Partnership's revenue despite neither entity being the recipient of the funds resulting from the performance allocations. For any given period, the Partnership's revenues will be primarily driven by the performance of these funds.

PSCM is registered with the U.S. Securities and Exchange Commission ("SEC") 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 SEC under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. PSCM has purchased PSUS common shares for the purpose of providing operating capital and is currently 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.

On December 15, 2025, the Partnership entered into a PSH Share Agreement with Mr. Ackman and certain other affiliates (together with Mr. Ackman, the "Shareholders") for no consideration, pursuant to which each Shareholder granted the Partnership the right, but not the obligation, to acquire from such Shareholder a certain percentage of the outstanding ordinary shares of PSH (the "Subject PSH Shares") in exchange for shares in the Partnership's publicly listed successor entity at an agreed upon ratio (the "PSH Share Acquisition"). As of December 31, 2025, the Subject PSH Shares represented approximately 26% of the total number of PSH shares issued and outstanding. Pursuant to the PSH Share Agreement, the Partnership has the right to consummate the PSH Share Acquisition at any time on or after the ninth anniversary, and on or before the tenth anniversary, of the IPO of the Partnership. As such, no PSH shares were acquired as of December 31, 2025.

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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#### &nbsp;&nbsp;&nbsp;&nbsp; <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.

#### 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.

#### 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. 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 (i) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and (ii) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
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.

Conversely, the Partnership has determined to consolidate Pershing Square GP, LLC ("PSGP"), the general partner of PSLP, and 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 tables summarize the consolidated balances of PSGP:

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| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square GP, LLC** | **December 31, 2025** | **December 31, 2024**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;Investment in Pershing Square, L.P., at fair value | &nbsp;&nbsp;&nbsp;**$79288239** | &nbsp;&nbsp;&nbsp;$59512945  |
| &nbsp;&nbsp;&nbsp;Due from affiliates | &nbsp;&nbsp;&nbsp;**11800000** | &nbsp;&nbsp;&nbsp;7500000  |
| **Total assets** | &nbsp;&nbsp;&nbsp;**$91088239** | &nbsp;&nbsp;&nbsp;$67012945  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp;Accrued compensation and benefits | &nbsp;&nbsp;&nbsp;**$16593355** | &nbsp;&nbsp;&nbsp;$12723564  |
| &nbsp;&nbsp;&nbsp;Performance fee distributions payable | &nbsp;&nbsp;&nbsp;**11800000** | &nbsp;&nbsp;&nbsp;7500000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;**28393355** | &nbsp;&nbsp;&nbsp;20223564  |
| &nbsp;&nbsp;&nbsp;Non-controlling interest | &nbsp;&nbsp;&nbsp;**62694884** | &nbsp;&nbsp;&nbsp;46789381  |
| **Total liabilities and equity** | &nbsp;&nbsp;&nbsp;**$91088239** | &nbsp;&nbsp;&nbsp;$67012945 |

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| | | |
|:---|:---|:---|
| *Statements of Operations* <br>|  |  |
| &nbsp;&nbsp;&nbsp;Performance allocation from Pershing Square, L.P.<sup>(1)</sup> | **$29742303** | $14543002  |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value | &nbsp;&nbsp;&nbsp;**12224037** | &nbsp;&nbsp;&nbsp;6986422  |
| &nbsp;&nbsp;&nbsp;Profit-sharing partner compensation | &nbsp;&nbsp;**(10033078)** | &nbsp;&nbsp;(4988391)  |
| **Net income (loss) attributable to non-controlling interest** | **$31933262** | $16541033 |

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(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.

Prior to December 20, 2024, 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <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 IMAs with each fund. PSCM also receives the HHH Fees in exchange for investment, advisory and other services, pursuant to the HHH Services Agreement.

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 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 IMAs. As compensation for such services, PSCM receives a quarterly management fee of 0.375%, equal to 1.50% annually, of the net asset value (before any accrued performance fees or allocations) 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. The Core Funds reduce management fees 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. Management fees are recognized in 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 fee-paying assets and the relative magnitude and timing of contributions and withdrawals.

*Management Fees - HHH Fees* 

Pursuant to the HHH Services Agreement, PSCM receives from HHH: (i) the quarterly Base Management Fee of $3.75 million, which is adjusted annually for inflation and (ii) the quarterly Variable Management Fee equal to 0.375% of the increase in HHH's equity market capitalization above a reference market capitalization

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
(the "Reference Market Cap"). The Reference Market Cap is determined by multiplying the post-transaction share count (the "Reference Share Count") by a reference market price (the "Reference Market Price"), which is adjusted annually for inflation, subject to equitable adjustment for stock splits, reclassifications or similar capital changes.

Consistent with ASC 606, the Partnership considers the HHH Agreements to be one contract as they were executed at the same time with a single commercial objective. As a result, the $900,000,000 purchase price was recognized as two separate amounts following the execution of the HHH Agreements: (i) a $607,230,000 investment in HHH, which was calculated as 9,000,000 shares multiplied by HHH's publicly traded price of $67.47 as of the close of business on May 2, 2025, the most recent observable price at the time (refer to "Fair Value of Financial Instruments" for details on the classification and fair value election for this investment), and (ii) a $292,770,000 deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The HHH Premium will be amortized straight-line as contra-revenue in management fees over a period of 20 years, with the first period's amortization being prorated for a start date of May 5, 2025. For the year ended December 31, 2025, the HHH Premium amortization recognized as contra-revenue totaled $9,611,543. The estimated amortization expense related to the HHH Premium for each of the next five fiscal years is $14,638,500.

The Partnership assessed the HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

*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 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, 2025, cash and cash equivalents was comprised of $1,339,595 (2024: $1,776,964) of cash held at a U.S. bank and $54,058,172 (2024: $963,079,549) of cash equivalents held in two money market funds invested in U.S. Treasury obligations (JPMorgan 100% U.S. Treasury Securities Money Market Fund and 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 I if they were included in the fair value hierarchy. The interest earned on cash invested in money market funds is recorded in interest income.

#### 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.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
As of December 31, 2025, due from affiliates was primarily comprised of (i) PSGP's capital withdrawal from PSLP of $11,800,000 that was not received as of the balance sheet date, and (ii) the Variable Management Fee of $3,345,230 receivable from HHH.

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, 2025 and 2024, no allowance related to due from affiliates was deemed necessary.

#### Fair Value of Financial Instruments
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.

The Partnership's investment in HHH is classified as an equity method investment as the Partnership is deemed to exert significant influence over HHH, given (i) the Partnership's ability to vote based on its direct ownership and the Core Funds' ownership of HHH and (ii) PSCM's right to designate directors on the Board of Directors of HHH. The Partnership has elected the fair value option for this investment, and changes in fair value are, therefore, recognized through profit and loss. The Partnership's investment in HHH is a Level I investment in the fair value hierarchy as its shares are publicly traded and quoted prices are readily available.

As of December 31, 2025, the Partnership's investment in HHH was valued at $717,930,000, which represented an ownership percentage of approximately 15.2%. For the year ended December 31, 2025, the Partnership recorded an unrealized gain of $110,700,000 from its investment in HHH.

The summarized financial information of the Partnership's equity method investment in HHH is as follows. The summarized Statement of Operations is presented for the period from May 5, 2025, the inception date of the Partnership's investment in HHH, through December 31, 2025.

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| | |
|:---|:---|
| **Summarized Financial Information - HHH** | **December 31, 2025**  |
| *Statement of Financial Condition*<br>|  |
| Assets<br>|  |
| &nbsp;&nbsp;&nbsp;Net investment in real estate | &nbsp;&nbsp;$7367055000  |
| &nbsp;&nbsp;&nbsp;All other assets | &nbsp;&nbsp;&nbsp;3272406000  |
| **Total assets** | **$10639461000**  |
| Liabilities and Equity<br>|  |
| &nbsp;&nbsp;&nbsp;Mortgages, notes, and loans payable, net | &nbsp;&nbsp;$5109828000  |
| &nbsp;&nbsp;&nbsp;All other liabilities | &nbsp;&nbsp;&nbsp;1687387000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;**6797215000**  |
| &nbsp;&nbsp;&nbsp;Total equity | &nbsp;&nbsp;&nbsp;3842246000  |
| &nbsp;&nbsp;**Total liabilities and equity** | **$10639461000** |

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| | |
|:---|:---|
|  | **For the period from**<br>**May 5, 2025 to**<br>**December 31, 2025**  |
| *Statement of Operations*<br>|  |
| &nbsp;&nbsp;&nbsp;Total revenues | $1229024000  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;&nbsp;(948112000)  |
| &nbsp;&nbsp;&nbsp;Total other income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294000)  |
| **Operating income** | &nbsp;&nbsp;&nbsp;&nbsp;**280618000**  |
| **Net income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**121035000**  |
| **Net income (loss) attributable to common stockholders** | **$121427000** |

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
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, 2025, PSGP had an investment of $79,288,239 (2024: $59,512,945) in PSLP, which represented an ownership percentage of approximately 5.2% (2024: 4.5%). For the year ended December 31, 2025, PSGP recorded a gain of $12,224,037 (2024: gain of $6,986,422) from its investment in PSLP.

The summarized financial information of the Partnership's equity method investment in PSLP is as follows:

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| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square, L.P.** | **December 31, 2025** | **December 31, 2024**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp;Investments and derivative contracts | **$1617395505** | $1388621627  |
| &nbsp;&nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**28012056** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31896578  |
| &nbsp;&nbsp;**Total assets** | **$1645407561** | $1420518205  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | **$114759041** | $92556743  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;**114759041** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92556743  |
| &nbsp;&nbsp;&nbsp;Partners' capital | &nbsp;&nbsp;**1530648520** | &nbsp;&nbsp;1327961462  |
| **Total liabilities and equity** | **$1645407561** | $1420518205 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| *Statements of Operations*<br>| **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Net gain from investments in securities and derivative contracts | **$331635242** | $145537342  |
| &nbsp;&nbsp;&nbsp;Investment income | &nbsp;&nbsp;&nbsp;&nbsp;**11579153** | &nbsp;&nbsp;&nbsp;16122457  |
| &nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;**(12643683)** | &nbsp;&nbsp;(12811605)  |
| **Net income** | **$330570712** | $148848194 |

---

Partners in PSGP can withdraw all of their partnership interest each calendar quarter upon 45 days prior written notice, but are subject to (i) PSCM's contractual or regulatory restrictions on trading, or "trading windows" whereby PSCM may be in possession of any material nonpublic information regarding one or more of PSLP's portfolio companies and (ii) any other limitations on withdrawals as set forth in the general partner agreement.

#### 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, 2025 was $2,300,715 (2024: $2,778,063). 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.

F-15<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2024**  |
| **Asset Class** | **Useful Life** |  |  |
| Leasehold Improvements | &nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;**$28395531** | &nbsp;&nbsp;$28333531  |
| Furniture and Fixtures | &nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;**2173959** | &nbsp;&nbsp;&nbsp;&nbsp;2071436  |
| Office Computers and Equipment | &nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;**1528371** | &nbsp;&nbsp;&nbsp;&nbsp;1260768  |
| Computer Software | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**478725** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461413  |
| Total Fixed Assets and Leasehold Improvements (gross) |  | &nbsp;&nbsp;&nbsp;**32576586** | &nbsp;&nbsp;&nbsp;32127148  |
| Less: Accumulated Depreciation and Amortization |  | &nbsp;&nbsp;**(17592861)** | &nbsp;&nbsp;(15292146)  |
| **Total Fixed Assets and Leasehold Improvements (net)** |  | &nbsp;&nbsp;**$14983725** | &nbsp;&nbsp;$16835002 |

---

#### 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.

#### Income Taxes
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, 2025, the Partnership recorded $22,308,640 (2024: $15,985,175) of tax expense, which primarily relates to UBT. As of December 31, 2025, $16,494,887 of UBT expense remained payable (2024: $13,627,356).

For the 2025 tax year, the Partnership and its parent entity PSPG both elected to be subject to 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"). The Partnership's predecessor entity PSCM made the same elections for the 2024 tax year.

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 (i) the Partnership or PSPG and (ii) each partner. For the year ended December 31, 2025, the Partnership and PSPG made quarterly PTET payments totaling $32,937,551 (2024: $71,304,813) on behalf of their partners. These PTET 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, PTET payments were recorded as capital distributions.

As of December 31, 2025, PTET accruals of $10,104,536 and $3,224,380 (2024: $8,736,219 and $3,263,171) were recorded in distributions payable to partners and accrued compensation and benefits, respectively.

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, 2025 and 2024, the Partnership

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
did not accrue interest or penalties related to uncertain tax positions. The Partnership has evaluated its tax positions for the years ended December 31, 2025 and 2024 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's tax returns for tax years 2022 and forward are open to examination by the IRS.

#### 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 in 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. 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.

F-17<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <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.

All PSUS offering costs incurred subsequent to July 31, 2024, the date of postponement of PSUS's initial planned IPO, have been deferred and are recorded in other assets in anticipation of a future offering. PSUS offering costs incurred prior to July 31, 2024 were written off to general and administrative expense.

Refer to Note 5 for details on the treatment of PS Holdco's offering costs in the current period.

#### Other Income
Other income is primarily comprised of (i) payments received from TABLE Management, L.P. ("TABLE") related to their office license agreement with PSCM, (ii) office space sublease income and the reimbursement of office services from NEOX Public Benefit LLC and (iii) the reimbursement of expenses related to the corporate aircraft from Mr. Ackman. 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, 2025, expenses related to the Plan were $419,590 (2024: $383,946) 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 the profit-sharing arrangements and the long-term incentive plan discussed below, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the long-term incentive plan. 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 for employees who do not hold profits interests. 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 CompCo. Upon admission to CompCo, 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) CompCo. Refer to Note 4 "Variable Compensation Agreement" for more details.

F-18<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <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 the 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 CompCo. Upon admission to CompCo, 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) CompCo.

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 in 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, 2025, the Partnership did not grant additional permanent profits-interests. For the year ended December 31, 2024, the Partnership granted additional permanent profits-interests valued at $111,282,207, all of which vested immediately upon grant.

During the year ended December 31, 2025, $1,461,901 (2024: $1,455,475) 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 $752,958 over a weighted average period of 1 year.

F-19<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

---

| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| &nbsp;&nbsp;CompCo Subordinated Performance Fee<sup>(1)</sup> | **$385350074** | $136618188  |
| Profit-sharing partner compensation | &nbsp;&nbsp;&nbsp;**72267026** | &nbsp;&nbsp;&nbsp;89776876  |
| Amortization of unvested grants of permanent profits-interests | &nbsp;&nbsp;&nbsp;&nbsp;**1461901** | &nbsp;&nbsp;&nbsp;&nbsp;1455475  |
| New grants of permanent profits-interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;111282207  |
| **Total profit-sharing partner compensation** | **$459079001** | $339132746  |
| **LTIP permanent profits-interest distributions** | **$37440632** | $41633980 |

---

(1) Refer to Note 4 "Variable Compensation Agreement" for more details on both CompCo and the related service contract. The profit-sharing partner compensation expense resulting from the 2025 Subordinated Performance Fee is net of UBT withholding of $14,390,666.

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 involves 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 year ended December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Earning Streams** | **Methodology** | **Unobservable Input** | **2025** | **October 23, 2024<sup>(1)</sup>** | **July 1, 2024<sup>(1)</sup>**  |
| Net FRE earnings | Income approach | Discount rate | N/A | **13.0%–15.0% (14.0%)** | **11.0%–13.0% (12.0%)**  |
| Net FRE earnings | Income approach | Exit multiple | N/A | **14.0x–16.0x (15.0x)** | **16.0x–18.0x (17.0x)**  |
| Performance fees | Income approach | Discount rate | N/A | **14.5%–19.5% (17.0%)** | **11.5%–16.5% (14.0%)**  |
| Performance fees | Income approach | Exit multiple | N/A | **11.5x–12.5x (12.0x)** | **14.5x–15.5x (15.0x)**  |
| Net FRE earnings | Market approach | Net FRE multiples | N/A | **16.0x–26.0x (21.0x)** | **18.0x–28.0x (23.0x)** |

---

(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 in the Consolidated Statements of Financial Condition, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

In December 2023, the FASB issued ASU 2023-09 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 2023-09 is effective for

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
annual periods beginning after December 15, 2025 for private companies and after December 15, 2024 for public companies, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities may apply it retrospectively. The Partnership is currently assessing its impact.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain expenses including employee compensation, depreciation and intangible asset amortization on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Partnership is currently assessing the impact of ASU 2024-03.

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.

PS Holdco records all cash distributions 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 cash distributions resulting from the LTIP Awards that are permanent profits-interests are recorded as capital distributions. All cash distributions made to the Partnership's strategic investors 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.

4. **RELATED PARTY TRANSACTIONS** 

#### Management Fees
PSCM earns most of its management fees and all of its 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, 2025, PSCM earned management fees from the Core Funds of $222,898,715 (2024: $206,066,898 from the Pershing Square Funds).

Pursuant to the HHH Services Agreement, on May 5, 2025 PSCM began earning the Base Management Fee and the Variable Management Fee from HHH. For the year ended December 31, 2025, PSCM earned a Base Management Fee of $9,848,901 and a Variable Management Fee of $7,284,296. The HHH Fees are recorded in management fees. For the year ended December 31, 2025, PSCM reduced management fees for the Core Funds by $4,107,791, which was calculated as the HHH Fees multiplied by the percentage of HHH's shares outstanding held by the Core Funds that were attributable to fee-paying capital.

As of December 31, 2025, the Variable Management Fee for the three months ended December 31, 2025 remained receivable and is recorded in due from affiliates. PSCM also received in advance the $3,786,000 Base Management Fee for the three months ended March 31, 2026, which is recorded in deferred revenue as of December 31, 2025.

F-21<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table presents a summary of all sources of management fees:

---

| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| Pershing Square Holdings, Ltd. | **$207995255** | $188818228  |
| Pershing Square, L.P. | &nbsp;&nbsp;&nbsp;**10373793** | &nbsp;&nbsp;&nbsp;11071033  |
| Pershing Square International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;**4529667** | &nbsp;&nbsp;&nbsp;&nbsp;6007199  |
| PS VII Master, 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;170438  |
| HHH Base Management Fee | &nbsp;&nbsp;&nbsp;&nbsp;**9848901** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| HHH Variable Management Fee | &nbsp;&nbsp;&nbsp;&nbsp;**7284296** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Total Management Fees - Gross** | **$240031912** | $206066898  |
| &nbsp;&nbsp;Less: Amortization of HHH Premium | &nbsp;&nbsp;&nbsp;&nbsp;**(9611543)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Total Management Fees - Net** | **$230420369** | $206066898 |

---

#### 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 at 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 (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 and/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, 2025, the PSINTL Performance Fee totaled $13,146,491 (2024: $8,299,501). As of December 31, 2025, $10,708,077 (2024: $7,314,090) 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 the time of the amendment), 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, 2025 and December 31, 2024, there was no non-PSH fund that generated management fees and did 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 Performance Fees resulting from 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 where 1% is held until completion of PSH's financial statement audit.

F-22<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
For the year ended December 31, 2025, the Variable Performance Fee totaled $489,198,531 (2024: $226,588,185). As of December 31, 2025, $486,622,392 (2024: $225,356,173) of the Variable Performance Fee remained receivable from PSH.

*Variable Compensation Agreement* 

Per the VCA, 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 year 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 experienced a net of management fee return of 5% per year above its high-water mark less 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, CompCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the applicable Preferred Performance Fee and net of any applicable taxes: (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, 2025, the Preferred Performance Fee and Subordinated Performance Fee totaled $102,604,282 (2024: $98,269,498) and $399,740,740 (2024: $136,618,188), respectively.

As CompCo is a vehicle used to compensate employees, the Partnership considers its relationship with CompCo 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, 2025, the PSLP Performance Allocation totaled $29,742,303 (2024: $14,543,002). 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.* 

Prior to December 31, 2024, PSVII GP was eligible to receive a performance allocation in connection with its services as the general partner to PSVII Master; however, no performance allocation ever crystallized.

Following PSVII GP's decision to cease the operations of PSVII Master as of December 31, 2024, the Partnership no longer receives management fees from PSVII Master or a performance allocation in PSVII GP.

F-23<br>

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#### <br>

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

#### Howard Hughes Holdings Inc.
As part of the HHH Share Purchase Agreement, HHH agreed to reimburse the Partnership for up to $25 million of reasonable and documented expenses incurred by the Partnership in connection with the negotiation and execution of the transaction. The Partnership incurred $22,501,828 of such expenses, all of which were reimbursed by HHH. These expenses and associated reimbursements were treated as transaction costs with no net impact to the cost to obtain the HHH shares.

#### Pershing Square USA, Ltd.
As of December 31, 2025, the Partnership has purchased 318,320 (2024: 276,320) common shares of PSUS at a price of $50.00 per share for a total investment of $15,916,000 (2024: $13,816,000). The purchases were made to provide PSUS with capital for organizational costs.

#### 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, 2025, the Affiliate Rebate totaled $77,579,860 (2024: $69,300,950). As of December 31, 2025, $24,143,741 (2024: $21,661,699) of the Affiliate Rebate remained payable.

#### Corporate Aircraft
Prior to December 20, 2024, the Partnership owned a corporate aircraft which was used by senior management 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 expenses of $701,578.

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").

#### 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, 2025, the Subtenant paid (i) $2,919,044 (2024: $2,499,409) of rent, and (ii) $597,485 (2024: $648,317) for office-related services. Both amounts are included in other income in the Consolidated Statements of Operations.

F-24<br>

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#### <br>

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

#### 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, 2025, TABLE paid (i) $1,179,477 (2024: $1,129,046) for office space, and (ii) $536,319 (2024: $688,590) for office-related services under the license agreement. Both amounts 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 and certain of Mr. Ackman's affiliates are indirectly invested in the Landlord.

5. **GENERAL AND ADMINISTRATIVE EXPENSE** 

The following table presents the components of general and administrative expense:

---

| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| &nbsp;&nbsp;Professional fees | **$25482550** | $30111052  |
| Occupancy | &nbsp;&nbsp;&nbsp;**5832817** | &nbsp;&nbsp;&nbsp;5645516  |
| Travel and entertainment | &nbsp;&nbsp;&nbsp;**3315145** | &nbsp;&nbsp;&nbsp;1545665  |
| Information technology | &nbsp;&nbsp;&nbsp;**2582864** | &nbsp;&nbsp;&nbsp;2639763  |
| &nbsp;&nbsp;Office costs | &nbsp;&nbsp;&nbsp;**2419092** | &nbsp;&nbsp;&nbsp;2366238  |
| Other expenses | &nbsp;&nbsp;&nbsp;**1394480** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856316  |
| &nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**629267** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578048  |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**256549** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Dues & memberships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**161290** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200407  |
| Aircraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;6373906  |
| &nbsp;&nbsp;Charitable donations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495000  |
| **Total General and Administrative Expense** | **$42074054** | $50811911 |

---

For the year ended December 31, 2025, professional fees includes $11,158,078 (2024: $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, 2025, the 2014 Line of Credit had a maturity date of January 31, 2027 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, 2025, PSCM did not borrow or repay any principal on the 2014 Line of Credit (2024: borrowed $16,384,813 and repaid $2,750,709). As of December 31, 2025 and 2024, $34,800,000 of principal was outstanding and $10,200,000 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

F-25<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
"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.

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, 2025, 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, 2025, PSCM did not borrow or repay any principal on the 2021 Line of Credit (2024: repaid $76,700,000). As of December 31, 2025 and 2024, there was no principal balance outstanding on the 2021 Line of Credit, and $80,000,000 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 final amendment, installment payments of $321,206 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, 2025 and December 31, 2024, the Partnership held no liability related to the Aircraft Note.

The Aircraft Note included provisions that restricted or limited, 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.

F-26<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table summarizes the Partnership and its subsidiaries' outstanding debt as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Maturities of Debt** | **2014 Line of** <br>**Credit** | **2021 Line of** <br>**Credit** | **Total**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| 2027 | &nbsp;&nbsp;34800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;34800000  |
| 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;&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;&nbsp;—  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** | **$34800000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | **$34800000** |

---

The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries' outstanding debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2025** | **2024**  | **2024**  |
|  | **Interest** <br>**Expense** | **Average** <br>**Rate** | **Interest** <br>**Expense** | **Average** <br>**Rate**  |
| **2014 Line of Credit** | **$2282439** | &nbsp;&nbsp;**6.47%** | $2438769 | &nbsp;&nbsp;7.30%  |
| **2021 Line of Credit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;466826 | &nbsp;&nbsp;7.46%  |
| **Aircraft Note** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;190001 | 1.90%  |
| **Total Debt Interest** | **$2282439** |  | $3095596 |  |

---

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 regulatory environment may result in agency examinations, investigations, litigation and subpoenas, and material costs related to each. As of December 31, 2025 and 2024, 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 as disclosed above and in Note 6, there were no other commitments or contingencies as of December 31, 2025 and 2024.

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
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 provided 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, 2025, the unamortized portion of the deferred sublease incentive was $4,129,121 (2024: $4,639,939).

The following table presents the components of PSCM's right-of-use assets and liabilities related to leases:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31,** <br>**2025** | **December 31,** <br>**2024**  |
| **Component of Lease Balances** | **Statements of Financial Condition Line Item**<br>|  |  |
| Operating lease assets | Lease right-of-use assets | **$28440786** | $30589920  |
| Operating lease liabilities | Operating lease liabilities | &nbsp;&nbsp;**42672771** | &nbsp;&nbsp;46329394 |

---

The following table presents the components of PSCM's lease cost and the classification of such costs:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year ended December 31,**  | **Year ended December 31,**  |
|  |  | **2025** | **2024**  |
| **Component of Lease Cost** | **Statements of Operations Line Item**<br>|  |  |
| Operating lease cost | General and administrative expense | **$4919227** | $5568248  |
| Variable lease cost | General and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp;**475201** | &nbsp;&nbsp;&nbsp;&nbsp;569484  |
| Sublease income | Other income | &nbsp;&nbsp;**(5232325)** | &nbsp;&nbsp;(4965362)  |
| **Total lease expense** | **Total lease expense** | **$162103** | $1172370 |

---

The following table includes the future maturities of operating lease payments for subsequent periods:

---

| | |
|:---|:---|
| **For the Years Ended December 31,**  | **Operating Lease**  |
| 2026 | &nbsp;&nbsp;&nbsp;$6428598  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;6418749  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;6387350  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;6756768  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;6792245  |
| Thereafter | &nbsp;&nbsp;&nbsp;20942755  |
| &nbsp;&nbsp;&nbsp;**Total future minimum lease payments** | **$53726465**  |
| Less: liability accretion | &nbsp;&nbsp;(11053694)  |
| &nbsp;&nbsp;&nbsp;**Total lease liabilities** | **$42672771** |

---

The following table includes additional information related to PSCM's operating leases:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024**  |
| Cash paid for amounts included in the measurement of operating lease liabilities | **$6426717** | $7059918  |
| Right-of-use asset balance changes due to new / remeasured operating lease liabilities | **153685** | —  |
| Weighted-average remaining lease term – Operating leases | 8.1 years | 9.1 years  |
| Weighted-average discount rate – Operating leases | **5.93%** | 5.93% |

---

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#### <br>

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

#### 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**  |
| 2026 | &nbsp;&nbsp;$2978485  |
| 2027 | &nbsp;&nbsp;&nbsp;2978485  |
| 2028 | &nbsp;&nbsp;&nbsp;3142010  |
| 2029 | &nbsp;&nbsp;&nbsp;3223772  |
| 2030 | &nbsp;&nbsp;&nbsp;3223772  |
| Thereafter | &nbsp;&nbsp;&nbsp;9834841  |
| **Total sublease income receivable** | **$25381365** |

---

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.

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 in 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, 2025 and 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. This evaluation did not result in any additional subsequent events that necessitated disclosure and/or adjustment other than as disclosed below.

#### Performance Fees
All performance fees reported as receivable as of December 31, 2025 were received by PSCM as of February 25, 2026.

#### Litigation
On February 9, 2026, certain alleged stockholders of HHH filed a lawsuit in the Delaware Court of Chancery against PSCM, PS Holdco and Mr. Ackman (the "Pershing defendants") and Mr. Hakim and certain other directors of HHH (the "HHH director defendants"). The lawsuit alleges claims on behalf of a putative class of HHH stockholders and derivatively on behalf of HHH and contends that the HHH Share Purchase Agreement and related transactions amounted to a transfer of control of HHH to the Pershing defendants at an unfair price; that the HHH director defendants breached their fiduciary duties by approving the transaction; and that the Pershing defendants aided and abetted those alleged breaches of fiduciary duty. The plaintiffs also seek a

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law. The complaint seeks, among other things, injunctive relief preventing enforcement of the HHH Services Agreement; certain other equitable relief; unspecified damages; and an award of costs and disbursements, including attorneys' fees. The Partnership cannot reasonably estimate the amount or range of any potential loss, if any, related to these claims. Accordingly, no accrual has been recorded as of December 31, 2025.

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#### Management's Report on Internal Control over Financial Reporting
Management of Howard Hughes Holdings Inc. (the Company) is responsible for establishing and maintaining a system of internal control over financial reporting designed to provide reasonable assurance that transactions are executed in accordance with management authorization and that such transactions are properly recorded and reported in the financial statements, and that records are maintained so as to permit preparation of the financial statements in accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Management has assessed the effectiveness of the Company's internal control over financial reporting utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013 Framework). Management concluded, based on its assessment, that the Company's internal control over financial reporting was effective as of December 31, 2025.

KPMG LLP, an independent registered public accounting firm, has audited the Company's internal control over financial reporting as of December 31, 2025, as stated in their report which is included in this Annual Report on Form 10-K (Annual Report).

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#### Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of <br>

Howard Hughes Holdings Inc.:

#### Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying consolidated balance sheets of Howard Hughes Holdings Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

#### Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting 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 Company 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. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated 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 consolidated 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 consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

#### Definition and Limitations of Internal Control Over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made

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#### **TABLE OF CONTENTS**
only in accordance with authorizations of management and directors of the company; and (3) 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 financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

#### Master Planned Communities (MPC) cost of sales estimates
As discussed in Note 1 to the consolidated financial statements, when developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs, based on relative sales value, that benefit the property sold. For purposes of allocating development costs, estimates of future revenues and future development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation and sales price escalation, which are subject to judgment and affected by expectations about future market or economic conditions. The Company recognized MPC cost of sales of $188.7 million for the year ended December 31, 2025.

We identified the evaluation of estimated future development costs and revenues that drive the MPC cost of sales estimates as a critical audit matter. Subjective auditor judgment was required to evaluate the cost escalation and sales price escalation assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the process to estimate MPC cost of sales. This included controls related to management's monitoring and review of the assumptions noted above. We tested the assumptions related to cost escalation and sales price escalation by:

&nbsp;&nbsp;&nbsp;&nbsp;• agreeing the current year estimates for revenues and costs to actual results, where applicable

&nbsp;&nbsp;&nbsp;&nbsp;• comparing the Company's historical cost escalation and sales price escalation estimates to actual results to assess the Company's ability to accurately estimate these amounts

&nbsp;&nbsp;&nbsp;&nbsp;• performing site visits for certain MPC developments, as needed and historically when warranted, to compare the overall status of the developments to what is reflected within the MPC cost of sales estimates

&nbsp;&nbsp;&nbsp;&nbsp;• comparing expected price per acre for each property type available for sale to applicable market data

&nbsp;&nbsp;&nbsp;&nbsp;• comparing the cost and sales price escalation rates throughout the duration of the development to available market data.

/s/ KPMG LLP <br>

We have served as the Company's auditor since 2022.<br>

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

Dallas, Texas <br>

February 19, 2026

F-33<br>

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#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| <br>*thousands except par values and share amounts* | **2025** | **2024**  |
| **ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities assets | &nbsp;&nbsp;**$2635077**  | $2511662  |
| &nbsp;&nbsp;&nbsp;Buildings and equipment | &nbsp;&nbsp;&nbsp;**4028862**  | &nbsp;&nbsp;3841872  |
| &nbsp;&nbsp;&nbsp;Less: accumulated depreciation | &nbsp;&nbsp;**(1082124)**  | &nbsp;&nbsp;&nbsp;(949533)  |
| &nbsp;&nbsp;&nbsp;Land | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**307625**  | &nbsp;&nbsp;&nbsp;&nbsp;302446  |
| &nbsp;&nbsp;&nbsp;Developments | &nbsp;&nbsp;&nbsp;**1477615**  | &nbsp;&nbsp;1341029  |
| Net investment in real estate | &nbsp;&nbsp;&nbsp;**7367055**  | &nbsp;&nbsp;7047476  |
| &nbsp;&nbsp;Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**170122**  | &nbsp;&nbsp;&nbsp;&nbsp;169566  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;**1468507**  | &nbsp;&nbsp;&nbsp;&nbsp;596083  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**628651**  | &nbsp;&nbsp;&nbsp;&nbsp;402420  |
| Accounts receivable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**134122**  | &nbsp;&nbsp;&nbsp;&nbsp;105185  |
| Municipal Utility District (MUD) receivables, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**459729**  | &nbsp;&nbsp;&nbsp;&nbsp;463799  |
| Deferred expenses, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**160966**  | &nbsp;&nbsp;&nbsp;&nbsp;139350  |
| Operating lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5231**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5806  |
| Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**245078**  | &nbsp;&nbsp;&nbsp;&nbsp;281551  |
| &nbsp;&nbsp;&nbsp;**Total assets** | **$10639461**  | $9211236  |
| **LIABILITIES**<br>|  |  |
| Mortgages, notes, and loans payable, net | &nbsp;&nbsp;**$5109828**  | $5127469  |
| Operating lease obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4868**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5456  |
| Deferred tax liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**164472**  | &nbsp;&nbsp;&nbsp;&nbsp;142100  |
| Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp;**1518047**  | &nbsp;&nbsp;1094437  |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | &nbsp;&nbsp;&nbsp;**6797215**  | &nbsp;&nbsp;6369462  |
| Commitments and Contingencies (see Note 12)<br>|  |  |
| **EQUITY**<br>|  |  |
| Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Common stock: $0.01 par value; 150,000,000 shares authorized, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, and 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**659**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566  |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;**4458838**  | &nbsp;&nbsp;3576274  |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(62096)**  | &nbsp;&nbsp;&nbsp;(185993)  |
| Accumulated other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1827)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968  |
| Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;**(620118)**  | &nbsp;&nbsp;&nbsp;(616589)  |
| &nbsp;&nbsp;&nbsp;Total stockholders' equity | &nbsp;&nbsp;&nbsp;**3775456**  | &nbsp;&nbsp;2776226  |
| Noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**66790**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65548  |
| &nbsp;&nbsp;&nbsp;Total equity | &nbsp;&nbsp;&nbsp;**3842246**  | &nbsp;&nbsp;2841774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | **$10639461**  | $9211236 |

---

See Notes to Consolidated Financial Statements.<br>

F-34<br>

------

#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands except per share amounts* | **2025** | **2024** | **2023**  |
| **REVENUES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Condominium rights and unit sales | &nbsp;&nbsp;**$370156**  | &nbsp;&nbsp;$778616  | &nbsp;&nbsp;&nbsp;$47707  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities land sales | &nbsp;&nbsp;&nbsp;&nbsp;**562586**  | &nbsp;&nbsp;&nbsp;&nbsp;453195  | &nbsp;&nbsp;&nbsp;370185  |
| &nbsp;&nbsp;&nbsp;Rental revenue | &nbsp;&nbsp;&nbsp;&nbsp;**441446**  | &nbsp;&nbsp;&nbsp;&nbsp;422100  | &nbsp;&nbsp;&nbsp;383617  |
| &nbsp;&nbsp;&nbsp;Other land, rental, and property revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48363**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44755  | &nbsp;&nbsp;&nbsp;&nbsp;46255  |
| &nbsp;&nbsp;&nbsp;Builder price participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52341**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52023  | &nbsp;&nbsp;&nbsp;&nbsp;60989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | &nbsp;&nbsp;**1474892**  | &nbsp;&nbsp;1750689  | &nbsp;&nbsp;&nbsp;908753  |
| **EXPENSES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;**369408**  | &nbsp;&nbsp;&nbsp;&nbsp;582574  | &nbsp;&nbsp;&nbsp;&nbsp;55417  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;**188704**  | &nbsp;&nbsp;&nbsp;&nbsp;169191  | &nbsp;&nbsp;&nbsp;140050  |
| &nbsp;&nbsp;&nbsp;Operating costs | &nbsp;&nbsp;&nbsp;&nbsp;**213449**  | &nbsp;&nbsp;&nbsp;&nbsp;208578  | &nbsp;&nbsp;&nbsp;205453  |
| &nbsp;&nbsp;&nbsp;Rental property real estate taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**60768**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58395  | &nbsp;&nbsp;&nbsp;&nbsp;55649  |
| &nbsp;&nbsp;&nbsp;Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**232**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504  | &nbsp;&nbsp;&nbsp;&nbsp;(2762)  |
| &nbsp;&nbsp;&nbsp;General and administrative | &nbsp;&nbsp;&nbsp;&nbsp;**122240**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91752  | &nbsp;&nbsp;&nbsp;&nbsp;86671  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;**183232**  | &nbsp;&nbsp;&nbsp;&nbsp;179799  | &nbsp;&nbsp;&nbsp;168734  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19146**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15002  | &nbsp;&nbsp;&nbsp;&nbsp;13302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | &nbsp;&nbsp;**1157179**  | &nbsp;&nbsp;1305795  | &nbsp;&nbsp;&nbsp;722514  |
| **OTHER**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29825**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22907  | &nbsp;&nbsp;&nbsp;&nbsp;24162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;**(16023)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13802**  | &nbsp;&nbsp;&nbsp;&nbsp;115027  | &nbsp;&nbsp;&nbsp;&nbsp;29985  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;**331515**  | &nbsp;&nbsp;&nbsp;&nbsp;559921  | &nbsp;&nbsp;&nbsp;216224  |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**46998**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25349  | &nbsp;&nbsp;&nbsp;&nbsp;25500  |
| Interest expense | &nbsp;&nbsp;&nbsp;**(169931)**  | &nbsp;&nbsp;&nbsp;(164926)  | &nbsp;&nbsp;(157575)  |
| Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97)  |
| Gain (loss) on sale of MUD receivables | &nbsp;&nbsp;&nbsp;&nbsp;**(48197)**  | &nbsp;&nbsp;&nbsp;&nbsp;(48651)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1772**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5829)  | &nbsp;&nbsp;&nbsp;&nbsp;25776  |
| Income (loss) from continuing operations before income taxes | &nbsp;&nbsp;&nbsp;&nbsp;**161459**  | &nbsp;&nbsp;&nbsp;&nbsp;365399  | &nbsp;&nbsp;&nbsp;109828  |
| Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**37616**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80184  | &nbsp;&nbsp;&nbsp;&nbsp;26418  |
| Net income (loss) from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;**123843**  | &nbsp;&nbsp;&nbsp;&nbsp;285215  | &nbsp;&nbsp;&nbsp;&nbsp;83410  |
| Net income (loss) from discontinued operations, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;(88223)  | &nbsp;&nbsp;(634940)  |
| &nbsp;&nbsp;Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;**123843**  | &nbsp;&nbsp;&nbsp;&nbsp;196992  | &nbsp;&nbsp;(551530)  |
| Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243)  |
| Net income (loss) attributable to common stockholders | **$123897**  | $197703  | $(551773) |
| Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2.22**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.68  |
| Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.78)  | &nbsp;&nbsp;&nbsp;$(12.81)  |
| Basic income (loss) per share attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2.22**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.98  | &nbsp;&nbsp;&nbsp;$(11.13)  |
| Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2.21**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.73  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.68  |
| Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1.77)  | &nbsp;&nbsp;&nbsp;$(12.80)  |
| Diluted income (loss) per share attributable to common stockholders  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$2.21**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.96  | &nbsp;&nbsp;&nbsp;$(11.12) |

---

See Notes to Consolidated Financial Statements.<br>

F-35<br>

------

#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| Net income (loss) | **$123843**  | $196992  | $(551530)  |
| Other comprehensive income (loss)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Interest rate caps and swaps<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**(3885)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321  | &nbsp;&nbsp;&nbsp;&nbsp;(9322)  |
| &nbsp;&nbsp;&nbsp;Pension adjustment<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**90**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259  |
| &nbsp;&nbsp;Other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;**(3795)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696  | &nbsp;&nbsp;&nbsp;&nbsp;(9063)  |
| Comprehensive income (loss) | &nbsp;&nbsp;**120048**  | &nbsp;&nbsp;197688  | &nbsp;&nbsp;(560593)  |
| &nbsp;&nbsp;&nbsp;Comprehensive (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243)  |
| Comprehensive income (loss) attributable to common stockholders | **$120102**  | $198399  | $(560836) |

---

(a) Amounts are shown net of deferred tax benefit of $1.2 million for the year ended December 31, 2025, deferred tax expense of $0.1 million for the year ended December 31, 2024, and deferred tax benefit of $2.7 million for the year ended December 31, 2023. 

(b)<br> The deferred tax impact was not meaningful for the years ended December 31, 2025, 2024, and 2023.

See Notes to Consolidated Financial Statements.<br>

F-36<br>

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#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF EQUITY

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional** <br>**Paid-In** <br>**Capital** | **Retained** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | **Treasury Stock** | **Treasury Stock** | **Total** <br>**Stockholders'** <br>**Equity** | **Noncontrolling** <br>**Interests** | **Total** <br>**Equity**  |
| <br>*thousands except shares* | **Shares** | **Amount** | **Additional** <br>**Paid-In** <br>**Capital** | **Retained** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | **Shares** | **Amount** | **Total** <br>**Stockholders'** <br>**Equity** | **Noncontrolling** <br>**Interests** | **Total** <br>**Equity**  |
| &nbsp;&nbsp;**Balance, December 31, 2022** | 56226273  | &nbsp;&nbsp;&nbsp;$564  | $3972561  | &nbsp;&nbsp;&nbsp;$168077  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10335  | (6424276) | $(611038) | &nbsp;&nbsp;$3540499  | &nbsp;&nbsp;&nbsp;&nbsp;$65613  | $3606112  |
| &nbsp;&nbsp;Net income (loss)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(551773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(551773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243  | &nbsp;&nbsp;&nbsp;(551530)  |
| Interest rate swaps, net of tax expense (benefit) of $(2729)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9322)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9322)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9322)  |
| Pension adjustment, net of tax, expense (benefit) of $70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259  |
| Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219  |
| &nbsp;&nbsp;Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp;269518  | &nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15935  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(33501)  | &nbsp;&nbsp;&nbsp;&nbsp;(2728)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13208  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13208  |
| &nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22)  |
| &nbsp;&nbsp;**Balance, December 31, 2023** | 56495791  | &nbsp;&nbsp;&nbsp;$565  | $3988496  | &nbsp;&nbsp;&nbsp;$(383696)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1272  | (6457777)  | $(613766) | &nbsp;&nbsp;$2992871  | &nbsp;&nbsp;&nbsp;&nbsp;$66053  | $3058924  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;197703  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;197703  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(711)  | &nbsp;&nbsp;&nbsp;&nbsp;196992  |
| Interest rate swaps, net of tax expense (benefit) of $60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321  |
| &nbsp;&nbsp;Pension adjustment, net of tax expense (benefit) of $118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  |
| Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206  |
| Distribution of Seaport Entertainment Group Inc. to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(428229)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(428229)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(428229)  |
| &nbsp;&nbsp;Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp;114218  | &nbsp;&nbsp;&nbsp;&nbsp;1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16007  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(36082)  | &nbsp;&nbsp;&nbsp;&nbsp;(2823)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13185  |
| &nbsp;&nbsp;**Balance, December 31, 2024** | 56610009  | &nbsp;&nbsp;&nbsp;$566  | $3576274  | &nbsp;&nbsp;&nbsp;$(185993)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1968  | (6493859)  | $(616589) | &nbsp;&nbsp;$2776226  | &nbsp;&nbsp;&nbsp;&nbsp;$65548  | $2841774  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;123897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;123897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54)  | &nbsp;&nbsp;&nbsp;&nbsp;123843  |
| &nbsp;&nbsp;Interest rate swaps, net of tax expense (benefit) of $(1231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3885)  |
| Pension adjustment, net of tax expense (benefit) of $24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90  |
| Deconsolidation of Associations of Unit Owners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979  |
| Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317  |
| Issuance of common shares, net | &nbsp;&nbsp;9000000  | &nbsp;&nbsp;&nbsp;90  | &nbsp;&nbsp;&nbsp;&nbsp;862699  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;862789  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;862789  |
| &nbsp;&nbsp;Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp;300631  | &nbsp;&nbsp;&nbsp;&nbsp;3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19865  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(46428)  | &nbsp;&nbsp;&nbsp;&nbsp;(3529)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16339  |
| &nbsp;&nbsp;**Balance, December 31, 2025** | 65910640  | &nbsp;&nbsp;&nbsp;$659  | $4458838  | &nbsp;&nbsp;&nbsp;$(62096)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(1827)  | (6540287) | $(620118) | &nbsp;&nbsp;$3775456  | &nbsp;&nbsp;&nbsp;&nbsp;$66790  | $3842246 |

---

See Notes to Consolidated Financial Statements.<br>

F-37<br>

------

#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **CASH FLOWS FROM OPERATING ACTIVITIES**<br>|  |  |  |
| Net income (loss) | **$123843**  | $196992  | $(551530)  |
| Net income (loss) from discontinued operations, net of taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;(88223)  | &nbsp;&nbsp;(634940)  |
| Net income (loss) from continuing operations | &nbsp;&nbsp;&nbsp;**123843**  | &nbsp;&nbsp;&nbsp;285215  | &nbsp;&nbsp;&nbsp;&nbsp;83410  |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | &nbsp;&nbsp;&nbsp;**164031**  | &nbsp;&nbsp;&nbsp;160638  | &nbsp;&nbsp;&nbsp;151881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization | &nbsp;&nbsp;&nbsp;&nbsp;**19444**  | &nbsp;&nbsp;&nbsp;&nbsp;19360  | &nbsp;&nbsp;&nbsp;&nbsp;16960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of deferred financing costs  | &nbsp;&nbsp;&nbsp;&nbsp;**12375**  | &nbsp;&nbsp;&nbsp;&nbsp;12396  | &nbsp;&nbsp;&nbsp;&nbsp;11840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles other than in-place leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**120**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Straight-line rent amortization | &nbsp;&nbsp;&nbsp;&nbsp;**(6156)**  | &nbsp;&nbsp;&nbsp;&nbsp;(7012)  | &nbsp;&nbsp;&nbsp;&nbsp;(7464)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes  | &nbsp;&nbsp;&nbsp;&nbsp;**23579**  | &nbsp;&nbsp;&nbsp;&nbsp;61529  | &nbsp;&nbsp;&nbsp;&nbsp;(9897)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted stock and stock option amortization | &nbsp;&nbsp;&nbsp;&nbsp;**19802**  | &nbsp;&nbsp;&nbsp;&nbsp;16006  | &nbsp;&nbsp;&nbsp;&nbsp;16394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on sale of properties | &nbsp;&nbsp;&nbsp;**(29825)**  | &nbsp;&nbsp;&nbsp;(22907)  | &nbsp;&nbsp;&nbsp;(24162)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of MUD receivables | &nbsp;&nbsp;&nbsp;&nbsp;**48197**  | &nbsp;&nbsp;&nbsp;&nbsp;48651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of MUD receivables | &nbsp;&nbsp;&nbsp;**180043**  | &nbsp;&nbsp;&nbsp;176680  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**698**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in (earnings) losses from unconsolidated ventures, net of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4496**  | &nbsp;&nbsp;&nbsp;&nbsp;12436  | &nbsp;&nbsp;&nbsp;(15539)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3414**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(499)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Planned Communities development expenditures | &nbsp;&nbsp;**(477870)**  | &nbsp;&nbsp;(427979)  | &nbsp;&nbsp;(403633)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Master Planned Communities cost of sales, net of SID bonds transfers to buyers | &nbsp;&nbsp;&nbsp;**170968**  | &nbsp;&nbsp;&nbsp;151177  | &nbsp;&nbsp;&nbsp;126167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominium development expenditures | &nbsp;&nbsp;**(511013)**  | &nbsp;&nbsp;(681998)  | &nbsp;&nbsp;(472666)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominium rights and units cost of sales, net of closing commissions | &nbsp;&nbsp;&nbsp;**358953**  | &nbsp;&nbsp;&nbsp;565419  | &nbsp;&nbsp;&nbsp;&nbsp;53156  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4742**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Changes:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | &nbsp;&nbsp;&nbsp;**(18215)**  | &nbsp;&nbsp;&nbsp;&nbsp;83784  | &nbsp;&nbsp;&nbsp;117334  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;**26595**  | &nbsp;&nbsp;&nbsp;&nbsp;15681  | &nbsp;&nbsp;&nbsp;&nbsp;30687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Condominium deposits, net | &nbsp;&nbsp;&nbsp;**289108**  | &nbsp;&nbsp;&nbsp;(19065)  | &nbsp;&nbsp;&nbsp;&nbsp;88595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred expenses, net | &nbsp;&nbsp;&nbsp;**(40556)**  | &nbsp;&nbsp;&nbsp;(31123)  | &nbsp;&nbsp;&nbsp;(26874)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp;**95597**  | &nbsp;&nbsp;&nbsp;&nbsp;28777  | &nbsp;&nbsp;&nbsp;&nbsp;38847  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities of continuing operations | &nbsp;&nbsp;&nbsp;**462370**  | &nbsp;&nbsp;&nbsp;447751  | &nbsp;&nbsp;(215154)  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) operating activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;(51160)  | &nbsp;&nbsp;&nbsp;(43327)  |
| &nbsp;&nbsp;&nbsp;**Cash provided by (used in) operating activities** | &nbsp;&nbsp;&nbsp;**462370**  | &nbsp;&nbsp;&nbsp;396591  | &nbsp;&nbsp;(258481)  |
| **CASH FLOWS FROM INVESTING ACTIVITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment expenditures | &nbsp;&nbsp;&nbsp;&nbsp;**(3499)**  | &nbsp;&nbsp;&nbsp;&nbsp;(2143)  | &nbsp;&nbsp;&nbsp;&nbsp;(7340)  |
| &nbsp;&nbsp;&nbsp;Operating property improvements | &nbsp;&nbsp;&nbsp;**(44758)**  | &nbsp;&nbsp;&nbsp;(47949)  | &nbsp;&nbsp;&nbsp;(40211)  |
| &nbsp;&nbsp;&nbsp;Property development and redevelopment | &nbsp;&nbsp;**(170959)**  | &nbsp;&nbsp;(252953)  | &nbsp;&nbsp;(231038)  |
| &nbsp;&nbsp;&nbsp;Acquisition of assets | &nbsp;&nbsp;&nbsp;&nbsp;**(18115)**  | &nbsp;&nbsp;&nbsp;(18456)  | &nbsp;&nbsp;&nbsp;&nbsp;(5898)  |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of properties, net | &nbsp;&nbsp;&nbsp;&nbsp;**12336**  | &nbsp;&nbsp;&nbsp;&nbsp;48408  | &nbsp;&nbsp;&nbsp;&nbsp;39543  |
| &nbsp;&nbsp;&nbsp;Reimbursements under tax increment financings and grants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6583**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1469  |
| &nbsp;&nbsp;&nbsp;Distributions from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4386**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6657  | &nbsp;&nbsp;&nbsp;&nbsp;12995  |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated ventures, net | &nbsp;&nbsp;&nbsp;&nbsp;**(3582)**  | &nbsp;&nbsp;&nbsp;&nbsp;(3500)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;**(1458)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Net parent investment in discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;(169490)  | &nbsp;&nbsp;(115185)  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) investing activities of continuing operations | &nbsp;&nbsp;**(219066)**  | &nbsp;&nbsp;(430705)  | &nbsp;&nbsp;(345665)  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) investing activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;129911  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9522  |
| &nbsp;&nbsp;&nbsp;**Cash provided by (used in) investing activities** | &nbsp;&nbsp;**(219066)**  | &nbsp;&nbsp;(300794)  | &nbsp;&nbsp;(336143)  |

---

See Notes to Consolidated Financial Statements.<br>

F-38<br>

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **CASH FLOWS FROM FINANCING ACTIVITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp;&nbsp;**759545**  | &nbsp;&nbsp;&nbsp;&nbsp;761429  | &nbsp;&nbsp;&nbsp;&nbsp;677441  |
| &nbsp;&nbsp;&nbsp;Principal payments on mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp;**(782458)**  | &nbsp;&nbsp;&nbsp;(807548)  | &nbsp;&nbsp;&nbsp;(147623)  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock, net | &nbsp;&nbsp;&nbsp;&nbsp;**862789**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Debt extinguishment costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(422)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Special Improvement District bond funds released from (held in) escrow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25254**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11037  |
| &nbsp;&nbsp;&nbsp;Deferred financing costs and bond issuance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6091)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6235)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(569)  |
| &nbsp;&nbsp;&nbsp;Taxes paid on stock options exercised and restricted stock vested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3641)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2306)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2696)  |
| &nbsp;&nbsp;&nbsp;Stock options exercised | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**58**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Sale of preferred stock in Seaport subsidiary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Contributions from Teravalis noncontrolling interest owner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**317**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) financing activities of continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;**855351**  | &nbsp;&nbsp;&nbsp;&nbsp;(27754)  | &nbsp;&nbsp;&nbsp;&nbsp;537809  |
| &nbsp;&nbsp;&nbsp;Cash provided by (used in) financing activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;(122597)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10935  |
| &nbsp;&nbsp;&nbsp;**Cash provided by (used in) financing activities** | &nbsp;&nbsp;&nbsp;&nbsp;**855351**  | &nbsp;&nbsp;&nbsp;(150351)  | &nbsp;&nbsp;&nbsp;&nbsp;548744  |
| Net change in cash, cash equivalents, and restricted cash | &nbsp;&nbsp;**1098655**  | &nbsp;&nbsp;&nbsp;&nbsp;(54554)  | &nbsp;&nbsp;&nbsp;&nbsp;(45880)  |
| Cash, cash equivalents, and restricted cash at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;**998503**  | &nbsp;&nbsp;1053057  | &nbsp;&nbsp;1098937  |
| Cash, cash equivalents, and restricted cash at end of period | &nbsp;&nbsp;**2097158**  | &nbsp;&nbsp;&nbsp;&nbsp;998503  | &nbsp;&nbsp;1053057  |
| Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43845  |
| **Cash, cash equivalents, and restricted cash of continuing operations at end of period** | **$2097158**  | $998503  | $1009212  |
| **RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents  | **$1468507** | &nbsp;&nbsp;$596083  | &nbsp;&nbsp;$629714  |
| &nbsp;&nbsp;&nbsp;Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;**628651**  | &nbsp;&nbsp;&nbsp;&nbsp;402420  | &nbsp;&nbsp;&nbsp;&nbsp;379498  |
| **Cash, cash equivalents, and restricted cash of continuing operations at end of period** | **$2097158**  | $998503  | $1009212  |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid, net | &nbsp;&nbsp;**$282844**  | &nbsp;&nbsp;$298364  | &nbsp;&nbsp;$239995  |
| &nbsp;&nbsp;&nbsp;Interest capitalized | &nbsp;&nbsp;&nbsp;&nbsp;**148780**  | &nbsp;&nbsp;&nbsp;&nbsp;151632  | &nbsp;&nbsp;&nbsp;&nbsp;109510  |
| &nbsp;&nbsp;&nbsp;Income taxes paid (refunded), net<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8793**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Texas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**560**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2443  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arizona | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**410**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maryland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**235**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York | &nbsp;&nbsp;&nbsp;&nbsp;**(14150)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other states | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**150**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **NON-CASH TRANSACTIONS — CONTINUING OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Consideration from sale of properties | &nbsp;&nbsp;&nbsp;&nbsp;**$41125**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5250  |
| &nbsp;&nbsp;&nbsp;Special Improvement District bonds transfers to buyers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17736**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18014  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13883  |
| &nbsp;&nbsp;&nbsp;Special Improvement District bonds held in third-party escrow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16425**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37990  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21290  |
| &nbsp;&nbsp;&nbsp;Capitalized stock compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3187**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4669  |
| &nbsp;&nbsp;&nbsp;Accrued property improvements, developments, and redevelopments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(9612)**  | &nbsp;&nbsp;&nbsp;&nbsp;(13441)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909  |
| &nbsp;&nbsp;&nbsp;Initial recognition of operating lease right-of-use asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Initial recognition of operating lease obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **NON-CASH TRANSACTIONS — DISCONTINUED OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution of Seaport Entertainment Group Inc. to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—**  | &nbsp;&nbsp;$361210  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

See Notes to Consolidated Financial Statements.<br>

F-39<br>

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1. Presentation of Financial Statements and Significant Accounting Policies

**General Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large-scale, mixed-use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income-producing properties. References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. References to HHC or Howard Hughes Communities refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated.** 

In 2025, the Company began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. On May 5, 2025, the Company issued 9,000,000 shares of newly issued common stock to Pershing Square for an aggregate purchase price of $900 million. In connection with the investment, the Company and Pershing Square entered into related agreements, including a Services Agreement, Shareholder Agreement, Standstill Agreement, and Registration Rights Agreement. The Company intends to use the proceeds from the transaction to acquire or invest in operating businesses.

As previously disclosed in our Current Report on Form 8-K filed on December 18, 2025, the Company entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. The transaction remains subject to regulatory approvals and other customary closing conditions, and is expected to close in the second quarter of 2026. To support the funding of the acquisition, the Company also entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company's preferred stock, prior to and contingent upon the closing of the Vantage acquisition. Over time, the Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The acquisition is expected to be funded through the Company's cash on hand, and proceeds from the issuance of the preferred stock.

See Note 2 - *Pershing Square* for additional information related to the transactions with Pershing Square in the current period.

**Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board's Accounting Standards Codification (ASC) 810 *Consolidation*. The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.** 

On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. and its subsidiaries (Seaport Entertainment or SEG) was completed (the Spinoff). As the Spinoff represented a strategic shift in the Company's operations, the results of SEG are presented as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows and, as such, have been excluded from both continuing operations and segment results for all periods presented. The Consolidated Statements of Comprehensive Income (Loss), and Equity are presented on a consolidated basis for both continuing operations and discontinued operations. The disclosures presented in the notes to the Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 3 - *Discontinued Operations* for additional information.

Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Consolidated Financial Statements up to the date and time this Annual Report was filed.

**Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity's economic performance, or the obligation to absorb the entity's expected losses or the right to receive the entity's expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the** 

F-40<br>

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voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE.

The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management's assessment of whether the Company is the primary beneficiary of a VIE is continuously performed.

Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities.

If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of its investment in the VIE.

#### Consolidated Variable Interest Entities
**Teravalis At December 31, 2025, and 2024, the Company owned an 88.0% interest in Teravalis, the Company's newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates Teravalis.** 

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of December 31, 2025, the Company's Consolidated Balance Sheets included $543.9 million of MPC assets and $65.2 million of Noncontrolling interest related to Teravalis. As of December 31, 2024, the Company's Consolidated Balance Sheets included $542.1 million of MPC assets and $65.1 million of Noncontrolling interest related to Teravalis.

**'Ilima The Company entered into a joint venture agreement with Discovery Land Company (Discovery) to form Block E Ward Village ('Ilima) for the purpose of developing, constructing, and operating a residential condominium tower in Ward Village. 'Ilima was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates 'Ilima. Pre-sales for 'Ilima commenced in June 2025. The Company currently funds 100% of the predevelopment activity.** 

Once pre-sales targets are met and construction financing is obtained, the Company will contribute land and Discovery will contribute to up $5.0 million. All other necessary capital contributions will be funded by the Company. After completion of the condominium tower and closing of condominium sales, cash distributions and the recognition of income-producing activities will be pro rata based on ownership interest. At December 31, 2025, and 2024, the Company owned approximately 100% of this venture.

F-41<br>

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#### **TABLE OF CONTENTS**
The Company's Consolidated Balance Sheets included the following amounts related to 'Ilima as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Buildings and equipment | &nbsp;&nbsp;&nbsp;**$7161**  | &nbsp;&nbsp;$698  |
| Less: accumulated depreciation | &nbsp;&nbsp;&nbsp;&nbsp;**(1354)**  | &nbsp;&nbsp;&nbsp;&nbsp;(19)  |
| Developments | &nbsp;&nbsp;&nbsp;**14684**  | &nbsp;&nbsp;7747  |
| Net investment in real estate | &nbsp;&nbsp;&nbsp;**20491**  | &nbsp;&nbsp;8426  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;**21690**  | &nbsp;&nbsp;&nbsp;&nbsp;271  |
| Restricted cash | &nbsp;&nbsp;**136418**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Accounts receivable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**65**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Deferred expenses, net | &nbsp;&nbsp;&nbsp;**13571**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**565**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;**Total assets** | **$192800**  | $8697  |
| Accounts payable and other liabilities | **$153430**  | $159  |
| **Total liabilities** | **$153430**  | $159 |

---

**Investments in Unconsolidated Ventures The Company's investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture's operations. Under the equity method, the Company's investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company's economic interest differing from its stated ownership or if applicable, the Company's final profit-sharing interest after receipt of any preferred returns based on the venture's distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture's distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage.** 

The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other-than-temporary. In addition to the property-specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures.

For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.

**Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also** 

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been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

**Segments The Company operates in three business segments: (i) Operating Assets; (ii) MPC; and (iii) Strategic Developments. Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHH's real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams.** 

#### Net Investment in Real Estate
***Master Planned Community Assets, Buildings and Equipment, and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company's assets are capitalized. Tenant improvements relating to the Company's operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred.***

***Depreciation The Company periodically reviews the estimated useful lives of properties. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:***

---

| | | |
|:---|:---|:---|
| **Asset Type** | **Years** | **Balance Sheet Location**  |
| Buildings and improvements | 7 - 40 | Buildings and Equipment  |
| Equipment and fixtures | 5 - 20 | Buildings and Equipment  |
| Computer hardware and vehicles | 3 - 5 | Buildings and Equipment  |
| Tenant improvements | Related lease term | Buildings and Equipment  |
| Leasing costs | Related lease term | Other assets, net |

---

From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company's estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2025, 2024, and 2023.

***Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHH has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company's development plans and imminent as of the acquisition date of an asset.***

Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company's policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.

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#### **TABLE OF CONTENTS**
Developments consist of the following categories as of December 31:

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| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Development costs | **$1307851**  | $1190746  |
| &nbsp;&nbsp;Land and improvements | &nbsp;&nbsp;&nbsp;&nbsp;**169764**  | &nbsp;&nbsp;&nbsp;&nbsp;150283  |
| Total Developments | **$1477615**  | $1341029 |

---

***Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations. This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets.***

The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management's determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available.

The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management's estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.

***Impairment HHH reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value.***

Impairment indicators for HHH's assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value.

Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses.

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Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility.

The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flows.

**Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.** 

**Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs.** 

**Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, related-party receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated.** 

Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and a $6.0 million guaranty fee associated with the increased borrowing capacity of Floreo's bond financing in the first quarter of 2025. See Note 4 - *Investments in Unconsolidated Ventures* for additional information on the Floreo joint venture and Note 12 - *Commitments and Contingencies* for additional information on the guaranty fee.

Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.

The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Straight-line rent receivables | &nbsp;&nbsp;**$96975**  | &nbsp;&nbsp;$91050  |
| Tenant receivables | &nbsp;&nbsp;&nbsp;&nbsp;**5512**  | &nbsp;&nbsp;&nbsp;&nbsp;1638  |
| Related-party receivables | &nbsp;&nbsp;&nbsp;**18640**  | &nbsp;&nbsp;&nbsp;&nbsp;6908  |
| Other receivables | &nbsp;&nbsp;&nbsp;**12995**  | &nbsp;&nbsp;&nbsp;&nbsp;5589  |
| Accounts receivable, net<sup>(a)</sup> | **$134122**  | $105185 |

---

(a) As of December 31, 2025, the total reserve balance for amounts considered uncollectible was $7.2 million, composed of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivable. As of December 31, 2024, the total reserve balance was $8.2 million, comprised of $8.1 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. 

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The following table summarizes the impacts of the collectability reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* |  |  |  |
| **Statements of Operations Location** | **2025** | **2024** | **2023**  |
| Rental revenue | **$3117**  | $(860)  | $10984  |
| Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;**232**  | &nbsp;&nbsp;&nbsp;504  | &nbsp;&nbsp;(2762)  |
| Total (income) expense impact | **$3349**  | $(356)  | $8222 |

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**Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District, also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston's and TCEQ requirements.** 

The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.

**Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights to $186.0 million of existing MUD receivables and $9.3 million of related accrued interest, as well as $40.0 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $146.7 million of the cash consideration was allocated to the sale of the existing MUD receivables and $30.0 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $51.5 million in the Consolidated Statements of Operations in the third quarter of 2024. Due to an adjustment to the allocation between projects, a slight reduction in the loss was recognized in the fourth quarter of 2024, and the final impact of this sale was a loss of $48.7 million.** 

In May 2025, the Company entered into a transaction in which it transferred the reimbursement rights to $147.0 million of existing MUD receivables and $14.1 million of related accrued interest, as well as $95.9 million of anticipated future MUD receivables, for total cash consideration of $180.0 million. Using the relative fair value method, $112.8 million of the cash consideration was allocated to the sale of the existing MUD receivables and $67.2 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.2 million in the Consolidated Statements of Operations.

For both transactions, the Company is required to complete future development activities. As such, liabilities associated with the future development spend were recorded at amortized cost in Accounts payable and other liabilities on the Consolidated Balance Sheets. The associated discounts, which represent the differences between the total future development spend and the allocated cash proceeds, are being amortized into interest expense over the expected development period using the effective interest method. As of December 31, 2025, the total remaining liability was $64.4 million and the total unamortized discount was $12.8 million. Interest expense related to the discount amortization was $21.8 million for the year ended December 31, 2025.

**Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company's properties; condominium inventory; and various other assets.** 

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SID receivables are amounts due from SID bonds related to the Company's Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information on the SID bonds.

The Company's intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, as well as internally developed software, trademark and trade name intangibles related to MPCs, and goodwill. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset.

TIF receivables are amounts which the Company has submitted for reimbursement from Howard County in Maryland or from the state of Maryland, in conjunction with development costs expended on key roads and infrastructure work within Merriweather District specified per the terms of the county's TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023.

Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 *Financial Instruments - Credit Losses*.

Condominium inventory includes available for sale units at HHH's completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHH evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.

**Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company's customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.** 

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $560.3 million as of December 31, 2025, and $569.1 million as of December 31, 2024. The MUD receivable balance includes accrued interest of $48.2 million at December 31, 2025, and $44.0 million at December 31, 2024. The allowance for credit losses for financing receivables was not material as of December 31, 2025, and 2024, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2025, 2024, and 2023.

Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.

**Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.** 

The Company periodically assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including expectations of future taxable income, carryforward periods available to the Company for tax reporting purposes, various income tax strategies, and other relevant factors. In addition, interest and penalties related to uncertain tax positions, if necessary, are recognized in income tax expense.

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In the Company's MPCs, gains with respect to land sales, whether for commercial use or for single-family residences, are reported for tax purposes either on the modified accrual method or on the percentage-of-completion method. Under the percentage-of-completion method, a gain is recognized for tax purposes as costs are incurred in satisfaction of contractual obligations.

**Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to expense using the straight-line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $68.1 million as of December 31, 2025, and $69.1 million as of December 31, 2024.** 

**Marketing and Advertising Each of the Company's segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.** 

**Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.** 

**Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.** 

**Stock-Based Compensation The Company maintains various equity incentive plans, with outstanding stock-based compensation awards (Awards) which include stock options and restricted stock awards (RSAs). In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC's common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock.** 

In 2024, at the time of the Spinoff, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the Spinoff. Also, the market conditions related to Total Shareholder Return (TSR) targets were evaluated as of the Spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. See Note 13 - *Stock-Based Compensation Plans* for additional information.

The Company applies the provisions of ASC 718 *Stock Compensation* which requires all share-based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company's common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur.

#### Revenue Recognition and Related Matters
***Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHH satisfies the single performance obligation to construct a condominium project and transfers control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit.***

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#### **TABLE OF CONTENTS**
The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHH's condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHH's lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHH's unsatisfied performance obligation at each reporting date.

These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHH's performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHH's costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40 *Components, Costs & Considerations*, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered.

***Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit.***

The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company's MPCs, and HHH holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHH's performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH's obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH's unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing.

When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1 *Real Estate Project Costs*, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales.

***Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHH develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHH and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company's conclusion is based on the following factors:***

–<br> BPP is highly susceptible to factors outside HHH's influence such as unemployment and interest rates

–<br> the time between the sale of land to a homebuilder and closing on a completed home can take up to three years

–<br> there is significant variability in home pricing from period to period

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The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable.

For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less.

#### Rental Revenues Revenue associated with the Company's operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent.
Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above-market and below-market tenant leases on acquired properties.

Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred.

If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHH. When HHH is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term.

***Other Land, Rental, and Property Revenues Other land revenues recognized over time include ground maintenance revenue, and homeowner association management fee revenue. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation.***

Other land revenues also include transfer and advertising fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHH's condominium units, lease termination fees, and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHH has a legal right to the respective fee or deposit.

Other rental revenues also includes overage rent which is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.

**Noncontrolling Interests As of December 31, 2025, and December 31, 2024, noncontrolling interests related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners' Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.** 

#### Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business.
**Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses This update requires the disclosure of additional disaggregated information in the notes to financial statements for certain categories of costs and expenses that are included on the face of the statement of operations. The new disclosure requirements are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures.** 

2. Pershing Square

**Common Share Issuance to Pershing Square On May 5, 2025, the Company entered into a Share Purchase Agreement (Purchase Agreement), by and between the Company and Pershing Square Holdco, L.P. (PS Holdco), pursuant to which the Company sold to PS Holdco 9,000,000 newly issued shares of the Company's common** 

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#### **TABLE OF CONTENTS**
stock at a purchase price of $100 per share, for an aggregate purchase price of $900 million (the Pershing Square Issuance). In connection with the Purchase Agreement, the Company also entered into several other agreements, dated May 5, 2025, with PS Holdco and Pershing Square Capital Management, L.P. (together, Pershing Square), including a Services Agreement, a Shareholder Agreement, a Standstill Agreement, and a Registration Rights Agreement.

As of December 31, 2025, Pershing Square beneficially owned approximately 46.9% of the Company's outstanding shares of common stock. The Company expects to use the proceeds from the transaction to acquire or make investments in operating companies as part of the Company's new strategy of becoming a diversified holding company.

***Transaction Costs The Company incurred $38.3 million in costs directly attributable to the Pershing Square Issuance. As required by the Purchase Agreement, these transaction costs included the reimbursement of $25.0 million of reasonable and documented expenses incurred by Pershing Square in connection with the negotiation and execution of the transaction. These reimbursement costs were treated as a reduction of the proceeds and recorded directly in Additional paid-in capital on the Consolidated Balance Sheets. The remaining $13.3 million of costs were incurred directly by the Company and included $12.2 million of costs attributable to the sale of common stock recognized in Additional paid-in capital and $1.1 million of costs which were expensed as incurred as General and administrative expenses in the Consolidated Statements of Operations.***

***Services Agreement Pursuant to the terms of the Services Agreement, Pershing Square will support the Company's new diversified holding company strategy by providing services to the Company, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting the Company with business and corporate development functions, (v) making voting recommendations for the Company's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of the Company and its investments, subject to the day-to-day authority and responsibility of management of the Company, (viii) providing recommendations for persons to serve as designees or deputies of the Chief Investment Officer, (ix) engaging and supervising third-party service providers, (x) making dividend payment recommendations, and (xi) providing other services as may be agreed upon. The Services Agreement will have an initial ten-year term and will have successive renewal terms of ten years.***

The Company will pay Pershing Square a quarterly base advisory fee of $3.75 million and a quarterly variable advisory fee equal to 0.375% of the excess value of the quarter-end stock price of the Company's common stock minus the reference price of $66.15, multiplied by the existing share count as of the transaction date, which will not increase with the issuance of new shares of common stock. The base fee and the reference share price are subject to annual adjustment based on the Core Personal Consumption Expenditures (PCE) Price Index. The total advisory fee recognized in General and administrative expenses in the Consolidated Statements of Operations was $17.1 million for the year ended December 31, 2025. As of December 31, 2025, the Consolidated Balance Sheets reflect accounts payable of $3.3 million due to Pershing Square with respect to the advisory fees.

**Potential Preferred Share Issuance to Pershing Square In December 2025, in association with the pending acquisition of Vantage, the Company entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company's preferred stock, prior to and contingent upon the closing of the Vantage acquisition. The preferred stock will be perpetual, non-voting (subject to customary protective rights), and will become convertible into the common stock of Vantage if not redeemed by the end of the seventh fiscal year post-transaction. The Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The Company is evaluating the accounting implications of the potential preferred stock issuance and will provide further disclosures upon execution of the transaction.** 

3. Discontinued Operations

On July 31, 2024, the Spinoff of SEG was completed. The Spinoff included all assets previously included in the Company's Seaport segment and the Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. As the Spinoff represents a strategic shift in the Company's operations, the results of SEG are included as discontinued operations for all periods presented.

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The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31:

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| | | |
|:---|:---|:---|
| *thousands* | **2024** | **2023**  |
| Total revenues | &nbsp;&nbsp;&nbsp;$60846  | $115349  |
| Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp;88381  | &nbsp;&nbsp;&nbsp;133767  |
| General and administrative<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;32535  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4522  |
| Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp;16717  | &nbsp;&nbsp;&nbsp;&nbsp;47384  |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81  |
| Provision for impairment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(672492)  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67)  | &nbsp;&nbsp;&nbsp;&nbsp;(1539)  |
| Interest income (expense), net | &nbsp;&nbsp;&nbsp;&nbsp;(7414)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874  |
| Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;(1563)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(47)  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;(18960)  | &nbsp;&nbsp;&nbsp;(81484)  |
| Net income (loss) from discontinued operations before income taxes | &nbsp;&nbsp;(104791)  | &nbsp;&nbsp;(825093)  |
| Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;(16568)  | &nbsp;&nbsp;(190153)  |
| Net income (loss) from discontinued operations, net of taxes | $(88223)  | $(634940) |

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(a)<br> General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment.

**Continuing Involvement with SEG In connection with the Spinoff, HHH entered into several agreements with Seaport Entertainment that governed the execution of the transaction and the relationship of the parties following the Spinoff including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Guaranty Agreement, and various other agreements. All agreements expired on August 1, 2025, and as such, HHH has no continuing obligations to or from SEG under these agreements.** 

***Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG's outstanding mortgage related to its 250 Water Street property (SEG Term Loan). On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and HHH was released from the related backstop guaranty. See Note 12 - Commitments and Contingencies for additional information.***

4. Investments in Unconsolidated Ventures

In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2025, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2025, these ventures had debt totaling $434.0 million, with the Company's proportionate share of this debt totaling $215.5 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 12 - *Commitments and Contingencies* for additional information related to the Company's collateral maintenance obligation.

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Investments in unconsolidated ventures consist of the following:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ownership Interest<sup>(a)</sup>** | **Ownership Interest<sup>(a)</sup>** | **Carrying Value** | **Carrying Value** | **Share of Earnings/Dividends**  | **Share of Earnings/Dividends**  | **Share of Earnings/Dividends**  |
| *thousands except percentages* | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| *thousands except percentages* | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** | **2023** |
| **Equity Method Investments**<br>|  |  |  |  |  |  |  |
| **Operating Assets**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating equity investments<sup>(b)</sup> | **Various**  | Various | &nbsp;&nbsp;**$10649**  | &nbsp;&nbsp;&nbsp;$7036 | &nbsp;&nbsp;**$(776)** | &nbsp;&nbsp;&nbsp;$2577 | &nbsp;&nbsp;&nbsp;&nbsp;$(64)  |
| **Master Planned Communities**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;The Summit<sup>(c)</sup> | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp;**35815**  | &nbsp;&nbsp;&nbsp;37409  | &nbsp;&nbsp;**(1594)** | &nbsp;&nbsp;(16807) | &nbsp;&nbsp;24787  |
| &nbsp;&nbsp;&nbsp;Floreo<sup>(d)</sup> | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp;**59008** | &nbsp;&nbsp;&nbsp;60788 | &nbsp;&nbsp;**(1780)** | &nbsp;&nbsp;&nbsp;&nbsp;4908 | &nbsp;&nbsp;(2121)  |
| **Strategic Developments**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;West End Alexandria<sup>(c)</sup> | **58.3%** | 58.3% | &nbsp;&nbsp;&nbsp;**60830** | &nbsp;&nbsp;&nbsp;60513 | &nbsp;&nbsp;&nbsp;&nbsp;**317** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139  |
| &nbsp;&nbsp;&nbsp;Other | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2  |
|  |  |  | &nbsp;&nbsp;**166343** | &nbsp;&nbsp;165787 | &nbsp;&nbsp;**(3833)** | &nbsp;&nbsp;&nbsp;(9071) | &nbsp;&nbsp;22743  |
| **Other investments<sup>(e)</sup>** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**3779** | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;**5605** | &nbsp;&nbsp;&nbsp;&nbsp;3242 | &nbsp;&nbsp;&nbsp;3033  |
| **Investments in unconsolidated ventures** |  |  | &nbsp;&nbsp;**$170122** | &nbsp;&nbsp;$169566 | **$1772** | $(5829) | $25776 |

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(a)<br> Ownership interests presented reflect the Company's stated ownership interest or if applicable, the Company's final profit-sharing interest after receipt of any preferred returns based on the venture's distribution priorities.

(b) Two of the operating equity investments were in a combined deficit position of $23.8 million at December 31, 2025, and $18.0 million at December 31, 2024, and presented in Accounts payable and other liabilities on the Consolidated Balance Sheets. 

(c) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company's economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture's distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. 

(d)<br> Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

(e) Other investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. 

**The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. The Company contributed land for Phase I in 2015 and initially received distributions and recognized its share of income or loss based on the joint venture's distribution priorities. The Company has now received all of its preferred return distributions, and recognizes its share of income or loss for Phase I based on its final profit-sharing interest.** 

In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land). The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture's distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHH, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest.

**Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) and entered into an LLC Agreement with JDM Partners and El Dorado Holdings to develop the first village within the new Teravalis MPC on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024.** 

In October 2022, Floreo closed on a $165.0 million bond financing. In February 2025, the borrowing capacity on the bond increased to $365.0 million. Outstanding borrowings as of December 31, 2025, were $242.0 million.

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The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received an initial guaranty fee of $5.0 million and will receive an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. The financing and related guaranty provided by the Company triggered a reconsideration event, and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2025, the Company's maximum exposure to loss as a result of this investment is limited to the $59.0 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 12 - *Commitments and Contingencies* for additional information related to the Company's collateral maintenance obligation.

**West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). In exchange for equity interests in West End Alexandria, the Company conveyed its Landmark Mall property, Seritage conveyed additional land, and Foulger-Pratt contributed cash consideration.** 

Development plans for the 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition was completed in 2023, with completion of infrastructure work expected in 2026.

The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

**Summarized Financial Information The following tables provide combined summarized financial statement information for the Company's unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company's ownership interest was accounted for as an equity method investment.** 

---

| | | |
|:---|:---|:---|
| *thousands* | **December 31, 2025** | **December 31, 2024**  |
| **Consolidated Balance Sheets**<br>|  |  |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;$952501 | &nbsp;&nbsp;&nbsp;&nbsp;$879908  |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;599167 | &nbsp;&nbsp;&nbsp;&nbsp;526320  |
| Total Equity | &nbsp;&nbsp;&nbsp;&nbsp;353334 | &nbsp;&nbsp;&nbsp;&nbsp;353588 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **Consolidated Statements of Operations** <br>|  |  |  |
| Revenues | $191463  | $219766  | $347084  |
| Operating Income | &nbsp;&nbsp;&nbsp;25293  | &nbsp;&nbsp;&nbsp;35545  | &nbsp;&nbsp;&nbsp;75099  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;9893  | &nbsp;&nbsp;&nbsp;20987  | &nbsp;&nbsp;&nbsp;55006 |

---

5. Acquisitions and Dispositions

#### Acquisitions
***Strategic Developments In May 2025, the Company acquired the 7 Waterway office property and the adjacent parking garage for $16.3 million in an asset acquisition. The approximately 186,369 square-foot office property is located in The Woodlands.***

***Operating Assets In June 2024, the Company acquired the 6 Waterway (formerly Waterway Plaza II) office property and the adjacent parking garage for $19.2 million in an asset acquisition. The approximately 141,763-square-foot office property is located in The Woodlands.***

**Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations, unless otherwise noted.** 

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#### **TABLE OF CONTENTS**
***Strategic Developments The Grogan's Mill Library and Community Center was developed in connection with a land swap agreement entered into with Montgomery County, Texas. In July 2025, upon completion of construction, the Company transferred the Grogan's Mill Library and Community Center to Montgomery County in exchange for a land parcel on the Waterway in The Woodlands (Town Green), resulting in a gain of $10.1 million. Town Green was measured at fair value and is held in the strategic segment for future development. See Note 10 - Fair Value for additional information.***

***Operating Assets In September 2025, the Company completed the sale of two land parcels, which included a 6,890 square foot retail space, in Ward Village for total proceeds of $6.0 million, resulting in a gain of $4.4 million.***

In January 2025, the Company completed the sale of two land parcels, which included a 13,870 square foot retail space, in Ward Village for total consideration of $12.2 million, resulting in a gain of $10.0 million.

During 2024, the Company completed the sale of four non-core ground leases in The Woodlands, for total proceeds of $9.6 million, resulting in a gain of $6.7 million.

In December 2024, the Company completed the sale of Lakeland Village Center at Bridgeland, a 67,947-square-foot retail property in Bridgeland, for $28.0 million, resulting in a gain of $11.4 million.

In February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689-square-foot medical office building in The Woodlands, for $14.0 million, resulting in a gain of $4.8 million.

In December 2023, the Company completed the sale of Memorial Hermann Medical Office, a 20,000-square-foot medical office building in The Woodlands, for $9.6 million, resulting in a gain of $3.2 million.

In July 2023, the Company completed the sale of two self-storage facilities with a total of 1,370 storage units in The Woodlands, for $30.5 million, resulting in a gain of $16.1 million.

In March 2023, the Company completed the sale of two land parcels in Honolulu, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million.

6. Impairment

The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long-lived assets in accordance with ASC 360 *Property, Plant, and Equipment*, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 2024, and 2023.

The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

The Company evaluates each investment in an unconsolidated venture discussed in Note 4 - *Investments in Unconsolidated Ventures* periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 2024, and 2023.

In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment, which is now reported in discontinued operations following the Spinoff.

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7. Other Assets and Liabilities

#### Other Assets, Net The following table summarizes the significant components of Other assets, net as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Special Improvement District receivable, net  | &nbsp;&nbsp;**$90417**  | &nbsp;&nbsp;$97432  |
| &nbsp;&nbsp;Security, escrow, and other deposits  | &nbsp;&nbsp;&nbsp;**54608**  | &nbsp;&nbsp;&nbsp;66348  |
| In-place leases, net  | &nbsp;&nbsp;&nbsp;**28486**  | &nbsp;&nbsp;&nbsp;32995  |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp;**19669**  | &nbsp;&nbsp;&nbsp;22791  |
| Tenant incentives and other receivables, net  | &nbsp;&nbsp;&nbsp;**15259**  | &nbsp;&nbsp;&nbsp;12567  |
| Other  | &nbsp;&nbsp;&nbsp;&nbsp;**11934**  | &nbsp;&nbsp;&nbsp;28433  |
| Intangibles, net  | &nbsp;&nbsp;&nbsp;&nbsp;**7930**  | &nbsp;&nbsp;&nbsp;&nbsp;3359  |
| TIF receivable, net  | &nbsp;&nbsp;&nbsp;&nbsp;**4012**  | &nbsp;&nbsp;&nbsp;&nbsp;4340  |
| Condominium inventory  | &nbsp;&nbsp;&nbsp;&nbsp;**3937**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525  |
| Interest rate derivative assets  | &nbsp;&nbsp;&nbsp;&nbsp;**3113**  | &nbsp;&nbsp;&nbsp;&nbsp;9082  |
| Notes receivable, net  | &nbsp;&nbsp;&nbsp;&nbsp;**2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870  |
| Net investment in lease receivable  | &nbsp;&nbsp;&nbsp;&nbsp;**2781**  | &nbsp;&nbsp;&nbsp;&nbsp;2809  |
| **Other assets, net** | **$245078**  | $281551 |

---

#### Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Condominium deposit liabilities  | &nbsp;&nbsp;**$748795**  | &nbsp;&nbsp;$459683  |
| Construction payables  | &nbsp;&nbsp;&nbsp;&nbsp;**263845**  | &nbsp;&nbsp;&nbsp;&nbsp;252619  |
| Deferred income  | &nbsp;&nbsp;&nbsp;&nbsp;**166121**  | &nbsp;&nbsp;&nbsp;&nbsp;125784  |
| Accounts payable and accrued expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**69023**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48317  |
| MUD sale liability  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**64364**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19468  |
| Tenant and other deposits  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**59736**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47112  |
| Accrued interest  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**50800**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51828  |
| Accrued real estate taxes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**35311**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29284  |
| Accrued payroll and other employee liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**31452**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32154  |
| Other  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**27911**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28188  |
| Interest rate derivative liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**689**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Accounts payable and other liabilities** | **$1518047**  | $1094437 |

---

8. Intangibles

The following table summarizes the Company's intangible assets and liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| <br>*thousands* | **Gross Asset** <br>(Liability) | **Accumulated** <br>**(Amortization)/** <br>**Accretion** | **Net Carrying** <br>**Amount** | **Gross Asset** <br>(Liability) | **Accumulated** <br>**(Amortization)/** <br>**Accretion** | **Net Carrying** <br>**Amount**  |
| Intangible Assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other intangibles | &nbsp;&nbsp;**$8052**  | &nbsp;&nbsp;&nbsp;**$(2615)**  | &nbsp;&nbsp;**$5437**  | &nbsp;&nbsp;$4526  | &nbsp;&nbsp;&nbsp;$(1324)  | &nbsp;&nbsp;$3202  |
| &nbsp;&nbsp;&nbsp;Goodwill | &nbsp;&nbsp;&nbsp;**2336**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;**2336**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Indefinite lived intangibles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**157**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**157**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157  |
| Tenant leases: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;In-place value | &nbsp;&nbsp;**54008**  | &nbsp;&nbsp;&nbsp;**(25522)**  | &nbsp;&nbsp;**28486**  | &nbsp;&nbsp;56019  | &nbsp;&nbsp;&nbsp;(23024)  | &nbsp;&nbsp;32995  |
| &nbsp;&nbsp;&nbsp;Above-market | &nbsp;&nbsp;&nbsp;**1053**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(475)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**578**  | &nbsp;&nbsp;&nbsp;1281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(395)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886  |
| &nbsp;&nbsp;&nbsp;Below-market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—**  | &nbsp;&nbsp;&nbsp;&nbsp;(627)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Total indefinite lived intangibles |  |  | &nbsp;&nbsp;**$2493**  |  |  | &nbsp;&nbsp;$157  |
| Total amortizing intangibles |  |  | &nbsp;&nbsp;**$34501**  |  |  | &nbsp;&nbsp;$37083 |

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#### **TABLE OF CONTENTS**
Other intangibles includes trademark and trade name intangibles related to MPCs as well as internally developed software. These intangibles are included in Other assets, net and are amortized on a straight-line basis over the estimated useful life of the asset. The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in-place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below-market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 7 - *Other Assets and Liabilities* for additional information regarding Other assets, net and Accounts payable and other liabilities.

Net amortization and accretion expense for these intangible assets and liabilities was $5.2 million in 2025, $4.6 million in 2024, and $4.3 million in 2023.

Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *thousands* | **2026** | **2027** | **2028** | **2029** | **2030**  |
| Net amortization and accretion expense | $5793  | $5173  | $5064  | $5025  | $5014 |

---

9. Mortgages, Notes, and Loans Payable, Net

#### Mortgages, Notes, and Loans Payable All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| <br>*thousands* | **2025** | **2024**  |
| **Fixed-rate debt**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Senior unsecured notes | **$2050000**  | $2050000  |
| &nbsp;&nbsp;&nbsp;Secured mortgages payable | &nbsp;&nbsp;**1793561**  | &nbsp;&nbsp;1635750  |
| &nbsp;&nbsp;&nbsp;Special Improvement District bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**80294**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83779  |
| **Variable-rate debt<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp;Secured Bridgeland Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**85000**  | &nbsp;&nbsp;&nbsp;&nbsp;283000  |
| &nbsp;&nbsp;&nbsp;Secured mortgages payable | &nbsp;&nbsp;**1135359**  | &nbsp;&nbsp;1115908  |
| Unamortized deferred financing costs<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**(34386)**  | &nbsp;&nbsp;&nbsp;&nbsp;(40968)  |
| Mortgages, notes, and loans payable, net | **$5109828**  | $5127469 |

---

(a)<br> The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 11 - *Derivative Instruments and Hedging Activities* for additional information.

(b)<br> Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

As of December 31, 2025, land, buildings and equipment, developments, and other collateral with a net book value of $4.8 billion have been pledged as collateral for the Company's debt obligations. Senior unsecured notes totaling $2.1 billion and $52.1 million of secured mortgages payable are recourse to the Company.

***Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. The following table summarizes the Company's senior unsecured notes by issuance date:***

---

| | | | |
|:---|:---|:---|:---|
| *$ in thousands* | **Principal** | **Maturity Date** | **Interest Rate**  |
| August 2020 | &nbsp;&nbsp;$750000  | August 2028 | &nbsp;&nbsp;&nbsp;&nbsp;5.375%  |
| February 2021 | &nbsp;&nbsp;&nbsp;&nbsp;650000  | February 2029 | &nbsp;&nbsp;&nbsp;&nbsp;4.125%  |
| February 2021 | &nbsp;&nbsp;&nbsp;&nbsp;650000  | February 2031 | &nbsp;&nbsp;&nbsp;&nbsp;4.375%  |
| Senior unsecured notes | $2050000  |  |  |

---

On February 17, 2026, HHC, the Company's wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034 (collectively the New Notes). The New Notes will pay interest semi-annually, in each case payable on March 1 and September 1 of

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#### **TABLE OF CONTENTS**
each year, beginning on September 1, 2026. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including the payment of premiums, accrued and unpaid interest and expenses related to such redemption, and will use the remaining proceeds for general corporate purposes.

The New Notes were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

***Secured Mortgages Payable The Company's outstanding mortgages are collateralized by certain of the Company's real estate assets. Certain of the Company's loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company's development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company's operating properties generally require monthly installments of principal and interest.***

The following table summarizes the Company's secured mortgages payable:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| <br>*$ in thousands* | **Principal** | **Range of** <br>**Interest Rates** | **Weighted-**<br>**average** <br>**Interest Rate** | **Weighted-**<br>**average** <br>**Years to** <br>**Maturity** | **Principal** | **Range of** <br>**Interest Rates** | **Weighted-**<br>**average** <br>**Interest Rate** | **Weighted-**<br>**average** <br>**Years to** <br>**Maturity** |
| Fixed rate<sup>(a)</sup> | **$1793561** | **3.13% - 8.67%** | &nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;5.1 | $1635750  | 3.13% - 8.67% | &nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;5.8  |
| Variable rate<sup>(b)</sup> | &nbsp;&nbsp;**1135359** | **5.77% - 8.87%** | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;1115908  | 6.43% - 9.42% | &nbsp;&nbsp;&nbsp;&nbsp;7.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.7  |
| &nbsp;&nbsp;Secured mortgages payable  | **$2928920** | **3.13% - 8.87%** | &nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;3.6 | $2751658  | 3.13% - 9.42% | &nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |

---

(a)<br> Interest rates presented are based upon the coupon rates of the Company's fixed-rate debt obligations.

(b)<br> Interest rates presented are based on the applicable reference interest rates as of December 31, 2025 and 2024, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company's variable-rate mortgages payable, inclusive of interest rate derivatives, was 7.15% as of December 31, 2025, and 7.02% as of December 31, 2024. See Note 11 - *Derivative Instruments and Hedging Activities* for additional information.

The Company's secured mortgages mature over various terms through September 2052. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.

During 2025, the Company's mortgage activity included draws on existing mortgages of $573.5 million, refinancings of $184.2 million, and repayments of $365.7 million. As of December 31, 2025, the Company's secured mortgage loans had $686.6 million of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

***Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi-annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds***

F-58<br>

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bear interest at fixed rates ranging from 4.13% to 6.50% with maturities ranging from 2030 to 2055 as of December 31, 2025, and fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2054 as of December 31, 2024. For the year ended December 31, 2025, $16.4 million in SID bonds were issued and obligations of $17.7 million were assumed by buyers.

***Secured Bridgeland Notes The Company's $600.0 million secured notes mature in 2029 and are secured by MUD receivables and land in Bridgeland. The loan requires a 10% fully refundable deposit on the outstanding balance and has an interest rate of 6.06%. In the second quarter of 2025, $198.0 million was repaid using the proceeds from the sale of MUD receivables, bringing outstanding borrowings to $85.0 million as of December 31, 2025.***

***Debt Compliance On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.***

As of December 31, 2025, the Company was not in compliance with certain property-level debt covenants due to not meeting certain debt service coverage ratios caused by lease expirations, vacancies, rent abatements, and other factors. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets, and therefore there was no material impact on the Company's liquidity or its ability to operate these assets.

#### Scheduled Maturities The following table summarizes the contractual obligations relating to the Company's mortgages, notes, and loans payable as of December 31, 2025:

---

| | |
|:---|:---|
| *thousands* | **Mortgages, notes, and** <br>**loans payable** <br>**principal payments**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$663243  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;507661  |
| 2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;923362  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;1075975  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;277225  |
| Thereafter<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1696748  |
| Total principal payments | &nbsp;&nbsp;&nbsp;&nbsp;5144214  |
| Unamortized deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp;(34386)  |
| Mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp;&nbsp;$5109828 |

---

(a) Subsequent to year end, on February 17, 2026, HHC, the Company's wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including premiums, accrued and unpaid interest and related expenses, and will use the remaining proceeds for general corporate purposes. 

10. Fair Value

ASC 820, *Fair Value Measurement* (ASC 820), emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

F-59<br>

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#### **TABLE OF CONTENTS**
The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company's assets and liabilities that are measured at fair value on a recurring basis.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  |
| *thousands* | **Total** | **Quoted Prices** <br>**in Active** <br>**Markets for** <br>**Identical Assets** <br>**(Level 1)** | **Significant** <br>**Other** <br>**Observable** <br>**Inputs** <br>**(Level 2)** | **Significant** <br>**Unobservable** <br>**Inputs** <br>**(Level 3)** | Total | Quoted Prices <br>in Active <br>Markets for <br>Identical Assets <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable <br>Inputs <br>(Level 3) |
| Interest rate derivative assets | **$3113** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;**$3113** | &nbsp;&nbsp;&nbsp;&nbsp;$— | $9082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $9082 | &nbsp;&nbsp;&nbsp;&nbsp;$—  |
| Interest rate derivative liabilities | &nbsp;&nbsp;&nbsp;&nbsp;**689** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;**689** | &nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves.

The estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | December 31, 2024  | December 31, 2024  |
| *thousands* | **Fair Value** <br>**Hierarchy** | **Carrying** <br>**Amount** | **Estimated** <br>**Fair Value** | Carrying<br>Amount | Estimated <br>Fair Value  |
| Assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash, cash equivalents, and restricted cash | Level 1 | **$2097158**  | **$2097158**  | &nbsp;&nbsp;$998503  | &nbsp;&nbsp;$998503  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net<sup>(a)</sup> | Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;**134122**  | &nbsp;&nbsp;&nbsp;&nbsp;**134122**  | &nbsp;&nbsp;&nbsp;&nbsp;105185  | &nbsp;&nbsp;&nbsp;&nbsp;105185  |
| &nbsp;&nbsp;&nbsp;Notes receivable, net<sup>(b)</sup> | Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;870  |
| Liabilities:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed-rate debt<sup>(c)</sup> | Level 2 | &nbsp;&nbsp;**3923855**  | &nbsp;&nbsp;**3794729**  | &nbsp;&nbsp;3769529  | &nbsp;&nbsp;3495298  |
| &nbsp;&nbsp;&nbsp;Variable-rate debt<sup>(c)</sup> | Level 2 | &nbsp;&nbsp;**1220359**  | &nbsp;&nbsp;**1220359**  | &nbsp;&nbsp;1398908  | &nbsp;&nbsp;1398908 |

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(a) Accounts receivable, net is shown net of an allowance of $7.2 million at December 31, 2025, and $8.2 million at December 31, 2024. Refer to Note 1 - *Presentation of Financial Statements and Significant Accounting Policies* for additional information on the allowance. 

(b)<br> Notes receivable, net is shown net of an immaterial allowance at December 31, 2025, and December 31, 2024.

(c)<br> Excludes related unamortized financing costs.

The carrying amounts of Cash and restricted cash, Accounts receivable, net, and Notes receivable, net approximate fair value because of the short-term maturity of these instruments.

The fair value of the Company's senior unsecured notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of December 31, 2025. Refer to Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information. The discount rates reflect the Company's judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

The carrying amounts for the Company's variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

F-60<br>

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The below table includes a non-financial asset received as consideration in a land swap transaction and measured at fair value on a non-recurring basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *thousands* | **Segment** | **Total Fair** <br>**Value** <br>**Measurement** | **Fair Value Measurements Using**  | **Fair Value Measurements Using**  | **Fair Value Measurements Using**  |
| *thousands* | **Segment** | **Total Fair** <br>**Value** <br>**Measurement** | **Quoted Prices** <br>**in Active** <br>**Markets for** <br>**Identical Assets** <br>**(Level 1)** | **Significant** <br>**Other** <br>**Observable** <br>**Inputs** <br>**(Level 2)** | **Significant** <br>**Unobservable** <br>**Inputs** <br>**(Level 3)**  |
| Town Green<sup>(a)</sup> | Strategic Developments | &nbsp;&nbsp;$28900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$28900 |

---

(a)<br> The fair value was determined based on an independent property appraisal using market-participant assumptions as of June 2025. Refer to Note 5 - *Acquisitions and Dispositions* for additional information.

11. Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company's exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company's fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company's interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense in the Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the Consolidated Balance Sheet.

Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Consolidated Statements of Cash Flows.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of December 31, 2025 or 2024.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the year ended December 31, 2025, the Company recorded an immaterial reduction in Interest expense related to the amortization of terminated swaps.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company's variable-rate debt. Over the next 12 months, HHH estimates that $1.2 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.

F-61<br>

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The following table summarizes certain terms of the Company's derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Fair Value Asset (Liability)**  | **Fair Value Asset (Liability)**  |
| <br>*thousands* | <br>**Notional Amount** | <br>**Fixed Interest**<br>**Rate<sup>(a)</sup>** | <br>**Effective**<br>**Date** | <br>**Maturity**<br>**Date** | **December 31,**<br>**2025** | **December 31,**<br>**2024**  |
| **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** |
| Interest rate collar | &nbsp;&nbsp;&nbsp;&nbsp;219080 | 2.00% - 4.50% | 6/1/2023 | 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;$35  |
| Interest rate collar | &nbsp;&nbsp;&nbsp;&nbsp;234364 | 2.00% - 4.50% | 6/1/2023 | 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;75000 | 2.50% | 10/12/2021 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;919  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;59500 | 2.50% | 10/12/2021 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;729  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;250000 | 4.50% | 6/17/2025 | 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;69712 | 6.00% | 6/20/2024 | 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;8890 | 6.00% | 6/20/2024 | 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;133467 | 5.25% | 12/2/2024 | 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1** | &nbsp;&nbsp;&nbsp;&nbsp;297  |
| **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;127000 | 3.50% | 11/7/2024 | 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;725  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;72581 | 5.00% | 12/22/2022 | 12/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp;79444 | 3.97% | 5/1/2025 | 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp;32400 | 3.98% | 7/10/2025 | 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp;175000 | 3.69% | 1/3/2023 | 1/1/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp;1062  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp;40800 | 1.68% | 3/1/2022 | 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp;**792** | &nbsp;&nbsp;&nbsp;1979  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;127000 | 3.50% | 11/7/2025 | 1/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp;**145** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp;59000 | 4.15% | 12/21/2025 | 12/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp;**183** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp;33894 | 4.89% | 11/1/2019 | 1/1/2032 | &nbsp;&nbsp;&nbsp;**1991** | &nbsp;&nbsp;&nbsp;3253  |
| **Total fair value derivative assets** |  |  |  |  | &nbsp;&nbsp;&nbsp;**$3113** | &nbsp;&nbsp;&nbsp;$9082  |
| **Total fair value derivative liabilities** |  |  |  |  | &nbsp;&nbsp;&nbsp;**(689)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| **Total fair value derivatives asset (liability), net** |  |  |  |  | &nbsp;&nbsp;&nbsp;**$2424** | &nbsp;&nbsp;&nbsp;$9082 |

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(a)<br> These rates represent the swap rate and cap strike rate on HHH's interest rate swaps, caps, and collars.

(b) Interest income related to these contracts was $0.4 million in 2025 and $1.4 million in 2024. 

The tables below present the effect of the Company's derivative financial instruments in the Consolidated Statements of Operations for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  |
| **Derivatives in Cash Flow Hedging Relationships**<br>*thousands* | **2024** | **2023** | **2022**  |
| Interest rate derivatives | &nbsp;&nbsp;&nbsp;&nbsp;**$(962)**  | &nbsp;&nbsp;&nbsp;&nbsp;$4818 | &nbsp;&nbsp;&nbsp;&nbsp;$3809 |

---

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| | | | |
|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  |
| **Location of Gain (Loss) Reclassified from AOCI into Statements of Operations**<br>*thousands* | **2025** | **2024** | **2023**  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;**$2923**  | &nbsp;&nbsp;&nbsp;&nbsp;$4497 | &nbsp;&nbsp;&nbsp;&nbsp;$13131 |

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**Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property-level indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its related derivative obligations. The fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $0.7 million as of December 31, 2025.** 

F-62<br>

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12. **Commitments and Contingencies** 

**Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management's opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company's consolidated financial position, results of operations, or liquidity.** 

***Columbia The Company is currently developing certain property it owns in Merriweather District (formerly Downtown Columbia), which is subject to certain recorded documents, covenants, and restrictions (the Covenants). Under the Covenants, HHH is the master developer of Merriweather District. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (the Hotel Lot) subject to the Covenants. IMH has made demands that HHH accede to IMH's development plans for the Hotel Lot and HHH has exercised its right under the Covenants to object to IMH's plans for the Hotel Lot. IMH filed a complaint seeking (1) a declaration that HHH gave its consent, under the Covenants, to IMH's proposed changes in use and onsite parking, or that the limitations under the Covenants are obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHH's alleged consent to IMH's proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHH breaching the Covenants by prohibiting IMH from proceeding with its proposed development, and (4) declarations finding that HHH breached the shared parking related Covenants relating to HHH's own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million, which will accrue post-judgment interest of 10% annually from the date of the final judgment. The Company appealed the judgment, and the Court of Appeals heard oral arguments in September 2025. In December 2025, the Appellate Court of Maryland affirmed the judgment in full and the Company does not intend to file a motion for reconsideration or appeal the decision. As such, the Company accrued a liability of $19.8 million at December 31, 2025, inclusive of $17.0 million for the initial judgment and $2.8 million of related interest, and recognized the amount in Other income (loss), net in the accompanying Consolidated Statements of Operations for year ended December 31, 2025.***

***Timarron Park On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas' Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their properties and diminution of their property values. On August 9, 2022, the Court granted the Company's summary judgment motions and dismissed the plaintiffs' claims. The plaintiffs filed a motion for a new trial, which was denied. Plaintiffs appealed. In November 2024, a three-judge panel of the Court of Appeals affirmed the trial court's judgment in the Company's favor. Plaintiffs sought rehearing. In December 2025, the Court of Appeals again affirmed the trial court's judgment in the Company's favor in a subsequent opinion issued following rehearing. The plaintiffs have obtained an extension of time to seek further rehearing or rehearing en banc and may also seek discretionary review by the Texas Supreme Court. Any such review is discretionary. The Company will continue to defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action.***

***Kō'ula In January 2025, the Association of Unit Owners of Kō'ula filed two complaints against the Company and the general contractor, with one complaint alleging multiple code violations and construction defects (Defect Action) and the other claiming that the Company understated operating costs and disproportionately allocated common expenses to the detriment of unit owners (Budget Action). The Company's insurance carrier has agreed to defend the Defect Action, while coverage for the Budget Action was denied. The Company filed a motion to consolidate both complaints, which was granted in June 2025, and the court's order regarding the same was entered in September 2025. The Company filed motions to dismiss both actions in October 2025. The Court heard both motions in December 2025, and the Company is awaiting a ruling. The trial is presently scheduled for January 2027. The Company has not accrued any amount related to this claim as the damage is undetermined.***

F-63<br>

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**Letters of Credit and Surety Bonds As of December 31, 2025, the Company had outstanding letters of credit totaling $5.2 million and surety bonds totaling $383.1 million. As of December 31, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $353.8 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations.** 

**Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. See Note 18 - *Leases* for further discussion.** 

**Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2025 and 2024, there were no events requiring financial performance under the following guarantees.** 

***Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG's outstanding $61.3 million mortgage related to its 250 Water Street property (SEG Term Loan). As consideration for providing such guaranty, SEG paid the Company an annualized guaranty fee equal to 2.0% of the total outstanding principal, paid monthly. The Company's maximum exposure under this guaranty was equal to the outstanding principal and interest balance at the end of each period. On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and the Company was released from the related backstop guaranty.***

***Floreo Guaranty In October 2022, Floreo, the Company's 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with a maturity date of October 1, 2027. In February 2025, the borrowing capacity on the bond was increased to $365.0 million and the maturity was extended to December 1, 2029. Outstanding borrowings as of December 31, 2025, were $242.0 million. A wholly owned subsidiary of the Company (HHC Subsidiary) provided a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the LTV ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guaranty requiring the payment of cash collateral in the event HHC Subsidiary fails to make necessary payments when due. In February 2025, in connection with the increase of the borrowing capacity, the potential cash collateral commitment associated with this guaranty increased from $50.0 million to $100.0 million. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation.***

The Company received a fee of $5.0 million in exchange for providing the initial guaranty and recognized an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. This deferred income was recorded in Accounts payable and other liabilities on the Consolidated Balance Sheets as of December 31, 2025 and 2024, and will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company's maximum exposure under this guaranty is equal to the cash collateral that the Company may be obligated to post. As of December 31, 2025, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity's extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral.

***Merriweather District (formerly Downtown Columbia) To the extent that increases in taxes do not cover debt service payments on the Redevelopment District TIF bonds issued by Howard County, Maryland, the Company's wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of December 31, 2025, any obligations to pay special taxes are not probable.***

***Ward Village As part of the Company's development permits with the Hawai'i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guaranty whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guaranty, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae'o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for 'A'ali'i tower are***

F-64<br>

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included in the 'A'ali'i tower. Units for Kō'ula, Victoria Place, The Park Ward Village, and Kalae were satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining reserved housing guaranty in the community. Construction on Ulana Ward Village began in early 2023, and was completed in November 2025.

13. Stock-Based Compensation Plans

In September 2025, the Company's stockholders approved the Howard Hughes Holdings Inc. 2025 Equity Incentive Plan (the 2025 Equity Plan). Pursuant to the 2025 Equity Plan, 2,000,000 shares of the Company's common stock were reserved for issuance. The 2025 Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. Employees, directors, and consultants of the Company are eligible for Awards. The 2025 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors (Compensation Committee).

Prior to the adoption of the 2025 Equity Plan, equity awards were issued under The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan) and The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2025 Equity Plan did not impact the administration of Awards issued under previous plans but following adoption of the 2025 Equity Plan, equity awards will no longer be granted under previous plans.

As of December 31, 2025, there were a maximum of 1,939,450 HHH shares available for future grants under the 2025 Equity Plan.

The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31:

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| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Stock Options<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**$270** | &nbsp;&nbsp;&nbsp;&nbsp;$195 | &nbsp;&nbsp;&nbsp;&nbsp;$336  |
| Restricted Stock<sup>(b)</sup> | &nbsp;&nbsp;**16345** | &nbsp;&nbsp;11875 | &nbsp;&nbsp;11389  |
| Pre-tax stock-based compensation expense | **$16615** | $12070 | $11725  |
| Income tax benefit | **$1116** | $1077 | $1001 |

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(a) Amounts shown are net of immaterial amounts capitalized to development projects. 

(b) Amounts shown are net of $3.2 million capitalized to development projects in 2025, $3.9 million capitalized to development projects in 2024, and $4.6 million capitalized to development projects in 2023. 

#### Stock Options There were no grants of stock options in 2025. The following table summarizes stock option activity:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock** <br>**Options** | **Weighted-**<br>**average** <br>**Exercise Price** | **Weighted-average** <br>**Remaining Contractual** <br>**Term (years)** | **Aggregate** <br>**Intrinsic Value**  |
| Stock options outstanding at December 31, 2024 | 91402 | &nbsp;&nbsp;&nbsp;$91.90 |  |  |
| Exercised<sup>(a)</sup> | &nbsp;&nbsp;(1615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.36 |  |  |
| Expired | (21547) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123.44 |  |  |
| Stock options outstanding at December 31, 2025 | 68240 | &nbsp;&nbsp;&nbsp;$82.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;$575760  |
| Stock options vested and expected to vest at December 31, 2025  | 68240 | &nbsp;&nbsp;&nbsp;$82.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;$575760  |
| Stock options exercisable at December 31, 2025 | 59621 | &nbsp;&nbsp;&nbsp;$83.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp;$505949 |

---

(a) The total intrinsic value of stock options exercised was immaterial during 2025, based on the difference between the market price at the exercise date and the exercise price. There were no stock options exercised during 2024 or 2023. 

The fair value of stock option awards is determined using the Black-Scholes option-pricing model with the following assumptions:

–<br> *Expected life*—Based on the average of the time to vesting and full term of an option

–<br> *Risk-free interest rates*—Based on the U.S. Treasury rate over the expected life of an option

F-65<br>

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#### **TABLE OF CONTENTS**
–<br> *Expected volatility*—Based on the average of implied and historical volatilities as of each of the grant dates

The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023**  |
| Weighted-average grant date fair value | **N/A** | $11.16 | N/A  |
| Assumptions<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Expected life of options (in years) | **N/A** | &nbsp;&nbsp;&nbsp;&nbsp;3.3 | N/A  |
| &nbsp;&nbsp;&nbsp;Risk-free interest rate | **N/A** | &nbsp;&nbsp;&nbsp;&nbsp;4.3% | N/A  |
| &nbsp;&nbsp;&nbsp;Expected volatility | **N/A** | &nbsp;&nbsp;&nbsp;30.6% | N/A  |
| &nbsp;&nbsp;&nbsp;Expected annual dividend per share | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | N/A |

---

Generally, options granted vest over requisite service periods, expire ten years after the grant date and generally do not become exercisable until their restrictions on exercise lapse after the five-year anniversary of the grant date.

The balance of unamortized stock option expense as of December 31, 2025, was $0.1 million, which is expected to be recognized over a weighted-average period of 1.3 years.

**Restricted Stock Restricted stock awards may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. In addition to the granting of restricted stock to employees, the Company awards restricted stock to non-employee directors as part of their annual retainer. The employee awards generally vest over a range of three to five years, and non-employee director awards generally vest in approximately one year.** 

The following table summarizes restricted stock activity:

---

| | | |
|:---|:---|:---|
|  | **Restricted Stock** | **Weighted-average** <br>**Grant Date Fair Value**  |
| Restricted stock outstanding at December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;371955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56.43  |
| Granted | &nbsp;&nbsp;&nbsp;&nbsp;376989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.68  |
| Vested | &nbsp;&nbsp;&nbsp;&nbsp;(171887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.37  |
| Forfeited | &nbsp;&nbsp;&nbsp;&nbsp;(77582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.81  |
| Restricted stock outstanding at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;499475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65.66 |

---

The grant date fair value of restricted stock is based on the closing price of common stock at grant date. For restricted stock awards that vest based on stockholder returns, the grant date fair value is calculated using a Monte-Carlo approach which simulates the Company's stock price on the corresponding vesting dates and is reflected at the target level of performance. For restricted stock awards that vest based on net asset value per share, the grant date fair value is calculated using a Monte-Carlo approach which simulates the Company's net asset value on the vesting date and is reflected at the target level of performance.

The weighted-average grant-date fair value per share of restricted stock granted was $66.16 during 2024 and $83.85 during 2023. The fair value of restricted stock that vested was $12.9 million during 2025, $10.3 million during 2024, and $9.6 million during 2023, based on the HHH market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2025, was $20.9 million, which is expected to be recognized over a weighted-average period of 2.1 years.

14. Income Taxes

Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates currently in effect. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.

F-66<br>

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The following summarizes income tax expense (benefit) for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Current<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | **$12744** | $15534 | $33783  |
| &nbsp;&nbsp;&nbsp;State | &nbsp;&nbsp;&nbsp;**1293** | &nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;2532  |
| Total current | &nbsp;&nbsp;**14037** | &nbsp;&nbsp;18655 | &nbsp;&nbsp;36315  |
| Deferred<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Federal | &nbsp;&nbsp;**24463** | &nbsp;&nbsp;61853 | &nbsp;&nbsp;(7601)  |
| &nbsp;&nbsp;&nbsp;State | &nbsp;&nbsp;&nbsp;&nbsp;**(884)** | &nbsp;&nbsp;&nbsp;&nbsp;(324) | &nbsp;&nbsp;(2296)  |
| Total deferred | &nbsp;&nbsp;**23579** | &nbsp;&nbsp;61529 | &nbsp;&nbsp;(9897)  |
| Total | **$37616** | $80184 | $26418 |

---

Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company's reported Income tax expense (benefit) for the years ended December 31 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *thousands except percentages* | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Tax computed at the U.S. federal statutory rate | **$33906**  | **21.0%** | $76734  | 21.0% | $23064  | 21.0%  |
| Increase (decrease) in valuation allowance, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**148** | &nbsp;&nbsp;**0.1%** | &nbsp;&nbsp;(20736)  | (5.7)% | &nbsp;&nbsp;&nbsp;4003 | &nbsp;&nbsp;3.7%  |
| State and local income tax expense (benefit), net of federal income tax<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**182** | &nbsp;&nbsp;**0.1%** | &nbsp;&nbsp;&nbsp;18719 | &nbsp;&nbsp;5.1% | &nbsp;&nbsp;(4432)  | (4.0)%  |
| Tax expense on compensation disallowance | &nbsp;&nbsp;&nbsp;**4380** | &nbsp;&nbsp;**2.7%** | &nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;0.5% | &nbsp;&nbsp;&nbsp;2133 | &nbsp;&nbsp;1.9%  |
| Other, net | &nbsp;&nbsp;**(1000)**  | **(0.6)%** | &nbsp;&nbsp;&nbsp;&nbsp;3547 | &nbsp;&nbsp;1.0% | &nbsp;&nbsp;&nbsp;1650 | &nbsp;&nbsp;1.5%  |
| &nbsp;&nbsp;Income tax expense (benefit) | **$37616**  | 23.3% | $80184  | 21.9% | $26418  | 24.1% |

---

(a) Tax in Maryland, Hawai'i, Virginia, Texas, New York, and New York City comprise more than 50% of the tax effect in this category. 

As of December 31, 2025, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| *thousands* | **Amount** | **Expiration** <br>**Date**  |
| Net operating loss carryforwards - Federal | $708566 | n/a  |
| Net operating loss carryforwards - State | &nbsp;&nbsp;326955 | 2025-2044  |
| Net operating loss carryforwards - State | &nbsp;&nbsp;304402 | n/a  |
| Charitable contribution carryforwards - Federal | &nbsp;&nbsp;&nbsp;&nbsp;3432 | 2030  |
| General business tax credit carryforwards | &nbsp;&nbsp;&nbsp;&nbsp;1095 | 2044 |

---

The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Deferred tax assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;**$10192** | &nbsp;&nbsp;&nbsp;$9376  |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;**5105** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;&nbsp;Other | &nbsp;&nbsp;&nbsp;&nbsp;**2644** | &nbsp;&nbsp;&nbsp;&nbsp;4841  |
| &nbsp;&nbsp;&nbsp;Accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp;**1049** | &nbsp;&nbsp;&nbsp;&nbsp;1283  |
| &nbsp;&nbsp;&nbsp;Operating loss and tax carryforwards | &nbsp;&nbsp;**189054** | &nbsp;&nbsp;205244  |
| Total deferred tax assets | &nbsp;&nbsp;**208044** | &nbsp;&nbsp;220744  |
| &nbsp;&nbsp;&nbsp;Valuation allowance | &nbsp;&nbsp;**(16431)** | &nbsp;&nbsp;(16314)  |
| Total net deferred tax assets | **$191613** | $204430  |

---

F-67<br>

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---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Deferred tax liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities properties | **$(304057)** | $(297889)  |
| &nbsp;&nbsp;&nbsp;Operating and development properties and fixed assets | &nbsp;&nbsp;&nbsp;**(32045)** | &nbsp;&nbsp;&nbsp;(25675)  |
| &nbsp;&nbsp;&nbsp;Deferred income | &nbsp;&nbsp;&nbsp;**(18167)** | &nbsp;&nbsp;&nbsp;(18839)  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;**(1816)** | &nbsp;&nbsp;&nbsp;&nbsp;(2981)  |
| &nbsp;&nbsp;&nbsp;Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;&nbsp;&nbsp;(1146)  |
| Total deferred tax liabilities | &nbsp;&nbsp;**(356085)** | &nbsp;&nbsp;(346530)  |
| Total net deferred tax liabilities | **$(164472)** | $(142100) |

---

The deferred tax liability associated with the Company's MPCs is largely attributable to the difference between the basis and value determined as of the date of the acquisition by its predecessors adjusted for sales that have occurred since that time. The recognition of these deferred tax liabilities is dependent upon the timing and sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income represents the difference between the income tax method of accounting and the financial statement method of accounting for prior sales of land in the Company's MPCs.

Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2022 through 2024. In the Company's opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns.

The Company applies the generally accepted accounting principle related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition issues.

The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2025, 2024, or 2023, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

15. Accumulated Other Comprehensive Income (Loss)

The following tables summarize changes in AOCI, all of which are presented net of tax:

---

| | |
|:---|:---|
| *thousands* |  |
| **Balance at December 31, 2022** | $10335  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp;3809  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp;(13131)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;(9063)  |
| **Balance at December 31, 2023** | &nbsp;&nbsp;&nbsp;$1272  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp;4818  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp;&nbsp;(4497)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696  |
| **Balance at December 31, 2024** | &nbsp;&nbsp;&nbsp;$1968  |

---

F-68<br>

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---

| | |
|:---|:---|
| *thousands* |  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp;(962)  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp;(2923)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp;(3795)  |
| **Balance at December 31, 2025** | $(1827) |

---

The following table summarizes the amounts reclassified out of AOCI for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| **Accumulated Other Comprehensive Income (Loss) Components** <br>***thousands*** | **2025** | **2024** | **Affected line items in the** <br>**Statements of Operations**  |
| (Gains) losses on cash flow hedges | **$(3833)**  | $(5821) | Interest expense  |
| &nbsp;&nbsp;Income taxes on (gains) losses on cash flow hedges | &nbsp;&nbsp;&nbsp;&nbsp;**910** | &nbsp;&nbsp;&nbsp;1324 | Income tax expense (benefit)  |
| &nbsp;&nbsp;Total reclassifications of (income) loss for the period | **$(2923)**  | $(4497) |  |

---

16. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method.

Information related to the Company's EPS calculations is summarized for the years ended December 31 as follows:

---

| | | | |
|:---|:---|:---|:---|
| *thousands except per share amounts* | **2025** | **2024** | **2023**  |
| **Net income (loss)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations | **$123843** | $285215 | &nbsp;&nbsp;&nbsp;$83410  |
| &nbsp;&nbsp;&nbsp;Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(243)  |
| &nbsp;&nbsp;&nbsp;Net income (loss) from continuing operations attributable to common stockholders | &nbsp;&nbsp;**123897** | &nbsp;&nbsp;285926 | &nbsp;&nbsp;&nbsp;&nbsp;83167  |
| &nbsp;&nbsp;&nbsp;Net income (loss) from discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**—** | &nbsp;&nbsp;(88223) | &nbsp;&nbsp;(634940)  |
| &nbsp;&nbsp;&nbsp;Net income (loss) attributable to common stockholders | **$123897** | $197703 | $(551773)  |
| **Shares**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding — basic | &nbsp;&nbsp;&nbsp;**55722** | &nbsp;&nbsp;&nbsp;49686 | &nbsp;&nbsp;&nbsp;&nbsp;49568  |
| &nbsp;&nbsp;&nbsp;Restricted stock and stock options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**324** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48  |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding — diluted | &nbsp;&nbsp;&nbsp;**56046** | &nbsp;&nbsp;&nbsp;49912 | &nbsp;&nbsp;&nbsp;&nbsp;49616  |
| **Net income (loss) per common share**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;**$2.22** | &nbsp;&nbsp;&nbsp;&nbsp;$5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.68  |
| &nbsp;&nbsp;&nbsp;Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;$(1.78) | &nbsp;&nbsp;&nbsp;$(12.81)  |
| &nbsp;&nbsp;&nbsp;Basic income (loss) per share — attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;**$2.22** | &nbsp;&nbsp;&nbsp;&nbsp;$3.98 | &nbsp;&nbsp;&nbsp;$(11.13) |
| &nbsp;&nbsp;&nbsp;Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;**$2.21** | &nbsp;&nbsp;&nbsp;&nbsp;$5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.68  |
| &nbsp;&nbsp;&nbsp;Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$—** | &nbsp;&nbsp;&nbsp;&nbsp;$(1.77) | &nbsp;&nbsp;&nbsp;$(12.80)  |
| &nbsp;&nbsp;&nbsp;Diluted income (loss) per share — attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;**$2.21** | &nbsp;&nbsp;&nbsp;&nbsp;$3.96 | &nbsp;&nbsp;&nbsp;$(11.12)  |
| **Anti-dilutive shares excluded from diluted EPS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Restricted stock and stock options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**142** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 |

---

**Common Stock Repurchases In March 2022, the Board authorized a share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions, and the program may be suspended or discontinued at any time. During 2022, the Company repurchased approximately $235.0 million of its common stock.** 

F-69<br>

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17. Revenues

Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company's condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life.

The following presents the Company's revenues disaggregated by revenue source for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| **Revenues from contracts with customers** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp;**Recognized at a point in time:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Condominium rights and unit sales | &nbsp;&nbsp;**$370156**  | &nbsp;&nbsp;$778616  | &nbsp;&nbsp;$47707  |
| &nbsp;&nbsp;&nbsp;Master Planned Communities land sales | &nbsp;&nbsp;&nbsp;&nbsp;**562586**  | &nbsp;&nbsp;&nbsp;&nbsp;453195  | &nbsp;&nbsp;370185  |
| &nbsp;&nbsp;&nbsp;Builder price participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**52341**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52023  | &nbsp;&nbsp;&nbsp;60989  |
| &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;**985083**  | &nbsp;&nbsp;1283834  | &nbsp;&nbsp;478881  |
| &nbsp;&nbsp;&nbsp;**Recognized at a point in time or over time:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Other land, rental, and property revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**48363**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44755  | &nbsp;&nbsp;&nbsp;46255  |
| **Rental and lease-related revenues**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;Rental revenue | &nbsp;&nbsp;&nbsp;&nbsp;**441446**  | &nbsp;&nbsp;&nbsp;&nbsp;422100  | &nbsp;&nbsp;383617  |
| Total revenues | **$1474892**  | $1750689  | $908753 |

---

**Contract Assets and Liabilities Contract assets are the Company's right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company's obligation to transfer goods or services to a customer for which the Company has received consideration.** 

There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

---

| | |
|:---|:---|
| *thousands* | **Contract** <br>**Liabilities**  |
| Balance at December 31, 2023 | $575621  |
| Consideration earned during the period | &nbsp;&nbsp;(865949)  |
| Consideration received during the period | &nbsp;&nbsp;&nbsp;874864  |
| Balance at December 31, 2024 | $584536  |
| Consideration earned during the period | &nbsp;&nbsp;(479157)  |
| Consideration received during the period | &nbsp;&nbsp;&nbsp;791517  |
| Balance at December 31, 2025 | $896896 |

---

**Remaining Unsatisfied Performance Obligations The Company's remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct** 

F-70<br>

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the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company's remaining unsatisfied performance obligations as of December 31, 2025, was $4.4 billion. The Company expects to recognize this amount as revenue over the following periods:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **Less than 1 year** | **1-2 years** | **3 years and thereafter**  |
| Total remaining unsatisfied performance obligations | &nbsp;&nbsp;$1072317  | $447395  | &nbsp;&nbsp;&nbsp;&nbsp;$2884803 |

---

The Company's remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

18. Leases

The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company's lease agreements include non-lease components such as fixed common area maintenance charges.

**Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases.** 

The Company's lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company's leases have remaining lease terms of approximately 1 year to approximately 24 years, excluding extension options. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company's lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company's lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings constructed on its ground leases to third parties.

The Company's leased assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating lease right-of-use assets | **$5231**  | $5806  |
| Operating lease obligations | &nbsp;&nbsp;**4868**  | &nbsp;&nbsp;5456 |

---

Future minimum lease payments as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| *thousands* | **Operating Leases**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$956  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;898  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;616  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;622  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;381  |
| Thereafter | &nbsp;&nbsp;&nbsp;&nbsp;5300  |
| Total lease payments | &nbsp;&nbsp;&nbsp;&nbsp;8773  |
| Less: imputed interest | &nbsp;&nbsp;&nbsp;&nbsp;(3905)  |
| Present value of lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;$4868 |

---

F-71<br>

------

Other information related to the Company's lessee agreements is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| **Supplemental Consolidated Statements of Cash Flows Information**<br>*thousands* | **2025** | **2024**  |
| Cash paid for amounts included in the measurement of lease liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows on operating leases | &nbsp;&nbsp;&nbsp;&nbsp;**$992**  | &nbsp;&nbsp;&nbsp;&nbsp;$759 |

---

---

| | | |
|:---|:---|:---|
| **Other Information** | **2025** | **2024**  |
| Weighted-average remaining lease term (years)<br>|  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 16.3 | 16.4  |
| Weighted-average discount rate<br>|  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | &nbsp;&nbsp;7.2% | &nbsp;&nbsp;7.1% |

---

**Lessor Arrangements The Company receives rental income from the leasing of retail, office, multifamily, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multifamily leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows:** 

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| <br>*thousands* | **2025** | **2024**  |
| Total minimum rent payments | **$246603**  | $235652 |

---

Total future minimum rents associated with operating leases are as follows:

---

| | |
|:---|:---|
| *thousands* | **Total Minimum Rent**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;$248354  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp;248617  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;226818  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;207142  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;181921  |
| &nbsp;&nbsp;Thereafter | &nbsp;&nbsp;&nbsp;&nbsp;619494  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;$1732346 |

---

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported in the Consolidated Statements of Operations also include amortization related to above-market and below-market tenant leases on acquired properties.

19. Segments

The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management's operating philosophies and methods. The Company's segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States.

Activity within each of the Company's reportable segments is as follows:

---

| | |
|:---|:---|
| –<br>| ***Operating Assets*** – consists of developed or acquired retail, office, and multifamily properties along with other real estate investments. These properties are currently generating rental revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital.  |

---

F-72<br>

------

---

| | |
|:---|:---|
| –<br>| ***MPC*** – consists of the development and sale of land in large-scale, long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers.  |

---

---

| | |
|:---|:---|
| –<br>| ***Strategic Developments*** – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Revenues are primarily generated from the sale of condominium units.  |

---

The Chief Operating Decision Maker (CODM), which is the Company's Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments, however the measure that is most consistent with the amounts included in the consolidated financial statements is earnings before taxes (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets.

F-73<br>

------

Segment EBT is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **Operating** <br>**Assets Segment** | **MPC Segment** | **Strategic** <br>**Developments** <br>**Segment**  |
| **Year Ended December 31, 2025** <br>|  |  |  |
| Total revenues | &nbsp;&nbsp;$465568  | &nbsp;&nbsp;$634856  | $374363  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(369408)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(188704)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Operating costs | &nbsp;&nbsp;(145464)  | &nbsp;&nbsp;&nbsp;(45298)  | &nbsp;&nbsp;&nbsp;(22490)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp;(58577)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(2191)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(232)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp;261295  | &nbsp;&nbsp;&nbsp;400854  | &nbsp;&nbsp;&nbsp;(19726)  |
| Depreciation and amortization | &nbsp;&nbsp;(172835)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(408)  | &nbsp;&nbsp;&nbsp;&nbsp;(6579)  |
| Interest income (expense), net | &nbsp;&nbsp;(136637)  | &nbsp;&nbsp;&nbsp;&nbsp;75160  | &nbsp;&nbsp;&nbsp;&nbsp;18851  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2266  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120  | &nbsp;&nbsp;&nbsp;(18487)  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4829  | &nbsp;&nbsp;&nbsp;&nbsp;(3374)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;14354  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3750  | &nbsp;&nbsp;&nbsp;&nbsp;11721  |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(698)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment EBT | &nbsp;&nbsp;$(27426)  | &nbsp;&nbsp;$476102  | $(13903)  |
| **Year Ended December 31, 2024** <br>|  |  |  |
| Total revenues | &nbsp;&nbsp;$444300  | &nbsp;&nbsp;$522925  | $783396  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(582574)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(169191)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Operating costs | &nbsp;&nbsp;(138172)  | &nbsp;&nbsp;&nbsp;(52736)  | &nbsp;&nbsp;&nbsp;(17670)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp;(55915)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(2480)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(504)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp;249709  | &nbsp;&nbsp;&nbsp;300998  | &nbsp;&nbsp;&nbsp;180672  |
| Depreciation and amortization | &nbsp;&nbsp;(169040)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(438)  | &nbsp;&nbsp;&nbsp;&nbsp;(7255)  |
| Interest income (expense), net | &nbsp;&nbsp;(138207)  | &nbsp;&nbsp;&nbsp;&nbsp;60473  | &nbsp;&nbsp;&nbsp;&nbsp;18603  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;90534  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819  | &nbsp;&nbsp;&nbsp;(11899)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;22907  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(465)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment EBT | &nbsp;&nbsp;$(28455)  | &nbsp;&nbsp;$349134  | $282805  |
| **Year Ended December 31, 2023**<br>|  |  |  |
| Total revenues | &nbsp;&nbsp;$410254  | &nbsp;&nbsp;$448452  | &nbsp;&nbsp;&nbsp;$49987  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;(55417)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;(140050)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Operating costs | &nbsp;&nbsp;(130125)  | &nbsp;&nbsp;&nbsp;(53420)  | &nbsp;&nbsp;&nbsp;(21908)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp;(52502)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;(3147)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2762  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp;230389  | &nbsp;&nbsp;&nbsp;254982  | &nbsp;&nbsp;&nbsp;(30485)  |
| Depreciation and amortization | &nbsp;&nbsp;(161138)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418)  | &nbsp;&nbsp;&nbsp;&nbsp;(3963)  |
| Interest income (expense), net | &nbsp;&nbsp;(125197)  | &nbsp;&nbsp;&nbsp;&nbsp;64291  | &nbsp;&nbsp;&nbsp;&nbsp;16074  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2092  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968  | &nbsp;&nbsp;&nbsp;&nbsp;22666  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;23926  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236  |
| &nbsp;&nbsp;Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Segment EBT | &nbsp;&nbsp;$(27057)  | &nbsp;&nbsp;$341419  | $(17306) |

---

F-74<br>

------

The following represents the reconciliation of segment EBT to Net income (loss) from continuing operations before income taxes in the Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Operating Assets EBT | &nbsp;&nbsp;**$(27426)**  | $(28455)  | $(27057)  |
| MPC EBT | &nbsp;&nbsp;&nbsp;**476102**  | &nbsp;&nbsp;349134  | &nbsp;&nbsp;341419  |
| Strategic Developments EBT | &nbsp;&nbsp;&nbsp;**(13903)**  | &nbsp;&nbsp;282805  | &nbsp;&nbsp;(17306)  |
| General and administrative expenses | &nbsp;&nbsp;**(122240)**  | &nbsp;&nbsp;(91752)  | &nbsp;&nbsp;(86671)  |
| Gain (loss) on sale of MUD receivables | &nbsp;&nbsp;&nbsp;**(48197)**  | &nbsp;&nbsp;(48651)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Corporate interest expense, net | &nbsp;&nbsp;&nbsp;**(80307)**  | &nbsp;&nbsp;(80446)  | &nbsp;&nbsp;(87243)  |
| Corporate income, expenses, and other items | &nbsp;&nbsp;&nbsp;**(22570)**  | &nbsp;&nbsp;(17236)  | &nbsp;&nbsp;(13314)  |
| Net income (loss) from continuing operations before income taxes | **$161459**  | $365399  | $109828 |

---

The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Operating Assets revenue | &nbsp;&nbsp;**$465568**  | &nbsp;&nbsp;$444300  | $410254  |
| MPC revenue | &nbsp;&nbsp;&nbsp;&nbsp;**634856**  | &nbsp;&nbsp;&nbsp;&nbsp;522925  | &nbsp;&nbsp;448452  |
| &nbsp;&nbsp;Strategic Developments revenue | &nbsp;&nbsp;&nbsp;&nbsp;**374363**  | &nbsp;&nbsp;&nbsp;&nbsp;783396  | &nbsp;&nbsp;&nbsp;49987  |
| Corporate income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**105**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60  |
| Total revenues | **$1474892**  | $1750689  | $908753 |

---

The following represents asset information by segment and the reconciliation of total segment assets to Total assets on the Consolidated Balance Sheets as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating Assets | &nbsp;&nbsp;**$3606214**  | $3548162  |
| Master Planned Communities | &nbsp;&nbsp;&nbsp;**3487301**  | &nbsp;&nbsp;3373827  |
| Strategic Developments | &nbsp;&nbsp;&nbsp;**2378762**  | &nbsp;&nbsp;1836791  |
| Corporate  | &nbsp;&nbsp;&nbsp;**1167184**  | &nbsp;&nbsp;&nbsp;&nbsp;452456  |
| Total assets | **$10639461**  | $9211236 |

---

The following represents capital expenditures by segment for the years ended December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating Assets | &nbsp;&nbsp;**$45333**  | &nbsp;&nbsp;$63781  |
| Master Planned Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**184**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232  |
| Strategic Developments | &nbsp;&nbsp;**176689**  | &nbsp;&nbsp;239472 |

---

20. Quarterly Financial Information (Unaudited)

The Company completed the Spinoff of SEG in the third quarter of 2024. As the Spinoff represented a strategic shift in the Company's operations, the results of SEG are presented as discontinued operations, which resulted in retrospective changes to the Company's Consolidated Statements of Operations. See Note 3 - *Discontinued Operations* for additional information.

F-75<br>

------

The following table provides summarized quarterly financial data for 2024. All per share amounts presented below are calculated based on whole dollars and number of shares, and therefore the sum of continuing and discontinued operations per share amounts may not recalculate to the total per share amounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *thousands except per share amounts* | **First** <br>**Quarter** | **Second** <br>**Quarter** | **Third** <br>**Quarter** | **Fourth** <br>**Quarter**  |
| **2024**<br>|  |  |  |  |
| Total revenues | $156484  | $283468  | $327147  | $983590  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;12608  | &nbsp;&nbsp;&nbsp;88464  | &nbsp;&nbsp;198339  | &nbsp;&nbsp;260510  |
| Net income (loss) from continuing operations | &nbsp;&nbsp;(21000)  | &nbsp;&nbsp;&nbsp;47367  | &nbsp;&nbsp;&nbsp;96528  | &nbsp;&nbsp;162320  |
| Net income (loss) from discontinued operations, net of tax | &nbsp;&nbsp;(31467)  | &nbsp;&nbsp;(26309)  | &nbsp;&nbsp;(24031)  | &nbsp;&nbsp;&nbsp;&nbsp;(6416)  |
| Net income (loss) | &nbsp;&nbsp;(52467)  | &nbsp;&nbsp;&nbsp;21058  | &nbsp;&nbsp;&nbsp;72497  | &nbsp;&nbsp;155904  |
| Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414  |
| Net income (loss) attributable to common stockholders | &nbsp;&nbsp;(52477)  | &nbsp;&nbsp;&nbsp;21092  | &nbsp;&nbsp;&nbsp;72770  | &nbsp;&nbsp;156318  |
| Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.42)  | &nbsp;&nbsp;&nbsp;&nbsp;$0.95  | &nbsp;&nbsp;&nbsp;&nbsp;$1.95  | &nbsp;&nbsp;&nbsp;&nbsp;$3.27  |
| &nbsp;&nbsp;Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.63)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13)  |
| &nbsp;&nbsp;&nbsp;Basic income (loss) per share attributable to common <br>stockholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06)  | &nbsp;&nbsp;&nbsp;&nbsp;$0.42  | &nbsp;&nbsp;&nbsp;&nbsp;$1.46  | &nbsp;&nbsp;&nbsp;&nbsp;$3.15  |
| Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.42)  | &nbsp;&nbsp;&nbsp;&nbsp;$0.95  | &nbsp;&nbsp;&nbsp;&nbsp;$1.95  | &nbsp;&nbsp;&nbsp;&nbsp;$3.25  |
| Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;$(0.63)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.53)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.48)  | &nbsp;&nbsp;&nbsp;&nbsp;$(0.13)  |
| Diluted income (loss) per share attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;$(1.06)  | &nbsp;&nbsp;&nbsp;&nbsp;$0.42  | &nbsp;&nbsp;&nbsp;&nbsp;$1.46  | &nbsp;&nbsp;&nbsp;&nbsp;$3.12 |

---

F-76<br>

------

#### SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION <br>

#### DECEMBER 31, 2025

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| **Bridgeland**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bridgeland | Cypress, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85000  | $260223  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  | $262010  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1633  | &nbsp;&nbsp;&nbsp;$522233  | &nbsp;&nbsp;&nbsp;&nbsp;$1633  | &nbsp;&nbsp;&nbsp;$523866  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(899)  |  | 2004  |
| Bridgeland Predevelopment  | Cypress, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  |  |
| Houston Ground Leases - Bridgeland  | Cypress, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | Various  |
| Lakeside Row  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812  | &nbsp;&nbsp;&nbsp;&nbsp;42875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812  | &nbsp;&nbsp;&nbsp;&nbsp;43438  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44250  | &nbsp;&nbsp;&nbsp;&nbsp;(10574)  | 2018 | 2019  |
| Memorial Hermann Medical Office  | Cypress, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3735  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 2025 |  |
| &nbsp;&nbsp;One Bridgeland Green  | Cypress, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;1118  | &nbsp;&nbsp;&nbsp;&nbsp;33482  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118  | &nbsp;&nbsp;&nbsp;&nbsp;33482  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(316)  | 2024 | 2025  |
| Starling at Bridgeland  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37976  | &nbsp;&nbsp;&nbsp;&nbsp;1511  | &nbsp;&nbsp;&nbsp;&nbsp;57505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511  | &nbsp;&nbsp;&nbsp;&nbsp;58206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59717  | &nbsp;&nbsp;&nbsp;&nbsp;(7169)  | 2021 | 2022  |
| &nbsp;&nbsp;Village Green at Bridgeland Central  | Cypress, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793  | &nbsp;&nbsp;&nbsp;&nbsp;1428  | &nbsp;&nbsp;&nbsp;&nbsp;15323  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1428  | &nbsp;&nbsp;&nbsp;&nbsp;15323  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16751  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519)  | 2024 | 2024  |
| &nbsp;&nbsp;Wingspan  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32400  | &nbsp;&nbsp;&nbsp;&nbsp;1214  | &nbsp;&nbsp;&nbsp;&nbsp;72042  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214  | &nbsp;&nbsp;&nbsp;&nbsp;72080  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73294  | &nbsp;&nbsp;&nbsp;&nbsp;(6384)  | 2022 | 2023  |
| **Columbia** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Color Burst Park Retail  | Columbia, MD | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337  | &nbsp;&nbsp;&nbsp;&nbsp;6945  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2107  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347  | &nbsp;&nbsp;&nbsp;&nbsp;9052  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9399  | &nbsp;&nbsp;&nbsp;&nbsp;(1550)  | 2019 | 2020  |
| Columbia Ground Leases  | Columbia, MD | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71)  |  | 2024  |
| Columbia Office Properties  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;1175  | &nbsp;&nbsp;&nbsp;&nbsp;14394  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1108)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175  | &nbsp;&nbsp;&nbsp;&nbsp;13286  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14461  | &nbsp;&nbsp;&nbsp;&nbsp;(7615)  |  | 2004 / 2007  |
| Columbia Parking Garages  | Columbia, MD | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;42940  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;42900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42900  | &nbsp;&nbsp;&nbsp;&nbsp;(7939)  | Various | Various  |
| &nbsp;&nbsp;Columbia Predevelopment  | Columbia, MD | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  |  |
| Juniper  | Columbia, MD | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116876  | &nbsp;&nbsp;&nbsp;&nbsp;3923  | &nbsp;&nbsp;&nbsp;&nbsp;112435  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9327  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3923  | &nbsp;&nbsp;&nbsp;&nbsp;121762  | &nbsp;&nbsp;&nbsp;&nbsp;125685  | &nbsp;&nbsp;&nbsp;&nbsp;(26311)  | 2018 | 2020  |
| &nbsp;&nbsp;10285 Lakefront Medical Office  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;48156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;48156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48156  | &nbsp;&nbsp;&nbsp;&nbsp;(2220)  | 2022 | 2024  |
| One Mall North  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;7822  | &nbsp;&nbsp;&nbsp;&nbsp;10818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7822  | &nbsp;&nbsp;&nbsp;&nbsp;14635  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22457  | &nbsp;&nbsp;&nbsp;&nbsp;(12681)  |  | 2016  |
| &nbsp;&nbsp;Marlow  | Columbia, MD | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75159  | &nbsp;&nbsp;&nbsp;&nbsp;4088  | &nbsp;&nbsp;&nbsp;&nbsp;130083  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4088  | &nbsp;&nbsp;&nbsp;&nbsp;134061  | &nbsp;&nbsp;&nbsp;&nbsp;138149  | &nbsp;&nbsp;&nbsp;&nbsp;(15566)  | 2021 | 2022  |
| &nbsp;&nbsp;6100 Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65800  | &nbsp;&nbsp;&nbsp;&nbsp;2550  | &nbsp;&nbsp;&nbsp;&nbsp;86867  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12519  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2550  | &nbsp;&nbsp;&nbsp;&nbsp;99386  | &nbsp;&nbsp;&nbsp;&nbsp;101936  | &nbsp;&nbsp;&nbsp;&nbsp;(19935)  | 2018 | 2019  |
| One Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49800  | &nbsp;&nbsp;&nbsp;&nbsp;1433  | &nbsp;&nbsp;&nbsp;&nbsp;56125  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1082  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1433  | &nbsp;&nbsp;&nbsp;&nbsp;57207  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58640  | &nbsp;&nbsp;&nbsp;&nbsp;(18762)  | 2015 | 2017  |
| Two Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600  | &nbsp;&nbsp;&nbsp;&nbsp;1019  | &nbsp;&nbsp;&nbsp;&nbsp;33016  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5201  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019  | &nbsp;&nbsp;&nbsp;&nbsp;38217  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39236  | &nbsp;&nbsp;&nbsp;&nbsp;(9352)  | 2016 | 2017  |
| &nbsp;&nbsp;Merriweather District<sup>(g)</sup> | Columbia, MD | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400  | &nbsp;&nbsp;&nbsp;&nbsp;156861  | &nbsp;&nbsp;&nbsp;&nbsp;(400)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39356)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;117505  | &nbsp;&nbsp;&nbsp;&nbsp;117505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  | Various  |
| &nbsp;&nbsp;Merriweather Row  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58927  | &nbsp;&nbsp;&nbsp;24685  | &nbsp;&nbsp;&nbsp;&nbsp;94824  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62754  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24685  | &nbsp;&nbsp;&nbsp;&nbsp;157578  | &nbsp;&nbsp;&nbsp;&nbsp;182263  | &nbsp;&nbsp;&nbsp;&nbsp;(48418)  |  | 2012/2014  |
| &nbsp;&nbsp;Rouse Building  | Columbia, MD | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21837  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;28865  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1905  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;30770  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30770  | &nbsp;&nbsp;&nbsp;&nbsp;(9995)  | 2013 | 2014  |
| **Summerlin**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Aristocrat  | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31718  | &nbsp;&nbsp;&nbsp;&nbsp;5004  | &nbsp;&nbsp;&nbsp;&nbsp;34588  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5004  | &nbsp;&nbsp;&nbsp;&nbsp;34740  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39744  | &nbsp;&nbsp;&nbsp;&nbsp;(9425)  | 2017 | 2018  |
| &nbsp;&nbsp;Constellation  | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24200  | &nbsp;&nbsp;&nbsp;&nbsp;3069  | &nbsp;&nbsp;&nbsp;&nbsp;39759  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2681  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069  | &nbsp;&nbsp;&nbsp;&nbsp;42440  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45509  | &nbsp;&nbsp;&nbsp;&nbsp;(12535)  |  | 2017  |
| Downtown Summerlin<sup>(h)(i)</sup> | Las Vegas, NV | Retail/Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297  | &nbsp;&nbsp;&nbsp;30855  | &nbsp;&nbsp;&nbsp;&nbsp;364100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30537  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30855  | &nbsp;&nbsp;&nbsp;&nbsp;394637  | &nbsp;&nbsp;&nbsp;&nbsp;425492  | &nbsp;&nbsp;&nbsp;&nbsp;(150337)  | 2013 | 2014 / 2015  |
| Hockey Ground Lease<sup>(h)</sup> | Las Vegas, NV | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121  | &nbsp;&nbsp;&nbsp;&nbsp;6705  | &nbsp;&nbsp;&nbsp;&nbsp;2198  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6705  | &nbsp;&nbsp;&nbsp;&nbsp;2198  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8903  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458)  |  | 2017  |
| Meridian  | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16690  | &nbsp;&nbsp;&nbsp;&nbsp;4509  | &nbsp;&nbsp;&nbsp;&nbsp;42242  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509  | &nbsp;&nbsp;&nbsp;&nbsp;42242  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46751  | &nbsp;&nbsp;&nbsp;&nbsp;(2149)  | 2022 | 2024  |
| &nbsp;&nbsp;1700 Pavilion<sup>(h)</sup> | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75045  | &nbsp;&nbsp;&nbsp;&nbsp;1700  | &nbsp;&nbsp;&nbsp;&nbsp;101760  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11020  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700  | &nbsp;&nbsp;&nbsp;&nbsp;112780  | &nbsp;&nbsp;&nbsp;&nbsp;114480  | &nbsp;&nbsp;&nbsp;&nbsp;(11902)  | 2021 | 2022  |
| &nbsp;&nbsp;Two Summerlin<sup>(h)</sup> | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40849  | &nbsp;&nbsp;&nbsp;&nbsp;3037  | &nbsp;&nbsp;&nbsp;&nbsp;47104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3037  | &nbsp;&nbsp;&nbsp;&nbsp;49028  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52065  | &nbsp;&nbsp;&nbsp;&nbsp;(13916)  | 2017 | 2018  |
| Summerlin<sup>(h)</sup> | Las Vegas, NV | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78535  | &nbsp;&nbsp;990179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;266875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298  | &nbsp;&nbsp;1257054  | &nbsp;&nbsp;&nbsp;&nbsp;1298  | &nbsp;&nbsp;1258352  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856)  |  | 2004  |
| Summerlin Grocery Anchored Center<sup>(h)</sup>  | Las Vegas, NV | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14986  | &nbsp;&nbsp;&nbsp;&nbsp;4073  | &nbsp;&nbsp;&nbsp;&nbsp;43050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4073  | &nbsp;&nbsp;&nbsp;&nbsp;43050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47123  | &nbsp;&nbsp;&nbsp;&nbsp;(1506)  | 2023 | 2024  |
| Summerlin Predevelopment  | Las Vegas, NV | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |  |  |
| &nbsp;&nbsp;Tanager<sup>(h)</sup> | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58599  | &nbsp;&nbsp;&nbsp;&nbsp;7331  | &nbsp;&nbsp;&nbsp;&nbsp;53978  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7331  | &nbsp;&nbsp;&nbsp;&nbsp;54980  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62311  | &nbsp;&nbsp;&nbsp;&nbsp;(13743)  | 2017 | 2019  |
| &nbsp;&nbsp;Tanager Echo<sup>(h)</sup> | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70032  | &nbsp;&nbsp;&nbsp;&nbsp;2302  | &nbsp;&nbsp;&nbsp;&nbsp;86013  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302  | &nbsp;&nbsp;&nbsp;&nbsp;86109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88411  | &nbsp;&nbsp;&nbsp;&nbsp;(8825)  | 2021 | 2023 |
| **Teravalis**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Teravalis  | Phoenix, AZ | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;544546  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312  | &nbsp;&nbsp;&nbsp;&nbsp;2663  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20  | &nbsp;&nbsp;&nbsp;&nbsp;547209  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332  | &nbsp;&nbsp;&nbsp;&nbsp;547541  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144)  |  | 2021  |

---

F-77<br>

------

#### **TABLE OF CONTENTS**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| **The Woodlands**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Creekside Park  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729  | &nbsp;&nbsp;&nbsp;&nbsp;40116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729  | &nbsp;&nbsp;&nbsp;&nbsp;40829  | &nbsp;&nbsp;41558  | &nbsp;&nbsp;&nbsp;&nbsp;(11202)  | 2017 | 2018  |
| &nbsp;&nbsp;Creekside Park The Grove  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57000  | &nbsp;&nbsp;&nbsp;1876  | &nbsp;&nbsp;&nbsp;&nbsp;52382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352  | &nbsp;&nbsp;&nbsp;1876  | &nbsp;&nbsp;&nbsp;&nbsp;52734  | &nbsp;&nbsp;54610  | &nbsp;&nbsp;&nbsp;&nbsp;(9747)  | 2019 | 2021  |
| &nbsp;&nbsp;Creekside Park West  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15366  | &nbsp;&nbsp;&nbsp;1228  | &nbsp;&nbsp;&nbsp;&nbsp;17922  | &nbsp;&nbsp;&nbsp;(121)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094  | &nbsp;&nbsp;&nbsp;1107  | &nbsp;&nbsp;&nbsp;&nbsp;19016  | &nbsp;&nbsp;20123  | &nbsp;&nbsp;&nbsp;&nbsp;(3862)  | 2018 | 2019  |
| &nbsp;&nbsp;Grogan's Mill Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;3711  | &nbsp;&nbsp;&nbsp;&nbsp;5928  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;3711  | &nbsp;&nbsp;&nbsp;&nbsp;5928  | &nbsp;&nbsp;&nbsp;9639  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(384)  | 2024 | 2025  |
| Houston Ground Leases - The Woodlands  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;13324  | &nbsp;&nbsp;&nbsp;&nbsp;2582  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;13324  | &nbsp;&nbsp;&nbsp;&nbsp;2582  | &nbsp;&nbsp;15906  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(644)  |  | Various  |
| One Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44063  | &nbsp;&nbsp;&nbsp;1678  | &nbsp;&nbsp;&nbsp;&nbsp;34761  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507  | &nbsp;&nbsp;&nbsp;1678  | &nbsp;&nbsp;&nbsp;&nbsp;35268  | &nbsp;&nbsp;36946  | &nbsp;&nbsp;&nbsp;&nbsp;(12784)  | 2012 | 2013  |
| Two Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43554  | &nbsp;&nbsp;&nbsp;1269  | &nbsp;&nbsp;&nbsp;&nbsp;34950  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2416)  | &nbsp;&nbsp;&nbsp;1269  | &nbsp;&nbsp;&nbsp;&nbsp;32534  | &nbsp;&nbsp;33803  | &nbsp;&nbsp;&nbsp;&nbsp;(12483)  | 2013 | 2014  |
| &nbsp;&nbsp;Three Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000  | &nbsp;&nbsp;&nbsp;2626  | &nbsp;&nbsp;&nbsp;&nbsp;46372  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32687  | &nbsp;&nbsp;&nbsp;2626  | &nbsp;&nbsp;&nbsp;&nbsp;79059  | &nbsp;&nbsp;81685  | &nbsp;&nbsp;&nbsp;&nbsp;(27104)  | 2014 | 2016  |
| 1725 Hughes Landing Boulevard  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67050  | &nbsp;&nbsp;&nbsp;1351  | &nbsp;&nbsp;&nbsp;&nbsp;36764  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26207  | &nbsp;&nbsp;&nbsp;1351  | &nbsp;&nbsp;&nbsp;&nbsp;62971  | &nbsp;&nbsp;64322  | &nbsp;&nbsp;&nbsp;&nbsp;(16184)  | 2013 | 2015  |
| 1735 Hughes Landing Boulevard  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58793  | &nbsp;&nbsp;&nbsp;3709  | &nbsp;&nbsp;&nbsp;&nbsp;97651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264)  | &nbsp;&nbsp;&nbsp;3709  | &nbsp;&nbsp;&nbsp;&nbsp;97387  | &nbsp;&nbsp;101096  | &nbsp;&nbsp;&nbsp;&nbsp;(43156)  | 2013 | 2015  |
| Hughes Landing Daycare  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 2018 | 2019  |
| Hughes Landing Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30594  | &nbsp;&nbsp;&nbsp;5184  | &nbsp;&nbsp;&nbsp;&nbsp;32562  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136  | &nbsp;&nbsp;&nbsp;5184  | &nbsp;&nbsp;&nbsp;&nbsp;32698  | &nbsp;&nbsp;37882  | &nbsp;&nbsp;&nbsp;&nbsp;(11848)  | 2013 | 2015  |
| 1701 Lake Robbins  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;1663  | &nbsp;&nbsp;&nbsp;&nbsp;3725  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856  | &nbsp;&nbsp;&nbsp;1663  | &nbsp;&nbsp;&nbsp;&nbsp;4581  | &nbsp;&nbsp;&nbsp;6244  | &nbsp;&nbsp;&nbsp;&nbsp;(1515)  |  | 2014  |
| &nbsp;&nbsp;2201 Lake Woodlands Drive  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;3755  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1220  | &nbsp;&nbsp;&nbsp;3755  | &nbsp;&nbsp;&nbsp;&nbsp;1220  | &nbsp;&nbsp;&nbsp;4975  | &nbsp;&nbsp;&nbsp;&nbsp;(1178)  |  | 2011  |
| Lakefront North  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000  | &nbsp;&nbsp;10260  | &nbsp;&nbsp;&nbsp;&nbsp;39357  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17657  | &nbsp;&nbsp;10260  | &nbsp;&nbsp;&nbsp;&nbsp;57014  | &nbsp;&nbsp;67274  | &nbsp;&nbsp;&nbsp;&nbsp;(16348)  |  | 2018  |
| One Lakes Edge  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63884  | &nbsp;&nbsp;&nbsp;1057  | &nbsp;&nbsp;&nbsp;&nbsp;81768  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227  | &nbsp;&nbsp;&nbsp;1057  | &nbsp;&nbsp;&nbsp;&nbsp;82995  | &nbsp;&nbsp;84052  | &nbsp;&nbsp;&nbsp;&nbsp;(29256)  | 2013 | 2015  |
| &nbsp;&nbsp;Two Lakes Edge  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105000  | &nbsp;&nbsp;&nbsp;1870  | &nbsp;&nbsp;&nbsp;&nbsp;96349  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375  | &nbsp;&nbsp;&nbsp;1870  | &nbsp;&nbsp;&nbsp;&nbsp;97724  | &nbsp;&nbsp;99594  | &nbsp;&nbsp;&nbsp;&nbsp;(22241)  | 2018 | 2020  |
| Millennium Six Pines  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40569  | &nbsp;&nbsp;&nbsp;4000  | &nbsp;&nbsp;&nbsp;&nbsp;54624  | &nbsp;&nbsp;&nbsp;7225  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1047  | &nbsp;&nbsp;11225  | &nbsp;&nbsp;&nbsp;&nbsp;55671  | &nbsp;&nbsp;66896  | &nbsp;&nbsp;&nbsp;&nbsp;(19471)  |  | 2016  |
| Millennium Waterway  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51000  | &nbsp;&nbsp;15917  | &nbsp;&nbsp;&nbsp;&nbsp;56002  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789  | &nbsp;&nbsp;15917  | &nbsp;&nbsp;&nbsp;&nbsp;57791  | &nbsp;&nbsp;73708  | &nbsp;&nbsp;&nbsp;&nbsp;(28700)  |  | 2012  |
| &nbsp;&nbsp;8770 New Trails  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33894  | &nbsp;&nbsp;&nbsp;2204  | &nbsp;&nbsp;&nbsp;&nbsp;35033  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80  | &nbsp;&nbsp;&nbsp;2204  | &nbsp;&nbsp;&nbsp;&nbsp;35113  | &nbsp;&nbsp;37317  | &nbsp;&nbsp;&nbsp;&nbsp;(9614)  | 2019 | 2020  |
| &nbsp;&nbsp;9303 New Trails  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7025  | &nbsp;&nbsp;&nbsp;1929  | &nbsp;&nbsp;&nbsp;&nbsp;11915  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2321  | &nbsp;&nbsp;&nbsp;1929  | &nbsp;&nbsp;&nbsp;&nbsp;14236  | &nbsp;&nbsp;16165  | &nbsp;&nbsp;&nbsp;&nbsp;(5391)  |  | 2011  |
| 1 Riva Row  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89153  | &nbsp;&nbsp;&nbsp;3226  | &nbsp;&nbsp;&nbsp;&nbsp;140726  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;3226  | &nbsp;&nbsp;&nbsp;&nbsp;140726  | &nbsp;&nbsp;143952  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(309)  | 2023 | 2025  |
| &nbsp;&nbsp;3831 Technology Forest Drive  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514  | &nbsp;&nbsp;&nbsp;&nbsp;14194  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3770  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514  | &nbsp;&nbsp;&nbsp;&nbsp;17964  | &nbsp;&nbsp;18478  | &nbsp;&nbsp;&nbsp;&nbsp;(8411)  | 2014 | 2014  |
| &nbsp;&nbsp;The Lane at Waterway  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500  | &nbsp;&nbsp;&nbsp;2029  | &nbsp;&nbsp;&nbsp;&nbsp;40033  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475  | &nbsp;&nbsp;&nbsp;2029  | &nbsp;&nbsp;&nbsp;&nbsp;40508  | &nbsp;&nbsp;42537  | &nbsp;&nbsp;&nbsp;&nbsp;(8571)  | 2019 | 2020  |
| &nbsp;&nbsp;The Ritz-Carlton Residences  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110127  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;156083  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;156083  | &nbsp;&nbsp;156083  | &nbsp;&nbsp;&nbsp;&nbsp;(2729)  | 2024 |  |
| &nbsp;&nbsp;The Woodlands  | The Woodlands, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 269411  | &nbsp;&nbsp;&nbsp;&nbsp;9814  | &nbsp;&nbsp;(82097)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9744)  | &nbsp;&nbsp;187314  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70  | &nbsp;&nbsp;187384  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70)  |  | 2011  |

---

F-78<br>

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| The Woodlands Parking Garages  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6885  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2497  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18740  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28122  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4840)  |  | Various  |
| &nbsp;&nbsp;The Woodlands Predevelopment  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2153)  |  |  |
| The Woodlands Towers at the Waterway<sup>(j)</sup>  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;378340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11044  | &nbsp;&nbsp;&nbsp;&nbsp;437561  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11044  | &nbsp;&nbsp;&nbsp;&nbsp;488901  | &nbsp;&nbsp;&nbsp;&nbsp;499945  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99312)  |  | 2019  |
| The Woodlands Warehouse  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4389  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4480  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8989  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1085)  |  | 2019  |
| 3 Waterway Square  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38217  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42214  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48113  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48861  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19134)  | 2012 | 2013  |
| 4 Waterway Square  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20574  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51553  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11690  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63243  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25718)  |  | 2011  |
| &nbsp;&nbsp;6 Waterway<sup>(k)</sup> | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10279  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12514  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1473)  |  | 2024  |
| 7 Waterway  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 2025 |  |
| &nbsp;&nbsp;20/25 Waterway Avenue  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8871  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9627  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11973  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3335)  |  | 2011  |
| Waterway Square Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1314  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1341  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5569  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6910  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209)  |  | 2011  |
| &nbsp;&nbsp;1400 Woodloch Forest  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6098  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20691  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9008)  |  | 2011  |
| **The Woodlands Hills**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;The Woodlands Hills  | Conroe, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99284  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;21983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12  | &nbsp;&nbsp;&nbsp;&nbsp;121267  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12  | &nbsp;&nbsp;&nbsp;&nbsp;121279  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)  |  | 2014  |
| **Ward Village**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;'A'ali'i  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;714  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91)  | 2018 | 2021  |
| Ae'o  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(204)  | 2016 | 2018  |
| Anaha  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(222)  | 2014 | 2017  |
| &nbsp;&nbsp;Kalae  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74074  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;216451  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;216451  | &nbsp;&nbsp;&nbsp;&nbsp;216451  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 2024 |  |
| Ke Kilohana  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(109)  | 2016 | 2019  |
| Kewalo Basin Harbor  | Honolulu, HI | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10489  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23343  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23343  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8292)  | 2017 | 2019  |
| Kō'ula  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1184  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(107)  | 2019 | 2022  |
| &nbsp;&nbsp;The Park Ward Village  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp;269930  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;528262  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;528262  | &nbsp;&nbsp;&nbsp;&nbsp;528262  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | 2022 |  |
| Ulana Ward Village  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  | 2023 | 2025  |
| Victoria Place  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(359)  | 2021 | 2024  |
| &nbsp;&nbsp;Waiea  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336)  | 2014 | 2016  |
| Ward Predevelopment  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;260109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;260109  | &nbsp;&nbsp;&nbsp;&nbsp;260109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6476)  |  |  |
| &nbsp;&nbsp;Ward Village Parking Garages  | Honolulu, HI | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4448  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140353  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705  | &nbsp;&nbsp;&nbsp;&nbsp;140353  | &nbsp;&nbsp;&nbsp;&nbsp;145058  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42705)  | 2011 / 2016 | 2013 / 2018  |
| Ward Village Retail  | Honolulu, HI | Retail | &nbsp;&nbsp;&nbsp;&nbsp;161650  | &nbsp;&nbsp;&nbsp;&nbsp;159559  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89321  | &nbsp;&nbsp;(108164)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51395  | &nbsp;&nbsp;&nbsp;&nbsp;293972  | &nbsp;&nbsp;&nbsp;&nbsp;345367  | &nbsp;&nbsp;&nbsp;&nbsp;(114673)  | Various | Various  |
| **Total excluding Corporate and Deferred financing costs** | **Total excluding Corporate and Deferred financing costs** | **Total excluding Corporate and Deferred financing costs** | &nbsp;&nbsp;&nbsp;&nbsp;**3094214**  | &nbsp;&nbsp;**2569963**  | &nbsp;&nbsp;&nbsp;**4859732**  | &nbsp;&nbsp;&nbsp;**372738**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**633583**  | &nbsp;&nbsp;**2942701**  | &nbsp;&nbsp;&nbsp;**5493315**  | &nbsp;&nbsp;**8436016**  | &nbsp;&nbsp;**(1077125)**  |  |  |
| Corporate | Various |  | &nbsp;&nbsp;&nbsp;&nbsp;2050000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1027  | &nbsp;&nbsp;&nbsp;&nbsp;(885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12136  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4999)  |  |  |
| Deferred financing costs | N/A |  | &nbsp;&nbsp;&nbsp;&nbsp;(34386)  |  |  |  |  |  |  |  |  |  |  |
|  |  | **Total** | &nbsp;&nbsp;&nbsp;&nbsp;**$5109828** | **$2570848** | &nbsp;&nbsp;&nbsp;**$4860759** | **$371853** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**$645719** | **$2942701** | &nbsp;&nbsp;&nbsp;**$5506478** | **$8449179** | &nbsp;&nbsp;**$(1082124)** |  |  |

---

(a)<br> Refer to Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information.

(b) The initial cost for developed projects includes costs incurred through the end of the first complete calendar year after the asset is placed in service; for projects undergoing development or redevelopment, it includes all costs incurred up to the end of the reporting period; for acquired properties not in need of redevelopment, it represents the acquisition cost. 

F-79<br>

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(c)<br> For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write-downs. For MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales.

(d) The aggregate cost of land, buildings, and improvements for federal income tax purposes is approximately $6.2 billion. 

(e)<br> Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing.

(f)<br> Depreciation is based upon the useful lives in Note 1 - *Presentation of Financial Statements and Significant Accounting Policies*.

(g) Includes amounts from the Lakefront District development that is now considered a part of Merriweather District following rebranding efforts for the area. 

(h)<br> Encumbrances balance either represents or is inclusive of SIDs.

(i)<br> Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015.

(j)<br> The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest.

(k)<br> In 2025, the Company rebranded 6 Waterway (formerly Waterway Plaza II).

F-80<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Real Estate** <br>***thousands*** | **2025** | **2024** | **2023**  |
| &nbsp;&nbsp;Balance at January 1 | **$7997009**  | $7558809  | $6854826  |
| Additions | &nbsp;&nbsp;**1226214**  | &nbsp;&nbsp;1431478  | &nbsp;&nbsp;1160786  |
| Dispositions, write-offs, and land and condominium costs of sales | &nbsp;&nbsp;&nbsp;**(774044)**  | &nbsp;&nbsp;&nbsp;(993278)  | &nbsp;&nbsp;&nbsp;(456803)  |
| &nbsp;&nbsp;Balance at December 31 | **$8449179**  | $7997009  | $7558809 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Accumulated Depreciation** <br>***thousands*** | **2025** | **2024** | **2023**  |
| &nbsp;&nbsp;Balance at January 1 | &nbsp;&nbsp;**$949533**  | $829018  | $717270  |
| Depreciation Expense | &nbsp;&nbsp;&nbsp;&nbsp;**164031**  | &nbsp;&nbsp;160638  | &nbsp;&nbsp;151881  |
| Dispositions and write-offs | &nbsp;&nbsp;&nbsp;&nbsp;**(31440)**  | &nbsp;&nbsp;(40123)  | &nbsp;&nbsp;(40133)  |
| &nbsp;&nbsp;Balance at December 31 | **$1082124**  | $949533  | $829018 |

---

F-81<br>

------

## 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; , 2026

#### Global Coordinators & Bookrunners

---

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

---

#### Bookrunners

---

| | | |
|:---|:---|:---|
| **RBC Capital Markets** | **BTG Pactual** | **Keefe, Bruyette & Woods, Inc.**<br>***A Stifel Company*** |

---

#### Co-Lead Managers

---

| | | |
|:---|:---|:---|
| **Academy Securities** | **Huntington Capital Markets** | **Loop Capital Markets** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oppenheimer & Co.** | **Piper Sandler** | **Roberts & Ryan** | **Wedbush Securities** |

---

#### Co-Managers

---

| | | |
|:---|:---|:---|
| **Aegis Capital Corp.** | **AmeriVet Securities** | **C.L. King & Associates** |
| **CastleOak Securities, L.P.** | **Clear Street** | **InspereX** |
| **Jones** | R. Seelaus & Co., LLC | **Samuel A. Ramirez & Company, Inc.** |
| **Siebert Williams Shank** |  | **Tigress Financial Partners** |

---

#### Selected Selling Group Members

---

| | |
|:---|:---|
| **Charles Schwab & Co., Inc.** | **Robinhood Financial LLC** |

---

**Through and including , 2026 (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.

---

| | |
|:---|:---|
| Filing Fee—Securities and Exchange Commission | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1.49  |
| Fee—Financial Industry Regulatory Authority, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501.62 |
| Listing Fee—New York Stock Exchange | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325000.00  |
| Fees of Transfer Agent | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500.00  |
| &nbsp;&nbsp;Fees and Expenses of Counsel | &nbsp;&nbsp;&nbsp;&nbsp;26610835.67  |
| Fees and Expenses of Accountants | &nbsp;&nbsp;&nbsp;&nbsp;3802024.81  |
| Printing Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000.00  |
| Miscellaneous Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458136.41  |
| &nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$32000000.00 |

---

\*<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>

------

#### **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 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.

We have agreed to deliver an aggregate of 16.3 million shares of our common stock to the private placement investors (but not to us in connection with our $100 million private placement investment), for no additional consideration, as part of the combined private placement. The combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. The offer and sale of shares of our common stock as part of the combined private placement were exempt from registration under the Securities Act pursuant to Section 4(a)(2) thereof 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.

II-2<br>

------

(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. 

(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;

II-3<br>

------

(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-4<br>

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| [1.1](ny20040230x18_ex1-1.htm) | Form of Underwriting Agreement  |
| [3.1](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex3-1.htm) | 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\*\*  |
| [3.2](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex3-2.htm) | Form of Bylaws of Pershing Square Inc. to be in effect prior to the consummation of the offering made under this Registration Statement\*\*  |
| 5.1 | Opinion of Brownstein Hyatt Farber Schreck, LLP\*  |
| [10.1](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-1.htm) | Form of Indemnification Agreement\*\*  |
| [10.2](ny20040230x18_ex10-2.htm) | Form of Equity Incentive Plan†  |
| [10.3](ny20040230x18_ex10-3.htm) | Form of Registration Rights Agreement with PS Holdco GP Managing Member, LLC  |
| [10.4](ny20040230x18_ex10-4.htm) | Form of Registration Rights Agreement  |
| [10.5](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-5.htm) | Aircraft Lease Agreement, dated December 11, 2025, by and between WAFH V LLC as Lessor, and Pershing Square Capital Management, L.P., as Lessee\*\* |
| [10.6](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-6.htm) | Pilot and Flight Services Agreement, dated December 18, 2024, by and between Pershing Square Capital Management, L.P. and Executive Jet Management, Inc.\*\* |
| [10.7](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-7.htm) | 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\*\* |
| [10.8](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-8.htm)  | Sublease, dated as of December 5, 2022, between Pershing Square Capital Management, L.P. as Sublandlord and NEOX Public Benefit LLC as Subtenant\*\* |
| [10.9](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-9.htm) | Master Lease Agreement, dated as of October 26, 2016, between Georgetown Eleventh Avenue Owners, LLC and Pershing Square Capital Management, L.P.\*\* |
| [10.10](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-10.htm) | Limited Liability Company Agreement of Eleventh Avenue Holdings LLC\*\*  |
| [10.11](ny20040230x18_ex10-11.htm) | Form of Fourth Amended and Restated Agreement of Limited Partnership of Pershing Square Capital Management, L.P.  |
| [10.12](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-12.htm) | PSH Share Agreement°\*\*  |
| [10.13](ny20040230x18_ex10-13.htm) | Form of Amended and Restated Long-Term Incentive Plan†  |
| [10.14](ny20040230x18_ex10-14.htm) | Form of Terms of M Units† |
| [10.15](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-15.htm) | Amended and Restated Variable Compensation Agreement, dated as of March 3, 2026, by and among Pershing Square Holdco, L.P., Pershing Square Capital Management, L.P. and PS CompCo, LLC†\*\*  |
| [10.16](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-16.htm) | Amended and Restated Investment Management Agreement between Pershing Square Holdings, Ltd., a Guernsey limited liability company, and Pershing Square Capital Management, L.P., a Delaware limited partnership\*\*  |

---

II-5<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [10.17](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-17.htm) | Share Purchase Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Holdco, L.P.\*\*  |
| [10.18](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-18.htm) | Services Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Capital Management, L.P.\*\* |
| [10.19](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-19.htm) | 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.\*\* |
| [10.20](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-20.htm) | Standstill Agreement, dated May 5, 2025, by and between Howard Hughes Holdings Inc. and Pershing Square Holdco, L.P.\*\*  |
| [10.21](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-21.htm) | 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\*\* |
| [10.22](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-22.htm) | Investment Management Agreement, dated October 10, 2025, by and between Pershing Square USA, Ltd., a Delaware statutory trust, and Pershing Square Capital Management, L.P., a Delaware limited partnership\*\*  |
| [10.23](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-23.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-24.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-25.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-26.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-27.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-28.htm)  | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-29.htm) | 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](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-30.htm) | 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.\*\* |
| [10.31](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex10-31.htm) | Form of Subscription Agreement for the Combined Private Placement\*\*  |
| 10.32 | Credit Agreement among Pershing Square Inc., as the Borrower, the Guarantors from time to time party thereto, the Lenders party thereto, and Bank of America, N.A., as the Administrative Agent and the L/C Issuer, and BofA Securities, Inc., as Sole Lead Arranger and Sole Bookrunner\*  |
| [21.1](ny20040230x18_ex21-1.htm) | Subsidiaries of the Registrant |

---

II-6<br>

------

---

| | |
|:---|:---|
| [23.1](ny20040230x18_ex23-1.htm) | Consent of Ernst & Young LLP  |
| [23.2](ny20040230x18_ex23-2.htm) | Consent of KPMG LLP |
| 23.3 | Consent of Brownstein Hyatt Farber Schreck, LLP (included as part of Exhibit 5.1)\*  |
| [24.1](https://www.sec.gov/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_s1.htm#tSIG) | Power of Attorney (included in signature pages of this Registration Statement)\*\*  |
| [107](https://www.sec.gov/ix?doc=/Archives/edgar/data/2026053/000114036126008560/ny20040230x14_ex107.htm) | Filing Fee Table\*\* |

---

†<br> Management contract or compensatory plan or arrangement

\*<br> To be filed by amendment

\*\*<br> Previously filed

°<br> Certain confidential information contained in this agreement has been omitted because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.

II-7<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 13<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| PERSHING SQUARE HOLDCO, L.P.  | PERSHING SQUARE HOLDCO, L.P.  |
| By: | Pershing Square Holdco GP, LLC,<br>its general partner  |
| By: | /s/ William A. Ackman |
| Name: | William A. Ackman  |
| Title: | Authorized Signatory |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities indicated on the 13<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title**  |
| /s/ William A. Ackman | 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  |
| David Coppel Calvo  | Director  |

---

II-8<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Signature** | **Title**  |
| \* | Director  |
| Kerry Murphy Healey  | Director  |
| \* | Director  |
| Orion Hindawi | Director  |
| \* | Director  |
| Marco Kheirallah  | Director  |
| \* | Director  |
| Nicholas M. Lamotte  | 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)  |

---

<u>\* By: /s/ William A. Ackman</u> <br>

Name: William A. Ackman

Title: Attorney-in-fact

II-9<br>

## Exhibit 1.1

------

Exhibit 1.1

Pershing Square Inc.

[●] Shares of Common Stock

$0.001 Par Value Per Share

UNDERWRITING AGREEMENT

[●], 2026

------

UNDERWRITING AGREEMENT

[●], 2026

Citigroup Global Markets Inc.

UBS Securities LLC

BofA Securities, Inc.

Jefferies LLC

Wells Fargo Securities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;as Managing Representatives

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

c/o UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Ladies and Gentlemen:

Pershing Square Inc., a Nevada corporation (the "<u>Company</u>"), proposes to issue and deliver to the underwriters named in Schedule A annexed hereto (the "<u>Underwriters</u>") an aggregate of [●] shares of common stock (the "<u>Firm Shares</u>"), $0.001 par value per share (the "<u>Common Stock</u>"), of the Company, which represents [●] shares of Common Stock for every one hundred common shares of beneficial interest, no par value per share (the "<u>PSUS Shares</u>"), of Pershing Square USA, Ltd., a statutory trust organized under the laws of the State of Delaware ("<u>PSUS</u>") and a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>Investment Company Act</u>"), issued and sold in its concurrent initial public offering of PSUS Shares (the "<u>PSUS IPO</u>"). In addition, solely for the purpose of covering over-allotments with respect to the PSUS Shares, the Company proposes to grant to the Underwriters the option to acquire from the Company up to an additional [●] shares of Common Stock (the "<u>Additional Shares</u>") to be delivered on a *pro rata* basis together with the additional PSUS Shares issued and sold pursuant to the over-allotment option granted in connection with the PSUS IPO. The Firm Shares and the Additional Shares are hereinafter collectively sometimes referred to as the "<u>Securities</u>." The Securities are described in the Prospectus which is defined below. Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC (the "<u>Managing Representatives</u>") will act as managing representatives for the Underwriters in connection with the issuance and delivery of the Securities.

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The Company has filed, in accordance with the provisions of the Securities Act of 1933, as amended, and the rules and regulations thereunder (collectively, the "<u>Securities Act</u>"), with the Securities and Exchange Commission (the "<u>Commission</u>") a registration statement on Form S-1 (File No. 333-294165), including the related preliminary prospectus or prospectuses, covering the registration of the delivery of the Securities. Promptly after execution and delivery of this Agreement, the Company will prepare and file a prospectus in accordance with the provisions of Rule 430A ("<u>Rule 430A</u>") of the rules and regulations of the Commission under the Securities Act (the "<u>Securities Act Regulations</u>") and Rule 424(b) of the Securities Act Regulations ("<u>Rule 424(b)</u>"). The information included in such prospectus that was omitted from such registration statement at the time it became effective but that is deemed to be part of such registration statement at the time it became effective pursuant to Rule 430A(b) is herein called the "<u>Rule 430A Information</u>." Such registration statement, including the amendments thereto, the exhibits thereto and any schedules thereto, at the time it became effective, and including the Rule 430A Information, is herein called the "<u>Registration Statement</u>." Any registration statement filed pursuant to Rule 462(b) of the Securities Act Regulations is herein called the "<u>Rule 462(b) Registration Statement</u>" and, after such filing, the term "Registration Statement" shall include the Rule 462(b) Registration Statement. Each prospectus used prior to the effectiveness of the Registration Statement, and each prospectus that omitted the Rule 430A Information that was used after such effectiveness and prior to the execution and delivery of this Agreement, is herein called a "<u>preliminary prospectus</u>." The final prospectus, in the form first furnished to the Underwriters for use in connection with the offering of the Securities, is herein called the "<u>Prospectus</u>." For purposes of this Agreement, all references to the Registration Statement, any preliminary prospectus, the Prospectus or any amendment or supplement to any of the foregoing shall be deemed to include the copy filed with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval system or any successor system ("<u>EDGAR</u>").

As used in this Agreement:

"<u>Applicable Time</u>" means the time as of which this Underwriting Agreement was entered into, which shall be [●] p.m. (New York City time) on the date of this Underwriting Agreement (or such other time as is agreed to by the Company and the Managing Representatives on behalf of the Underwriters).

"<u>General Disclosure Package</u>" means any Issuer General Use Free Writing Prospectuses issued at or prior to the Applicable Time and the most recent preliminary prospectus included in the registration statement on Form S-1 relating to the Securities, in each case, that is distributed to investors prior to the Applicable Time and the information included on Schedule B hereto, all considered together.

------

"<u>Issuer Free Writing Prospectus</u>" means any "issuer free writing prospectus," as defined in Rule 433 of the Securities Act Regulations ("<u>Rule 433</u>"), including without limitation any "free writing prospectus" (as defined in Rule 405 of the Securities Act Regulations ("<u>Rule 405</u>")) relating to the Securities that is (i) required to be filed with the Commission by the Company, (ii) a "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) under the Securities Act Regulations, whether or not required to be filed with the Commission, or (iii) exempt from filing with the Commission pursuant to Rule 433(d)(5)(i) under the Securities Act Regulations because it contains a description of the Securities or of the offering that does not reflect the final terms, in each case in the form filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company's records pursuant to Rule 433(g).

"<u>Issuer General Use Free Writing Prospectus</u>" means any Issuer Free Writing Prospectus that is intended for general distribution to prospective investors (other than a "bona fide electronic road show," as defined in Rule 433 (the "<u>Bona Fide Electronic Road Show</u>")), as evidenced by its being specified in Schedule G hereto.

"<u>Issuer Limited Use Free Writing Prospectus</u>" means any Issuer Free Writing Prospectus that is not an Issuer General Use Free Writing Prospectus.

"<u>Testing-the-Waters Communication</u>" means any oral or written communication with potential investors undertaken in reliance on Section 5(d) of the Securities Act or Rule 163B of the Securities Act Regulations.

"<u>Written Testing-the-Waters Communication</u>" means any Testing-the-Waters Communication that is a "written communication" within the meaning of Rule 405.

The offering of the Securities described in this Underwriting Agreement, together with the offering of the PSUS Shares by PSUS, are component parts of a single combined offering (the "combined offering"). In connection with the offering of the PSUS Shares by PSUS, PSUS and the Company have filed with the Commission, in accordance with the Securities Act and with the Investment Company Act, a registration statement on Form N-2 (File Nos. 333-294164 and 811-23932), including a prospectus, relating to the PSUS Shares. In addition, PSUS has filed a Notification of Registration on Form N-8A pursuant to Section 8 of the Investment Company Act. Concurrently with the entry into this Underwriting Agreement, PSUS, Pershing Square Capital Management, L.P., a Delaware limited partnership and investment manager of PSUS (the "<u>Manager</u>"), the Company, as the selling shareholder, the Managing Underwriters (on behalf of the several Underwriters) will enter into an underwriting agreement with respect to the offering of the PSUS Shares (the "<u>PSUS Underwriting Agreement</u>").

------

The Company will prepare and file, in accordance with Section 12 of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder (collectively, the "<u>Exchange Act</u>"), a registration statement (as amended, the "<u>Exchange Act Registration Statement</u>") on Form 8-A under the Exchange Act to register, under Section 12(b) of the Exchange Act, the class of securities consisting of the Common Stock.

As used in this Underwriting Agreement, "<u>business day</u>" shall mean a day on which the New York Stock Exchange (the "<u>NYSE</u>") is open for trading. The terms "herein," "hereof," "hereto," "hereinafter" and similar terms, as used in this Underwriting Agreement, shall in each case refer to this Underwriting Agreement as a whole and not to any particular section, paragraph, sentence or other subdivision of this Underwriting Agreement. The term "or," as used herein, is not exclusive.

The Company and the Underwriters agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Delivery**. Upon the basis of the warranties and representations and subject to the terms and conditions herein set forth, and
 in connection with, and conditioned upon, the purchase by the Underwriters and sale by the Company of the PSUS Shares pursuant to the PSUS Underwriting Agreement, the Company agrees to deliver to the respective Underwriters and each of
 the Underwriters, severally and not jointly, agrees to acquire from the Company the aggregate number of Firm Shares set forth opposite the name of such Underwriter in Schedule A attached hereto in each case for no consideration additional
 to that provided pursuant to the PSUS Underwriting Agreement. Such Firm Shares are being delivered to the Underwriters concurrently with the number of PSUS Shares that each Underwriter agreed to purchase in the PSUS IPO. The Company is
 advised that the Underwriters intend (i) to make a public offering of their respective portions of the Firm Shares as soon after the Effective Time as is advisable and (ii) initially to offer the Firm Shares upon the terms set forth in
 the Prospectus.

In addition, upon the basis of the warranties and representations and subject to the terms and conditions set forth herein, and in connection with, and conditioned upon, the purchase by the Underwriters and sale by PSUS of additional PSUS Shares pursuant to the option granted to the several Underwriters under the PSUS Underwriting Agreement, the Company hereby grants the Underwriters the right to acquire, severally and not jointly, from the Company, ratably in accordance with the number of Firm Shares to be acquired by each of them, all or a portion of the Additional Shares in the same proportion to the Firm Shares delivered for PSUS Shares purchased pursuant to Section 1 of the PSUS Underwriting Agreement as may be necessary to cover over-allotments made in connection with the offering of the PSUS Shares, for no consideration additional to that provided pursuant to the PSUS Underwriting Agreement. This option must be exercised by the Managing Representatives on behalf of the several Underwriters if the option to purchase additional PSUS Shares granted to the several Underwriters under Section 1 of the PSUS Underwriting Agreement is exercised at any time and from time to time on or before the forty-fifth (45<sup>th</sup>) day following the date hereof. If this option is exercised, the Managing Representatives shall provide written notice to the Company. Such notice shall set forth the aggregate number of Additional Shares as to which the option is being exercised, and the date and time when the Additional Shares are to be delivered (such date and time being herein referred to as the "<u>Additional Shares Closing Time</u>"); *provided*, *however*, that the Additional Shares Closing Time shall not be earlier than the Firm Shares Closing Time (as defined below) nor earlier than the second business day after the date on which the option shall have been exercised nor later than the tenth business day after the date of such notice. The number of Additional Shares to be delivered to each Underwriter shall be the number that bears the same proportion to the aggregate number of Additional Shares being acquired as the number of Firm Shares set forth opposite the name of such Underwriter on Schedule A hereto bears to the aggregate number of Firm Shares being acquired (subject, in each case, to such adjustment to eliminate fractional shares as the Managing Representatives may determine).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Payment and Delivery**. The Company shall deliver the Firm Shares to the Managing Representatives through the facilities of
 the Depository Trust Company for the respective accounts of the Underwriters. Such delivery shall be made at a time mutually agreed upon by the parties on the second business day following the date of this Underwriting Agreement (unless
 another date shall be agreed to by the Company and the Managing Representatives on behalf of the Underwriters). The time at which such delivery is actually made is hereinafter sometimes called the " <u>Firm Shares Closing Time</u>." The
 Firm Shares will not be certificated.

Delivery of the Additional Shares shall be made at the Additional Shares Closing Time in the same manner as the delivery for the Firm Shares. The Additional Shares will not be certificated. The Firm Shares Closing Time and the Additional Shares Closing Time are sometimes referred to herein as the "<u>Closing Times</u>."

For the avoidance of doubt, payment for the Firm Shares and any Additional Shares shall be satisfied by payment of the purchase price for the PSUS Shares purchased by the Underwriters pursuant to the PSUS Underwriting Agreement. Solely for billing and delivery purposes, the Firm Shares and any Additional Shares may be allocated $0.01 per share from the purchase price of the PSUS Shares purchased by the Underwriters pursuant to the PSUS Underwriting Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Representations and Warranties of the Company**. The Company represents and warrants to each Underwriter as of the date of
 this Underwriting Agreement, as of the Applicable Time, as of the Firm Shares Closing Time and as of each Additional Shares Closing Time, if any, as follows:

(a) (i)(A) The Registration Statement has heretofore become effective under the Securities Act or, with respect to any Rule 462(b) Registration Statement, will be filed with the Commission and become effective under the Securities Act no later than 10:00 p.m., New York City time, on the date of this Underwriting Agreement; (B) no stop order of the Commission preventing or suspending the use of any preliminary prospectus or of the Prospectus or the effectiveness of the Registration Statement has been issued, no revocation of registration has been issued and no proceedings for such purpose have been instituted, or to the Company's knowledge are contemplated, by the Commission; and (C) the Exchange Act Registration Statement has become effective as provided in Section 12 of the Exchange Act;

(ii)(A) The Registration Statement complied at the Effective Time, complies as of the Applicable Time and will comply, as amended or supplemented, at the Firm Shares Closing Time, at each Additional Shares Closing Time, if any, and at each and any time of a delivery of Securities by an Underwriter during the period in which a prospectus is required by the Securities Act to be delivered in connection with any delivery of Securities, in all material respects with the requirements of the Securities Act; and (B) each preliminary prospectus and the Prospectus complied or will comply, at the time it was or is filed with the Commission, and the Prospectus complies as of its date and will comply, as amended or supplemented, at the Firm Shares Closing Time, at each Additional Shares Closing Time, if any, and at each and any time of a delivery of Securities by an Underwriter during the period in which a prospectus is required by the Securities Act to be delivered in connection with any delivery of Securities, in all material respects with the requirements of the Securities Act (including, without limitation, Section 10(a) of the Securities Act);

------

(iii)(A)(1) The Registration Statement as of the Effective Time did not, (2) the Registration Statement (including any post-effective amendment thereto declared or deemed to be effective by the Commission) as of the date hereof does not, and (3) the Registration Statement (including any post-effective amendment thereto declared or deemed to be effective by the Commission), as of the Firm Shares Closing Time and each Additional Shares Closing Time, if any, will not, in each case, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading; (B) no preliminary prospectus, at the time of filing thereof, contained any untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (C) at no time during the period that begins as of the Applicable Time and ends at the Firm Shares Closing Time did or will the General Disclosure Package, any individual Issuer Limited Use Free Writing Prospectus, when considered together with the General Disclosure Package, as then amended or supplemented, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; and (D) at no time during the period that begins on the earlier of the date of the Prospectus and the date the Prospectus is filed with the Commission and ends at the latest of the Firm Shares Closing Time, the latest Additional Shares Closing Time, if any, and the end of the period during which a prospectus is required by the Securities Act to be delivered in connection with any delivery of Securities did or will the Prospectus, as then amended or supplemented, contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, the Company does not make any representation or warranty with respect to any statement contained in or omitted from the Registration Statement, any preliminary prospectus, the General Disclosure Package or the Prospectus in reliance upon and in conformity with information furnished in writing by or on behalf of any Underwriter through the Managing Representatives to the Company expressly for use in the Registration Statement, any preliminary prospectus, the General Disclosure Package or the Prospectus (or any supplement thereto), it being understood and agreed that the only such information furnished by or on behalf of the Underwriters through the Managing Representatives consists of the information described as such in Section 8(f) hereof; and *provided*, *further*, that if any event occurs during any of the periods referred to in clauses (B), (C) or (D) of this Section 3(a)(iii) as a result of which it is necessary to amend or supplement any preliminary prospectus, the General Disclosure Package or the Prospectus, as applicable, in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, and such preliminary prospectus, the General Disclosure Package or the Prospectus, as applicable, is amended or supplemented in connection therewith in accordance with Section 4(d) of this Underwriting Agreement, such amendment or supplement shall be deemed, for purposes of this Section 3(a)(iii), to have been made contemporaneously with the occurrence of such event.

(b) Each Issuer Free Writing Prospectus complies in all material respects with the Securities Act, including the requirements of Rule 433 and has been or will be (within the time period specified in Rule 433) filed in accordance with the Securities Act (to the extent required thereby) and does not conflict with the information contained in the Registration Statement or the Prospectus, and any preliminary prospectus or other prospectus deemed to be a part thereof that has not been superseded or modified. The foregoing sentence does not apply to any statements contained in or omissions from any Issuer Free Writing Prospectus in reliance upon and in conformity with information furnished in writing by or on behalf of any Underwriter through the Managing Representatives expressly for use therein, it being understood and agreed that the only such information furnished by or on behalf of the Underwriters through the Managing Representatives consists of the information described as such in Section 8(f) hereof. The Company has made available a Bona Fide Electronic Road Show in compliance with Rule 433(d)(8)(ii) such that no filing of any "<u>road show</u>" (as defined in Rule 433(h)) is required in connection with the offering of the Securities.

------

(c) Other than the Registration Statement, any preliminary prospectus and the Prospectus, the Company (including its agents and representatives, other than the Underwriters in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any Issuer Free Writing Prospectus other than (i) any document not constituting a prospectus pursuant to Section 2(a)(10)(a) of the Securities Act or Rule 134 under the Securities Act or (ii) the documents listed on Schedule G hereto, each electronic road show and any other written communications approved in writing in advance by the Managing Representatives.

(d) The Company (i) has not alone engaged in any Testing-the-Waters Communications other than Testing-the-Waters Communications with the consent of the Managing Representatives with entities that are qualified institutional buyers within the meaning of Rule 144A of the Securities Act Regulations or institutions that are accredited investors within the meaning of Rule 501 of the Securities Act Regulations and (ii) except as disclosed to the Managing Representatives and in accordance with the procedures agreed among the Company and the Managing Representatives, has not authorized anyone other than the Underwriters to engage in Testing-the-Waters Communications on its behalf. The Company reconfirms that the Managing Representatives have been authorized to act on its behalf in undertaking Testing-the-Waters Communications. The Company has not distributed or approved for distribution any Written Testing-the-Waters Communication except as set forth on Schedule H hereto. Any individual Written Testing-The-Waters-Communication does not conflict with the information contained in the Registration Statement or the General Disclosure Package and does not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(e) At the time of filing the Registration Statement and any post-effective amendment thereto, at the earliest time thereafter that the Company or another offering participant made a *bona fide* offer (within the meaning of Rule 164(h)(2) of the Securities Act Regulations) of the Securities and at the date hereof, the Company was not and is not an "ineligible issuer," as defined in Rule 405, without taking account of any determination by the Commission pursuant to Rule 405 that it is not necessary that the Company be considered an ineligible issuer.

(f) From the time of initial confidential submission of the Registration Statement to the Commission (or, if earlier, the first date on which the Company engaged directly or through any Person authorized to act on its behalf in any Testing-the-Waters Communication) through the date hereof, the Company has been and is an "emerging growth company," as defined in Section 2(a) of the Securities Act (an "<u>Emerging Growth Company</u>").

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(g) The Company (i) has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Nevada; (ii) has full power and authority to conduct all the activities conducted by it, to own or lease all properties and assets owned or leased by it and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus; and (iii) is duly licensed and qualified to do business and is in good standing in each jurisdiction where it owns or leases property or in which the conduct of its business or other activity requires such qualification, except where the failure to be so licensed or qualified or be in good standing would not, singly or in the aggregate, reasonably be expected to have a material adverse effect on (A) the business, financial condition or results of operation, or prospects of the Company and its subsidiaries taken as a whole or (B) the ability of the Company to consummate the offering, the transactions contemplated by the PSUS Underwriting Agreement (including but not limited to, the PSUS IPO), or any transaction contemplated by this Underwriting Agreement, the Registration Statement, the General Disclosure Package and the Prospectus ((A) and (B) together, a "<u>Company Material Adverse Effect</u>").

(h) Each "significant subsidiary" of the Company (as such term is defined in Rule 1-02 of Regulation S-X), but excluding, for the avoidance of doubt, any Company Fund (as defined below) or its portfolio companies or investments (each, a "<u>Subsidiary</u>" and, collectively, the "<u>Subsidiaries</u>") has been duly organized and is validly existing in good standing under the laws of the jurisdiction of its incorporation or organization, has corporate or similar power and authority to own, lease and operate its properties and to conduct its business as described in the Registration Statement, the General Disclosure Package and the Prospectus and is duly qualified to transact business and is in good standing (to the extent such concept exists in the jurisdiction in question) in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good standing would not reasonably be expected to result in a Company Material Adverse Effect. Except as otherwise disclosed in the Registration Statement, the General Disclosure Package and the Prospectus or as would not reasonably be expected to result in a Company Material Adverse Effect, all of the issued and outstanding capital stock or partnership or limited liability company interests, as the case may be, of each Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by the Company, directly or through subsidiaries, free and clear of any security interest, mortgage, pledge, lien, encumbrance, claim or equity. None of the outstanding shares of capital stock or partnership or limited liability company interests, as the case may be, of any Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of such Subsidiary. The only subsidiaries of the Company are the subsidiaries listed on Exhibit 21 to the Registration Statement. "<u>Company Funds</u>" means, collectively, all Funds or other entities, including without limitation, Howard Hughes Holdings Inc., (i) sponsored or promoted by any of the Subsidiaries or (ii) for which any of the Subsidiaries acts as an investment adviser or investment manager, and "<u>Fund</u>" means any collective investment vehicle (whether open-ended or closed-ended) including, without limitation, an investment company, a general and limited partnership, a trust, a company or other business entity organized in any jurisdiction that provides for management fees or performance fees (or other similar profits allocations) to be borne by investors therein.

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(i) The capitalization of the Company is as set forth in the Registration Statement, the General Disclosure Package and the Prospectus. The Common Stock conforms in all material respects to the description of it in the Registration Statement, the General Disclosure Package and the Prospectus and such description conforms in all material respects to the rights set forth in the instruments defining the same. All the issued and outstanding shares of Common Stock have been duly authorized and are validly issued, fully paid and non-assessable. No holder of Securities will be subject to personal liability by reason of being such a holder. The Securities to be issued and delivered to the Underwriters in accordance with this Underwriting Agreement have been duly authorized and when issued and delivered to the Underwriters pursuant to this Underwriting Agreement will have been validly issued and will be fully paid and non-assessable, and the issuance of the Securities is not subject to the preemptive or other similar rights of any securityholder of the Company.

(j) The Company has full power and authority to enter into this Underwriting Agreement and to perform all of the terms and provisions hereof to be carried out by it and (i) the Underwriting Agreement has been duly and validly authorized, executed and delivered by or on behalf of the Company and (ii) assuming due authorization, execution and delivery by the other parties thereto, the Underwriting Agreement constitutes the legal, valid and binding obligation of the Company enforceable in accordance with its terms, subject to the qualification that the enforceability of the Company's obligations thereunder may be limited by U.S. bankruptcy, insolvency and similar laws affecting creditors' rights generally, whether statutory or decisional, and to general equitable principles (regardless of whether enforcement is sought in a proceeding in equity or at law), and except as enforcement of rights to indemnity thereunder may be limited by federal or state securities laws.

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(k) There are no persons with registration rights or other similar rights to have any securities registered for sale pursuant to the Registration Statement or otherwise registered for sale or sold by the Company under the Securities Act pursuant to this Underwriting Agreement, other than those rights that have been disclosed in the Registration Statement, the General Disclosure Package and the Prospectus and have been waived. There are no persons with tag along rights or other similar rights to have any securities included in the transaction contemplated by this Underwriting Agreement.

(l) None of (i) the execution, delivery and performance by the Company of this Underwriting Agreement, (ii) the issuance and delivery by the Company of the Securities as contemplated by this Underwriting Agreement, the Registration Statement, the General Disclosure Package and the Prospectus or (iii) the consummation by the Company of the other transactions contemplated by this Underwriting Agreement (A) conflicts with or will conflict with, or results in or will result in a breach or violation of the articles of incorporation or bylaws of the Company or the organizational documents of any of its Subsidiaries, (B) conflicts with or will conflict with, results in or will result in a breach or violation of, or constitutes or will constitute a default or an event of default under, or results in or will result in the creation or imposition of any lien, charge or encumbrance upon any properties or assets of the Company or any of its Subsidiaries, under the terms and provisions of any agreement, indenture, mortgage, loan agreement, note, insurance or surety agreement, lease or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries may be bound or to which any property or assets of the Company or any of its Subsidiaries is subject or (C) results in or will result in any violation of any order, law, rule or regulation of any court, governmental instrumentality, securities exchange or association or arbitrator, whether foreign or domestic, applicable to the Company or any of its Subsidiaries, other than state securities or "blue sky" laws applicable in connection with the acquisition and distribution of the Securities by the Underwriters pursuant to this Underwriting Agreement, except with respect to clauses (A) (in the case of the Subsidiaries), (B) and (C), to the extent that any such breach, violation or contravention would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

(m) None of the Company nor any of its Subsidiaries are currently in breach of, or in default under, any written agreement or instrument to which it is a party or by which it or its property is bound or affected, except for such breach or default which would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

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(n) No consent, approval, authorization, notification or order of, or filing with, or the issuance of any license or permit by, any federal, state, local or foreign court or governmental or regulatory agency, commission, board, authority or body or with any self-regulatory organization, other non-governmental regulatory authority, securities exchange or association, whether foreign or domestic, is required for the performance by the Company of all the terms and provisions to be performed by or on behalf of it, in each case, as contemplated by this Underwriting Agreement, the Registration Statement, the General Disclosure Package or the Prospectus, except such as (i) have been obtained and such as may be required (and shall be obtained prior to the commencement of the transactions contemplated by this Underwriting Agreement) under the Securities Act, the Securities Act Regulations or the Exchange Act, and (ii) may be required by the NYSE, the FINRA or under state securities or "blue sky" laws, in connection with the acquisition and distribution of the Securities by the Underwriters pursuant to this Underwriting Agreement.

(o) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, no transaction has occurred between or among the Company and any of its officers or directors, stockholders or affiliates or any affiliate or affiliates of any such officer or director or stockholder or affiliate that is required to be described in the Registration Statement, the General Disclosure Package and the Prospectus.

<br> (p) At the Closing Time, the Securities shall have been approved for listing, subject to official notice of issuance, on the NYSE.

(q) The accountants who have certified certain financial statements of the Company and its consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and supporting schedules included in the General Disclosure Package and the Prospectus are independent public accountants as required by the Securities Act, the Securities Act Regulations and the Public Company Accounting Oversight Board.

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(r) The financial statements included in the Registration Statement, the General Disclosure Package and the Prospectus, together with the related schedules and notes, present fairly in all material respects the financial position of the Company and its consolidated subsidiaries at the dates indicated and the statement of operations, changes in partners' capital and cash flows of the Company and its consolidated subsidiaries for the periods specified; said financial statements have been prepared in conformity with U.S. generally accepted accounting principles ("<u>GAAP</u>") applied on a consistent basis throughout the periods involved (except as otherwise noted therein). The supporting schedules, if any, present fairly in all material respects in accordance with GAAP the information required to be stated therein. The selected financial data and the summary financial information included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein and have been compiled on a basis consistent with that of the audited financial statements included therein. The pro forma financial statements and the related notes thereto included in the Registration Statement, the General Disclosure Package and the Prospectus present fairly in all material respects the information shown therein, have been prepared in accordance with the Commission's rules and guidelines with respect to pro forma financial statements and have been properly compiled on the bases described therein, and the assumptions used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and circumstances referred to therein. Except as included therein, no historical or pro forma financial statements or supporting schedules are required to be included or incorporated by reference in the Registration Statement, the General Disclosure Package or the Prospectus under the Securities Act or the Securities Act Regulations. All disclosures contained in the Registration Statement, the General Disclosure Package or the Prospectus regarding "non-GAAP financial measures" (as such term is defined by the rules and regulations of the Commission) comply with Regulation G of the Exchange Act and Item 10 of Regulation S-K of the Securities Act, to the extent applicable.

(s) Since the respective dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, except as otherwise stated therein, (i) there has been no material adverse change in the condition (financial or otherwise), business, prospects, management, properties, net assets or results of operations of the Company and its Subsidiaries taken as a whole, whether or not arising in the ordinary course of business; (ii) none of the Company nor any of its Subsidiaries have incurred any liabilities or obligations, direct or contingent, or entered into any transactions other than those in the ordinary course of its business or incident to its organization; (iii) there has been no dividend or distribution of any kind declared, paid or made on any class of the Company's capital stock; and (iv) the Company has not incurred any long-term debt, except, in each case, as would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect.

(t) No labor dispute with the employees of the Company or any of its Subsidiaries exists or, to the knowledge of the Company, is imminent, and the Company is not aware of any existing or imminent labor disturbance by the employees of any of its or any Subsidiary's principal suppliers, manufacturers, customers or contractors, which, in either case, would reasonably be expected to have a Company Material Adverse Effect.

(u) Except as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus, there is no action, suit, claim, inquiry, investigation or proceeding affecting the Company or any of its Subsidiaries or to which the Company or any of its Subsidiaries is a party before or by any court, commission, regulatory body, administrative agency or other governmental agency or body, whether foreign or domestic, now pending, or, to the knowledge of the Company, threatened against the Company or any of its Subsidiaries which, in each case, would reasonably be expected to have a Company Material Adverse Effect.

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(v) There are no contracts, franchises or other documents that are of a character required to be described in the Registration Statement or Prospectus, or that are required to be filed as exhibits to the Registration Statement, which are not described or filed as required (and the most recent preliminary prospectus that is distributed to investors prior to the Applicable Time contains in all material respects the same description of the foregoing matters contained in the Prospectus); and the statements in the most recent preliminary prospectus that is distributed to investors prior to the Applicable Time and the Prospectus under the heading "Certain U.S. Federal Income Tax Consequences," insofar as such statements summarize legal matters, agreements, documents or proceedings discussed therein, are accurate and fair summaries of such legal matters, agreements, documents or proceedings.

(w) The Company and its Subsidiaries possess such permits, licenses, approvals, consents and other authorizations issued by the appropriate Governmental Entities (collectively, "<u>Governmental Licenses</u>") necessary to conduct the business now operated by them, except where the failure so to possess would not, singly or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect. The Company and its Subsidiaries are in compliance with the terms and conditions of all Governmental Licenses, except where the failure so to comply would not, singly or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect. All of the Governmental Licenses are valid and in full force and effect, except when the invalidity of such Governmental Licenses or the failure of such Governmental Licenses to be in full force and effect would not, singly or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect. Neither the Company nor any of its Subsidiaries has received any notice of proceedings relating to the revocation or modification of any Governmental Licenses which, singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, would reasonably be expected to result in a Company Material Adverse Effect.

(x) No Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company, from making any other distribution on such Subsidiary's capital stock or partnership or limited liability company interests, as the case may be, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such Subsidiary's property or assets to the Company or any other Subsidiary of the Company, except as described in or contemplated by the Registration Statement, the General Disclosure Package and the Prospectus.

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(y) Except for stabilization transactions conducted by the Underwriters, the Company has not taken and will not take, directly or indirectly, any action designed or which might be expected to cause or result in, or which will constitute, the unlawful stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities in violation of applicable federal securities laws.

(z) The Company is not required, and upon the issuance and delivery of the Securities as herein contemplated and the application of the net proceeds therefrom as described in the Registration Statement, the General Disclosure Package and the Prospectus will not be an "investment company" under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>").

(aa) There are no transfer taxes or other similar fees or charges under federal laws or the laws of any state, or any political subdivision thereof, required to be paid in connection with the execution and delivery of this Underwriting Agreement or the issuance by the Company or delivery by the Company of the Securities.

(bb) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or as would not, singly or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect, all United States federal income tax returns of the Company and its Subsidiaries required by law to be filed have been filed and all taxes shown by such returns or otherwise assessed, which are due and payable, have been paid, except assessments against which appeals have been or will be promptly taken and as to which adequate reserves have been provided in accordance with GAAP. The United States federal income tax returns of the Company through the fiscal year ended December 31, 2024 have been settled and no assessment in connection therewith has been made against the Company. The Company and its Subsidiaries have filed all other tax returns that are required to have been filed by them pursuant to applicable foreign, state, local or other law except insofar as the failure to file such returns would not reasonably be expected to result in a Company Material Adverse Effect, and have paid all taxes due pursuant to such returns or pursuant to any assessment received by the Company and its subsidiaries, except for such taxes, if any, as are being contested in good faith and as to which adequate reserves have been established by the Company. The charges, accruals and reserves on the books of the Company in respect of any income and corporation tax liability for any years not finally determined are adequate to meet any assessments or re-assessments for additional income tax for any years not finally determined, except to the extent of any inadequacy that would not reasonably be expected to result in a Company Material Adverse Effect.

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(cc) Any statistical, demographic or market-related data included in the Registration Statement, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus or any Written Testing-the-Waters Communication are based on or derived from sources that the Company believes to be reliable and accurate in all material respects and represent their good faith estimates that are made on the basis of data derived from such sources, and, to the extent required, the Company has obtained the written consent to the use of such data from such sources.

(dd) Except as would not reasonably be expected to have a Company Material Adverse Effect, the Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which they are engaged; all policies of insurance insuring the Company or any of its Subsidiaries or their business, assets, employees, officers and directors are in full force and effect; the Company and its Subsidiaries are in compliance with the terms of such policies and instruments in all material respects; and there are no claims by the Company or any of its Subsidiaries under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause; neither the Company nor any of its Subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its Subsidiaries has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business at a cost that would not reasonably be expected to have a Company Material Adverse Effect, except, in each case, as set forth in or contemplated in the General Disclosure Package and the Prospectus.

(ee) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, each of the Company and each of its Subsidiaries owns or leases all such properties as are necessary to the conduct of its operations as presently conducted. All of the leases and subleases material to the business of the Company and its Subsidiaries, taken as a whole, and under which the Company or any of its Subsidiaries holds properties described in the Registration Statement, the General Disclosure Package or the Prospectus, are in full force and effect, and neither the Company nor any such Subsidiary has any notice of any material claim of any sort that has been asserted by anyone adverse to the rights of the Company or any Subsidiary under any of the leases or subleases mentioned above, or affecting or questioning the rights of the Company or such Subsidiary to the continued possession of the leased or subleased premises under any such lease or sublease.

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(ff) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, the Company and its Subsidiaries own or possess, or can acquire on reasonable terms, adequate rights to use all patents, patent rights, licenses, inventions, copyrights, know-how (including trade secrets and other unpatented and/or unpatentable proprietary or confidential information, systems, or procedures), trademarks, service marks, trade names or other intellectual property (collectively, "<u>Intellectual Property</u>") necessary to carry on the business now operated by them, except where any failure to own or possess such Intellectual Property would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect, and neither the Company nor any of its Subsidiaries has received any written notice or is not otherwise aware of any claim of infringement of or conflict with asserted rights of others with respect to any Intellectual Property or of any facts or circumstances which would render any Intellectual Property invalid or inadequate to protect the interest of the Company or any of its Subsidiaries therein, and which infringement or conflict (if the subject of any unfavorable decision, ruling or finding) or invalidity or inadequacy, singly or in the aggregate, would reasonably be expected to result in a Company Material Adverse Effect.

(gg) Except as described in the Registration Statement, the General Disclosure Package and the Prospectus or as would not, singly or in the aggregate, reasonably be expected to result in a Company Material Adverse Effect, (A) neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign statute, law, rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health, the environment (including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum or petroleum products, asbestos-containing materials or mold (collectively, "<u>Hazardous Materials</u>") or to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively, "<u>Environmental Laws</u>"), (B) the Company and its Subsidiaries have all permits, authorizations and approvals required under any applicable Environmental Laws and are each in compliance with their requirements, (C) there are no pending or threatened administrative, regulatory or judicial actions, suits, demands, demand letters, claims, liens, notices of noncompliance or violation, investigations or proceedings relating to any Environmental Law against the Company or any of its Subsidiaries and (D) there are no events or circumstances that would reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private party or Governmental Entity, against or affecting the Company or any of its Subsidiaries relating to Hazardous Materials or any Environmental Laws.

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(hh) The Company and its Subsidiaries and any "employee benefit plan" (as defined under Section 3(3) of the United States Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>")) established or maintained by the Company or its Subsidiaries or any affiliate (as defined below), for which the Company or any Subsidiary has liability, are in compliance in all material respects with ERISA and applicable law regarding all such employee benefit plans, except as would not reasonably be expected to have a Company Material Adverse Effect. None of the following events has occurred or exists: (i) a failure to fulfill the obligations, if any, under the minimum funding standards of Section 302 of ERISA and the regulations and published interpretations thereunder with respect to a Plan (as defined below), determined without regard to any waiver of such obligations or extension of any amortization period; (ii) an audit or investigation by the Internal Revenue Service, the U.S. Department of Labor, the Pension Benefit Guaranty Corporation or any other federal or state governmental agency or any foreign regulatory agency with respect to the employment or compensation of employees by any of the Company or any of its Subsidiaries; or (iii) any breach of any contractual obligation, or any violation of law or applicable qualification standards, with respect to the employment or compensation of employees by the Company or any of its Subsidiaries, except, in each case of clauses (i) through (iii) above, as would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. None of the following events has occurred or is reasonably likely to occur: (i) a material increase in the aggregate amount of contributions required to be made to all Plans in the current fiscal year of the Company and its Subsidiaries compared to the amount of such contributions made in the most recently completed fiscal year of the Company and its Subsidiaries; (ii) a material increase in the "accumulated post-retirement benefit obligations" (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 715-60) of the Company and its Subsidiaries compared to the amount of such obligations in the most recently completed fiscal year of the Company and its Subsidiaries; (iii) any event or condition that would give rise to a liability to the Company or its Subsidiaries under Title IV of ERISA; or (iv) the filing of a claim by one or more employees or former employees of the Company or any of its Subsidiaries related to their employment, except, in each case of clauses (i) through (iv) above, as would not, singly or in the aggregate, reasonably be expected to have a Company Material Adverse Effect. None of the assets of the Company constitute "plan assets" for the purposes of ERISA or Section 4975 of the U.S. Internal Revenue Code of 1986. For purposes of this paragraph, the term "<u>Plan</u>" means an "employee pension benefit plan" (within the meaning of Section 3(2) of ERISA) subject to Title IV of ERISA with respect to which the Company or any of its Subsidiaries has any liability.

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(ii) The Company and each of its Subsidiaries taken as a whole maintain a system of internal accounting controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management's general or specific authorization; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets; (iii) access to assets is permitted only in accordance with management's general or specific authorization; and (iv) the recorded accountability for assets is compared with existing assets through an asset reconciliation procedure or otherwise at reasonable intervals and appropriate action is taken with respect to any differences. Except as described in the Registration Statement, the General Disclosure Package and the Prospectus, since the end of the Company's most recent audited fiscal year, there has been (1) no material weakness in the Company's internal control over financial reporting (whether or not remediated) and (2) no change in the Company's internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

(jj) The Company and its Subsidiaries have established and maintain "disclosure controls and procedures" (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company and its Subsidiaries is made known to the Company's principal executive officer and principal financial officer by others within the Company, and such disclosure controls and procedures are reasonably effective to perform the functions for which they were established.

(kk) There has been no failure on the part of the Company and its officers and directors, in their capacities as such, to comply in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated thereunder (the "<u>Sarbanes-Oxley Act</u>").

(ll) The Company's Board of Directors has validly appointed an audit committee whose composition satisfies the requirements of Rules 303A.06 and 303A.07(a) of the NYSE Listed Company Manual and/or the audit committee has adopted a charter that satisfies the requirements of Rule 303A.07(c) of the NYSE Listed Company Manual.

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(mm) None of the Company, any of its Subsidiaries, any director or officer of the Company nor, to the Company's knowledge, any other person acting on behalf of the Company or any of its Subsidiaries including, without limitation, any agent or employee of the Company or any of its Subsidiaries, has in the last five years, directly or indirectly, while acting on behalf of the Company or any of its Subsidiaries (i) used any corporate funds for unlawful contributions, gifts, entertainment or other unlawful expenses relating to political activity; (ii) made any unlawful payment to foreign or domestic government officials or employees or to foreign or domestic political parties or campaigns from corporate funds; (iii) violated any provision of the Foreign Corrupt Practices Act of 1977, as amended ("<u>FCPA</u>"), any applicable law or regulation implementing the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence under the Bribery Act 2010 of the United Kingdom or any other applicable anti-bribery or anti-corruption law; or (iv) made, offered, agreed, requested or taken an act in furtherance of any other payment in violation of the FCPA or any other applicable anti-bribery or anti-corruption law. The Company and each of its Subsidiaries has instituted, maintains (or is subject to) and enforces, and will continue to maintain (or be subject to) and enforce policies and procedures reasonably designed to promote and ensure compliance with applicable anti-bribery and anti-corruption laws.

(nn) The operations of the Company and its Subsidiaries are and have in the last five years been conducted at all times in compliance in all material respects with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, and any other applicable provisions of statutes, rules, and regulations related to the prevention of money laundering and terrorist financing issued, administered or enforced by any governmental agency, as well as any guidelines issued by any governmental agency thereunder (collectively, the "<u>Money Laundering Laws</u>") and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of its Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

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(oo) Since April 24, 2019, the Company, each of its Subsidiaries, and all of their respective directors, officers, employees, and, to the knowledge of the Company, employees and agents (in each case in their roles as such) have been in compliance with all applicable economic and financial sanctions and trade embargo laws and regulations including those administered, enacted or enforced by the United States, the United Nations Security Council, the European Union, any European Union member state, the United Kingdom, and any other government entity with jurisdiction over the Company or its Subsidiaries (collectively, "<u>Sanctions</u>"). Since April 24, 2019, neither the Company nor any of its Subsidiaries has conducted, directly or indirectly, any business (i) with or in any country or territory that is itself the subject or target of any Sanctions (at the time of this Agreement, Iran, Cuba, North Korea, and the Crimea, the so-called Donetsk People's Republic, and the so-called Luhansk People's Republic regions of Ukraine, and the non-government controlled oblasts of Zaporizhzhia and Kherson (each a "<u>Sanctioned Jurisdiction</u>")); or (ii) with any person (individual, entity, or governmental body) subject to Sanctions, including any person (x) appearing on any Sanctions-related list of restricted parties; (y) any person located, organized, or resident in a Sanctioned Jurisdiction; or (z) any person directly or indirectly owned fifty percent or more or controlled, individually or in the aggregate, by one or more persons described in the foregoing clauses (x) and/or (y) (each of the foregoing persons described in clauses (x), (y) and/or (z), a "<u>Sanctioned Person</u>"), in each case in violation of applicable Sanctions. Neither the Company or any of its Subsidiaries, nor any of their respective directors, officers, employees, or, to the knowledge of the Company, agents is a Sanctioned Person. The Company and each of its Subsidiaries have in place controls reasonably designed to ensure compliance with applicable Sanctions. Neither the Company nor any of its Subsidiaries has since April 24, 2019 (i) made any voluntary, directed or involuntary disclosure to any governmental body with respect to any alleged act or omission relating to any non-compliance with any Sanctions, (ii) been the subject of any actual or threatened investigation, inquiry or enforcement proceeding for a violation of Sanctions, or (iii) received any notice, request, penalty, or citation from a governmental authority for any actual or potential non-compliance with Sanctions. Neither the Company nor any of its Subsidiaries will directly or knowingly indirectly use the proceeds of the PSUS IPO, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity (i) to fund or facilitate any activities of or business with or involving any Sanctioned Person in violation of Sanctions, (ii) to fund or facilitate any activities of or business in or involving any Sanctioned Jurisdiction in violation of Sanctions or (iii) in any other manner that will result in a violation by any person (including any person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.

(pp) The Company's and its Subsidiaries' information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications and databases (collectively, "<u>IT Systems</u>") are adequate for, and operate and perform in all material respects as required in connection with the operation of the business of the Company and its Subsidiaries as currently conducted, in each case, to the knowledge of the Company, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants except as would not reasonably be expected to, singly or in the aggregate, have a Company Material Adverse Effect. The Company and its Subsidiaries implement and maintain commercially reasonable controls, policies, procedures and technological safeguards designed to maintain and protect their material confidential information and the integrity, continuous operation, redundancy and security of all IT Systems and personal, personally identifiable or regulated data comprising personal data ("<u>Personal Data</u>") collected, used or otherwise processed by them or on their behalf in connection with their businesses and, to the knowledge of the Company, except as disclosed in the Registration Statement, General Disclosure Package and Prospectus, there have been no breaches, violations, outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the duty to notify any other person, nor any incidents under internal review or investigations relating to the same, in each case, except as would not reasonably be expected to, singly or in the aggregate, have a Company Material Adverse Effect. The Company and its Subsidiaries are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules and regulations of any court or arbitrator or governmental or regulatory authority, approved and released policies and contractual obligations relating to the privacy and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access, misappropriation or modification.

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(qq) The issuance and delivery of the Securities by the Company as described in each of the Registration Statement, the General Disclosure Package and the Prospectus will not violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System.

<br> (rr) The Company has obtained for the benefit of the Underwriters the agreement (a "<u>Lock Up Agreement</u>") in the form of Schedule E hereto, of those individuals listed on Schedule F hereto.

(ss) All of the information provided to the Underwriters or to counsel for the Underwriters by the Company, its subsidiaries, their respective officers and directors in connection with letters, filings or other supplemental information provided to FINRA pursuant to FINRA's conduct rules is true, complete and correct in all material respects.

(tt) All of the warranties and representations of each of the Company and the Manager contained in Section 3 and Section 4 of the PSUS Underwriting Agreement are true and accurate, in the case of representations and warranties which are qualified as to materiality, and true and correct in all material respects, in the case of representations and warranties that are not so qualified, on and as of the date hereof with the same force and effect as if made on the date hereof, except for such representations and warranties that speak as of a specific time other than the date hereof (which are true and correct in all material respects as of such date and time).

In addition, any certificate signed by any officer of the Company and delivered to the Underwriters or counsel for the Underwriters in connection with the offering of the Securities pursuant to this Underwriting Agreement shall be deemed to be a representation and warranty by the Company, as applicable, as to matters covered thereby, to each Underwriter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Agreements of the Parties**.

(a) If the registration statement relating to the Securities has not yet become effective, the Company will promptly file the Prospectus in a form approved by the Managing Representatives, if not previously filed, with the Commission, and will use its commercially reasonable best efforts to cause such registration statement to become effective and, as soon as the Company is advised, will advise the Managing Representatives when the Registration Statement or any amendment thereto has become effective. If it is necessary for a post-effective amendment to the Registration Statement, or a Rule 462(b) Registration Statement, to be filed with the Commission and become effective before the Securities may be delivered, the Company will use its commercially reasonable best efforts to cause such post-effective amendment or such Rule 462(b) Registration Statement to be filed in a form approved by the Managing Representatives and become effective as soon as possible. The Company will promptly advise the Managing Representatives and, if requested by the Managing Representatives, will confirm such advice in writing, when any post-effective amendment to the Registration Statement shall become effective or any amendment or supplement to the Prospectus shall have been filed and of any request by the Commission or its staff for any amendment of the Registration Statement, or any Rule 462(b) Registration Statement, or for any supplement to the Prospectus or for any additional information. If the Registration Statement has become effective and the Prospectus contained therein omits certain information at the time of effectiveness pursuant to Rule 430A , the Company will file the Prospectus pursuant to Rule 424(b) in a form approved by the Managing Representatives as promptly as practicable, but no later than the second business day following the earlier of the date of this Underwriting Agreement or the date the Prospectus is first used after the Effective Time. If the Registration Statement has become effective and the prospectus contained therein does not so omit such information, the Company will file the Prospectus pursuant to Rule 424(b) in a form approved by the Managing Representatives as promptly as practicable, but no later than the fifth business day following the date of the later of the Effective Time or the commencement of the public offering of the Securities after the Effective Time. In either case, the Company will provide the Managing Representatives satisfactory evidence of the filing. The Company will not file with the Commission any Prospectus or any other amendment (except any post-effective amendment which is filed with the Commission after the later of (i) one year from the date of this Underwriting Agreement or (ii) the date on which distribution of the Securities is completed) or supplement to the Registration Statement or the Prospectus unless a copy has first been submitted to the Managing Representatives a reasonable time before its filing and the Managing Representatives have not objected to it in writing within a reasonable time after receiving the copy.

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(b) For the period of three years from the date hereof, the Company will advise the Managing Representatives promptly (i) of the issuance by the Commission of any stop order in respect of the Company; (ii) of the initiation or threatening in writing of any proceedings for, or receipt by the Company of any written notice with respect to, any suspension of the qualification of the Securities for delivery in any jurisdiction or the issuance of any order by the Commission suspending the effectiveness of the Registration Statement or preventing or suspending the use of any preliminary prospectus or other prospectus in respect of the Securities or the initiation or threatening of any proceeding for that purpose or pursuant to Section 8A of the Securities Act; and (iii) of receipt by the Company, or any representative or attorney of the Company, of any material request from the Commission to amend or supplement the Registration Statement or the Prospectus. The Company will make every reasonable effort to prevent the issuance of any order suspending the effectiveness of the Registration Statement or preventing or suspending the use of any preliminary prospectus or other prospectus related to the Securities, and, if any such order is issued, to obtain its lifting as soon as practicable.

(c) If not delivered prior to the date of this Underwriting Agreement, the Company will deliver to the Managing Representatives, without charge, a signed copy of the Registration Statement, the Exchange Act Registration Statement and of any amendments (except any post-effective amendment which is filed with the Commission after the later of (i) one year from the date of this Underwriting Agreement or (ii) the date on which the distribution of the Securities is completed) to either the Registration Statement or the Exchange Act Registration Statement (including all exhibits filed with any such document) and as many conformed copies of the Registration Statement and any amendments thereto (except any post-effective amendment which is filed with the Commission after the later of (i) one year from the date of this Underwriting Agreement or (ii) the date on which the distribution of the Securities is completed) (excluding exhibits) as the Managing Representatives may reasonably request. The copies of the Registration Statement, the Exchange Act Registration Statement and each amendment thereto furnished to the Underwriters will be identical to the electronically transmitted copies thereof filed with the Commission pursuant to EDGAR, except to the extent permitted by Regulation S-T.

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(d) During such period as a prospectus is required under the Securities Act to be delivered by an underwriter or a dealer, the Company will deliver, without charge, to the Managing Representatives, the Underwriters and any dealers, at such office or offices as the Managing Representatives may designate, as many copies of each preliminary prospectus and the Prospectus as the Managing Representatives may reasonably request, and if any event occurs during such period as a result of which it is necessary to amend or supplement the Prospectus, in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or if during such period it is necessary to amend or supplement the Prospectus to comply with the Securities Act, the Company promptly will notify the Managing Representatives of such event and prepare, submit to the Managing Representatives, file with the Commission and deliver, without charge, to the Underwriters and to dealers (whose names and addresses the Managing Representatives will furnish to the Company) to whom Securities may have been delivered by the Underwriters, and to other dealers on request, amendments or supplements to the Prospectus so that the statements in such Prospectus, as so amended or supplemented, will not, in the light of the circumstances under which they were made, be misleading and will comply with the Securities Act. Delivery by the Underwriters of any such amendments or supplements to the Prospectus will not constitute a waiver of any of the conditions in Section 5 hereof.

(e) The Company will make generally available to holders of the Company's securities, as soon as practicable (which may be satisfied by filing on EDGAR), an earnings statement, if applicable (which need not be audited), satisfying the provisions of the last paragraph of Section 11(a) of the Securities Act and, at the option of the Company, Rule 158 under the Securities Act Regulations.

(f) If the transactions contemplated by this Underwriting Agreement are consummated, the Company shall pay all costs and expenses incident to the performance of its obligations under this Underwriting Agreement, including, but not limited to, costs and expenses of or relating to the preparation, printing and filing of the Registration Statement and exhibits to it, any preliminary prospectus, the General Disclosure Package, the Prospectus, each Issuer Free Writing Prospectus and all amendments and supplements thereto, the issuance of the Securities, the registration or qualification, if any, of the Securities for offer and delivery under the securities or "blue sky" laws of any applicable jurisdictions, including the fees and disbursements, if any, of counsel for the Underwriters in that connection, and the preparation and printing of any preliminary and supplemental "blue sky" memoranda, if any, the furnishing (including costs of design, production, shipping and mailing) to the Underwriters and dealers of copies of each preliminary prospectus relating to the Securities, the Prospectus, each Issuer Free Writing Prospectus and all amendments or supplements to the Prospectus, and of the other documents required by this Section to be so furnished, the filing requirements of FINRA in connection with its review of the underwriting arrangements, if any, including filing fees paid by counsel (but not the legal fees), all transfer taxes, if any, with respect to the delivery of the Securities by the Company to the Underwriters, the listing of the Securities on the NYSE and the transfer agent for the Securities; *provided* that (A) the Company or PSUS and each Underwriter shall pay its own costs and expenses relating to the attendance at any road show or other informational meeting relating to the Company, (B) each Underwriter shall pay the costs and expenses of any internal promotional or informational materials relating to the Company, other than any Issuer Free Writing Prospectus, prepared by such Underwriter in connection with the offering of the Securities, (C) the Underwriters shall pay the costs and expenses of any "tombstone" announcements relating to the offering of the Securities and (D) except as expressly provided in this Section 4(f) and subject to the terms of any existing agreement among the Company and the Managing Representatives, the Underwriters shall pay their own costs and expenses, including fees and disbursements of their counsel and stock transfer taxes on resale of any of the shares of Common Stock by them.

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(g) If the transactions contemplated by this Underwriting Agreement are not consummated, except as otherwise provided herein and subject to the terms of any existing agreement to which the Company or any of its subsidiaries, may be party along with the Managing Representatives , no party will be under any liability to any other party, except that (i) if this Underwriting Agreement is terminated by (A) the Company pursuant to any of the provisions hereof (otherwise than pursuant to Section 6 hereof) or (B) the Managing Representatives or the Underwriters because of any inability, failure or refusal on the part of the Company to comply with any terms of this Underwriting Agreement or because any of the conditions in Section 5 are not satisfied, the Company or the Company's affiliates or PSUS or PSUS's affiliates will reimburse the Underwriters for all out-of-pocket expenses (including the reasonably incurred fees, disbursements and other charges of their counsel) incurred by them in connection with the proposed delivery of the Securities (*provided*, *however*, that the Company shall not be liable for any loss of anticipated profits or speculative or consequential or similar damages for such termination) and (ii) no Underwriter who has failed or refused to acquire the Securities agreed to be acquired by it under this Underwriting Agreement, in breach of its obligations pursuant to this Underwriting Agreement, will be relieved of liability to the Company and the other Underwriters for damages occasioned by its default.

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(h) For a period of six months after the date of the Prospectus, the Company will not, without the prior consent of the Managing Representatives, (i) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, or submit to, or file with, the Commission a registration statement under the Securities Act relating to, any equity securities of the Company or any securities convertible into or exercisable or exchangeable for any equity securities of the Company, or publicly disclose the intention to undertake any of the foregoing, or (ii) enter into any swap or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of any equity securities of the Company, whether any such transaction described in clause (i) or (ii) above is to be settled by delivery of Common Stock or other securities, in cash or otherwise, except, in each case as disclosed in the Registration Statement, the General Disclosure Package and the Prospectus and without limitation the Company may issue and deliver the Additional Shares on exercise of the option provided for in Section 1 hereof. The foregoing sentence shall not apply to (A) the Securities to be delivered hereunder or securities issued, transferred, redeemed or exchanged in connection with the Reorganization Transactions described in the Prospectus, (B) the Securities or any such substantially similar securities to be issued pursuant to any incentive plan and any long-term incentive awards disclosed in the General Disclosure Package, (C) the Securities in respect to tax withholding payments due upon the exercise, vesting and/or settlement, as applicable, of any long-term incentive awards disclosed in the General Disclosure Package, (D) the Securities or any such substantially similar securities to be transferred as a bona fide gift or gifts, including to charitable organization transferees or recipients, provided that, in the case of this clause (D), each recipient of such Securities or substantially similar securities shall execute and deliver to the Managing Representatives a lock-up agreement substantially to the effect set forth in Schedule E, and (E) the Securities or any such substantially similar securities to be issued upon the conversion or exchange of convertible or exchangeable securities outstanding as of the date of this Underwriting Agreement.

<br> (i) The Company shall use its best efforts to cause the Securities to be listed on the NYSE prior to the date the Securities are issued, subject only to official notice of the issuance thereof, and comply with the rules and regulations of such exchange.

(j) As soon as legally required to do so, the Company and its directors and officers, in their capacities as such, shall take all actions reasonably necessary to comply with any applicable provisions of the Sarbanes-Oxley Act, including Sections 302 and 906 related to certifications.

<br> (k) The Company will not receive any proceeds from the offering of the Securities.

(l) The Company will not take, directly or indirectly, any action designed to or that would constitute or that might reasonably be expected to cause or result in, under the Exchange Act or otherwise, the unlawful stabilization or manipulation of the price of any security of the Company to facilitate the delivery or resale of the Securities.

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(m) The Company will use its best efforts, in cooperation with the Underwriters, to qualify the Securities for offering and delivery under the applicable securities laws of such states and other jurisdictions (domestic or foreign) as the Managing Representatives may designate and to maintain such qualifications in effect so long as required to complete the distribution of the Securities; *provided*, *however*, that the Company shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to subject itself to taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

(n) The Company agrees that, unless it obtains the prior written consent of the Managing Representatives, it will not make any offer relating to the Securities that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus," or a portion thereof, required to be filed by the Company with the Commission or retained by the Company under Rule 433; *provided* that the Managing Representatives will be deemed to have consented to the Issuer Free Writing Prospectuses listed on Schedule G hereto and any "road show that is a written communication" within the meaning of Rule 433(d)(8)(i) that has been reviewed by the Managing Representatives. The Company represents that it has treated or agrees that it will treat each such free writing prospectus consented to, or deemed consented to, by the Managing Representatives as an "issuer free writing prospectus," as defined in Rule 433, and that it has complied and will comply with the applicable requirements of Rule 433 with respect thereto, including timely filing with the Commission where required, legending and record keeping. If at any time following issuance of an Issuer Free Writing Prospectus there occurred or occurs an event or development as a result of which such Issuer Free Writing Prospectus conflicted or would conflict with the information contained in the Registration Statement, any preliminary prospectus or the Prospectus or included or would include an untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing at that subsequent time, not misleading, the Company will promptly notify the Managing Representatives and will promptly amend or supplement, at its own expense, such Issuer Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission.

(o) If at any time following the distribution of any Written Testing-the-Waters Communication, any event occurs as a result of which such Written Testing-the-Waters Communication would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein in the light of the circumstances existing at that subsequent time not misleading, the Company will (i) notify promptly the Managing Representatives so that use of the Written Testing-the-Waters Communication may cease until it is amended or supplemented; (ii) amend or supplement the Written Testing-the-Waters Communication to eliminate or correct such untrue statement or omission; and (iii) supply any amendment or supplement to the Managing Representatives in such quantities as may be reasonably requested.

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(p) The Company will promptly notify the Managing Representatives if the Company ceases to be an Emerging Growth Company at any time prior to the later of (a) completion of the distribution of the Securities within the meaning of the Securities Act and (b) completion of the six-month restricted period referred to in Section 4(h) hereof.

(q) The Company, during the period when a Prospectus relating to the Securities is required to be delivered under the Securities Act, will file all documents required to be filed with the Commission pursuant to the Exchange Act within the time periods required by the Exchange Act and Exchange Act Regulations.

(r) The Company will cause the Manager to comply with the agreements of the Manager as set forth in Section 6 of the PSUS Underwriting Agreement, and the Underwriters will severally and not jointly comply with the agreements of the Underwriters as set forth in the PSUS Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Conditions of the Underwriters' Obligations**. The obligations of the Underwriters hereunder are subject to the accuracy on
 the date of this Underwriting Agreement, as of the Applicable Time and as of each of the Closing Times, of the representations and warranties of the Company in this Underwriting Agreement, to the accuracy and completeness of all
 statements made by the Company or any of its officers in any certificate delivered to the Managing Representatives pursuant to this Underwriting Agreement, to performance by the Company of its obligations under this Underwriting Agreement
 and to the satisfaction (or waiver in writing by the Managing Representatives on behalf of the Underwriters) of each of the following additional conditions:

(a) The Registration Statement must have become effective by 5:30 p.m., New York City time, on the date of this Underwriting Agreement or such later date and time as the Managing Representatives consent to in writing. The Prospectus must have been filed in accordance with Rule 424(b).

(b) No order suspending the effectiveness of the Registration Statement may be in effect and no proceedings for such purpose may be pending before or, to the knowledge of counsel to the Underwriters, threatened by the Commission, and any requests for additional information on the part of the Commission (to be included in the Registration Statement or the Prospectus or otherwise) must be complied with or waived to the reasonable satisfaction of the Managing Representatives.

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(c) Since the dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, as of the date of this Underwriting Agreement, (i) there must not have been any material adverse change in the Common Stock or any material adverse change in the liabilities of the Company and its Subsidiaries except as set forth in or contemplated by the Registration Statement, the General Disclosure Package and the Prospectus; (ii) there must not have been any material adverse change in the condition (financial or otherwise), earnings, business affairs, business prospects, management, properties, net assets or results of operations, whether or not arising from transactions in the ordinary course of business, of the Company or its Subsidiaries, taken as a whole, as set forth in or contemplated by the Registration Statement, the General Disclosure Package or the Prospectus; (iii) the Company and its Subsidiaries, taken as a whole, must not have sustained any loss or interference with their respective business from any court or from any legislative or other governmental action, order or decree, whether foreign or domestic, or from any other occurrence not described in the Registration Statement, the General Disclosure Package and the Prospectus; and (iv) there must not have occurred any event that makes untrue or incorrect in any material respect any statement or information contained in the Registration Statement, the General Disclosure Package or the Prospectus or any statement or information omitted in the Registration Statement, the General Disclosure Package or the Prospectus that should be reflected therein in order to make the statements or information therein (in the case of the General Disclosure Package and the Prospectus, in the light of the circumstances under which they were made), not misleading; if, in the judgment of the Managing Representatives (other than a defaulting Underwriter under Section 9 hereof), any such development referred to in clause (i), (ii), (iii) or (iv) of this paragraph (c) is material and adverse so as to make it impracticable or inadvisable to consummate the delivery of the Securities to the public on the terms and in the manner contemplated by the General Disclosure Package.

(d) The Managing Representatives must have received as of each Closing Time a certificate, dated such date, of (1) the Chief Executive Officer, President or a Vice-President and (2) the Controller, Treasurer, Assistant Treasurer, Chief Financial Officer or Chief Accounting Officer of the Company certifying (in their capacity as such officers) that:

<br> (i) the signers have carefully examined the Registration Statement, the most recent preliminary prospectus that is distributed to investors prior to the Applicable Time, the Prospectus and this Underwriting Agreement,

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<br> (ii) the representations of the Company (with respect to the certificates from such Company officers) in this Underwriting Agreement are accurate on and as of the date of the certificate,

(iii) there has not been any material adverse change in the condition (financial or otherwise), earnings, business affairs, business prospects, management, property, net assets or results of operations of the Company or its Subsidiaries, taken as a whole, since the dates as of which information is given in the Registration Statement, the General Disclosure Package and the Prospectus, which change would adversely affect the ability of the Company to fulfill its obligations under this Underwriting Agreement, whether or not arising from transactions in the ordinary course of business,

(iv) no order suspending the effectiveness of the Registration Statement, prohibiting the delivery of any of the Securities or otherwise having a material adverse effect on the Company has been issued and no proceedings for any such purpose are pending before or, to the actual knowledge of such officers, threatened by the Commission, and

<br> (v) the Company has performed all of its respective agreements that this Underwriting Agreement requires it to perform by such Closing Time (to the extent not waived in writing by the Managing Representatives).

(e) The Managing Representatives must have received on the date of this Underwriting Agreement, dated such date, and as of each Closing Time, dated as of the date thereof, a certificate of the Company, signed by the Chief Financial Officer of the Company, with respect to certain financial information contained in the Registration Statement, the General Disclosure Package and the Prospectus in form and substance reasonably satisfactory to the Managing Representatives.

<br> (f) The Managing Representatives must have received as of each Closing Time the opinions dated as of the date thereof substantially in the form of Schedules C-1, C-2 and D to this Underwriting Agreement from the counsel identified in each such Schedules.

(g) The Managing Representatives must have received as of each Closing Time from Skadden, Arps, Slate, Meagher & Flom LLP an opinion dated as of the date thereof with respect to the Company, the Securities, the Registration Statement and the Prospectus and this Underwriting Agreement in a form reasonably satisfactory in all respects to the Managing Representatives. The Company must have furnished to such counsel such documents as counsel may reasonably request for the purpose of enabling them to render such opinion.

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(h) The Managing Representatives must have received on the date of this Underwriting Agreement a signed report from Ernst & Young LLP and KPMG LLP, dated such date, and in form and substance satisfactory to the Managing Representatives containing statements and information of the type ordinarily included in accountants' reports with respect to the financial information of the Company and Howard Hughes Holdings Inc., as applicable, contained in the Registration Statement, the General Disclosure Package and the Prospectus. The Managing Representatives also must have received from Ernst & Young LLP and KPMG LLP a report, as of each Closing Time, dated as of the date thereof, in form and substance satisfactory to the Managing Representatives, to the effect that they reaffirm the statements made in the earlier report, except that the specified date referred to shall be a date not more than three business days prior to such Closing Time.

(i) The Managing Representatives shall have received on and as of the Firm Shares Closing Time or the Additional Shares Closing Time, as the case may be, satisfactory evidence of the good standing of the Company and its Subsidiaries from the office of the Secretary of State of the State of Nevada, the State of Delaware and the State of New York, as applicable, in each case in writing or any standard form of telecommunication.

<br> (j) The Managing Representatives have received the Lock Up Agreements, each substantially in the form of Schedule E hereto, of those individuals listed on Schedule F hereto, and such agreement shall be in full force and effect at each Closing Time.

<br> (k) At the Closing Time, the Securities shall have been approved for listing on the NYSE, subject only to official notice of issuance.

<br> (l) FINRA has confirmed that it has not raised any objection with respect to the fairness and reasonableness of the underwriting terms and arrangements relating to the offering of the Securities.

(m) Since the execution of this Underwriting Agreement, there shall not have been any decrease in or withdrawal of the rating of any securities of the Company or any of its Subsidiaries by any "nationally recognized statistical rating organization" (as defined in Section 3(a)(62) of the Exchange Act) or any notice given of any intended or potential decrease in or withdrawal of any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.

(n) At the Firm Shares Closing Time and at each Additional Shares Closing Time (if any) counsel for the Underwriters shall have been furnished with such documents and opinions as they may require for the purpose of enabling them to pass upon the issuance and delivery of the Securities as herein contemplated, or in order to evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained.

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<br> (o) Concurrently with the Firm Shares Closing Time and each Additional Shares Closing Time, the Company shall have furnished to the Managing Representatives evidence reasonably satisfactory to the Managing Representatives of the closing of the PSUS IPO.

(p) Each condition precedent to the Underwriters' obligations set forth in Section 6 of the PSUS Underwriting Agreement shall have been satisfied or waived by the person with the authority to give such waiver (other than any such conditions which by their nature are to be satisfied at the applicable Closing Time or the applicable delivery of PSUS Shares or any additional PSUS Shares, but subject to the satisfaction or waiver of those conditions at such Closing Time or such delivery of PSUS Shares or any additional PSUS Shares).

All opinions, letters, reports, evidence and certificates mentioned above or elsewhere in this Underwriting Agreement will comply only if they are in form and scope reasonably satisfactory to counsel for the Underwriters; *provided* that any such documents, forms of which are annexed hereto, shall be deemed satisfactory to such counsel if substantially in such form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Termination**. This Underwriting Agreement may be terminated by the Managing Representatives by notifying the Company at:

<br> (a) such date and time as the PSUS Underwriting Agreement has been terminated in accordance with its terms;

(b) any time as of or before any Closing Time if, in the sole reasonable judgment of the Managing Representatives, delivery of any Securities is rendered impracticable or inadvisable because (i) trading in the equity securities of the Company is suspended by the Commission or by the principal exchange that lists the Securities, (ii) trading in securities generally on the NYSE, NYSE American or the NASDAQ Stock Market shall have been suspended or limited or minimum or maximum prices shall have been generally established on such exchange or over-the-counter market, (iii) additional material adverse governmental restrictions, not in force on the date of this Underwriting Agreement, have been imposed upon trading in securities or trading has been suspended on any U.S. securities exchange, (iv) a general banking moratorium has been established by U.S. federal or New York authorities or (v) if there has occurred (A) any material adverse change in the financial or securities markets in the United States or the international financial markets, (B) any material adverse change in the political, financial or economic conditions in the United States, (C) any outbreak of hostilities or escalation thereof or other calamity, terrorist activity, crises or any change or development involving a prospective change in national or international political, financial or economic conditions or (D) declaration by the United States of a national emergency or war or other calamity shall have occurred, the effect of any of which is such as to make it, in the sole judgment of the Managing Representatives, impracticable or inadvisable to market the Securities on the terms and in the manner contemplated by the Prospectus; or

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(c) any time as of or before any Closing Time, if any of the conditions specified in Section 5 with respect to such Closing Time have not been fulfilled when and as required by this Underwriting Agreement, and the Managing Representatives shall have given the Company notice thereof and a reasonable opportunity to fulfill such condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Substitution of Underwriters**. If one or more of the Underwriters fails (other than for a reason sufficient to justify the
 termination of the PSUS Underwriting Agreement) to purchase any of its allocation of PSUS Shares and PSUS and the Managing Representatives make arrangements in accordance with the provisions of Section 8 of the PSUS Underwriting
 Agreement, any such substitute underwriter shall accept the number of Securities corresponding to the number of PSUS Shares agreed to be sold to such substitute underwriter. If one or more of the Underwriters fails (other than for a
 reason sufficient to justify the termination of this Underwriting Agreement) to accept as of any Closing Time the Securities agreed to be delivered as of such Closing Time to such Underwriter or Underwriters, the Managing Representatives
 may find one or more substitute underwriters to acquire such Securities or make such other arrangements as the Managing Representatives deems advisable, or one or more of the remaining Underwriters may agree to acquire such Securities in
 such proportions as may be approved by the Managing Representatives, in each case upon the terms set forth in this Underwriting Agreement. If no such arrangements have been made within 36 hours after the date of such Closing Time, and

(a) the number of Securities to be acquired by the defaulting Underwriters as of such Closing Time does not exceed 10% of the Securities that the Underwriters are obligated to accept as of such Closing Time, each of the nondefaulting Underwriters will be obligated to acquire such Securities on the terms set forth in this Underwriting Agreement in proportion to their respective obligations under this Underwriting Agreement, or

(b) the number of Securities to be acquired by the defaulting Underwriters as of such Closing Time exceeds 10% of the Securities to be accepted by all the Underwriters as of such Closing Time, the Company will be entitled to an additional period of 24 hours within which to find one or more substitute underwriters reasonably satisfactory to the Managing Representatives to acquire such Securities on the terms set forth in this Underwriting Agreement.

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Upon the occurrence of the circumstances described in the foregoing paragraph (b), either the Managing Representatives or the Company will have the right to postpone the date of the applicable Closing Time for not more than five business days in order that necessary changes and arrangements (including any necessary amendments or supplements to the Registration Statement, the General Disclosure Package or the Prospectus) may be effected by the Managing Representatives and the Company. For the avoidance of doubt, the Closing Time with respect to the Securities shall only be postponed to the same date and time set for the delivery and sale of the corresponding PSUS Shares pursuant to the PSUS Underwriting Agreement. If the number of Securities to be acquired as of such Closing Time by such defaulting Underwriter or Underwriters exceeds 10% of the Securities that the Underwriters are obligated to acquire as of such Closing Time, and none of the nondefaulting Underwriters or the Company makes arrangements pursuant to this Section 7 within the period stated for the acquisition of the Securities that the defaulting Underwriters agreed to acquire, this Underwriting Agreement will terminate without liability on the part of any nondefaulting Underwriter or the Company except as provided in Sections 4(g) and 8 hereof. Any action taken under this Section will not affect the liability of any defaulting Underwriter to the Company or to any nondefaulting Underwriters arising out of such default. A substitute underwriter will become an Underwriter for all purposes of this Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Indemnity and Contribution**.

(a) The Company agrees to indemnify, defend and hold harmless each Underwriter, its partners, the directors, members, managers, officers, employees, agents and affiliates and any person who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation) which, jointly or severally, any such Underwriter or any such person may incur under the Securities Act, the Exchange Act, common law or otherwise, insofar as such loss, damage, expense, liability or claim (i) arises out of or is based upon an untrue statement or alleged untrue statement of a material fact contained in the Registration Statement (or in the Registration Statement as amended by any post-effective amendment thereof by the Company) or arises out of or is based upon an omission or alleged omission to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading or (ii) arises out of or is based upon an untrue statement or alleged untrue statement of a material fact included in any preliminary prospectus, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any road show or any "<u>issuer information</u>" filed or required to be filed pursuant to Rule 433(d) (as any of the foregoing may be amended or supplemented) or arises out of or is based upon an omission or alleged omission to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; except with respect to either of the foregoing clause (i) and (ii) insofar as any such loss, damage, expense, liability or claim arises out of or is based upon any untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning such Underwriters furnished in writing by or on behalf of any Underwriter to the Company expressly for inclusion in the Registration Statement, any preliminary prospectus, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any road show or any "issuer information" filed or required to be filed pursuant to Rule 433(d) (it being understood and agreed that the only such information furnished by or on behalf of any Underwriters consists of the information described as such in Section 8(f) hereof) or arises out of or is based upon any omission or alleged omission to state a material fact in connection with such information required to be stated in the Registration Statement, any preliminary prospectus, the General Disclosure Package, the Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any roadshow or any issuer information filed or required to be filed pursuant to Rule 433(d) or necessary to make such information (with respect to such preliminary prospectus, the General Disclosure Package and the Prospectus, any Issuer Free Writing Prospectus, any Written Testing-the-Waters Communication, any roadshow or any "issuer information" filed or required to be filed pursuant to Rule 433(d) in the light of the circumstances under which they were made) not misleading.

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If any action, suit or proceeding (together, a "<u>Proceeding</u>") is brought against an Underwriter or any person in respect of which indemnity may be sought against the Company pursuant to the foregoing paragraph, such Underwriter or such person shall promptly notify the Company in writing of the institution of such Proceeding and the Company shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; *provided*, *however*, that the omission to so notify the Company shall not relieve the Company from any liability which the Company may have to any Underwriter or any such person or otherwise except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure. Such Underwriter or such person shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of such Underwriter or of such person unless the employment of such counsel shall have been authorized in writing by the Company in connection with the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them, which are different from, additional to or in conflict with those available to the Company (in which case the Company shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events the reasonably incurred and documented out-of-pocket fees and expenses of such counsel shall be borne by the Company. It is understood that in no event shall the Company be liable for the fees and expenses of more than one separate firm, in addition to any local counsel retained for the purposes of advising on any laws other than those of the forum (but no more than one separate local counsel for each such forum), for all indemnified parties pursuant to this Section 8(a) in relation to a particular Proceeding. The Company shall not be liable for any settlement of any Proceeding effected without its written consent but if settled with the written consent of the Company, the Company agrees to indemnify and hold harmless any Underwriter and any person in respect of which indemnity may be sought against the Company from and against any loss or liability by reason of such settlement to the extent provided in this Section 8. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days' prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party.

(b) Each Underwriter severally agrees to indemnify, defend and hold harmless the Company, and each of its Subsidiaries and its and their stockholders, partners, managers, members, trustees, directors and officers, and any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and the successors and assigns of all of the foregoing persons (each, a "Company Party") from and against any loss, damage, expense, liability or claim (including the reasonable cost of investigation), which, jointly or severally, such Company Party may incur under the Securities Act, the Exchange Act, common law or otherwise, insofar as such loss, damage, expense, liability or claim arises out of or is based upon an untrue statement or alleged untrue statement of a material fact contained in and in conformity with information concerning such Underwriters furnished in writing by or on behalf of any Underwriter to the Company expressly for use in the Registration Statement, any preliminary prospectus, the General Disclosure Package or the Prospectus as set forth in Section 8(f) hereof, or arises out of or is based upon an omission or alleged omission to state a material fact in connection with such information required to be stated in the Registration Statement, any preliminary prospectus, the General Disclosure Package or the Prospectus or necessary to make such information (with respect to any preliminary prospectus, the General Disclosure Package and the Prospectus, in the light of the circumstances under which they were made) not misleading.

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If any Proceeding is brought against a Company Party in respect of which indemnity may be sought against any Underwriter pursuant to the foregoing paragraph, such Company Party shall promptly notify such Underwriter in writing of the institution of such Proceeding and such Underwriter shall assume the defense of such Proceeding, including the employment of counsel reasonably satisfactory to such indemnified party and payment of all fees and expenses; *provided*, *however*, that the omission to so notify such Underwriter shall not relieve such Underwriter from any liability which such Underwriter may have to such Company Party or otherwise except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure. Each applicable Company Party shall have the right to employ its or their own counsel in any such case, but the fees and expenses of such counsel shall be at the expense of the applicable Company Party, unless the employment of such counsel shall have been authorized in writing by such Underwriter in connection with the defense of such Proceeding or such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them, which are different from, additional to or in conflict with those available to such Underwriter (in which case such Underwriter shall not have the right to direct the defense of such Proceeding on behalf of the indemnified party or parties), in any of which events the reasonably incurred and documented out-of-pocket fees and expenses of such counsel shall be borne by such Underwriter. It is understood that in no event shall such Underwriter be liable for the fees and expenses of more than one separate firm, in addition to any local counsel retained for the purposes of advising on any laws other than those of the forum (but no more than one separate local counsel for each such forum), for all indemnified parties pursuant to this Section 8(b) in relation to a particular Proceeding. No Underwriter shall be liable for any settlement of any Proceeding effected without the written consent of such Underwriter but if settled with the written consent of such Underwriter, such Underwriter agrees to indemnify and hold harmless the applicable Company Party from and against any loss or liability by reason of such settlement to the extent provided in this Section 8. Notwithstanding the foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second sentence of this paragraph, then the indemnifying party agrees that it shall be liable for any settlement of any Proceeding effected without its written consent if (i) such settlement is entered into more than 60 business days after receipt by such indemnifying party of the aforesaid request, (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with such request prior to the date of such settlement and (iii) such indemnified party shall have given the indemnifying party at least 30 days' prior notice of its intention to settle. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened Proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such Proceeding and does not include an admission of fault, culpability or a failure to act, by or on behalf of such indemnified party.

(c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under subsections (a) and (b) of this Section 8 in respect of any losses, damages, expenses, liabilities or claims referred to therein, then each applicable indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, damages, expenses, liabilities or claims (i) in such proportion as is appropriate to reflect the relative benefits received by the Company, PSUS and the Manager on the one hand and the Underwriters on the other hand from the offering of the PSUS Shares and the Securities or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Company, PSUS and the Manager on the one hand and of the Underwriters on the other in connection with the statements or omissions, which resulted in such losses, damages, expenses, liabilities or claims, as well as any other relevant equitable considerations. The relative benefits received by the Company, PSUS and the Manager on the one hand and the Underwriters on the other shall be deemed to be in the same respective proportions as the total proceeds from the PSUS IPO (net of underwriting discounts and commissions but before deducting expenses) received by PSUS and the total underwriting discounts and commissions received by the Underwriters in the PSUS IPO bear to the aggregate public offering price of the PSUS Shares. The relative fault of the Company, PSUS and the Manager on the one hand and of the Underwriters on the other shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or omission or alleged omission relates to information supplied by the Company, PSUS or the Manager or by the Underwriters and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, damages, expenses, liabilities and claims referred to in this subsection shall be deemed to include any reasonably incurred and documented out-of-pocket legal fees or expenses incurred by such party in connection with investigating, preparing to defend or defending any Proceeding.

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(d) The Company and the Underwriters agree that it would not be just and equitable if contribution pursuant to Section 8(c) were determined by pro rata allocation (even if the Underwriters were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in subsection (c) above. Notwithstanding the provisions of this Section 8, no Underwriter shall be required to contribute any amount in excess of the fees and commissions received by such Underwriter. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters' obligations to contribute pursuant to this Section 8 are several in proportion to their respective underwriting commitments and not joint.

(e) The indemnity and contribution agreements contained in this Section 8 and the covenants, warranties and representations of the Company contained in this Underwriting Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of any Underwriter, its partners, the directors, members, managers, officers, employees, agents and affiliates or any person (including each partner, officer or director of such person) who controls any Underwriter within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, or by or on behalf of the Company, each of its Subsidiaries, or their stockholders, partners, advisers, members, trustees, directors or officers or any person who controls the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and shall survive any termination of this Underwriting Agreement or the issuance and delivery of the Securities. The Company and each Underwriter agree promptly to notify each other of the commencement of any Proceeding against it and, in the case of the Company, against any of the Company's directors or officers in connection with the issuance and delivery of the Securities, or in connection with the Registration Statement or Prospectus.

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(f) The Company acknowledges that the statements in the Prospectus with respect to the names and addresses of the Underwriters and number of shares of Common Stock allocated for delivery to such Underwriters, the selling concessions and reallowances of selling concessions, the statements regarding stabilization, penalty bids and syndicate short selling, and the statements regarding electronic delivery of prospectuses, all as described under the caption "Underwriting" in the General Disclosure Package and the Prospectus, constitute the only information furnished in writing by or on behalf of any Underwriter through the Managing Representatives to the Company expressly for inclusion in the Registration Statement, the General Disclosure Package or the Prospectus (as amended or supplemented). The Underwriters severally confirm that these statements are correct in all material respects and were so furnished by or on behalf of each of the Underwriters severally for use in the General Disclosure Package or the Prospectus.

(g) No indemnified party shall be entitled to recover any amount pursuant to this Section 8 in respect of any loss, damage, expense, liability or claim (including the reasonable cost of investigation) to the extent such indemnified party has already recovered in respect of such loss, damage, expense, liability or claim (including the reasonable cost of investigation) pursuant to the PSUS Underwriting Agreement or any other agreement between any indemnifying party and the indemnified party or any affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **No Fiduciary Relationship**. The Company hereby acknowledges and agrees that the Underwriters are acting solely as
 underwriters in connection with the delivery of the Securities contemplated by this Underwriting Agreement. The Company further acknowledges and agrees that the Underwriters are acting pursuant to a contractual relationship created solely
 by this Underwriting Agreement entered into on an arm's length basis, and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Company, its management, stockholders or creditors or any other
 person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of such delivery of the Securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any
 fiduciary or similar obligations to the Company, either in connection with the transactions contemplated by this Underwriting Agreement or any matters leading up to such transactions, and the Company hereby confirms its understanding and
 agreement to that effect. The Company and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Underwriters
 to the Company regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Company's securities, do not constitute advice or recommendations to the Company. The Company and
 the Underwriters agree that each Underwriter is acting solely as principal and is not the agent or fiduciary of the Company in connection with the transactions contemplated by this Underwriting Agreement and no Underwriter has assumed,
 and no Underwriter will assume, any advisory or fiduciary responsibility in favor of the Company with respect to the transactions contemplated by this Underwriting Agreement or the process leading thereto (irrespective of whether any
 Underwriter has advised or is currently advising the Company on other matters). The Company acknowledges and agrees that the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the transactions
 contemplated by this Underwriting Agreement and the Company has consulted its own respective legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. The Company hereby waives and releases, to the fullest extent
 permitted by law, any claims that the Company may have against the Underwriters with respect to any breach or alleged breach of any fiduciary, advisory or similar duty to the Company in connection with the transactions contemplated by
 this Underwriting Agreement or any matters leading up to such transactions.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **Notices**. Except as otherwise herein provided, all statements, requests, notices and agreements shall be in writing and, if
 to the Underwriters, shall be sufficient in all respects if delivered or sent to Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York 10013, Attention: General Counsel, email: [redacted], UBS Securities LLC, 1285 Avenue
 of the Americas, New York, New York 10019, Attention: Syndicate, c/o BofA Securities, Inc., One Bryant Park, New York, New York 10036, Attention: [●] / [●] (email: [redacted]), Jefferies LLC, 520 Madison Avenue, New York, New York 10022,
 Attention: General Counsel, and Wells Fargo Securities, LLC, 500 West 33rd Street, 14th Floor, New York, New York 10001, Attention: [●]; and if to the Company, shall be sufficient in all respects if delivered or sent to the Company at the
 offices of the Company at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, NY 10019, Attention: Chief Legal Officer (email: [redacted]).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Governing Law; Construction**. This Underwriting Agreement and any claim, counterclaim or dispute of any kind or nature
 whatsoever arising out of or in any way relating to this Underwriting Agreement (" <u>Claim</u> "), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The Section headings in
 this Underwriting Agreement have been inserted as a matter of convenience of reference and are not a part of this Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **Submission to Jurisdiction**. Except as set forth below, no Claim may be commenced, prosecuted or continued in any court other
 than the courts of the State of New York located in the City and County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters,
 and the Company and the Underwriters each consent to the jurisdiction of such courts and personal service with respect thereto. **EACH OF THE UNDERWRITERS, THE COMPANY (ON ITS BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS AND AFFILIATES) WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT OR OTHERWISE) IN ANY WAY ARISING OUT OF OR RELATING TO THIS UNDERWRITING AGREEMENT.** The Company agrees that a final judgment in any such action, proceeding or counterclaim brought in any such court shall be conclusive and binding upon the Company and may be enforced in
 any other courts in the jurisdiction of which the Company is or may be subject, by suit upon such judgment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **Parties at Interest**. The Underwriting Agreement herein set forth has been and is made solely for the benefit of the
 Underwriters and the Company and to the extent provided in Section 8 hereof the controlling persons, stockholders, partners, members, trustees, managers, directors, officers, employees, agents and affiliates referred to in such section,
 and their respective successors, assigns, heirs, personal representatives and executors and administrators. No other person, partnership, association or corporation (including a purchaser of Securities from any of the Underwriters, in
 such capacity as purchaser) shall acquire or have any right under or by virtue of this Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. **Counterparts**. This Underwriting Agreement may be signed by the parties in one or more counterparts which together shall
 constitute one and the same agreement among the parties. Electronic signatures complying with the New York Electronic Signatures and Records Act (N.Y. State Tech. §§ 301-309), as amended from time to time, or other applicable law will be
 deemed original signatures for purposes of this Underwriting Agreement. Transmission by telecopy, electronic mail or other transmission method of an executed counterpart of this Underwriting Agreement will constitute due and sufficient
 delivery of such counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. **Successors and Assigns**. This Underwriting Agreement shall be binding upon the Underwriters and the Company and any successor
 or assign of any substantial portion of the Company's or any of the Underwriters' respective businesses and/or assets, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. **Recognition of the U.S. Special Resolution Regimes**.

(a) In the event that any Underwriter that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Underwriter of this Underwriting Agreement, and any interest and obligation in or under this Underwriting Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Underwriting Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

(b) In the event that any Underwriter that is a Covered Entity or a BHC Act Affiliate of such Underwriter becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Underwriting Agreement that may be exercised against such Underwriter are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Underwriting Agreement were governed by the laws of the United States or a state of the United States.

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"<u>BHC Act Affiliate</u>" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

"<u>Covered Entity</u>" means any of the following:

<br> (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

<br> (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

<br> (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Default Right</u>" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>U.S. Special Resolution Regime</u>" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

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If the foregoing correctly sets forth the understanding among the Company and the Underwriters, please so indicate in the space provided below, whereupon this letter and your acceptance shall constitute a binding agreement among the Company and the Underwriters, severally.

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| |
|:---|
| Very truly yours, |
| PERSHING SQUARE INC. |
| By: |
| Title: |

---

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| |
|:---|
| Accepted and agreed to as of the date first above written, on behalf of themselves and the other several Underwriters named in Schedule A |
| CITIGROUP GLOBAL MARKETS INC. |
| By: |
| Title: |

---

---

| |
|:---|
| UBS SECURITIES LLC |
| By: |
| Title: |

---

  <br> By: <br> Title:

---

| |
|:---|
| BOFA SECURITIES, INC. |
| By: |
| Title: |

---

---

| |
|:---|
| JEFFERIES LLC |
| By: |
| Title: |

---

---

| |
|:---|
| WELLS FARGO SECURITIES, LLC |
| By: |
| Title: |

---

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#### SCHEDULE A

---

| | |
|:---|:---|
| Underwriters | Number of Securities |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets Inc. | [ ] |
| &nbsp;&nbsp;&nbsp; UBS Securities LLC | [ ] |
| &nbsp;&nbsp;&nbsp; BofA Securities, Inc. | [ ] |
| &nbsp;&nbsp;&nbsp; Jefferies LLC | [ ] |
| &nbsp;&nbsp;&nbsp; Wells Fargo Securities, LLC | [ ] |
| &nbsp;&nbsp;&nbsp; [ ] | [ ] |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | [ ] |

---

Schedule A-1

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#### SCHEDULE B
Pricing Terms

1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company is delivering [●] shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. To acquire, severally and not jointly, from the Company, ratably in accordance with the number of Firm Shares to be acquired by each of them, all or a portion of the Additional Shares
 in the same proportion to the Firm Shares delivered for PSUS Shares purchased pursuant to Section 1 of the PSUS Underwriting Agreement as may be necessary to cover over-allotments made in connection with the offering of the PSUS Shares,
 for no consideration additional to that provided pursuant to the PSUS Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The initial public offering price per share for the PSUS Shares shall be $50.00 and investors in the PSUS IPO will receive, for no additional consideration, 20 shares of Common Stock
 for every 100 PSUS Shares purchased.

Schedule B-1-1

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#### SCHEDULE E
FORM OF LOCK UP AGREEMENT

Pershing Square Inc.

Public Offering of Common Stock

Dated as of [ ], 2026

Citigroup Global Markets Inc.

UBS Securities LLC

BofA Securities, Inc.

Jefferies LLC

Wells Fargo Securities, LLC

&nbsp;&nbsp;&nbsp;&nbsp;as Managing Representatives

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York 10013

c/o UBS Securities LLC

1285 Avenue of the Americas

New York, New York 10019

c/o BofA Securities, Inc.

One Bryant Park

New York, New York 10036

c/o Jefferies LLC

520 Madison Avenue

New York, New York 10022

c/o Wells Fargo Securities, LLC

500 West 33rd Street, 14th Floor

New York, New York 10001

Ladies and Gentlemen:

This agreement is being delivered to you in connection with the underwriting agreement dated [●], 2026 (the "<u>Underwriting Agreement</u>") among Pershing Square Inc., a Nevada corporation (the "<u>Company</u>"), and BofA Securities, Inc., Citigroup Global Markets Inc., UBS Securities LLC, Jefferies LLC and Wells Fargo Securities, LLC (the "<u>Managing Representatives</u>"), as representatives of a group of underwriters (the "<u>Underwriters</u>"), relating to a proposed underwritten public offering of common stock (the "<u>Common Stock</u>") of the Company.

Schedule E-1

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In order to induce you and the other Underwriters to enter into the Underwriting Agreement, and in light of the benefits that the offering of the Common Stock will confer upon the undersigned in its capacity as a securityholder and/or an officer, director, affiliate, associate or employee of the Company, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned agrees with each Underwriter that, during the period beginning on and including the date of the Underwriting Agreement through and including the date that is the 180th day after the date of the Underwriting Agreement (such period, the "<u>Lock-Up Period</u>"), the undersigned will not, without the prior written consent of the Managing Representatives, directly or indirectly:

&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)&nbsp;&nbsp;&nbsp;&nbsp; offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, whether now owned or hereafter acquired by the undersigned or with respect to which the undersigned has or hereafter acquires the power of disposition, 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; enter into any swap or other agreement, arrangement, hedge or transaction that transfers into another, in whole or in part, directly or indirectly, any of the economic consequences of ownership of any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock,

whether any transaction described in clause (i) or (ii) above is to be settled by the delivery of Common Stock, other securities, in cash or otherwise (any such transaction, a "<u>Transfer</u>"), or publicly announce any intention to do any of the foregoing.

Notwithstanding the foregoing, the undersigned may, without the prior written consent of the Managing Representatives, Transfer any Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock:

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the undersigned is a natural person, as a bona fide gift or gifts or by will, by intestate succession or pursuant to a so-called "living trust" or other revocable trust established to provide for the disposition of property on the undersigned's death, in each case to any member of the immediate family (as defined below) of the undersigned or to a trust the beneficiaries of which are exclusively the undersigned or members of the undersigned's immediate family, or as a bona fide gift or gifts to a charity or educational institution;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the undersigned is a corporation, partnership, limited liability company or other entity, to a stockholder, partner, member, or other equityholder, as the case may be, of such corporation, partnership, limited liability company or other entity if, in any such case, such Transfer is not for value;

Schedule E-2

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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;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to a corporation, partnership, limited liability company or other entity that is a controlled or managed affiliate of the undersigned;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; if the undersigned is a grantor-retained annuity trust, to the grantor of such trust or to a trust to which a transfer would be permissible under clause (1) above if made by such grantor;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (1) through (4) above;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; pursuant to an order of a court or regulatory agency;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; from an executive officer to the Company or its subsidiaries upon death, disability or termination of employment, in each case, of such executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) to the Company pursuant to the exercise, in each case on a "cashless" or "net exercise" basis, of any option to purchase shares of Common Stock granted by the Company pursuant to any employee benefit plans or arrangements described in the General Disclosure Package which are set to expire during the Lock-Up Period, where any shares of Common Stock received by the undersigned upon any such exercise will be subject to the terms of this agreement or (b) for the purpose of satisfying any withholding taxes (including estimated taxes) due as a result of the exercise of any option to purchase shares of Common Stock or the vesting of any awards granted by the Company pursuant to employee benefit plans or arrangements described in the General Disclosure Package which are set to expire or automatically vest during the Lock-Up Period, in each case on a "cashless" or "net exercise" basis, where any shares of Common Stock received by the undersigned upon any such exercise or vesting will be subject to the terms of this agreement, provided that, any required filing under the Exchange Act or other public filing, report or announcement shall clearly indicate in the footnotes thereto the circumstances of such transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the pledge, hypothecation or other granting of a security interest in shares of the Common Stock or securities convertible into or exchangeable for shares of the Common Stock to one or more lending institutions as collateral or security for any loan, advance or extension of credit and any transfer upon foreclosure upon such shares of Common Stock, provided that the undersigned shall provide the Managing Representatives prior written notice informing them of any public filing, report or announcement with respect to such pledge, hypothecation or other grant of a security interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the entry into a trading plan established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), provided that in the case of this clause (9), sales under any such trading plan may not occur during the Lock-Up Period; 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;(11)&nbsp;&nbsp;&nbsp;&nbsp; sales, transfers or other dispositions pursuant to a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of Common Stock that has been entered into by the undersigned prior to the date hereof of which the Managing Representatives have received notice;

Schedule E-3

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*provided*, *however*, that in the case of any Transfer described in clause (1), (2), (3), (4), (5) or (7) above, it shall be a condition to the Transfer that (A) the transferee executes and delivers to the Managing Representatives, acting on behalf of the Underwriters, not later than one business day prior to such Transfer, a written agreement, in substantially the form of this agreement (it being understood that any references to "immediate family" in the agreement executed by such transferee shall expressly refer only to the immediate family of the undersigned and not to the immediate family of the transferee) and otherwise satisfactory in form and substance to the Managing Representatives, (B) in the case of a Transfer pursuant to clause (1) above, if the undersigned is required to file a report under Section 16(a) of the Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), reporting a reduction in beneficial ownership of Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock by the undersigned during the Lock-Up Period, the undersigned shall include a statement in such report to the effect that such Transfer is not a Transfer for value and that such Transfer is being made as a gift, by will or intestate succession or pursuant to a so-called "living trust" or other revocable trust established to provide for the disposition of property on the undersigned's death, as the case may be and (C) in the case of a Transfer pursuant to clause (1), (2), (3), (4), (5) or (6) above, no voluntary filing with the Securities and Exchange Commission or other public report, filing or announcement shall be made in respect of such Transfer during the Lock-Up Period (for the avoidance of doubt, no filing or amendment to a filing under Section 13(d) of the 1934 Act shall be considered voluntary); if any such reports or filings shall be required, (a) the undersigned shall provide the Managing Representatives prior written notice informing them of such report or filing and (b) except in the case of a Disclosed Transfer (defined below), such report or filing shall disclose that such donee, distributee or transferee, as the case may be, agrees to be bound in writing by the restrictions set forth herein. For purposes of this paragraph, "immediate family" shall mean any relationship by blood, marriage or adoption not more remote than the first cousin.

Notwithstanding the foregoing, the following Transfers of any Common Stock or any securities convertible into or exchangeable or exercisable for Common Stock shall not require prior written consent of the Managing Representatives and it shall not be a condition to any such Transfer that any transferee execute and deliver to the Managing Representatives a written agreement in substantially the form of this agreement if such transferee is not a director or officer of the Company and is not otherwise subject to the reporting requirements of Section 16(a) of the 1934 Act: (i) any Transfer by Pershing Square Partner Group, LLC to any of its members or by any such member to Pershing Square Partner Group, LLC in accordance with the terms of any compensation arrangements described in the General Disclosure Package, and (ii) any Transfer by the undersigned to the Company in accordance with the terms of the contribution arrangements described in the General Disclosure Package (in each case, a "<u>Disclosed Transfer</u>").

Prior to engaging in any transaction or taking any other action that is subject to the restrictions imposed by this agreement at any time during the period from and including the date of this agreement, the undersigned will give notice thereof to the Company and will not consummate such transaction or take any such action unless it has received written confirmation from the Company that the Lock-Up Period has expired.

Schedule E-4

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The undersigned further agrees that (i) it will not, during the Lock-Up Period, make any demand for or exercise any right with respect to the registration under the Securities Act of 1933, as amended, of any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock, and (ii) the Company may, with respect to any Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock owned or held (of record or beneficially) by the undersigned, cause the transfer agent or other registrar to enter stop transfer instructions and implement stop transfer procedures with respect to such securities during the Lock-Up Period.

If the undersigned is an officer, director or employee of the Company, the Managing Representatives agree that, at least three business days before the effective date of any release or waiver of the foregoing restrictions in connection with a Transfer of Common Stock or other securities, it will notify the Company of the impending release or waiver. The provisions of this paragraph will not apply if (i) the release or waiver is effected solely to permit a Transfer not for consideration and (ii) the transferee has agreed in writing to be bound by the same terms described in this agreement to the extent and for the duration that such terms remain in effect at the time of the Transfer. The undersigned acknowledges and agrees that the Managing Representatives may elect whether or not to grant any such release or waiver in its sole and absolute discretion.

The undersigned hereby represents and warrants that the undersigned has full power and authority to enter into this agreement and that this agreement has been duly authorized (if applicable), executed and delivered by the undersigned and is a valid and binding agreement of the undersigned. This agreement and all authority herein conferred are irrevocable and shall survive the death or incapacity of the undersigned (if a natural person) and shall be binding upon the heirs, personal representatives, successors and assigns of the undersigned.

The undersigned acknowledges and agrees that whether or not any public offering of Common Stock actually occurs depends on a number of factors, including market conditions.

THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[Signature Page Immediately Follows]

Schedule E-5

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IN WITNESS WHEREOF, the undersigned has executed and delivered this agreement as of the date first set forth above.

Yours very truly, <br>   <br> Print Name:

Schedule E-6

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#### SCHEDULE F
PERSONS SUBJECT TO LOCK-UP

1. Pershing Square Partner Group, LLC

2. William A. Ackman

3. Ryan Israel

4. Ben Hakim

5. Michael Gonnella

6. Halit Coussin

7. David Coppel Calvo

8. Kerry Murphy Healey

9. Orion Hindawi

10. Marco Kheirallah

11. Nicholas M. Lamotte

Schedule F-1

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#### SCHEDULE G
ISSUER FREE WRITING PROSPECTUS

Issuer General Use Free Writing Prospectuses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Letter to Investors from William A. Ackman, dated March 10, 2026, filed with the Commission pursuant to Rule 433 on March 10, 2026 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. X Post by @BillAckman, dated March 10, 2026, filed with the Commission pursuant to Rule 433 on March 10, 2026 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Electronic Road Show, dated [ ], 2026, filed with the Commission pursuant to Rule 433 on [ ], 2026]

Schedule G-1

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#### SCHEDULE H
WRITTEN TESTING-THE-WATERS COMMUNICATION

[____]

Schedule H-1

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## Exhibit 10.2

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Exhibit 10.2

#### PERSHING SQUARE INC.

#### 2026 EQUITY INCENTIVE PLAN
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**

**Purpose**. The purpose of the Pershing Square Inc. 2026 Equity Incentive Plan is to provide a means through which the Company and the other members of the Company Group may attract and retain key personnel and to provide a means whereby directors, officers, employees, consultants and advisors of the Company and the other members of the Company Group can acquire and maintain an equity interest in the Company, or be paid incentive compensation measured by reference to the value of Common Stock, thereby strengthening their commitment to the welfare of the Company Group and aligning their interests with those of the Company's stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**

**Definitions**. The following definitions shall be applicable throughout the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Adjustment Event</u>" has the meaning given to such term in Section 10(a) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means any Person that directly or indirectly controls, is controlled by or is under common control with the Company. The term "control" (including, with correlative meaning, the terms "controlled by" and "under common control with"), as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting or other securities, by contract or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Applicable Law</u>" means each applicable law, rule, regulation and requirement, including, but not limited to, each applicable U.S. federal, state or local law, any rule or regulation of the applicable securities exchange or inter-dealer quotation system on which the securities of the Company may be listed or quoted and each applicable law, rule or regulation of any other country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as each such law, rule and regulation shall be in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Award</u>" means, individually or collectively, any Incentive Stock Option, Nonqualified Stock Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit and Other Equity-Based Award granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Award Agreement</u>" means the document or documents by which each Award is evidenced, which may be in written or electronic form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<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;(g) "<u>Cause</u>" means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) "Cause," as defined in any employment, offer letter, or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment, offer letter, or consulting agreement (or the absence of any definition of "Cause" contained therein), the Participant's (A) willful neglect in the performance of the Participant's duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct, which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony (or similar crime in any non-U.S. jurisdiction for Participants outside the U.S.) or (II) any other crime that results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the Company Group; (D) material violation of the written policies of the Service Recipient or those set forth in the manuals or statements of policy of the Service Recipient as in effect from time to time (including, but not limited to, those relating to sexual harassment); (E) fraud, misappropriation or embezzlement related to the Service Recipient or any other member of the Company Group; (F) act of personal dishonesty that involves personal profit in connection with the Participant's employment or service to the Service Recipient; or (G) engagement in any Detrimental Activity (other than as described in prong (ii) of such term); *provided*, in any case, that a Participant's resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Change in Control</u>" means, except in connection with any initial public offering of the Common Stock, the occurrence of any of the following events after the completion of the initial public offering 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;(i) the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the Outstanding Common Stock; or (B) the Outstanding Company Voting Securities; *provided, however*, that for purposes of the Plan, the following acquisitions shall not constitute a Change in Control: (I) any acquisition by the Company or any Affiliate; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate; or (III) in respect of an Award held by a particular Participant, any acquisition by the Participant or any group of Persons including the Participant (or any entity controlled by the Participant or any group of Persons including the Participant);

&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) during any period of 12 months, individuals who, at the beginning of such period, constitute the Board (the "<u>Incumbent Directors</u>") cease for any reason to constitute at least a majority of the members of the Board, provided that (A) any person becoming a director subsequent to the Effective Date, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director) and (B) any person becoming a director subsequent to the Effective Date who received a "FOR" vote by the Special Voting Share (or, if the voting power of the Special Voting Share is only partially cast "FOR" such person, who received a "FOR" vote by at least a majority of the voting power cast by the Special Voting Share) shall be an Incumbent Director; *provided, however*, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;

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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;(iii) the consummation of a reorganization, recapitalization, merger, consolidation, or similar corporate transaction involving the Company that requires the approval of the Company's stockholders (a "<u>Business Combination</u>"), unless immediately following such Business Combination: more than 50% of the total voting power of (A) the entity resulting from such Business Combination (the "<u>Surviving Company</u>"), or (B) if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the board of directors (or the analogous governing body) of the Surviving Company, is represented by the Outstanding Company Voting Securities that were outstanding immediately prior to such Business Combination (or, if applicable, is represented by shares into which the Outstanding Company Voting Securities were converted pursuant to such Business Combination); 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;(iv) the sale, transfer or other disposition of all or substantially all of the assets of the Company Group (taken as a whole) to any Person that is not an Affiliate of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Code</u>" means the Internal Revenue Code of 1986, as amended, and any successor thereto. Reference in the Plan to any section of the Code shall be deemed to include any regulations or other interpretative guidance under such section, and any amendments or successor provisions to such section, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Committee</u>" means the Compensation Committee of the Board or any properly delegated subcommittee thereof or, if no such Compensation Committee or subcommittee thereof exists, the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Common Stock</u>" means the common stock of the Company, par value $0.001 per share (and any stock or other securities into which such Common Stock may be converted or into which it may be exchanged).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Company</u>" means Pershing Square Inc., a Nevada corporation, and any successor thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Company Group</u>" means, collectively, the Company and its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)

 "<u>Date of Grant</u>" means the date on which the grant of an Award is made, or such other date as may be specified in the authorization for such grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Designated Foreign Subsidiaries</u>" means all members of the Company Group, if any, that are organized under the laws of any jurisdiction other than the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Detrimental Activity</u>" means any of the following: (i) unauthorized disclosure or use of any confidential or proprietary information of any member of the Company Group; (ii) any activity that would be grounds to terminate the Participant's employment or service with the Service Recipient for Cause, *provided, however,* that prong (ii)(G) of the Cause definition shall be excluded from this definition; (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the Company Group; or (iv) the Participant's fraud or conduct contributing to any financial restatements or irregularities, in each case, as determined by the Committee in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Disability</u>" means, as to any Participant, unless the applicable Award Agreement states otherwise, (i) "Disability," as defined in any employment, offer letter, or consulting agreement between the Participant and the Service Recipient in effect at the time of Termination; or (ii) in the absence of any such employment, offer letter, or consulting agreement (or the absence of any definition of "Disability" contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member of the Company Group in which such Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties of the position at which the Participant was employed or served when such disability commenced. Any determination of whether Disability exists in the absence of a long-term disability plan shall be made by the Company (or its designee) in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Effective Date</u>" means [ <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> ], 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Eligible Person</u>" means: any (i) individual employed by any member of the Company Group; *provided, however*, that no such U.S. employee covered by a collective bargaining agreement shall be an Eligible Person unless and to the extent that such eligibility is set forth in such collective bargaining agreement or in an agreement or instrument relating thereto; (ii) director of any member of the Company Group; or (iii) consultant or advisor to any member of the Company Group, or any other Person, in each case, who may be offered securities 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 Applicable Law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Exchange Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Exercise Price</u>" has the meaning given to such term in Section 7(b) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Fair Market Value</u>" means, as of any date, the fair market value of a share of Common Stock, as reasonably determined by the Company and consistently applied for purposes of the Plan, which may include, without limitation, the closing sales price on the trading day immediately prior to or on such date, the average of the high and low sales prices on such date, or a trailing average of previous closing prices prior to such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>GAAP</u>" has the meaning given to such term in Section 7(d) of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Grant Date Fair Market Value</u>" means, as of a Date of Grant, unless otherwise determined by the Committee (i) if the Common Stock is listed on a national securities exchange, the closing sales price of the Common Stock reported on the primary exchange on which the Common Stock is listed and traded on such date, or, if there are no such sales on that date, then on the last preceding date on which such sales were reported; (ii) if the Common Stock is not listed on any national securities exchange but is quoted in an inter-dealer quotation system on a last-sale basis, the average between the closing bid price and ask price reported on such date, or, if there is no such sale on that date, then on the last preceding date on which a sale was reported; or (iii) if the Common Stock is not listed on a national securities exchange or quoted in an inter-dealer quotation system on a last-sale basis, the amount determined by the Committee in good faith to be the fair market value of the Common Stock; *provided, however*, as to any Awards granted on or with a Date of Grant of the date of the pricing of the Company's initial public offering, "Grant Date Fair Market Value" shall be equal to the per share price at which the Common Stock is offered to the public in connection with such initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>Incentive Stock Option</u>" means an Option which is designated by the Committee as an incentive stock option as described in Section 422 of the Code and otherwise meets the requirements set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Indemnifiable Person</u>" has the meaning given to such term in Section 4(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa)

"<u>Non-Employee Director</u>" means a member of the Board who is not an employee of any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb)

"<u>Nonqualified Stock Option</u>" means an Option which is not an Incentive Stock Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>Option</u>" means an Award granted under Section 7 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "<u>Option Period</u>" has the meaning given to such term in Section 7(c)(ii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee)

"<u>Other Equity-Based Award</u>" means an Award that is not an Option, Restricted Stock or Restricted Stock Unit, that is granted under Section 9 of the Plan and is (i) payable by delivery of Common Stock and/or (ii) measured by reference to the value of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff)

"<u>Outstanding Common Stock</u>" means the then-outstanding shares of Common Stock, taking into account as outstanding for this purpose such shares of Common Stock issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, the exercise of any similar right to acquire such Common Stock, and the exercise or settlement of then-outstanding Awards (or similar awards under any prior Equity Incentive Plans maintained by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg)

"<u>Outstanding Company Voting Securities</u>" means the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh)

"<u>Participant</u>" means an Eligible Person who has been selected by the Committee to participate in the Plan and granted an Award pursuant to the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "<u>Performance Conditions</u>" means specific levels of performance of the Company (and/or one or more members of the Company Group, divisions or operational and/or business units, product lines, brands, business segments, administrative departments, or any combination of the foregoing), which may be determined in accordance with GAAP or on a non-GAAP basis, or such other performance criteria as the Committee may determine, including, without limitation, the following measures: (i) net earnings, net income (before or after taxes), or consolidated net income; (ii) basic or diluted earnings per share (before or after taxes); (iii) net revenue or net revenue growth; (iv) gross revenue or gross revenue growth, gross profit or gross profit growth; (v) net operating profit (before or after taxes or other adjustments); (vi) return measures (including, but not limited to, return on investment, assets, capital, employed capital, invested capital, equity, or sales); (vii) cash flow measures (including, but not limited to, operating cash flow, free cash flow, or cash flow return on capital), which may be but are not required to be measured on a per share basis; (viii) actual or adjusted earnings before or after interest, taxes, depreciation, and/or amortization (including EBIT and EBITDA); (ix) gross or net operating margins; (x) productivity ratios; (xi) share price (including, but not limited to, growth measures and total stockholder return); (xii) expense targets or cost reduction goals, general and administrative expense savings; (xiii) operating efficiency; (xiv) objective measures of customer/client satisfaction; (xv) working capital targets; (xvi) measures of economic value added or other 'value creation' metrics; (xvii) enterprise value; (xviii) sales; (xix) stockholder return; (xx) customer/client retention; (xxi) competitive market metrics; (xxii) employee retention; (xxiii) objective measures of personal targets, goals, or completion of projects (including, but not limited to, succession and hiring projects, completion of specific acquisitions, dispositions, reorganizations, or other corporate transactions or capital-raising transactions, expansions of specific business operations, and meeting divisional or project budgets); (xxiv) comparisons of continuing operations to other operations; (xxv) market share; (xxvi) cost of capital, debt leverage, year-end cash position or book value; (xxvii) strategic objectives; (xxviii) gross or net authorizations; (xxix) backlog; or (xxx) any combination of the foregoing. Any one or more of the aforementioned performance criteria may be stated as a percentage of another performance criteria, or used on an absolute or relative basis to measure the performance of one or more members of the Company Group as a whole or any divisions or operational and/or business units, product lines, brands, business segments, or administrative departments of the Company and/or one or more members of the Company Group or any combination thereof, as the Committee may deem appropriate, or any of the above performance criteria may be compared to the performance of a selected group of comparison companies, or a published or special index that the Committee, in its sole discretion, deems appropriate, or as compared to various stock market indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj)

"<u>Permitted Transferee</u>" has the meaning given to such term in Section 12(b)(ii) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk)

"<u>Person</u>" means any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "<u>Plan</u>" means this Pershing Square Inc. 2026 Equity Incentive Plan, as it may be amended and/or restated from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "<u>Plan Share Reserve</u>" has the meaning given to such term in Section 6(a) of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn)

"<u>Qualifying Director</u>" means a Person who is, with respect to actions intended to obtain an exemption from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 under the Exchange Act, a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo)

"<u>Restricted Period</u>" means the period of time determined by the Committee during which an Award is subject to restrictions, including vesting conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp)

"<u>Restricted Stock</u>" means Common Stock, subject to certain specified restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq)

"<u>Restricted Stock Unit</u>" means an unfunded and unsecured promise to deliver shares of Common Stock, cash, other securities or other property, subject to certain restrictions (which may include, without limitation, a requirement that the Participant remain continuously employed or provide continuous services for a specified period of time), granted under Section 8 of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr)

"<u>Securities Act</u>" means the Securities Act of 1933, as amended, and any successor thereto. Reference in the Plan to any section of (or rule promulgated under) the Securities Act shall be deemed to include any rules, regulations or other interpretative guidance under such section or rule, and any amendments or successor provisions to such section, rules, regulations or guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss)

"<u>Service Recipient</u>" means, with respect to a Participant holding a given Award, the member of the Company Group by which the original recipient of such Award is, or following a Termination was most recently, principally employed or to which such original recipient provides, or following a Termination was most recently providing, services, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt)

"<u>SAR Base Price</u>" means, as to any Stock Appreciation Right, the price per share of Common Stock designated as the base value above which appreciation in value is measured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu)

"<u>Special Voting Share</u>" has the meaning given to such term in the Certificate of Incorporation of Pershing Square Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "<u>Stock Appreciation Right</u>" or "<u>SAR</u>" means an Other-Equity Based Award designated in an applicable Award Agreement as a stock appreciation right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww)

"<u>Sub-Plans</u>" means any sub-plan to the Plan that has been adopted by the Board or the Committee for the purpose of permitting or facilitating the offering of Awards to employees of certain Designated Foreign Subsidiaries or otherwise outside the jurisdiction of the United States of America, with each such Sub-Plan designed to comply with Applicable Law in such foreign jurisdictions. Although any Sub-Plan may be designated a separate and independent plan from the Plan in order to comply with Applicable Law, the Plan Share Reserve and the other limits specified in Section 6(a) of the Plan shall apply in the aggregate to the Plan and any Sub-Plan adopted hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "<u>Subsidiary</u>" means, with respect to any specified Person:

&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 corporation, association or other business entity of which more than 50% of the total voting power of shares of such entity's voting securities (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders' agreement that effectively transfers voting power) is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination 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;(ii) any partnership (or any comparable foreign entity) (A) the sole general partner (or functional equivalent thereof) or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners (or functional equivalents thereof) of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy)

"<u>Substitute Awards</u>" has the meaning given to such term in Section 6(e) of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz)

"<u>Termination</u>" means the termination of a Participant's employment or service, as applicable, with the Service Recipient for any reason (including death or Disability).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.**

**Effective Date; Duration**. The Plan shall be effective as of the Effective Date. The Plan will continue in effect until the tenth (10<sup>th</sup>) anniversary of the Effective Date (or termination of the Plan pursuant to Section11, if earlier); *provided, however*, that such termination shall not affect Awards then outstanding, and the terms and conditions of the Plan shall continue to apply to such Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**

**Administration**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Committee shall administer the Plan. To the extent required to comply with the provisions of Rule 16b-3 promulgated under the Exchange Act (if the Board is not acting as the Committee under the Plan) it is intended that each member of the Committee shall, at the time such member takes any action with respect to an Award under the Plan that is intended to qualify for the exemptions provided by Rule 16b-3 promulgated under the Exchange Act, be a Qualifying Director. However, the fact that a Committee member shall fail to qualify as a Qualifying Director shall not invalidate any Award granted by the Committee that is otherwise validly granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Committee Authority</u>. Subject to the provisions of the Plan and Applicable Law, the Committee shall have the sole and plenary authority, in addition to other express powers and authorizations conferred on the Committee by the Plan, to (i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of shares of Common Stock to be covered by, or with respect to which payments, rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards may be settled in, or exercised for, cash, shares of Common Stock, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances the delivery of cash, shares of Common Stock, other securities, other Awards, or other property and other amounts payable with respect to an Award shall be deferred either automatically or at the election of the Participant or of the Committee; (vii) interpret, administer, reconcile any inconsistency in, correct any defect in and/or supply any omission in the Plan and any instrument or agreement relating to, or Award granted under, the Plan; (viii) establish, amend, suspend, or waive any rules and regulations and appoint such agents as the Committee shall deem appropriate for the proper administration of the Plan; (ix) adopt Sub-Plans; and (x) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Delegation</u>. Except to the extent prohibited by Applicable Law, the Committee may allocate all or any portion of its responsibilities and powers to any one or more of its members and may delegate all or any part of its responsibilities and powers to any Person or Persons selected by it. Any such allocation or delegation may be revoked by the Committee at any time. Without limiting the generality of the foregoing, the Committee may delegate to one or more officers of any member of the Company Group, the authority to act on behalf of the Committee with respect to any matter, right, obligation, or election which is the responsibility of, or which is allocated to, the Committee herein, and which may be so delegated in accordance with Applicable Law, except with respect to grants of Awards to Persons (i) who are Non-Employee Directors, or (ii) who are subject to Section 16 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Finality of Decisions</u>. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan, any Award or any Award Agreement shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all Persons, including, without limitation, any member of the Company Group, any Participant, any holder or beneficiary of any Award, and any stockholder of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Indemnification</u>. No member of the Board or the Committee or any employee or agent of any member of the Company Group (each such Person, an "<u>Indemnifiable Person</u>") shall be liable for any action taken or omitted to be taken or any determination made with respect to the Plan or any Award hereunder (unless constituting fraud or a willful criminal act or omission). Each Indemnifiable Person shall be indemnified and held harmless by the Company against and from any loss, cost, liability, or expense (including attorneys' fees) that may be imposed upon or incurred by such Indemnifiable Person in connection with or resulting from any action, suit or proceeding to which such Indemnifiable Person may be a party or in which such Indemnifiable Person may be involved by reason of any action taken or omitted to be taken or determination made with respect to the Plan or any Award hereunder and against and from any and all amounts paid by such Indemnifiable Person with the Company's approval, in settlement thereof, or paid by such Indemnifiable Person in satisfaction of any judgment in any such action, suit or proceeding against such Indemnifiable Person, and the Company shall advance to such Indemnifiable Person any such expenses promptly upon written request (which request shall include an undertaking by the Indemnifiable Person to repay the amount of such advance if it shall ultimately be determined, as provided below, that the Indemnifiable Person is not entitled to be indemnified); *provided*, that the Company shall have the right, at its own expense, to assume and defend any such action, suit or proceeding and once the Company gives notice of its intent to assume the defense, the Company shall have sole control over such defense with counsel of the Company's choice. The foregoing right of indemnification shall not be available to an Indemnifiable Person to the extent that a final judgment or other final adjudication (in either case not subject to further appeal) binding upon such Indemnifiable Person determines that the acts, omissions or determinations of such Indemnifiable Person giving rise to the indemnification claim resulted from such Indemnifiable Person's fraud or willful criminal act or omission or that such right of indemnification is otherwise prohibited by Applicable Law or by the organizational documents of any member of the Company Group. The foregoing right of indemnification shall not be exclusive of or otherwise supersede any other rights of indemnification to which such Indemnifiable Persons may be entitled under (i) the organizational documents of any member of the Company Group, (ii) pursuant to Applicable Law, (iii) an individual indemnification agreement or contract or otherwise, or (iv) any other power that the Company may have to indemnify such Indemnifiable Persons or hold such Indemnifiable Persons harmless.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Board Authority</u>. Notwithstanding anything to the contrary contained in the Plan, the Board may, in its sole discretion, at any time and from time to time, grant Awards and administer the Plan with respect to such Awards. Any such actions by the Board shall be subject to the applicable rules of the securities exchange or inter-dealer quotation system on which the Common Stock is listed or quoted. In any such case, the Board shall have all the authority granted to the Committee under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**

**Grants of Awards; Eligibility**. The Committee may, from time to time, grant Awards to one or more Eligible Persons. Participation in the Plan shall be limited to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**

**Shares Subject to the Plan; Limitations**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Share Reserve</u>. Subject to Section 10 of the Plan, 20,000,000 shares of Common Stock (the "<u>Plan Share Reserve</u>") shall be available for Awards under the Plan. Each Award granted under the Plan will reduce the Plan Share Reserve by the number of shares of Common Stock underlying the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Additional Limits</u>. Subject to Section 10 of the Plan, (i) no more than the number of shares of Common Stock equal to 20,000,000 shares may be issued in the aggregate pursuant to the exercise of Incentive Stock Options granted under the Plan; and (ii) during a single fiscal year, the number of Awards eligible to be made to any Non-Employee Director, taken together with any cash fees paid to such Non-Employee Director during such fiscal year, shall not exceed a total value of $750,000 (calculating the value of any such Awards based on the grant date fair value of such Awards for financial reporting purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Share Counting</u>. Other than with respect to Substitute Awards, to the extent that any portion of an Award expires or is canceled, forfeited, or terminated without issuance to the Participant of the full number of shares of Common Stock to which the Award related, the unissued shares underlying such Award or portion thereof will be returned to the Plan Share Reserve and again be available for grant under the Plan. Shares of Common Stock shall be deemed to have been issued in settlement of Awards if the Fair Market Value equivalent of such shares is paid in cash; *provided, however*, that no shares shall be deemed to have been issued in settlement of a SAR, Other Equity-Based Award or Restricted Stock Unit that only provides for settlement in, and settles only in, cash. Shares of Common Stock withheld in payment of the Exercise Price, SAR Base Price or taxes relating to an Award shall constitute shares of Common Stock issued to the Participant and shall reduce the Plan Share Reserve.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Source of Shares</u>. Shares of Common Stock issued by the Company in settlement of Awards may be authorized and unissued shares, shares of Common Stock held in the treasury of the Company, shares of Common Stock purchased on the open market or by private purchase or a combination of the foregoing.

(e<u>)</u>

<u>Substitute Awards</u>. Awards may, in the sole discretion of the Committee, be granted under the Plan in assumption of, or in substitution for, outstanding awards previously granted by an entity directly or indirectly acquired by the Company or with which the Company combines ("<u>Substitute Awards</u>"). Substitute Awards shall not be counted against the Plan Share Reserve; *provided*, that Substitute Awards issued in connection with the assumption of, or in substitution for, outstanding options intended to qualify as "incentive stock options" within the meaning of Section 422 of the Code shall be counted against the aggregate number of shares of Common Stock available for Awards of Incentive Stock Options under the Plan. Subject to applicable stock exchange requirements, available shares under a stockholder-approved plan of an entity directly or indirectly acquired by the Company or with which the Company combines (as appropriately adjusted to reflect the acquisition or combination transaction) may be used for Awards under the Plan and shall not reduce the number of shares of Common Stock available for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**

**Options**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each Option granted under the Plan shall be evidenced by an Award Agreement, which agreement need not be the same for each Participant. Each Option so granted shall be subject to the conditions set forth in this Section 7, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options granted under the Plan shall be Nonqualified Stock Options unless the applicable Award Agreement expressly states that the Option is intended to be an Incentive Stock Option. Incentive Stock Options may be granted only to Eligible Persons who are employees of a member of the Company Group. No Option may be treated as an Incentive Stock Option unless the Plan has been approved by the stockholders of the Company in a manner intended to comply with the stockholder approval requirements of Section 422(b)(1) of the Code. Any Option intended to be an Incentive Stock Option which does not qualify as an Incentive Stock Option for any reason, including by reason of grant to an Eligible Person who is not an employee or the Plan not being properly approved by the stockholders of the Company under Section 422(b)(1) of the Code, then, to the extent of such non-qualification, such Option or portion thereof shall be regarded as a Nonqualified Stock Option appropriately granted under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Exercise Price</u>. Except as otherwise provided by the Committee in the case of Substitute Awards, the exercise price ("<u>Exercise Price</u>") per share of Common Stock for each Option shall not be less than 100% of the Grant Date Fair Market Value of such share; *provided, however*, that in the case of an Incentive Stock Option granted to an employee who, at the time of the grant of such Option, owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group, the Exercise Price per share shall be no less than 110% of the Grant Date Fair Market Value per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting and Expiration; Termination</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;(i) Options shall vest and become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, satisfaction of Performance Conditions; *provided, however*, that notwithstanding any such vesting dates or events, the Committee may in its sole discretion accelerate the vesting of any Options at any time and for any reason.

&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) Options shall expire upon a date determined by the Committee, not to exceed 10 years from the Date of Grant (the "<u>Option Period</u>"); *provided*, that if the Option Period (other than in the case of an Incentive Stock Option) would expire on a date when (A) trading in the shares of Common Stock is prohibited by the Participant by the Company's insider trading policy (or Company-imposed "blackout period" applicable to the Participant), and (B) the Fair Market Value exceeds the Exercise Price per share on such expiration date, then the Option Period shall be automatically extended until the 30<sup>th</sup> day following the expiration of such prohibition. Notwithstanding the foregoing, in no event shall the Option Period exceed five years from the Date of Grant in the case of an Incentive Stock Option granted to a Participant who on the Date of Grant owns stock representing more than 10% of the voting power of all classes of stock of any member of the Company Group.

&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) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of: (A) a Participant's Termination by the Service Recipient for Cause, all outstanding Options granted to such Participant shall immediately terminate and expire; (B) a Participant's Termination due to death or Disability, each outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for one year thereafter (but in no event beyond the expiration of the Option Period); and (C) a Participant's Termination for any other reason, each outstanding unvested Option granted to such Participant shall immediately terminate and expire, and each outstanding vested Option shall remain exercisable for 90 days thereafter (but in no event beyond the expiration of the Option Period); provided that, in the case of subclause (B) or (C) of this <u>Section 7(c)(iii)</u>, if the applicable exercise period with respect to such Option (other than an Incentive Stock Option) would expire on a date when (A) trading in the shares of Common Stock is prohibited by the Participant by the Company's insider trading policy (or Company-imposed "blackout period" applicable to the Participant), and (B) the Fair Market Value exceeds the Exercise Price per share on such expiration date, then the Option Period shall be automatically extended until the 30<sup>th</sup> day following the expiration of such prohibition.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Method of Exercise and Form of Payment</u>. No shares of Common Stock shall be issued pursuant to any exercise of an Option until payment in full of the Exercise Price therefor is received by the Company and the Participant has paid to the Company an amount equal to any Federal, state, local and non-U.S. income, employment and any other applicable taxes that are required to be withheld under Applicable Law, as determined in accordance with Section 12(d) hereof. Options which have become exercisable may be exercised by delivery of written or electronic notice (or telephonic instructions to the extent provided by the Committee) of exercise to the Company (or any third-party administrator, as applicable) in accordance with the terms of the Option and any other exercise procedure established by the Committee, accompanied by payment of the Exercise Price. Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, the Exercise Price shall be payable: (i) in cash, check, cash equivalent and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by means of attestation of ownership of a sufficient number of shares of Common Stock in lieu of actual issuance of such shares to the Company); *provided*, that such shares of Common Stock are not subject to any pledge or other security interest and have been held by the Participant for at least six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment applying generally accepted accounting principles ("<u>GAAP</u>")); or (ii) by such other method as the Committee may permit, in its sole discretion, including, without limitation (A) in other property having a fair market value on the date of exercise equal to the Exercise Price; (B) if there is a public market for the shares of Common Stock at such time, by means of a broker-assisted "cashless exercise" pursuant to which the Company is delivered (including telephonically to the extent permitted by the Committee) a copy of irrevocable instructions to a stockbroker to sell the shares of Common Stock otherwise issuable upon the exercise of the Option and to deliver promptly to the Company an amount equal to the Exercise Price; or (C) a "net exercise" procedure effected by withholding the minimum number of shares of Common Stock otherwise issuable in respect of an Option that are needed to pay the Exercise Price and any Federal, state, local and non-U.S. income, employment and any other applicable taxes that are required to be withheld under Applicable Law, as determined in accordance with Section 12(d) hereof. Unless otherwise determined by the Committee, any fractional shares of Common Stock shall be settled in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Notification upon Disqualifying Disposition of an Incentive Stock Option</u>. Each Participant awarded an Incentive Stock Option under the Plan shall notify the Company in writing immediately after the date the Participant makes a disqualifying disposition of any shares of Common Stock acquired pursuant to the exercise of such Incentive Stock Option. A disqualifying disposition is any disposition (including, without limitation, any sale) of such shares of Common Stock before the later of (i) the date that is two years after the Date of Grant of the Incentive Stock Option or (ii) the date that is one year after the date of exercise of the Incentive Stock Option. The Company may, if determined by the Committee and in accordance with procedures established by the Committee, retain possession, as agent for the applicable Participant, of any shares of Common Stock acquired pursuant to the exercise of an Incentive Stock Option until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such shares of Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Compliance With Laws, etc</u>. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner which the Committee determines would violate the Sarbanes-Oxley Act of 2002, as it may be amended from time to time, or any other Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**

**Restricted Stock and Restricted Stock Units**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. Each grant of Restricted Stock and Restricted Stock Units shall be evidenced by an Award Agreement. Each Restricted Stock and Restricted Stock Unit so granted shall be subject to the conditions set forth in this Section 8, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stock Certificates and Book-Entry; Escrow or Similar Arrangement</u>. Upon the grant of Restricted Stock, the Committee shall cause a stock certificate registered in the name of the Participant to be issued or shall cause share(s) of Common Stock to be registered in the name of the Participant and held in book-entry form subject to the Company's directions and, if the Committee determines that the Restricted Stock shall be held by the Company or in escrow rather than issued to the Participant pending the release of the applicable restrictions, the Committee may require the Participant to additionally execute and deliver to the Company (i) an escrow agreement satisfactory to the Committee, if applicable and (ii) the appropriate stock power (endorsed in blank) with respect to the Restricted Stock covered by such agreement. Subject to the restrictions set forth in this Section 8, Section 12(b) of the Plan and the applicable Award Agreement, a Participant generally shall have the rights and privileges of a stockholder as to shares of Restricted Stock, including, without limitation, the right to vote such Restricted Stock. To the extent shares of Restricted Stock are forfeited, any stock certificates issued to the Participant evidencing such shares shall be returned to the Company, and all rights of the Participant to such shares and as a stockholder with respect thereto shall terminate without further obligation on the part of the Company. A Participant shall have no rights or privileges as a stockholder as to Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Vesting; Termination</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;(i) Restricted Stock and Restricted Stock Units shall vest, and any applicable Restricted Period shall lapse, in such manner and on such date or dates or upon such event or events as determined by the Committee, including, without limitation, satisfaction of Performance Conditions; *provided, however*, that, notwithstanding any such dates or events, the Committee may, in its sole discretion, accelerate the vesting of any Restricted Stock or Restricted Stock Unit or the lapsing of any applicable Restricted Period at any time and for any reason.

&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) Unless otherwise provided by the Committee, whether in an Award Agreement or otherwise, in the event of a Participant's Termination for any reason prior to the time that such Participant's Restricted Stock or Restricted Stock Units, as applicable, have vested, (A) all vesting with respect to such Participant's Restricted Stock or Restricted Stock Units, as applicable, shall cease and (B) unvested shares of Restricted Stock and unvested Restricted Stock Units, as applicable, shall be forfeited to the Company by the Participant for no consideration as of the date of such Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Issuance of Restricted Stock and Settlement of Restricted Stock Units</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;(i) Upon the expiration of the Restricted Period with respect to any shares of Restricted Stock, the restrictions set forth in the applicable Award Agreement shall be of no further force or effect with respect to such shares, except as set forth in the applicable Award Agreement. If an escrow arrangement is used, upon such expiration, the Company shall issue to the Participant, or the Participant's beneficiary, without charge, the stock certificate (or, if applicable, a notice evidencing a book-entry notation) evidencing the shares of Restricted Stock which have not then been forfeited and with respect to which the Restricted Period has expired (rounded down to the nearest full share).

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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) Unless otherwise provided by the Committee in an Award Agreement or otherwise, upon the expiration of the Restricted Period with respect to any outstanding Restricted Stock Units, the Company shall issue to the Participant or the Participant's beneficiary, without charge, one share of Common Stock (or other securities or other property, as applicable) for each such outstanding Restricted Stock Unit; *provided, however*, that the Committee may, in its sole discretion, elect to (A) pay cash or part cash and part shares of Common Stock in lieu of issuing only shares of Common Stock in respect of such Restricted Stock Units; or (B) defer the issuance of shares of Common Stock (or cash or part cash and part shares of Common Stock, as the case may be) beyond the expiration of the Restricted Period if such extension would not cause adverse tax consequences under Section 409A of the Code. If a cash payment is made in lieu of issuing shares of Common Stock in respect of such Restricted Stock Units, the amount of such payment shall be equal to the Fair Market Value per share of the Common Stock as of the date on which the Restricted Period lapsed with respect to such Restricted Stock Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Legends on Restricted Stock</u>. Each certificate, if any, or book entry representing Restricted Stock awarded under the Plan, if any, shall bear a legend or book entry notation substantially in the form of the following, in addition to any other information the Company deems appropriate, until the lapse of all restrictions with respect to such shares of Common Stock:

TRANSFER OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY IS RESTRICTED PURSUANT TO THE TERMS OF THE PERSHING SQUARE, INC. 2026 EQUITY INCENTIVE PLAN AND A RESTRICTED STOCK AWARD AGREEMENT BETWEEN PERSHING SQUARE, INC. AND THE PARTICIPANT. A COPY OF SUCH PLAN AND AWARD AGREEMENT IS ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF PERSHING SQUARE, INC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.**

**Other Equity-Based Awards**. The Committee may grant Other Equity-Based Awards under the Plan to Eligible Persons, alone or in tandem with other Awards, in such amounts and dependent on such conditions as the Committee shall from time to time in its sole discretion determine, including, without limitation, satisfaction of Performance Conditions. Each Other Equity-Based Award granted under the Plan shall be evidenced by an Award Agreement and shall be subject to such conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**

**Changes in Capital Structure and Similar Events**. Notwithstanding any other provision in the Plan to the contrary, the following provisions shall apply to all Awards granted hereunder:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. In the event of (i) any dividend (other than regular cash dividends) or other distribution (whether in the form of cash, shares of Common Stock, other securities or other property), 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 of the Company, issuance of warrants or other rights to acquire shares of Common Stock or other securities of the Company, or other similar corporate transaction or event that affects the shares of Common Stock (including a Change in Control); or (ii) unusual or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations or other requirements, that the Committee determines, in its sole discretion, could result in substantial dilution or enlargement of the rights intended to be granted to, or available for, Participants, in each case expressly excluding any automatic adjustment to the voting power of the Special Voting Share pursuant to its terms (any event in (i) or (ii), an "<u>Adjustment Event</u>"), the Committee shall, in respect of any such Adjustment Event, make such proportionate substitution or adjustment, if any, as it deems equitable, to any or all of (A) the Plan Share Reserve, or any other limit applicable under the Plan with respect to the number of Awards which may be granted hereunder; (B) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) which may be issued in respect of Awards or with respect to which Awards may be granted under the Plan or any Sub-Plan; and (C) the terms of any outstanding Award, including, without limitation, (I) the number of shares of Common Stock or other securities of the Company (or number and kind of other securities or other property) subject to outstanding Awards or to which outstanding Awards relate; (II) the Exercise Price or SAR Base Price with respect to any Option or SAR, as applicable, or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award); or (III) any applicable performance measures; *provided*, that in the case of any "equity restructuring" (within the meaning of the Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor pronouncement thereto)), the Committee shall make an equitable or proportionate adjustment to outstanding Awards to reflect such equity restructuring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Change in Control</u>. Without limiting the foregoing, in connection with any Adjustment Event that is a Change in Control, the Committee may, in its sole discretion, provide for any one or more of the following:

&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) substitution or assumption of, acceleration of the vesting of, exercisability of, or lapse of restrictions on, any one or more outstanding Awards; 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;(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, without limitation, any Awards that would vest as a result of the occurrence of such event but for such cancellation or for which vesting is accelerated by the Committee in connection with such event pursuant to clause (i) above), the value of such Awards, if any, as determined by the Committee (which value, if applicable, may be based upon the price per share of Common Stock received or to be received by other stockholders of the Company in such event), including, without limitation, in the case of an outstanding Option or SAR, a cash payment in an amount equal to the excess, if any, of the Fair Market Value (as of a date specified by the Committee) of the shares of Common Stock subject to such Option or SAR over the aggregate Exercise Price or SAR Base Price of such Option or SAR (it being understood that, in such event, any Option or SAR having a per share Exercise Price or SAR Base Price equal to, or in excess of, the Fair Market Value of a share of Common Stock subject thereto may be canceled and terminated without any payment or consideration therefor).

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For purposes of clause (i) above, an award will be considered granted in substitution of an Award if it has an equivalent value (as determined consistent with clause (ii) above) with the original Award, whether designated in securities of the acquiror in such Change in Control transaction (or an Affiliate thereof), or in cash or other property (including in the same consideration that other stockholders of the Company receive in connection with such Change in Control transaction), and retains the vesting schedule applicable to the original Award.

Payments to holders pursuant to clause (ii) above shall be made in cash or, in the sole discretion of the Committee, in the form of such other consideration necessary for a Participant to receive property, cash, or securities (or combination thereof) as such Participant would have been entitled to receive upon the occurrence of the transaction if the Participant had been, immediately prior to such transaction, the holder of the number of shares of Common Stock covered by the Award at such time (less any applicable Exercise Price or SAR Base Price).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Requirements</u>. Prior to any payment or adjustment contemplated under this Section 10, the Committee may require a Participant to (i) represent and warrant as to the unencumbered title to the Participant's Awards; (ii) bear such Participant's pro rata share of any post-closing indemnity obligations, and be subject to the same post-closing purchase price adjustments, escrow terms, offset rights, holdback terms, and similar conditions as the other holders of Common Stock, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code; and (iii) deliver customary transfer documentation as reasonably determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fractional Shares</u>. Unless otherwise determined by the Committee, any adjustment provided under this Section 10 may provide for the elimination of any fractional share that might otherwise become subject to an Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Binding Effect</u>. Any adjustment, substitution, determination of value or other action taken by the Committee under this Section 10 shall be conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.**

**Amendments and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Amendment and Termination of the Plan</u>. The Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; *provided*, that no such amendment, alteration, suspension, discontinuance or termination shall 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 Plan (except for increases pursuant to Section 6 or 10 of the Plan); or (iii) it would materially modify the requirements for participation in the Plan; *provided, further*, that 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 theretofore granted shall not to that extent be effective without the consent of the affected Participant, holder or beneficiary. Notwithstanding the foregoing, no amendment shall be made to Section 11(c) of the Plan without stockholder approval.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Amendment of Award Agreements</u>. The Committee may, to the extent consistent with the terms of the Plan and any applicable Award Agreement, waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted or the associated Award Agreement, prospectively or retroactively (including after a Participant's Termination); *provided*, that, other than pursuant to Section 10, any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would materially and adversely affect the rights of any Participant with respect to any Award theretofore granted shall not to that extent be effective without the consent of the affected Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Repricing</u>. Notwithstanding anything in the Plan to the contrary, without stockholder approval, except as otherwise permitted under Section 10 of the Plan, (i) no amendment or modification may reduce the Exercise Price of any Option or the SAR Base Price of any SAR; (ii) the Committee may not cancel any outstanding Option or SAR and replace it with a new Option or SAR (with a lower Exercise Price or SAR Base Price, as the case may be) or other Award or cash payment that is greater than the intrinsic value (if any) of the cancelled Option or SAR; and (iii) the Committee may not take any other action which is considered a "repricing" for purposes of the stockholder approval rules of any securities exchange or inter-dealer quotation system on which the securities of the Company are listed or quoted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**

**General**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Award Agreements</u>. Each Award under the Plan shall be evidenced by an Award Agreement, which shall be delivered to the Participant to whom such Award was granted and shall specify the terms and conditions of the Award and any rules applicable thereto, including, without limitation, the effect on such Award of the death, Disability or Termination of a Participant, or of such other events as may be determined by the Committee. For purposes of the Plan, an Award Agreement may be in any such form (written or electronic) as determined by the Committee (including, without limitation, a Board or Committee resolution, an employment agreement, a notice, a certificate or a letter) evidencing the Award. The Committee need not require an Award Agreement to be signed by the Participant or a duly authorized representative of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Nontransferability</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;(i) Each Award shall be exercisable only by such Participant to whom such Award was granted during the Participant's lifetime, or, if permissible under Applicable Law, by the Participant's legal guardian or representative. No Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant (unless such transfer is (x) specifically required by Applicable Law or (y) specifically required by a domestic relations order and the Participant provides advanced written notice to the Company of such domestic relations order or transfer requirement, as applicable) other than by will or by the laws of descent and distribution and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against any member of the Company Group; *provided*, that the designation of a beneficiary shall not constitute an assignment, alienation, pledge, attachment, sale, transfer or encumbrance.

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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) Notwithstanding the foregoing, the Committee may, in its sole discretion, permit Awards (other than Incentive Stock Options) to be transferred by a Participant, without consideration, subject to such rules as the Committee may adopt consistent with any applicable Award Agreement to preserve the purposes of the Plan, to any person who is a "family member" of the Participant, as such term is used in the instructions to Form S-8 under the Securities Act or any successor form of registration statement promulgated by the Securities and Exchange Commission (a "<u>Permitted Transferee</u>"); *provided*, that the Participant gives the Committee advance written notice describing the terms and conditions of the proposed transfer and the Committee notifies the Participant in writing that such a transfer would comply with the requirements of the Plan.

&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 terms of any Award transferred in accordance with clause (ii) above shall apply to the Permitted Transferee and any reference in the Plan, or in any applicable Award Agreement, to a Participant shall be deemed to refer to the Permitted Transferee, except that (A) Permitted Transferees shall not be entitled to transfer any Award, other than by will or the laws of descent and distribution; (B) Permitted Transferees shall not be entitled to exercise any transferred Option unless there shall be in effect a registration statement on an appropriate form covering the shares of Common Stock to be acquired pursuant to the exercise of such Option if the Committee determines, consistent with any applicable Award Agreement, that such a registration statement is necessary or appropriate; (C) neither the Committee nor the Company shall be required to provide any notice to a Permitted Transferee, whether or not such notice is or would otherwise have been required to be given to the Participant under the Plan or otherwise; and (D) the consequences of a Participant's Termination under the terms of the Plan and the applicable Award Agreement shall continue to be applied with respect to the Participant, including, without limitation, that an Option shall be exercisable by the Permitted Transferee only to the extent, and for the periods, specified in the Plan and the applicable Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends and Dividend Equivalents</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;(i) The Committee may, in its sole discretion, provide a Participant as part of an Award with dividends, dividend equivalents, or similar payments in respect of Awards, payable in cash, shares of Common Stock, other securities, other Awards or other property, on a current or deferred basis, on such terms and conditions as may be determined by the Committee in its sole discretion, including, without limitation, payment directly to the Participant, withholding of such amounts by the Company subject to vesting of the Award or reinvestment in additional shares of Common Stock, Restricted Stock or other Awards.

&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) Without limiting the foregoing, unless otherwise provided in the Award Agreement, any dividend otherwise payable in respect of any share of Restricted Stock that remains subject to vesting conditions at the time of payment of such dividend shall be retained by the Company and remain subject to the same vesting conditions as the share of Restricted Stock to which the dividend relates and shall be delivered (without interest) to the Participant within 15 days following the date on which such restrictions on such Restricted Stock lapse (and the right to any such accumulated dividends shall be forfeited upon the forfeiture of the Restricted Stock to which such dividends relate).

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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;(iii) To the extent provided in an Award Agreement, the holder of outstanding Restricted Stock Units shall be entitled to be credited with dividend equivalent payments (upon the payment by the Company of dividends on shares of Common Stock) either in cash or, in the sole discretion of the Committee, in shares of Common Stock having a Fair Market Value equal to the amount of such dividends (and interest may, in the sole discretion of the Committee, be credited on the amount of cash dividend equivalents at a rate and subject to such terms as determined by the Committee), which accumulated dividend equivalents (and interest thereon, if applicable) shall be payable at the same time as the underlying Restricted Stock Units are settled following the date on which the Restricted Period lapses with respect to such Restricted Stock Units, and if such Restricted Stock Units are forfeited, the Participant shall have no right to such dividend equivalent payments (or interest thereon, if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Tax Withholding</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;(i) A Participant shall be required to pay to the Company or one or more of its Subsidiaries, as applicable, an amount in cash (by check or wire transfer) equal to the aggregate amount of any income, employment and/or other applicable taxes that are required to be withheld under Applicable Law in respect of an Award. Alternatively, the Company or any of its Subsidiaries may elect, in its sole discretion, to satisfy this requirement by withholding such amount from any cash compensation or other cash amounts owing to a Participant.

&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) Without limiting the foregoing, the Committee may (but is not obligated to), in its sole discretion, permit or require a Participant to satisfy, all or any portion of the minimum income, employment and/or other applicable taxes that are required to be withheld under Applicable Law with respect to an Award by (A) the delivery of shares of Common Stock (which are not subject to any pledge or other security interest) that have been both held by the Participant and vested for at least six months (or such other period as established from time to time by the Committee in order to avoid adverse accounting treatment under applicable accounting standards) having an aggregate Fair Market Value equal to such minimum statutorily required withholding liability (or portion thereof); or (B) having the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, the Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, a number of shares of Common Stock with an aggregate Fair Market Value equal to an amount, subject to clause (iii) below, not in excess of such minimum statutorily required withholding liability (or 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;(iii) The Committee, subject to its having considered the applicable accounting impact of any such determination, has full discretion to allow Participants to satisfy, in whole or in part, any additional income, employment and/or other applicable taxes payable by them with respect to an Award by electing to have the Company withhold from the shares of Common Stock otherwise issuable or deliverable to, or that would otherwise be retained by, a Participant upon the grant, exercise, vesting or settlement of the Award, as applicable, shares of Common Stock having an aggregate Fair Market Value that is greater than the applicable minimum required statutory withholding liability (but such withholding may in no event be in excess of the maximum statutory withholding amount(s) in a Participant's relevant tax jurisdictions).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>No Claim to Awards; No Rights to Continued Employment; Waiver</u>. No employee of any member of the Company Group, or other Person, shall have any claim or right to be granted an Award under the Plan or, having been selected for the grant of an Award, to be selected for a grant of any other Award. There is no obligation for uniformity of treatment of Participants or holders or beneficiaries of Awards. The terms and conditions of Awards and the Committee's determinations and interpretations with respect thereto need not be the same with respect to each Participant and may be made selectively among Participants, whether or not such Participants are similarly situated. Neither the Plan nor any action taken hereunder shall be construed as giving any Participant any right to be retained in the employ or service of the Service Recipient or any other member of the Company Group, nor shall it be construed as giving any Participant any rights to continued service on the Board. The Service Recipient or any other member of the Company Group may at any time dismiss a Participant from employment or discontinue any consulting relationship, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or any Award Agreement. By accepting an Award under the Plan, a Participant shall thereby be deemed to have waived any claim to continued exercise or vesting of an Award or to damages or severance entitlement related to non-continuation of the Award beyond the period provided under the Plan or any Award Agreement, except to the extent of any provision to the contrary in any written employment contract or other agreement between the Service Recipient and/or any member of the Company Group and the Participant, whether any such agreement is executed before, on or after the Date of Grant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>International Participants</u>. With respect to Participants who reside or work outside of the United States of America, the Committee may, in its sole discretion, amend the terms of the Plan and create or amend Sub-Plans or amend outstanding Awards with respect to such Participants in order to permit or facilitate participation in the Plan by such Participants, conform such terms with the requirements of Applicable Law or to obtain more favorable tax or other treatment for a Participant or any member of the Company Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Designation and Change of Beneficiary</u>. To the extent permitted under Applicable Law and by the Committee, each Participant may file with the Company a written designation of one or more Persons as the beneficiary(ies) who shall be entitled to receive the amounts payable with respect to an Award, if any, due under the Plan upon the Participant's death. A Participant may, from time to time, revoke or change the Participant's beneficiary designation without the consent of any prior beneficiary by filing a new designation with the Committee. The last such designation received by the Committee shall be controlling; *provided, however*, that no designation, or change or revocation thereof, shall be effective unless received by the Committee prior to the Participant's death, and in no event shall it be effective as of a date prior to such receipt. If no beneficiary designation is filed by a Participant, or in the event the Company determines that any such designation does not comply with Applicable Law, the beneficiary shall be deemed to be the Participant's estate.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Termination</u>. Except as otherwise provided in an Award Agreement, unless determined otherwise by the Committee at any point following such event: (i) neither a temporary absence from employment or service due to illness, vacation or leave of absence (including, without limitation, a call to active duty for military service through a Reserve or National Guard unit) nor a transfer from employment or service with one Service Recipient to employment or service with another Service Recipient (or vice-versa) shall be considered a Termination; and (ii) if a Participant undergoes a Termination, but such Participant continues to provide services to the Company Group in a non-employee capacity, such change in status shall not be considered a Termination for purposes of the Plan. Further, unless otherwise determined by the Committee, in the event that any Service Recipient ceases to be a member of the Company Group (by reason of sale, divestiture, spin-off or other similar transaction), unless a Participant's employment or service is transferred to another entity that would constitute a Service Recipient immediately following such transaction, such Participant shall be deemed to have suffered a Termination hereunder as of the date of the consummation of such transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>No Rights as a Stockholder</u>. Except as otherwise specifically provided in the Plan or any Award Agreement, no Person shall be entitled to the privileges of ownership in respect of shares of Common Stock which are subject to Awards hereunder until such shares have been issued or delivered to such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Government and Other Regulations</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;(i) The obligation of the Company to settle Awards in shares of Common Stock or other consideration shall be subject to all Applicable Law. Notwithstanding any terms or conditions of any Award to the contrary, the Company shall be under no obligation to offer to sell or to sell, and shall be prohibited from offering to sell or selling, any shares of Common Stock pursuant to an Award unless such shares have been properly registered for sale pursuant to the Securities Act with the Securities and Exchange Commission (or as otherwise permitted under Applicable Law) or unless the Company has received an opinion of counsel (if the Company has requested such an opinion), satisfactory to the Company, that such shares may be offered or sold without such registration pursuant to an available exemption therefrom and the terms and conditions of such exemption have been fully complied with. The Company shall be under no obligation to register for sale under the Securities Act any of the shares of Common Stock to be offered or sold under the Plan. The Committee shall have the authority to provide that all shares of Common Stock or other securities of any member of the Company Group issued under the Plan shall be subject to such stop-transfer orders and other restrictions as the Committee may deem advisable under the Plan, the applicable Award Agreement and Applicable Law, and, without limiting the generality of Section 8 of the Plan, the Committee may cause a legend or legends to be put on certificates representing shares of Common Stock or other securities of any member of the Company Group issued under the Plan to make appropriate reference to such restrictions or may cause such Common Stock or other securities of any member of the Company Group issued under the Plan in book-entry form to be held subject to the Company's instructions or subject to appropriate stop-transfer orders. Notwithstanding any provision in the Plan to the contrary, the Committee reserves the right to add, at any time, any additional terms or provisions to any Award granted under the Plan that the Committee, in its sole discretion, deems necessary or advisable in order that such Award complies with the legal requirements of any governmental entity to whose jurisdiction the Award is subject.

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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) The Committee may cancel an Award or any portion thereof if it determines, in its sole discretion, that legal or contractual restrictions and/or blockage and/or other market considerations would make the Company's acquisition of shares of Common Stock from the public markets, the Company's issuance of Common Stock to the Participant, the Participant's acquisition of Common Stock from the Company and/or the Participant's sale of Common Stock to the public markets, illegal, impracticable or inadvisable. If the Committee determines to cancel all or any portion of an Award in accordance with the foregoing, the Company shall, subject to any limitations or reductions as may be necessary to comply with Section 409A of the Code, (A) in the case of Options, SARs or other Awards subject to exercise, pay to the Participant an amount equal to the excess of (I) the aggregate Fair Market Value of the shares of Common Stock subject to such Award or portion thereof canceled (determined as of the applicable exercise date, or the date that the shares would have been vested or issued, as applicable); over (II) the aggregate Exercise Price or SAR Base Price (in the case of an Option or SAR, respectively) or any amount payable as a condition of issuance of shares of Common Stock (in the case of any other Award subject to exercise), or (B) in the case of Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, provide the Participant with a cash payment or equity subject to deferred vesting and delivery consistent with the vesting restrictions applicable to such Restricted Stock, Restricted Stock Units or Other Equity-Based Awards, or the underlying shares in respect thereof. Any applicable amounts shall be delivered to the Participant as soon as practicable following the cancellation of such Award or portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>No Section 83(b) Elections Without Consent of Company</u>. No election under Section 83(b) of the Code or under a similar provision of law may be made unless expressly permitted by the terms of the applicable Award Agreement or by action of the Committee in writing prior to the making of such election. If a Participant, in connection with the acquisition of shares of Common Stock under the Plan or otherwise, is expressly permitted to make such election and the Participant makes the election, the Participant shall notify the Company of such election within 10 days after filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to Section 83(b) of the Code or other applicable provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Payments to Persons Other Than Participants</u>. If the Committee shall find that any Person to whom any amount is payable under the Plan is unable to care for the Participant's affairs because of illness or accident, or is a minor, or has died, then any payment due to such Person or the Participant's estate (unless a prior claim therefor has been made by a duly appointed legal representative) may, if the Committee so directs the Company, be paid to the Participant's spouse, child, relative, an institution maintaining or having custody of such Person, or any other Person deemed by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment. Any such payment shall be a complete discharge of the liability of the Committee and the Company therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Nonexclusivity of the Plan</u>. Neither the adoption of the Plan by the Board nor the submission of the Plan to the stockholders of the Company for approval shall be construed as creating any limitations on the power of the Board to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of equity-based awards otherwise than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) <u>No Trust or Fund Created</u>. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between any member of the Company Group, on the one hand, and a Participant or other Person, on the other hand. No provision of the Plan or any Award shall require the Company, for the purpose of satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or other entity to which contributions are made or otherwise to segregate any assets, nor shall the Company be obligated to maintain separate bank accounts, books, records or other evidence of the existence of a segregated or separately maintained or administered fund for such purposes. Participants shall have no rights under the Plan other than as unsecured general creditors of the Company, except that insofar as they may have become entitled to payment of additional compensation by performance of services, they shall have the same rights as other service providers under general law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) <u>Reliance on Reports</u>. Each member of the Committee and each member of the Board shall be fully justified in acting or failing to act, as the case may be, and shall not be liable for having so acted or failed to act in good faith, in reliance upon any report made by the independent public accountant of any member of the Company Group and/or any other information furnished in connection with the Plan by any agent of the Company or the Committee or the Board, other than himself or herself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) <u>Relationship to Other Benefits</u>. No payment under the Plan shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the Company except as otherwise specifically provided in such other plan or as required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) <u>Governing Law</u>. The Plan shall be governed by and construed in accordance with the internal laws of the State of Nevada applicable to contracts made and performed wholly within the State of Nevada, without giving effect to the conflict of laws provisions thereof. EACH PARTICIPANT WHO ACCEPTS AN AWARD IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION, OR OTHER PROCEEDING INSTITUTED BY OR AGAINST SUCH PARTICIPANT IN RESPECT OF THE PARTICIPANT'S RIGHTS OR OBLIGATIONS UNDER THE PLAN OR ANY APPLICABLE AWARD AGREEMENT. In any action arising under or relating to this Plan or any applicable Award Agreement, the court shall not have the authority to, and shall not, conduct a de novo review of any determination made by the Committee or the Company but is instead authorized to determine solely whether the determination was the result of fraud or bad faith under Nevada law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) <u>Severability</u>. If any provision of the Plan or any Award or Award Agreement is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the Applicable Laws, or if it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be construed or deemed stricken as to such jurisdiction, Person or Award and the remainder of the Plan and any such Award shall remain in full force and effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) <u>Obligations Binding on Successors</u>. The obligations of the Company under the Plan shall be binding upon any successor corporation or organization resulting from the merger, consolidation or other reorganization of the Company, or upon any successor corporation or organization succeeding to substantially all of the assets and business of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) <u>Section 409A of the Code</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;(i) Notwithstanding any provision of the Plan to the contrary, it is intended that the provisions of the Plan comply with Section 409A of the Code, including applicable exemptions, and all provisions of the Plan shall be construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A of the Code. Each Participant is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on or in respect of such Participant in connection with the Plan (including any taxes and penalties under Section 409A of the Code), and neither the Service Recipient nor any other member of the Company Group shall have any obligation to indemnify or otherwise hold such Participant (or any beneficiary) harmless from any or all of such taxes or penalties. With respect to any Award that is considered "deferred compensation" subject to Section 409A of the Code, references in the Plan to "termination of employment" (and substantially similar phrases) shall mean "separation from service" within the meaning of Section 409A of the Code. For purposes of Section 409A of the Code, each of the payments that may be made in respect of any Award granted under the Plan is designated as separate payments.

&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) Notwithstanding anything in the Plan to the contrary, if a Participant is a "specified employee" within the meaning of Section 409A(a)(2)(B)(i) of the Code, no payments in respect of any Awards that are "deferred compensation" subject to Section 409A of the Code and which would otherwise be payable upon the Participant's "separation from service" (as defined in Section 409A of the Code) shall be made to such Participant prior to the date that is six months after the date of such Participant's "separation from service" or, if earlier, the date of the Participant's death. Following any applicable six month delay, all such delayed payments will be paid in a single lump sum on the earliest date permitted under Section 409A of the Code that is also a business day.

&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) Unless otherwise provided by the Committee in an Award Agreement or otherwise, in the event that the timing of payments in respect of any Award (that would otherwise be considered "deferred compensation" subject to Section 409A of the Code) would be accelerated upon the occurrence of (A) a Change in Control, no such acceleration shall be permitted unless the event giving rise to the Change in Control satisfies the definition of a change in the ownership or effective control of a corporation, or a change in the ownership of a substantial portion of the assets of a corporation pursuant to Section 409A of the Code; or (B) a Disability, no such acceleration shall be permitted unless the Disability also satisfies the definition of "Disability" pursuant to Section 409A 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;(iv) This Section 12(t) shall only apply with respect to Participants to whom Section 409A of the Code is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) <u>Clawback/Repayment</u>. All Awards shall be subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by the Board or the Committee and as in effect from time to time; and (ii) Applicable Law. Further, unless otherwise determined by the Committee, to the extent that the Participant receives any amount in excess of the amount that the Participant should otherwise have received under the terms of the Award for any reason (including, without limitation, by reason of a financial restatement, mistake in calculations or other administrative error), the Participant shall be required to repay any such excess amount to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Detrimental Activity</u>. Notwithstanding anything to the contrary contained herein, if a Participant has engaged in any Detrimental Activity, as determined by the Committee, the Committee may, in its sole discretion, provide for one or more of the following:

&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) cancellation of any or all of such Participant's outstanding Awards; 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) forfeiture by the Participant of any gain realized in respect of Awards, and repayment of any such gain promptly to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) <u>Right of Offset</u>. The Company will have the right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement any outstanding amounts (including, without limitation, travel and entertainment or advance account balances, loans, repayment obligations under any Awards, or amounts repayable to the Company pursuant to tax equalization, housing, automobile or other employee programs) that the Participant then owes to any member of the Company Group and any amounts the Committee otherwise deems appropriate pursuant to any tax equalization policy or agreement. Notwithstanding the foregoing, if an Award is "deferred compensation" subject to Section 409A of the Code, the Committee will have no right to offset against its obligation to deliver shares of Common Stock (or other property or cash) under the Plan or any Award Agreement if such offset could subject the Participant to the additional tax imposed under Section 409A of the Code in respect of an outstanding Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <u>Expenses; Titles and Headings</u>. The expenses of administering the Plan shall be borne by the Company Group. The titles and headings of the sections in the Plan are for convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles or headings, shall control.

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## Exhibit 10.3

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**Exhibit 10.3**<br>

#### REGISTRATION RIGHTS AGREEMENT

#### by and among

#### PERSHING SQUARE INC.

#### and

#### THE OTHER PARTIES HERETO
**Dated as of [**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **], 2026**

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#### **TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
| | | Page |
| Article I DEFINITIONS | Article I DEFINITIONS | 1 |
| Section 1.1 | Certain Definitions | 1 |
| Section 1.2 | Other Definitional Provisions; Interpretation | 4 |
| Article II REGISTRATION RIGHTS | Article II REGISTRATION RIGHTS | 4 |
| Section 2.1 | Right to Demand a Non-Shelf Registered Offering | 4 |
| Section 2.2 | Right to Piggyback on a Non-Shelf Registered Offering | 5 |
| Section 2.3 | Right to Demand and be Included in a Shelf Registration | 5 |
| Section 2.4 | Demand and Piggyback Rights for Shelf Takedowns | 5 |
| Section 2.5 | Effective Registration | 5 |
| Section 2.6 | Limitations on Demand and Piggyback Rights | 6 |
| Section 2.7 | Notifications Regarding Registration Statements | 6 |
| Section 2.8 | Notifications Regarding Registration Piggyback Rights | 7 |
| Section 2.9 | Notifications Regarding Demanded Underwritten Takedowns | 7 |
| Section 2.10 | Plan of Distribution, Underwriters and Counsel | 7 |
| Section 2.11 | Cutbacks | 8 |
| Section 2.12 | Withdrawals | 8 |
| Section 2.13 | Lockups | 8 |
| Section 2.14 | Expenses | 9 |
| Section 2.15 | Facilitating Registrations and Offerings | 9 |
| Section 2.16 | Rule 144 | 13 |
| Section 2.17 | Underwritten Registrations | 14 |
| Section 2.18 | No Inconsistent Agreements | 14 |
| Section 2.19 | In-Kind Distributions | 14 |
| Section 2.20 | Termination of Registration Rights | 14 |
| Article III INDEMNIFICATION | Article III INDEMNIFICATION | 15 |
| Section 3.1 | Indemnification by the Company | 15 |
| Section 3.2 | Indemnification by the Beneficial Owners | 16 |
| Section 3.3 | Notices of Claims, Etc. | 16 |
| Section 3.4 | Contribution | 17 |
| Section 3.5 | Non-Exclusivity | 18 |

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i

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| | | |
|:---|:---|:---|
| Article IV OTHER | Article IV OTHER | 18 |
| Section 4.1 | Notices | 18 |
| Section 4.2 | Transfer Rights | 19 |
| Section 4.3 | Current Public Information | 19 |
| Section 4.4 | Additional Parties; Joinder Agreement | 20 |
| Section 4.5 | Amendments; Waiver | 20 |
| Section 4.6 | Third Parties | 20 |
| Section 4.7 | Governing Law | 20 |
| Section 4.8 | Consent to Jurisdiction | 20 |
| Section 4.9 | Mutual Waiver of Jury Trial | 21 |
| Section 4.10 | Specific Performance | 21 |
| Section 4.11 | Entire Agreement | 21 |
| Section 4.12 | Severability | 21 |
| Section 4.13 | Counterparts | 21 |
| Section 4.14 | Effectiveness | 21 |
| Section 4.15 | Company Successor | 21 |

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ii

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#### REGISTRATION RIGHTS AGREEMENT
THIS REGISTRATION RIGHTS AGREEMENT (the "<u>Agreement</u>") is dated as of [_____], 2026 and is by and among Pershing Square Inc., a Nevada corporation (the "<u>Compan</u>y") and the Investors (as defined below).

<u>BACKGROUND</u>

WHEREAS, the Company is effecting an underwritten initial public offering ("<u>IPO</u>") of shares of its Common Stock; and

WHEREAS, the Company now desires to grant registration rights to the Investors on the terms and conditions set out in this Agreement.

NOW, THEREFORE, the parties agree as follows:

#### ARTICLE I

#### DEFINITIONS
Section 1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Definitions.</u>

"<u>Affiliate</u>" has the meaning ascribed thereto in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof.

"<u>Agreement</u>" has the meaning set forth in the preamble.

"<u>Board</u>" means the board of directors of the Company.

"<u>Business Da</u>y" means any day other than a Saturday, a Sunday or a day that is a statutory holiday under the laws of the United States or the State of New York.

"<u>Common Stock</u>" means shares of common stock, par value $0.001 per share, of the Company, and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation or similar transaction.

"<u>Compan</u>y" has the meaning set forth in the preamble.

"<u>Control</u>" (including its correlative meanings, "<u>Controlled b</u>y" and "<u>under common Control with</u>") means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person.

"<u>Exchan</u>g<u>e Act</u>" means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

"<u>FINRA</u>" means the Financial Industry Regulatory Authority, Inc.

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"<u>Governmental Authorit</u>y" means any nation or government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

"<u>Investor</u>" means (a) ManagementCo, (b) each Person that executes a Joinder Agreement pursuant to <u>Section 4.2</u> as a transferee of an Investor and (c) each other Person who at any time, with the consent of ManagementCo, executes a Joinder Agreement as an "Investor," and in each case, is the beneficial owner (as such term is defined under the Exchange Act) of Registrable Securities or securities exercisable, exchangeable or convertible into Registrable Securities.

"<u>IPO</u>" has the meaning set forth in the recitals.

"<u>Joinder A</u>g<u>reement</u>" has the meaning set forth in <u>Section 4.4</u>.

"<u>Law</u>" means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority.

"<u>ManagementCo</u>" means PS Holdco GP Managing Member, LLC, a Delaware limited liability company.

"<u>NewCo</u>" has the meaning set forth in <u>Section 4.2(c)</u>.

"<u>Person</u>" means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, a cooperative, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political subdivision thereof.

"<u>Other Registration Rights</u>" means the registration rights granted by the Company other than pursuant to this Agreement.

"<u>Public Offerin</u>g" shall mean a public offering and sale of Common Stock of the Company for cash, other than by the Company, pursuant to an effective registration statement under the Securities Act.

"<u>Re</u>g<u>istrable Securities</u>" means all Shares, provided that such Shares will cease to be Registrable Securities when:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; a registration statement covering such Registrable Securities has been declared effective and such Registrable Securities have been disposed of pursuant to such registration statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &nbsp;&nbsp;&nbsp;&nbsp; such Registrable Securities shall have been sold pursuant to Rule 144 or 145 (or any similar provision then in effect) under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp; such Registrable Securities cease to be outstanding.

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"<u>Registration Expenses</u>" means any and all expenses incurred in connection with the performance of or compliance with this Agreement, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all SEC, stock exchange, or FINRA registration and filing fees (including, if applicable, the fees and expenses of any "qualified independent underwriter," as such term is defined in Rule 5121 of FINRA, and of its counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all fees and expenses of complying with securities or blue sky Laws (including fees and disbursements of counsel for the underwriters in connection with blue sky qualifications of the Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all printing, duplicating, word processing, messenger, telephone, facsimile and delivery expenses (including expenses of printing certificates for the Registrable Securities in a form eligible for deposit with The Depository Trust Company and of printing prospectuses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange or FINRA and all rating agency fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the fees and disbursements of counsel for the Company and of its independent public accountants, including the expenses of any special audits and/or "cold comfort" letters required by or incident to such performance and compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fees and disbursements of underwriters customarily paid by the issuers or sellers of Securities, including liability insurance if the Company so desires or if the underwriters so require, and the reasonable fees and expenses of any special experts retained in connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; any fees and disbursements of counsel (including the fees and disbursements of one separate outside counsel (and local and special counsel, to the extent necessary) for each Investor) incurred in connection with any registration statement or registered offering covering Registrable Securities beneficially owned by the Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all fees and expenses of one accountant selected by the Investors holding a majority of the Registrable Securities being registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; the costs and expenses of the Company relating to analyst and investor presentations or any "road show" undertaken in connection with the registration and/or marketing of the Registrable Securities (including the reasonable out-of-pocket expenses of the Investors); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp; any other fees and disbursements customarily paid by the issuers of securities.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission or any successor agency.

"<u>Securities Act</u>" means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

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"<u>Shares</u>" means (i) all shares of Common Stock of the Company beneficially owned by Investors from time to time, including any Shares beneficially owned by Persons who are or become parties to this agreement by the execution and delivery of a Joinder Agreement, (ii) any Shares or other securities issued or issuable as a distribution with respect to, or in exchange for or in replacement of any of the foregoing Shares or other securities beneficially owned by such Investor, including Units and (iii) any other securities issued or transferred in exchange for or upon conversion of any of the foregoing Shares as a result of a merger, consolidation, reorganization or otherwise and any other securities issued to any other beneficial owners of Shares in connection with any such transaction.

"<u>Transfer</u>" (including its correlative meanings, "<u>Transferor</u>," "<u>Transferee</u>" and "<u>Transferred</u>") shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic, voting or other rights in or to such security. When used as a noun, "<u>Transfer</u>" shall have such correlative meaning as the context may require.

"<u>WKSI</u>" means a well-known seasoned issuer, as defined in the SEC's Rule 405.

Section 1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Other Definitional Provisions; Interpretation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The words "hereof," "herein," and "hereunder" and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and references in this Agreement to a designated "Article" or "Section" refer to an Article or Section of this Agreement unless otherwise specified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The headings in this Agreement are included for convenience of reference only and do not limit or otherwise affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meanings given to terms defined herein are equally applicable to both the singular and plural forms of such terms.

#### ARTICLE II

#### REGISTRATION RIGHTS
Section 2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Demand a Non-Shelf Registered Offering</u>. Subject to <u>Section 2.6</u>, upon the demand of ManagementCo made at any time and from time to time, the Company will facilitate in the manner described in this <u>Article II</u> a non-shelf registered offering of the Registrable Securities requested by ManagementCo to be included in such offering. Any demanded non-shelf registered offering may, subject to <u>Section 2.6</u> and <u>Section 2.11</u>, (i) at the Company's option, include Common Stock of the Company to be sold by the Company for its own account, (ii) at ManagementCo's option, include Registrable Securities to be sold by the other Investors for their own accounts and (iii) at ManagementCo's option, include any additional shares of Common Stock to be sold in such offering.

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Section 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Piggyback on a Non-Shelf Registered Offering</u>. In connection with any registered offering of Registrable Securities covered by a non-shelf registration statement (whether pursuant to the exercise of demand rights or at the initiative of the Company), ManagementCo may, in accordance with this <u>Article II</u>, exercise piggyback rights to have included in such offering Registrable Securities beneficially owned by it and/or such other Investors, as determined by ManagementCo. The Company will facilitate in the manner described in this Agreement any such non-shelf registered offering.

Section 2.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Right to Demand and be Included in a Shelf Registration</u>. Subject to <u>Section 2.6</u>, upon the demand of ManagementCo made at any time and from time to time when the Company is eligible to sell its Common Stock in a secondary offering on a delayed or continuous basis in accordance with Rule 415, the Company will facilitate in the manner described in this Agreement a shelf registration of Registrable Securities beneficially owned by ManagementCo and/or such other Investors, as determined by ManagementCo. Any shelf registration statement filed by the Company covering Common Stock (whether pursuant to a demand by ManagementCo or at the initiative of the Company) will cover such Registrable Securities beneficially owned by ManagementCo and/or such other Investors, as determined by ManagementCo, as ManagementCo may request (regardless of whether ManagementCo demanded the filing of such shelf or not). If at the time of such request the Company is a WKSI, such shelf registration statement would, at the request of ManagementCo, cover an unspecified number of Registrable Securities to be sold by ManagementCo and/or such other Investors, as determined by ManagementCo, and, if the Company so elects, the Company.

Section 2.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Demand and Piggyback Rights for Shelf Takedowns</u>. Subject to <u>Section 2.6</u>, upon the demand of ManagementCo made at any time and from time to time, the Company will facilitate in the manner described in this Agreement a "takedown" of Registrable Securities off of an effective shelf registration statement. In connection with any shelf takedown (whether pursuant to the exercise of such demand rights or at the initiative of the Company) in connection with which a "lock-up" arrangement will be imposed, ManagementCo may exercise piggyback rights to have included in such takedown Registrable Securities beneficially owned by ManagementCo and/or such other Investors, as determined by ManagementCo, that are registered on such shelf.

Section 2.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Effective Registration</u>. The Company shall, with respect to each demand registration, use its reasonable best efforts to cause the registration statement to remain effective for not less than 180 consecutive days (or such shorter period as shall terminate when all Registrable Securities covered by such registration statement have been sold or withdrawn), or if (i) such registration is a shelf registration on Form S-1 until such shelf registration is amended or replaced by a shelf registration on Form S-3 (or such shorter period as shall terminate when all Registrable Securities covered by such registration statement have been sold or withdrawn) or (ii) such registration statement relates to an underwritten offering, such longer period as, in the opinion of counsel for the underwriter or underwriters, a prospectus is required by law to be delivered in connection with sales of Registrable Securities by an underwriter or dealer.

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Section 2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitations on Demand and Piggyback Rights.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any demand for the filing of a registration statement or for a registered offering or takedown will be subject to the constraints of any applicable "lock-up" arrangements, and such demand must be deferred until such "lock-up" arrangements no longer apply. If a demand has been made for a non-shelf registered offering or for an underwritten shelf takedown, no further demands may be made so long as the related offering is still being pursued. Notwithstanding anything in this Agreement to the contrary, the Investors will not have piggyback or other registration rights with respect to registered primary offerings by the Company (A) covered by a Form S-8 registration statement or a successor form applicable to employee benefit-related offers and sales, (B) where the securities are not being sold for cash or (C) where the offering is a bona fide offering of securities other than Common Stock, even if such securities are convertible into or exchangeable or exercisable for Common Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company may postpone the filing of a demanded registration statement or suspend the effectiveness of any shelf registration statement, or defer initiating the process for a demanded shelf takedown, in each case for a reasonable "blackout period" not in excess of the applicable limits specified below, if the Board of the Company determines that such registration or offering could materially interfere with a bona fide business or financing transaction of the Company or is reasonably likely to require premature disclosure of information, the premature disclosure of which could materially and adversely affect the Company. The blackout period will end upon the earlier to occur of, (A) in the case of a bona fide business or financing transaction, a date not later than 90 days from the date such deferral commenced, and (B) in the case of disclosure of non-public information, the earlier to occur of (x) the filing by the Company of its next succeeding Form 10-K or Form 10-Q, or (y) the date upon which such information otherwise is or becomes public knowledge.

Section 2.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notifications Regarding Registration Statements</u>. In order for ManagementCo to exercise its right to demand that a registration statement be filed or that an underwritten shelf takedown occur, ManagementCo must so notify the Company in writing indicating the number of Registrable Securities sought to be registered or taken down and the proposed plan of distribution. The Company will keep ManagementCo contemporaneously apprised of all pertinent aspects of its pursuit of any Public Offering or other registration or underwritten shelf takedown of Registrable Securities, as the case may be, with respect to which a piggyback opportunity is available in order that ManagementCo may have a reasonable opportunity to exercise its related piggyback rights. Without limiting the Company's obligation as described in the preceding sentence, having a reasonable opportunity requires that ManagementCo be notified by the Company of an anticipated filing of a registration statement (including at the Company's own initiative or at the initiative of other holders not party to this Agreement, including holders of the Other Registration Rights) no later than 5:00 pm, New York City time, on the date that is two Business Days prior to the date on which the registration statement is intended to be filed. The Company agrees to use its good faith efforts to provide advance notice as soon as reasonably practicable to ManagementCo of the Company's intention to file or cause the filing of a registration statement; provided, however, that the Company shall not be obligated hereby to provide any such advance notice, and, if provided, such advance notice shall not be binding in any respect. Subject to any required public disclosure and subject to applicable legal requirements, the parties hereto will maintain the confidentiality of these discussions.

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Section 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notifications Regarding Registration Piggyback Rights</u>. In the event that the Company receives (i) any demand from ManagementCo for an underwritten shelf takedown or (ii) if the Company files a registration statement with respect to a non-shelf registered offering, the Company will promptly give to ManagementCo a written notice thereof no later than 5:00 p.m., New York City time, on the 10th day following receipt by the Company of such demand or the filing of such registration statement, as applicable. If ManagementCo wishes to exercise its piggyback rights with respect to a non-shelf registration statement or underwritten shelf takedown, it must notify the Company of the number of Registrable Securities it seeks to have included in such registration statement or takedown, as the case may be. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on the second trading day (in the case of a non-shelf offering) or on the trading day (in the case of an underwritten shelf takedown) prior to (i) if applicable, the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-effective marketing efforts for the relevant offering is expected to be finalized, and (ii) in any case, the date on which the pricing of the relevant offering is expected to occur.

Section 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notifications Regarding Demanded Underwritten Takedowns.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company will keep ManagementCo contemporaneously apprised of all pertinent aspects of any underwritten shelf takedown in order that it may have a reasonable opportunity to exercise its related piggyback rights. Without limiting the Company's obligation as described in the preceding sentence, having a reasonable opportunity requires that, upon receipt of a request that an underwritten takedown occur, ManagementCo be notified by the Company of an anticipated underwritten takedown (including at the Company's own initiative) no later than 5:00 pm, New York City time, on (A) if applicable, the second trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with pre-pricing marketing efforts for such takedown is finalized, and (B) in all cases, the second trading day prior to the date on which the pricing of the relevant takedown occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If ManagementCo wishes to exercise its piggyback rights with respect to an underwritten shelf takedown, it must notify the Company of the number of Registrable Securities it seeks to have included in such takedown. Such notice must be given as soon as practicable, but in no event later than 5:00 pm, New York City time, on (A) if applicable, the trading day prior to the date on which the preliminary prospectus or prospectus supplement intended to be used in connection with marketing efforts for the relevant offering is expected to be finalized, and (B) in all cases, the trading day prior to the date on which the pricing of the relevant takedown occurs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pending any required public disclosure and subject to applicable legal requirements, the parties hereto will maintain appropriate confidentiality of their discussions regarding a prospective underwritten takedown.

Section 2.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Plan of Distribution, Underwriters and Counsel</u>. If a majority of the Shares proposed to be sold in an underwritten offering through a non-shelf registration statement or through a shelf takedown is being sold by the Company for its own account, the Company will be entitled to determine the plan of distribution and select the managing underwriters for such offering. Otherwise, ManagementCo will be entitled to determine the plan of distribution and select the managing underwriters, and any provider of capital markets advisory services, and will also be entitled to select counsel for any other selling Investors whom ManagementCo has determined may participate in such offering (which may be the same as counsel for the Company). In the case of a shelf registration statement, the plan of distribution will provide as much flexibility as is reasonably possible, including with respect to any resales by any participating transferee Investors as determined by ManagementCo.

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Section 2.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Cutbacks</u>. If the managing underwriters advise the Company and ManagementCo, that, in their opinion, the number of Shares requested to be included in an underwritten offering exceeds the amount that can be sold in such offering without adversely affecting the distribution of the Shares being offered, such offering will include only the number of Shares that the underwriters advise can be sold in such offering. Except in the case of a demand offering, if the Company is selling Shares for its own account in such offering, the Company will have first priority and to the extent of any remaining capacity, the selling Investors who have requested that their Registrable Securities be included will be subject to cutback *pro rata* based on the number of Registrable Securities beneficially owned by such parties initially requested to be included in such offering. In a demand offering, ManagementCo, any other selling Investors as determined by ManagementCo, the Company and holders of Other Registration Rights as applicable shall be subject to cutback *pro rata* based on the number of Registrable Securities beneficially owned by such parties initially requested to be included in such offering. To the extent that there is any remaining capacity after ManagementCo, any other selling Investors, the Company and any holders of Other Registration Rights have been included, any other Person participating in the offering will be included and will be subject to cutback *pro rata* based on the number of Registrable Securities initially requested by them to be included in such offering. Subject to the last sentence of <u>Section 2.1</u> and the Other Registration Rights, other selling equityholders will be included in an underwritten offering only with the consent of ManagementCo (in the event of a demand offering) or the Company (in the event of an offering initiated by the Company).

Section 2.12&nbsp;&nbsp;&nbsp;&nbsp; <u>Withdrawals</u>. Even if Registrable Securities beneficially owned by an Investor have been part of a registered underwritten offering, ManagementCo may, no later than the time at which the public offering price and underwriters' discount are determined with the managing underwriter, determine not to sell all or any portion of the Registrable Securities being offered for such Investor's account.

Section 2.13&nbsp;&nbsp;&nbsp;&nbsp; <u>Lockups</u>. In connection with any underwritten offering of Registrable Securities, to the extent required by the managing underwriter for such underwritten offering, the Company and each beneficial owner of Registrable Securities shall agree (in the case of any Investor, with respect to Shares beneficially owned by such Investor) to be bound by customary "lock-up" restrictions contained in the underwriting agreement that are agreed to by (i) all officers of the Company and all members of the Board and (ii) (A) the Company, if a majority of the Shares being sold in such offering are being sold for its account or (B) ManagementCo, if a majority of the Shares being sold in such offering are being sold by Investors, and that are not longer than 180 days in the case of the IPO or 90 days in the case of any subsequent Public Offering (it being understood that the foregoing shall bind such Persons described in the foregoing clauses (i) and (ii) in the same manner). The Company shall cause its executive officers and its directors to enter into lock-up agreements that contain restrictions that are no less restrictive than the restrictions contained in the lock-up agreements executed by the beneficial owner of Registrable Securities. Pending execution and delivery of the relevant underwriting agreement, upon being notified of a proposed or requested underwritten offering with respect to which the piggyback rights described in this Agreement will apply, the Investors shall immediately be bound by, the "lock-up" provisions set forth in the underwriting agreement for the IPO as though they were then applicable for so long as the proposed or requested offering is being pursued.

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Section 2.14&nbsp;&nbsp;&nbsp;&nbsp; <u>Expenses</u>. All Registration Expenses incurred in connection with any registration statement or registered offering covering Registrable Securities beneficially owned by Investors will be borne by the Company. However, underwriters', brokers' and dealers' discounts and commissions applicable to Shares sold for the account of an Investor will be borne by such Investor.

Section 2.15&nbsp;&nbsp;&nbsp;&nbsp; <u>Facilitating Registrations and Offerings.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the Company becomes obligated under this Agreement to facilitate a registration and offering of Registrable Securities on behalf of ManagementCo, the Company will do so with the same degree of care and dispatch as would reasonably be expected in the case of a registration and offering by the Company of Shares for its own account. Without limiting this general obligation, the Company will fulfill its specific obligations as described in this <u>Section 2.15</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each registration statement that is demanded by ManagementCo in accordance with this <u>Article II</u> or as to which piggyback rights otherwise apply, the Company will:

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) prepare and file with the SEC a registration statement (or registration statements) covering the applicable Registrable Securities, (B) file amendments thereto as warranted, (C) seek the effectiveness thereof, and (D) file with the SEC prospectuses and prospectus supplements as may be required, all in consultation with ManagementCo and as reasonably necessary in order to permit the offer and sale of the such Registrable Securities in accordance with the applicable plan of distribution;

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; within a reasonable time prior to the filing of any registration statement, any prospectus, any amendment to a registration statement, amendment or supplement to a prospectus or any free writing prospectus, provide copies of such documents to ManagementCo and to the underwriter or underwriters of an underwritten offering, if applicable, and to their respective counsel; fairly consider such reasonable changes in any such documents prior to or after the filing thereof as the counsel to ManagementCo or the underwriter or the underwriters may request; and make such of the representatives of the Company as shall be reasonably requested by ManagementCo or any underwriter available for discussion of such documents;

&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)&nbsp;&nbsp;&nbsp;&nbsp; within a reasonable time prior to the filing of any document which is to be incorporated by reference into a registration statement or a prospectus, provide copies of such document to counsel for the Investors and underwriters; fairly consider such reasonable changes in such document prior to or after the filing thereof as counsel for ManagementCo or such underwriter shall request; and make such of the representatives of the Company as shall be reasonably requested by such counsel available for discussion of such document;

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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;(iv)&nbsp;&nbsp;&nbsp;&nbsp; use all reasonable efforts to cause each registration statement and the related prospectus and any amendment or supplement thereto, as of the effective date of such registration statement, amendment or supplement and during the distribution of the registered Shares (A) to comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC and (B) not to 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 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; notify ManagementCo promptly, its respective counsel and the sole underwriter or managing underwriter, if any, and, if requested by ManagementCo, confirm such notice in writing, (A) when any registration statement, any prospectus, any amendment to a registration statement, amendment or supplement to a prospectus or any free writing prospectus has been filed, when a registration statement has become effective and when any post-effective amendments and supplements thereto become effective if such registration statement or post-effective amendment is not automatically effective upon filing pursuant to Rule 462, (B) of any request by the SEC or any other federal or state governmental authority for amendments or supplements to a registration statement or related prospectus or for additional information, (C) of the issuance by the SEC or any state securities authority of any stop order, injunction or other order or requirement suspending the effectiveness of a registration statement or the initiation of any proceedings for that purpose, (D) if, between the effective date of a registration statement and the expiration or earlier closing of any sale of securities covered thereby pursuant to any over-allotment option under any underwriting, placement or purchase agreement to which the Company is a party, the representations and warranties of the Company contained in such agreement cease to be true and correct in all material respects or if the Company receives any notification with respect to the suspension of the qualification of the Shares for sale in any jurisdiction or the initiation of any proceeding for such purpose, and (E) of the happening of any event during the period a registration statement is effective as a result of which such registration statement or the related prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp; furnish counsel for each underwriter, if any, and counsel for ManagementCo copies of any correspondence with the SEC or any state securities authority relating to the registration statement or 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp; otherwise use all reasonable efforts to comply with all applicable rules and regulations of the SEC, including making available to its security holders an earnings statement covering at least 12 months which shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar provision then in force);

&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)&nbsp;&nbsp;&nbsp;&nbsp; use all reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of a registration statement at the earliest possible time; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp; provide and cause to be maintained a transfer agent and registrar for all Shares covered by a registration statement from and after a date not later than the effective date of such registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with any non-shelf registered offering or shelf takedown that is demanded by ManagementCo or as to which piggyback rights otherwise apply, the Company will:

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cooperate with ManagementCo and the sole underwriter or managing underwriter of an underwritten offering of Shares, if any, to facilitate the timely preparation and delivery of certificates representing the Shares to be sold and not bearing any restrictive legends; and enable such Shares to be in such denominations (consistent with the provisions of the governing documents thereof) and registered in such names as ManagementCo or the sole underwriter or managing underwriter of an underwritten offering of Shares, if any, may reasonably request at least five days prior to any sale of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; furnish to ManagementCo and to each underwriter, if any, participating in the relevant offering, without charge, as many copies of the applicable prospectus, including each preliminary prospectus, and any amendment or supplement thereto and such other documents as such Investors or underwriter may reasonably request in order to facilitate the public sale or other disposition of the Share; the Company hereby consents to the use of the prospectus, including each preliminary prospectus, by ManagementCo and underwriter in connection with the offering and sale of the Shares covered by the prospectus or the 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; (A) use all reasonable efforts to register or qualify the Shares being offered and sold, no later than the time the applicable registration statement becomes effective, under all applicable state securities or "blue sky" laws of such jurisdictions as each underwriter, if any, or ManagementCo shall reasonably request; (B) use all reasonable efforts to keep each such registration or qualification effective during the period such registration statement is required to be kept effective; (C) do any and all other acts and things which may be reasonably necessary or advisable to enable each such underwriter, if any, and ManagementCo or any other selling Investors as determined by ManagementCo to consummate the disposition in each such jurisdiction of such Registrable Securities owned by such Investor; <u>provided</u>, <u>however</u>, that the Company shall not be obligated to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified or to consent to be subject to general service of process (other than service of process in connection with such registration or qualification or any sale of Shares in connection therewith) in any such jurisdiction; and (D) use all reasonable efforts to cause the Shares being offered and sold, no later than the date on which the pricing of the relevant offering is expected to occur, to be registered with or approved by such other governmental agencies or authorities within the United States, except as may be required solely as a consequence of the nature of the business of ManagementCo or any other selling Investors as determined by ManagementCo, in which case the Company will cooperate in all reasonable respects with the filing of the applicable registration statement and the granting of such approvals, as may be necessary to enable such Investor or the underwriters, if any, to consummate the disposition of such Shares;

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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;(iv)&nbsp;&nbsp;&nbsp;&nbsp; cause all Shares being sold to be qualified for inclusion in or listed on any securities exchange on which the Shares are then so qualified or listed if so requested by ManagementCo, or if so requested by the underwriter or underwriters of an underwritten offering of Shares, 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; cooperate and assist in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter in an underwritten offering;

&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)&nbsp;&nbsp;&nbsp;&nbsp; use all reasonable efforts to facilitate the distribution and sale of any Registrable Securities to be offered pursuant to this Agreement, including without limitation by making road show presentations, holding meetings with and making calls to potential investors and taking such other actions as shall be requested by ManagementCo or the lead managing underwriter of an underwritten offering;

&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)&nbsp;&nbsp;&nbsp;&nbsp; in the case of an offering that includes a provider of capital markets advisory services, enter into and perform its obligations under customary agreements (including an advisory services agreement and an indemnification agreement in customary form);

&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)&nbsp;&nbsp;&nbsp;&nbsp; prior to the date on which the pricing of the relevant offering is expected to occur, provide a CUSIP number for the Registrable Securities; 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp; enter into customary agreements (including, in the case of an underwritten offering, one or more underwriting agreements in customary form, and including provisions with respect to indemnification and contribution in customary form and consistent with the provisions relating to indemnification and contribution contained herein) and take all other customary and appropriate actions in order to expedite or facilitate the disposition of such Shares and in connection therewith:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; make such representations and warranties to the selling Investors and the underwriters, if any, in form, substance and scope as are customarily made by issuers to underwriters in similar underwritten offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtain opinions of counsel to the Company and updates thereof (which counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the lead managing underwriter, if any) addressed to ManagementCo and the underwriters, if any, covering the matters customarily covered in opinions requested in sales of securities or underwritten offerings and such other matters as may be reasonably requested by ManagementCo and underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; obtain "cold comfort" letters and updates thereof from the Company's independent certified public accountants addressed to ManagementCo, if permissible, and the underwriters, if any, which letters shall be customary in form and shall cover matters of the type customarily covered in "cold comfort" letters to underwriters in connection with primary underwritten offerings;

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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;(D)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to the extent requested and customary for the relevant transaction, enter into a securities sales agreement with ManagementCo and any other selling Investors as determined by ManagementCo providing for, among other things, the appointment of a representative as agent for such Investors for the purpose of soliciting purchases of Shares, which agreement shall be customary in form, substance and scope and shall contain customary representations, warranties and covenants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; deliver such documents and certificates as the sole underwriter or managing underwriter, if any, ManagementCo, or their respective counsel, shall reasonably request to evidence the continued validity of the representations and warranties made in accordance with <u>Section 2.16(c)(ix)(A)</u> above and to evidence compliance with any customary conditions contained in the underwriting agreement or other agreement entered into by 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;(F)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; use all reasonable efforts to facilitate the settlement of the Shares to be sold pursuant to this <u>Article II</u>, including through the facilities of DTC.

The above shall be done at such times as customarily occur in similar registered offerings or shelf takedowns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In connection with each registration and offering of Shares to be sold by ManagementCo and any other selling Investors as determined by ManagementCo, the Company will, in accordance with customary practice, make available for inspection by representatives of ManagementCo and underwriters and any counsel or accountant retained by ManagementCo or underwriters all relevant financial and other records, pertinent corporate (or similar) documents and properties of the Company and cause appropriate officers, managers, employees, outside counsel and accountants of the Company to supply all information reasonably requested by any such representative, underwriter, counsel or accountant in connection with their due diligence exercise, including through in-person meetings, but subject to customary privilege constraints.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Investor that beneficially owns Shares covered by any registration statement will furnish to the Company such information regarding itself as is required to be included in the registration statement or prospectus, the ownership of Shares by such Investor and the proposed distribution by such Investor of such Shares as the Company may from time to time reasonably request in writing.

Section 2.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Rule</u> <u>144</u>. At all times, the Company shall file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations promulgated thereunder, and will take such further action as any beneficial owner of Registrable Securities may reasonably request, all to the extent required from time to time to enable such beneficial owner to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by Rule 144. Upon the request of any beneficial owner of Registrable Securities, the Company shall deliver to such beneficial owner a written statement as to whether it has complied with such requirements.

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Section 2.17&nbsp;&nbsp;&nbsp;&nbsp; <u>Underwritten Registrations</u>. No beneficial owner of Registrable Securities may participate in any underwritten registration or takedown hereunder unless such beneficial owner (a) agrees to sell such beneficial owner's Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements.

Section 2.18&nbsp;&nbsp;&nbsp;&nbsp; <u>No Inconsistent Agreements</u>. The Company has not and will not, enter into any agreement with respect to the Company's securities that is inconsistent with the rights granted to the beneficial owners of Registrable Securities in this <u>Article II</u> or otherwise conflicts with the provisions hereof. Subject to any applicable law, in the event of any conflict or inconsistency between the provisions of this Agreement and the Other Registration Rights, the parties will interpret the provisions of this Agreement to preserve the intention expressed in the Other Registration Rights, and where such interpretation is not possible, the provisions of this Agreement will prevail to the extent of any conflict or inconsistency. The Company shall not enter into any agreement with any beneficial owner or prospective beneficial owner of any securities of the Company giving such beneficial owner or prospective beneficial owner any registration rights the terms of which are equivalent to or more favorable than the registration rights granted to ManagementCo hereunder, or which would reduce the amount of Registrable Securities ManagementCo can include in any registration statement filed or offering effected pursuant to <u>Article II</u> hereof unless the Company shall have received the prior written consent of ManagementCo.

Section 2.19&nbsp;&nbsp;&nbsp;&nbsp; <u>In-Kind Distributions</u>. If ManagementCo seeks to effectuate an in-kind distribution of all or part of its Registrable Securities to its direct or indirect equityholders, the Company shall, subject to applicable "lock-up" arrangements, work with ManagementCo and the Company's transfer agent to facilitate such in-kind distribution in the manner reasonably requested by ManagementCo, as well as any resales by such transferees under a shelf registration statement covering such distributed shares.

Section 2.20&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of Registration Rights</u>. The rights of ManagementCo to cause the Company to register or offer securities under this <u>Article II</u> (and the obligations of ManagementCo and/or any other Investor, as applicable, in respect thereof) shall, in each case, terminate as to ManagementCo or such Investor, as applicable, on the date ManagementCo or such Investor, as applicable, together with its permitted Transferees pursuant to <u>Section 4.2</u>, beneficially owns not more than one percent (1%) of the Registrable Securities that are outstanding at such time and ManagementCo or such Investor, as applicable, is able to dispose of all of its Registrable Securities pursuant to Rule 144 (or any similar or analogous rule) promulgated under the Securities Act within a three-month period without regard to volume or manner of sale limits or public information requirements.

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#### ARTICLE III

#### INDEMNIFICATION
Section 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by the Company</u>. In the event of any registration under the Securities Act by any registration statement pursuant to rights granted in this Agreement of Registrable Securities, the Company will indemnify and hold harmless each beneficial owner of Registrable Securities, its officers, directors and affiliates (and the officers, directors, employees, general and limited partners, Affiliates and Controlling persons of any of the foregoing), and each underwriter of such securities and each other person, if any, who Controls any such beneficial owner or such underwriter within the meaning of the Securities Act, against any losses, claims, damages, expenses, judgments or liabilities (including, without limitation, legal fees and costs of court), joint or several, to which such beneficial owner or such underwriter or Controlling person may become subject under the Securities Act, common law or otherwise, including any amount paid in settlement of any litigation commenced or threatened, and shall promptly reimburse such persons, as and when incurred, for any legal or other expenses reasonably incurred by them in connection with investigating any claims and defending any actions, insofar as such losses, claims, damages, or liabilities (or any actions in respect thereof) arise out of or are based upon any violation or alleged violation by the Company of the Securities Act, any blue sky laws, securities laws or other applicable laws or rules of any state or country in which such Registrable Securities are offered and relating to action taken or action or inaction required of the Company in connection with such offering, or arise out of or are based upon any untrue statement or alleged untrue statement of any material fact (i) contained in any registration statement under which such securities were registered under the Securities Act or any amendment or supplement to any of the foregoing, or in any document incorporated by reference therein or related document or report, or any issuer free writing prospectus (including any "road show," whether or not required to be filed with the SEC), or which arise out of or are based upon the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) contained in any preliminary prospectus, if used prior to the effective date of such registration statement, or in the final prospectus (as amended or supplemented if the Company shall have filed with the SEC any amendment or supplement to the final prospectus), or which arise out of or are based upon the omission or alleged omission (if so used) to state a material fact required to be stated in such prospectus or necessary to make the statements in such prospectus not misleading; and will reimburse each such beneficial owner and each such underwriter and each such Controlling person for any legal or any other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, or liability; provided, however, that the Company shall not be liable to any such beneficial owner or its underwriters or Controlling persons in any such case to the extent that any such loss, claim, damage, or liability arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in such registration statement or such amendment or supplement or other document, in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by beneficial owners of Registrable Securities or such underwriter specifically for use in the preparation of the information with respect to such beneficial owner or such underwriter required under Items 403 and 507 of Regulation S-K under the Securities Act.

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Section 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification by the Beneficial Owners</u>. Each beneficial owner of Registrable Securities (as to itself, severally and not jointly) will indemnify and hold harmless (in the same manner and to the same extent as set forth in <u>Section 3.1</u>) the Company, each director of the Company, each officer of the Company who shall sign the registration statement, and any Person who Controls the Company within the meaning of the Securities Act, (i) with respect to any untrue statement or alleged untrue statement in or omission or alleged omission from such registration statement, or any amendment or supplement to it, or any issuer free writing prospectus or other document, to the extent, but only to the extent, that such untrue statement or omission was made in reliance upon and in conformity with information furnished to the Company through a written instrument duly executed by such beneficial owner specifically regarding such beneficial owner for use in the preparation of the information with respect to such beneficial owner required under Items 403 and 507 of Regulation S-K under the Securities Act, and (ii) with respect to compliance by such beneficial owner with applicable laws in effecting the sale or other disposition of the securities covered by such registration statement; provided that the liability of each beneficial owner pursuant to this <u>Section 3.2</u> shall not exceed the amount by which the total price at which the Shares were offered to the public by such beneficial owner exceeds the amount of any damages which such beneficial owner has otherwise been required to pay by reason of an untrue statement or omission.

Section 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices of Claims, Etc</u>. Promptly after receipt by an indemnified party of notice of the commencement of any action involving a claim referred to in the preceding subsections of this <u>Article III</u>, the indemnified party will, if a resulting claim is to be made or may be made against any indemnifying party, give written notice to the indemnifying party of the commencement of the action. The failure of any indemnified party to give notice shall not relieve the indemnifying party of its obligations in this <u>Article III</u>, except to the extent that the indemnifying party is actually prejudiced by the failure to give notice. If any such action is brought against an indemnified party, the indemnifying party will be entitled to participate in and to assume the defense of the action with counsel reasonably satisfactory to the indemnified party, and after notice from the indemnifying party to such indemnified party of its election to assume defense of the action, the indemnifying party will not be liable to such indemnified party for any legal or other expenses incurred by the latter in connection with the action's defense. An indemnified party shall have the right to employ separate counsel in any action or proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at such indemnified party's expense unless (i) the employment of such counsel has been specifically authorized in writing by the indemnifying party, which authorization shall not be unreasonably withheld, (ii) the indemnifying party has not assumed the defense and employed counsel reasonably satisfactory to the indemnified party within 30 days after notice of any such action or proceeding, or (iii) the named parties to any such action or proceeding (including any impleaded parties) include the indemnified party and the indemnifying party and the indemnified party shall have been advised by such counsel that there may be one or more legal defenses available to the indemnified party that are different from or additional to those available to the indemnifying party (in which case the indemnifying party shall not have the right to assume the defense of such action or proceeding on behalf of the indemnified party), it being understood, however, that the indemnifying party shall not, in connection with any one such action or separate but substantially similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to all local counsel which is necessary, in the good faith opinion of both counsel for the indemnifying party and counsel for the indemnified party in order to adequately represent the indemnified parties) for the indemnified party and that all such fees and expenses shall be reimbursed as they are incurred upon written request and presentation of invoices. Whether or not a defense is assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent (but such consent will not be unreasonably withheld). No indemnifying party will consent to entry of any judgment or enter into any settlement which (A) does not include as an unconditional term the giving by the claimant or plaintiff, to the indemnified party, of a release from all liability in respect of such claim or litigation or (B) involves the imposition of equitable remedies or the imposition of any non-financial obligations on the indemnified party.

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Section 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Contribution</u>. If the indemnification required by this <u>Article III</u> from the indemnifying party is unavailable to or insufficient to hold harmless an indemnified party in respect of any indemnifiable losses, claims, damages, liabilities, or expenses, then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities, or expenses in such proportion as is appropriate to reflect (i) the relative benefit of the indemnifying and indemnified parties and (ii) if the allocation in clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect the relative benefit referred to in clause (i) and also the relative fault of the indemnified and indemnifying parties, in connection with the actions which resulted in such losses, claims, damages, liabilities, or expenses, as well as any other relevant equitable considerations. The relative benefits received by a party shall be deemed to be in the same proportion as the total net proceeds from the offering (before deducting expenses) received by it bear to the total amounts (including, in the case of any underwriter, any underwriting commissions and discounts) received by each other party. The relative fault of the indemnifying party and the indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or parties, and the parties' relative intent, knowledge, access to information, and opportunity to correct or prevent such action. The amount paid or payable by a party as a result of the losses, claims, damage, liabilities, and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 3.4</u> were determined by *pro rata* allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this <u>Section 3.4</u>. Notwithstanding the provisions of this <u>Section 3.4</u>, no indemnifying party shall be required to contribute any amount in excess of: (x) the amount by which the total price at which the Shares were offered to the public by such indemnifying party exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of an untrue statement or omission, in the case of an indemnifying party that is not an underwriter, and (y) the amount by which the total underwriting discounts and commissions received by such indemnifying party exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of an untrue statement or omission, in the case of an indemnifying party that is an underwriter. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such a fraudulent misrepresentation.

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Section 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Exclusivity</u>. The obligations of the parties under this <u>Article III</u> will be in addition to any liability which any party may otherwise have to any other party.

#### ARTICLE IV

#### OTHER
Section 4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Notices</u>. Any notice, request, instruction or other document to be given hereunder by any party hereto to another party hereto shall be in writing and shall be deemed given (a) when delivered personally, (b) five (5) Business Days after being sent by certified or registered mail, postage prepaid, return receipt requested, (c) one (1) Business Day after being sent by Federal Express or other nationally recognized overnight courier, or (d) if transmitted by email, in each case, to parties at the following addresses (or at such other address for a party as shall be specified by prior written notice from such party):

if to the Company:

Pershing Square Inc.

787 Eleventh Avenue

9th Floor

New York, New York 10019

Attention: Halit Coussin, Chief Legal Officer and Chief Compliance Officer

if to ManagementCo:

Pershing Square Inc.

787 Eleventh Avenue

9th Floor

New York, New York 10019

<br> Attention: William A. Ackman

Halit Coussin

with a copy to (which shall not constitute notice):

Simpson Thacher & Bartlett LLP

900 G Street, N.W.

Washington, D.C. 20001

Attention: Joshua Ford Bonnie

William R. Golden III

Email: [redacted]

[redacted]

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Section 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfer Rights</u>. Any Investor may transfer, in the case of Investors other than ManagementCo, with the prior written consent of ManagementCo, all or any portion of its rights under this Agreement to any Transferee of its Registrable Securities, whereupon such Transferees shall become a party to this Agreement. Any such Transfer of registration rights will be effective upon receipt by the Company of (i) written notice from such Investor stating the name and address of any Transferee and identifying the number of Registrable Securities with respect to which rights under this Agreement are being transferred and the nature of the rights so transferred, and (ii) a Joinder Agreement from such Person to be bound by the terms of this Agreement as an "Investor."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event the Company engages in a merger or consolidation in which the Registrable Securities are converted into securities of another company, appropriate arrangements will be made so that the registration rights provided under this Agreement continue to be provided to ManagementCo and/or such other Investors as determined by ManagementCo by the issuer of such securities. To the extent such new issuer, or any other company acquired by the Company in a merger or consolidation, was bound by registration rights obligations that would conflict with the provisions of this Agreement, the Company will, unless ManagementCo otherwise agrees, use its reasonable best efforts to modify any such "inherited" registration rights obligations so as not to interfere in any material respects with the rights provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of an in-kind distribution of Shares pursuant to <u>Section 2.19</u> of this Agreement with an ability to resale Shares off of a shelf registration statement, such in-kind transferees will, as transferee Investors, be entitled to the rights under this Agreement applicable to the Shares so transferred. In that regard, however, in-kind transferees will not be given demand or piggyback rights; rather their means of registered resale will be limited to sales off a shelf with respect to which no special actions are required by the Company or ManagementCo, and as to which no lockup will arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that the Company effects the separation of any portion of its business into one or more entities (each, a "<u>NewCo</u>"), whether existing or newly formed, including without limitation by way of spin-off, split-off, carve-out, demerger, recapitalization, reorganization or similar transaction, and ManagementCo and/or any other Investors will receive equity interests in any such NewCo as part of such separation, the Company shall cause any such NewCo to enter into a registration rights agreement with each such Investor that provides each such Investor with registration rights vis-à-vis such NewCo that are substantially identical to those set forth in this Agreement, unless ManagementCo otherwise agrees.

Section 4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Current Public Information</u>. At all times after the Company has filed a registration statement with the SEC pursuant to the requirements of either the Securities Act or the Exchange Act, the Company shall file all reports required to be filed by it under the Securities Act and the Exchange Act and shall take such further action as ManagementCo may reasonably request, all to the extent required to enable ManagementCo and/or such other Investors as determined by ManagementCo to sell Registrable Securities pursuant to Rule 144. Upon request, the Company shall deliver to any beneficial owner of restricted securities under Rule 144 a written statement as to whether it has complied with such requirements.

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Section 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Additional Parties; Joinder Agreemen</u>t. Subject to the prior written consent of ManagementCo, the Company may permit any Person who acquires Shares or rights to acquire Shares from the Company after the date hereof to become a party to this Agreement and to succeed to all of the rights and obligations of an "Investor," as specified in the Joinder Agreement, under this Agreement by obtaining an executed joinder to this Agreement from such Person substantially in the form of Exhibit A attached hereto (a "<u>Joinder Agreement</u>"). Upon the execution and delivery of a Joinder Agreement by such Person, the Shares or right to acquire Shares acquired by such Person shall be Registrable Securities and such Person shall be an "Investor," as specified in the Joinder Agreement, under this Agreement with respect to such acquired Shares.

Section 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments; Waiver</u>. This Agreement may be amended, supplemented or otherwise modified, or any provision waived, only by a written instrument executed by the Company and ManagementCo. No waiver by any party of any of the provisions hereof will be effective unless explicitly set forth in writing and executed by the party so waiving. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including without limitation, any investigation by or on behalf of any party, will be deemed to constitute a waiver by the party taking such action of compliance with any covenants or agreements contained herein. The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach.

Section 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Third Parties</u>. This Agreement does not create any rights, claims or benefits inuring to any Person that is not a party hereto, nor create or establish any third party beneficiary hereto.

Section 4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of New York without regard to conflicts of laws principles.

Section 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>CONSENT TO JURISDICTION</u>. EACH OF THE PARTIES HERETO CONSENTS TO THE EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE STATE OF NEW YORK AND IRREVOCABLY AGREES THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS. EACH OF THE PARTIES HERETO ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS RESPECTIVE PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY FINAL AND NONAPPEALABLE JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH OF THE PARTIES HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF VIA OVERNIGHT COURIER, TO SUCH PARTY AT THE ADDRESS SPECIFIED IN THIS AGREEMENT, SUCH SERVICE TO BECOME EFFECTIVE FOURTEEN CALENDAR DAYS AFTER SUCH MAILING. NOTHING HEREIN SHALL IN ANY WAY BE DEEMED TO LIMIT THE ABILITY OF EITHER PARTY HERETO TO SERVE ANY SUCH LEGAL PROCESS, SUMMONS, NOTICES AND DOCUMENTS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW OR TO OBTAIN JURISDICTION OVER OR TO BRING ACTIONS, SUITS OR PROCEEDINGS AGAINST THE OTHER PARTY HERETO IN SUCH OTHER JURISDICTIONS, AND IN SUCH MANNER, AS MAY BE PERMITTED BY ANY APPLICABLE LAW.

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Section 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>MUTUAL WAIVER OF JURY TRIAL</u>. THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT.

Section 4.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Specific Performance</u>. Each of the parties hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them, the non-breaching party would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to compel specific performance of this Agreement.

Section 4.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof. Subject to the Other Registration Rights, there are no agreements, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter.

Section 4.12&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. If one or more of the provisions, paragraphs, words, clauses, phrases or sentences contained herein, or the application thereof in any circumstances, is held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision, paragraph, word, clause, phrase or sentence in every other respect and of the remaining provisions, paragraphs, words, clauses, phrases or sentences hereof shall not be in any way impaired, it being intended that all rights, powers and privileges of the parties hereto shall be enforceable to the fullest extent permitted by Law.

Section 4.13&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will be deemed to be one and the same instrument.

Section 4.14&nbsp;&nbsp;&nbsp;&nbsp; <u>Effectiveness</u>. This Agreement shall become effective, as to any Investor, as of the date signed by the Company and countersigned by such Investor.

Section 4.15&nbsp;&nbsp;&nbsp;&nbsp; <u>Company Successor</u>. The Company shall take all actions required to cause the Company and its successors or assigns to (a) become bound by and subject to the terms of this Agreement and (b) comply with all its obligations hereunder.

*[Remainder of Page Intentionally Left Blank]*

------

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **COMPANY:** | **COMPANY:** | **COMPANY:** |
| **PERSHING SQUARE INC.** | **PERSHING SQUARE INC.** | **PERSHING SQUARE INC.** |
| By: |  |  |
|  | Name:  | Halit Coussin |
|  | Title:  | Chief Legal and Compliance Officer |

---

---

| | | |
|:---|:---|:---|
| **PS HOLDCO GP MANAGING MEMBER, LLC** | **PS HOLDCO GP MANAGING MEMBER, LLC** | **PS HOLDCO GP MANAGING MEMBER, LLC** |
| By: |  |  |
|  | Name:  | William A. Ackman |
|  | Title:  | Authorized Signatory |

---

[*Signature Page to Registration Rights Agreement*]

------

**EXHIBIT A**

<u>REGISTRATION RIGHTS AGREEMENT JOINDER</u>

The undersigned is executing and delivering this Joinder Agreement pursuant to the Registration Rights Agreement, dated as of [_], 202[•], by and among Pershing Square Inc., a Nevada corporation (the "<u>Compan</u>y"), and the other parties thereto, as amended and restated, restated, amended, supplemented or otherwise modified from time to time (the "<u>Registration Rights Agreement</u>"). Capitalized terms used, but not defined, in this Joinder Agreement shall have the meanings ascribed to them in the Registration Rights Agreement.

By executing and delivering to the Company this Joinder Agreement, the undersigned hereby agrees to become a party to the Registration Rights Agreement, to succeed to all of the rights and obligations of an "Investor" and to be fully bound by, and subject to, all of the covenants, terms and conditions of the Registration Rights Agreement as though an original party thereto.

Accordingly, the undersigned has executed and delivered this Joinder Agreement as of the [___<u>]</u> day of [________], 20[•].

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| | |
|:---|:---|
| [NAME] | [NAME] |
| By: |  |
|  | Name: |
|  | Title: |
| Address for notice purposes in accordance with <u>Section 4.1</u> of the Registration Rights Agreement: | Address for notice purposes in accordance with <u>Section 4.1</u> of the Registration Rights Agreement: |

---

---

| |
|:---|
| Attention: |
| Email: |

---

ACKNOWLEDGED AND AGREED TO

PERSHING SQUARE INC.

By: <u><br> </u> <br> Name: <br> Title:

------

## Exhibit 10.4

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#### Exhibit 10.4<br>

#### REGISTRATION RIGHTS AGREEMENT

#### by and among

#### Pershing Square Inc.

#### and

#### the other parties hereto

#### Dated as of [●]

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#### **Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| 1. | Definitions | 1 |
| 2. | Board of Directors | 5 |
| 3. | Registration Rights | 6 |
| 4. | Term; Termination | 13 |
| 5. | Representations and Warranties | 13 |
| 6. | Notices | 14 |
| 7. | Assignment | 14 |
| 8. | Reliance on Counsel and Other Advisors | 14 |
| 9. | Confidentiality | 15 |
| 10. | Governing Law; Venue | 15 |
| 11. | Counterparts | 15 |
| 12. | Waivers and Amendments | 15 |
| 13. | Severability | 15 |
| 14. | Entire Agreement | 16 |
| 15. | Parties in Interest; No Third-Party Beneficiaries | 16 |
| 16. | Certain Remedies | 16 |
| 17. | Interpretation; Headings | 16 |
| 18. | Waiver of Jury Trial | 16 |

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-i-

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#### REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT (this "<u>Agreement</u>"), dated as of [●], is entered into by and among Pershing Square Inc., a Nevada corporation (the "<u>Company</u>"), and each of the persons set forth on <u>Exhibit A</u> hereto under the heading "Stockholder" (each, a "<u>Stockholder</u>", and collectively, the "<u>Stockholders</u>"). The signatories to this Agreement are referred to collectively as the "<u>Parties</u>" and each individually as a "<u>Party</u>."

#### W I T N E S S E T H:
WHEREAS, the Company was incorporated in connection with the conversion of Pershing Square Holdco, L.P., a Delaware limited partnership ("<u>PS Holdco</u>"), into the Company (the "<u>Corporate Conversion</u>") and has filed a registration statement (File No. 333-294165) with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") on Form S-1 in connection with an initial public offering (the "<u>IPO</u>") of the Company's common stock, par value $0.001 per share ("<u>Common Stock</u>");

WHEREAS, Pershing Square Holdco GP, LLC, a Delaware limited liability company and the sole general partner of PS Holdco prior to the Corporate Conversion ("<u>PS Holdco GP</u>"), owned a general partnership interest in PS Holdco prior to the Corporate Conversion, which was converted into the Special Voting Share (as defined herein) of the Company (and the Special Voting Share is now held by PS Holdco GP Managing Member, LLC, a Delaware limited liability company ("<u>ManagementCo</u>"), following the dissolution of PS Holdco GP in connection with the Corporate Conversion);

WHEREAS, the Stockholders owned limited partnership interests in PS Holdco prior to the Corporate Conversion, which were converted into shares of Common Stock in connection with the Corporate Conversion;

WHEREAS, the Amended and Restated Limited Liability Company Agreement of PS Holdco GP, dated as of May 31, 2024, and the Amended and Restated Agreement of Limited Partnership of PS Holdco, dated as of May 31, 2024, among other things, (i) provided for certain director nomination rights applicable to the Strategic Investors (as defined herein), (ii) provided for certain rights and obligations (e.g., relating to registration rights) applicable to all Stockholders and (iii) contemplated that, in the event of the Corporate Conversion and IPO, such rights and obligations would be continued under separate contract; and

WHEREAS, the Parties desire to enter into this Agreement to continue such rights and obligations and to address certain relationships among the Parties.

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:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Definitions.</u>

"<u>Affiliate</u>" means, with respect to any Person, (a) any other Person that, directly or indirectly, through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person or (b) if such Person is a natural Person, such Person's spouse, parents, children and siblings, whether by blood, adoption or marriage, or any trust or similar entity for the benefit of any of the foregoing Persons. For purposes of this definition, "<u>control</u>" of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. Notwithstanding anything to the contrary herein, no Fund or other client of PSCM or any Affiliate thereof that provides investment advisory services, and no portfolio company of any such Fund or other client, shall be deemed an Affiliate of the Company, PSCM or any Affiliate of PSCM.

"<u>Agreement</u>" has the meaning assigned thereto in the Preamble.

"<u>Board</u>" means the board of directors of the Company.

"<u>Board Slate</u>" has the meaning assigned thereto in <u>Section 2(c)</u>.

"<u>Claims</u>" has the meaning assigned thereto in <u>Section 3(h)(i)</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 Indemnified Party(ies)</u>" has the meaning assigned thereto in <u>Section 3(h)(ii)</u>.

"<u>Confidential Information</u>" means all information, whether written or oral and in whatever form or medium, relating to the Company, its Affiliates or Subsidiaries or their respective business, products, services or affairs, to the extent that such information is not publicly available and was obtained pursuant to, or in connection with the exercise of a Party's rights and obligations under, this Agreement and/or the transactions contemplated hereby.

"<u>Controlling Person</u>" has the meaning assigned thereto in <u>Section 3(h)(i)</u>.

"<u>Corporate Conversion</u>" has the meaning assigned thereto in the Recitals.

"<u>Covered Party</u>" has the meaning assigned thereto in <u>Section 3(h)(iii)</u>.

"<u>Demand Investor</u>" has the meaning assigned thereto in <u>Section 3(b)</u>.

"<u>Demand Request</u>" has the meaning assigned thereto in <u>Section 3(b)</u>.

"<u>Demand Securities</u>" has the meaning assigned thereto in <u>Section 3(b)</u>.

"<u>Director(s)</u>" has the meaning assigned thereto in <u>Section 2(a)</u>.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>Funds</u>" means any investment vehicle or account for which PSCM or any of its Affiliates provides investment advisory services, and "<u>Fund</u>" means any one of the foregoing.

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"<u>Governing Documents</u>" means, collectively, the Articles of Incorporation of the Company, adopted as of [●], as amended from time to time, and the Bylaws of the Company, adopted as of [●], 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>IPO</u>" has the meaning assigned thereto in the Recitals.

"<u>Laws</u>" means all laws, Orders, statutes, codes, regulations, ordinances, rules, or other requirements with similar effect of any Governmental Entity.

"<u>ManagementCo</u>" has the meaning assigned thereto in the Recitals.

"<u>ManagementCo Registration Rights Agreement</u>" means that certain Registration Rights Agreement, dated as of [●], 2026, by and among the Company, ManagementCo, and the other parties thereto.

"<u>Maximum Number</u>" has the meaning assigned thereto in <u>Section 3(c)</u>.

"<u>NYSE</u>" means the New York Stock Exchange.

"<u>Orders</u>" means all judgments, orders, writs, injunctions, decisions, rulings, decrees and awards of any Governmental Entity.

"<u>Party(ies)</u>" has the meaning assigned thereto in the Preamble.

"<u>Person</u>" means an individual, partnership (general, limited or limited liability), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture or an unincorporated organization.

"<u>Piggyback Investor</u>" has the meaning assigned thereto in <u>Section 3(a)</u>.

"<u>Piggyback Request</u>" has the meaning assigned thereto in <u>Section 3(a)</u>.

"<u>PSCM</u>" means Pershing Square Capital Management, L.P., a Delaware limited partnership.

"<u>PS Holdco</u>" has the meaning assigned thereto in the Recitals.

"<u>PS Holdco GP</u>" has the meaning assigned thereto in the Recitals.

"<u>PS Partner Group</u>" means Pershing Square Partner Group, LLC, a Delaware limited liability company.

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"<u>Registrable Securities</u>" means any equity interest in the Company, including any shares of Common Stock or other equity securities; <u>provided</u>, <u>however</u>, that Registrable Securities shall cease to be Registrable Securities when (i) a registration statement with respect to such Registrable Securities has become effective under the Securities Act and such Registrable Securities have been Transferred pursuant to such registration statement, (ii) such Registrable Securities have been Transferred pursuant to Section 4(a)(1), Rule 144 or Rule 145 (or any similar provision then in effect) under the Securities Act, (iii) such Registrable Securities have been Transferred in a private transaction in which the Transferor's registration rights under this Agreement are not assigned to the Transferee of the Registrable Securities, or (iv) such Registrable Securities may be sold pursuant to Section 4(a)(1), Rule 144 or Rule 145 (or any similar provision then in effect) under the Securities Act, without limitation thereunder on volume or manner of sale.

"<u>SEC</u>" has the meaning assigned thereto in the Recitals.

"<u>Securities Act</u>" means the Securities Act of 1933, as amended.

"<u>Seller Indemnified Party(ies)</u>" has the meaning assigned thereto in <u>Section 3(h)(i)</u>.

"<u>Selling Expenses</u>" has the meaning assigned thereto in <u>Section 3(f)</u>.

"<u>Special Voting Share</u>" has the meaning assigned thereto in the Governing Documents.

"<u>Stockholder(s)</u>" has the meaning assigned thereto in the Preamble

"<u>Strategic Investor(s)</u>" means each Stockholder on <u>Exhibit A</u> under the heading "Strategic Investor".

"<u>Strategic Investor Nominee</u>" has the meaning assigned thereto in <u>Section 2(b)</u>.

"<u>Subsidiary</u>" means, with respect to any Person that is a legal entity, any other Person that is a legal entity of which at least a majority of the outstanding voting securities or other voting equity interests, or a majority of any other interests having the power to direct or cause the direction of the management and policies of such other Person, are owned or controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person or a combination of any of the foregoing. Notwithstanding anything to the contrary herein, Funds or other clients of PSCM or any Affiliate thereof that provides investment advisory services, and any portfolio companies thereof, will not be deemed a Subsidiary of the Company, PSCM or any Affiliate of PSCM.

"<u>Transfer</u>" means (i) any direct or indirect offer, sale, transfer, assignment, distribution, pledge, mortgage, exchange, hypothecation, grant of a security interest or other disposition or encumbrance of shares of Common Stock, (ii) entry into any contract, option or other arrangement or understanding with respect to any offer, sale, transfer, assignment, distribution, pledge, mortgage, exchange, hypothecation, grant of a security interest or other disposition or encumbrance of shares of Common Stock or any legal, economic or beneficial interest in any shares of Common Stock or (iii) entry into any swap or other agreement, transaction or series of transactions that transfers or purports to transfer to another Person, in whole or in part, any of the economic consequences of ownership of any shares of Common Stock, in the case of each of (i) through (iii), whether voluntary or involuntary, by operation of law or otherwise. The terms "<u>Transferee</u>," "<u>Transferred</u>," and other forms of the word "<u>Transfer</u>" shall have correlative meanings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Board of Directors.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Immediately following the effective time of the Corporate Conversion, the Board shall have nine (9) members (each, a "<u>Director</u>", and collectively, the "<u>Directors</u>"), of which at least five (5) shall not be current or former employees of the Company or any Affiliate or Subsidiary thereof. The Board will initially be comprised of the members set forth on <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Upon the resignation or removal from the Board of Nicholas M. Lamotte, the Company shall nominate for election to the Board, pursuant to <u>Section 2(c)</u>, one (1) Director selected by a majority in interest (by shares of Common Stock) of the Strategic Investors (such nominee from time to time, the "<u>Strategic Investor Nominee</u>"); <u>provided</u> that any such selection of a Strategic Investor Nominee shall be evidenced by a writing delivered to the Company that has been executed by Strategic Investors who collectively constitute such a majority in interest of the Strategic Investors and that is otherwise reasonably satisfactory in form and substance to the Company; and <u>provided</u>, <u>further</u>, that the eligibility of any Strategic Investor Nominee to serve as a Director on the Board shall be subject to such person's completion of customary onboarding procedures and satisfaction of any applicable Director independence requirements (including any applicable NYSE or SEC rules) to the reasonable satisfaction of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to applicable Law and any applicable NYSE or SEC rules, the Company and the Board shall (i) include any Strategic Investor Nominee so selected by the Strategic Investors in accordance with <u>Section 2(b)</u> as part of the slate of persons nominated and recommended by the Board (or a committee thereof) for election or re-election to the Board (the "<u>Board Slate</u>") at the next meeting of stockholders of the Company at which Directors are to be elected, (ii) recommend that stockholders vote in favor of such Strategic Investor Nominee (subject to the fiduciary duties of the Directors then serving on the Board) and take all reasonable action to support the nomination and election of such Strategic Investor Nominee to the Board, including through the solicitation of proxies for such person to the same extent as it does for any other members of the Board Slate, and (iii) not permit the number of persons nominated or recommended by the Board (or a committee thereof) to exceed the number of Directors to be elected at such meeting. Notwithstanding anything to the contrary herein, the Company and the Board shall not be obligated to include any former Strategic Investor Nominee on the Board Slate for re-election in any subsequent elections of the Board.

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3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Registration Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Piggyback Registration Rights</u>. If at any time following the first (1<sup>st</sup>) anniversary of the closing of the IPO the Company proposes to register, for its own account or for the account of ManagementCo, PS Partner Group or any other stockholders of the Company, any Registrable Securities on a registration statement on Form S-1 or S-3 or any successors to such forms under the Securities Act for purposes of a public offering of such Registrable Securities (excluding any such registration statement filed in connection with the IPO or to effectuate an exchange offer or any employee benefit or dividend reinvestment plan), each of the Stockholders shall have the right to include any Registrable Securities owned by such Stockholder in such registration. The Company shall give prompt (and, in any event, at least twenty (20) business days prior to the filing of a registration statement with respect thereto with the SEC) written notice of any such proposal, including the anticipated filing date with the SEC of such registration statement, the anticipated date that the registration statement will be declared or otherwise become effective, the intended method of distribution of such Registrable Securities and whether the offering is to be underwritten, to the Stockholders as of the date of such notice. Subject to provisions of <u>Section 3(b)</u>, if the Company receives a written request (a "<u>Piggyback Request</u>") from a Stockholder (in such capacity, a "<u>Piggyback Investor</u>") within thirty (30) days after the transmittal of such written notice of the proposed public offering, the Company shall use its reasonable best efforts to include in such public offering all of the Registrable Securities requested by the Piggyback Investor to permit the sale of such Registrable Securities pursuant to the intended method or methods of distribution; <u>provided</u> that any participation in such public offering by a Piggyback Investor must be on substantially the same terms as the Company's, ManagementCo's, PS Partner Group's and each other stockholder of the Company's participation therein, as applicable; and <u>provided</u>, further, that the total number of Registrable Securities to be included in any such public offering may not exceed the Maximum Number, and Registrable Securities must be allocated to give effect to this proviso as provided in <u>Section 3(c)</u>. Each Piggyback Request by a Piggyback Investor must specify the number of Registrable Securities to be included in the registration for such Piggyback Investor. A Piggyback Investor has the right to withdraw its Piggyback Request by giving written notice to the Company of its election to withdraw such request prior to the effective date of the registration statement filed in connection with such registration (or, as the case may be, prior to the pricing of the applicable offering in the case of an offering registered on Form S-3 or any successors to such forms under the Securities Act). For clarity, the registration rights under this <u>Section 3(a)</u> shall not apply to the registration by the Company of any Registrable Securities on Form S-4 or Form S-8 or any successors to such forms under the Securities Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Demand Registration Rights</u>. Subject to the provisions of this <u>Section 3(b)</u>, if the Company is eligible to file a registration statement on Form S-3 or any successors to such forms under the Securities Act, any Stockholder (in such capacity, a "<u>Demand Investor</u>") may, at any time following the first (1<sup>st</sup>) anniversary of the closing of the IPO, require the Company to file a registration statement on such form in respect of Registrable Securities with a value of at least $200 million (based on the then-current share price on the date prior to the delivery of the notice described in this <u>Section 3(b)</u>) in the aggregate at such time by delivering to the Company written notice stating that such right is being exercised, specifying the number of Registrable Securities held by it to be included in such registration statement (the Registrable Securities subject to such request, the "<u>Demand Securities</u>") and describing the intended method of distribution thereof, which may include an underwritten offering (a "<u>Demand Request</u>"); <u>provided</u>, that each Demand Investor may only make two (2) Demand Requests in any twelve (12) month period pursuant to this Agreement. Upon receiving a Demand Request, the Company shall (i) promptly (but in any event within three (3) business days) give written notice of the Demand Request to all other holders of Registrable Securities, (ii) file as promptly as reasonably practicable (and no later than forty-five (45) business days after receipt of a Demand Request) a registration statement on the requisite form providing for the registration of the sale of such Demand Securities pursuant to the intended method of distribution and (iii) use its reasonable best efforts to cause such registration statement to be declared effective by the SEC or otherwise become effective under the Securities Act as promptly as practicable after the filing thereof. Notwithstanding the foregoing, the Company shall not be obligated to file a registration statement relating to any registration request under this <u>Section 3(b)</u>: (x) prior to the expiration or waiver of the applicable lockup period, if any, in respect of a previous underwritten offering; or (y) if, in the good faith judgment of the Board, the Company is in possession of material non-public information the disclosure of which would be materially adverse to the Company and would not otherwise be required under applicable Law, in which case the filing of the registration statement may be delayed until the earlier of the second business day after such conditions shall have ceased to exist and the sixtieth (60<sup>th</sup>) day after receipt by the Company of the written request from a Demand Investor to register Registrable Securities under this <u>Section 3(b)</u>; <u>provided</u> that the number of any such delays shall not exceed two (2) in any twelve (12) month period. To the extent requested by the managing underwriter for the applicable offering (or, if there is none, a nationally recognized investment banking firm acting as financial advisor to the Company), the Company shall not file a registration statement during the period beginning on the third (3<sup>rd</sup>) day immediately preceding and ending on the ninetieth (90<sup>th</sup>) day following the pricing of any such registration. A Demand Investor has the right to withdraw its Demand Request by giving written notice to the Company of its election to withdraw such request prior to the effective date of the registration statement filed in connection with such registration (or, as the case may be, prior to the pricing of the applicable offering in the case of an offering registered on Form S-3 or any successors to such forms under the Securities Act); however, a withdrawn Demand Request will still count toward the two Demand Request limit in any twelve (12) month period. Upon receipt of notices from all applicable Demand Investors to such effect, the Company shall cease all efforts to seek effectiveness of the applicable registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocation of Registrable Securities Included in a Public Offering</u>. If the managing underwriter for any offering to be effected pursuant to this <u>Section 3</u> (or, if there is none, a nationally recognized investment banking firm acting as financial advisor to the Company) advises the Company in writing that the number of Registrable Securities sought to be included in such offering (including those sought to be offered by the Company and those sought to be offered by any Piggyback Investor) exceeds the maximum number of Registrable Securities whose inclusion in such offering would not be reasonably likely to have an adverse effect on the price, timing or distribution of the Registrable Securities included in such public offering (the "<u>Maximum Number</u>"), the Company shall include in such registration (i) first, one hundred percent (100%) of the Registrable Securities sought to be offered by the Company and the Registrable Securities requested to be included in such registration by the Demand Request (if applicable) and other holders of Registrable Securities who have requested that their Registrable Securities be included (including any Piggyback Investor), allocated pro rata among the Company and such holders on the basis of the number of Registrable Securities initially proposed to be included by the Company and each such holder in such offering, up to the Maximum Number and (ii) second, to the extent the managing underwriter believes additional shares can be sold in the offering, any shares the Company proposes to sell up to the number of shares that, in the opinion of such managing underwriter, can be sold without reasonably being expected to adversely affect the success of the offering (including the price, timing or distribution of the securities to be offered in such offering). For purposes of this <u>Section 4(c)</u>, references to "Piggyback Investor" shall include any piggyback investor pursuant to the ManagementCo Registration Rights Agreement and references to "Registrable Securities" shall include any securities sought to be offered by such piggyback investor(s) thereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp; <u>Further Assurances; Cooperation</u>. In connection with a registration of Registrable Securities pursuant to this <u>Section 3</u>, the Company shall prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its reasonable best efforts to cause such registration statement promptly to become and remain effective for the periods specified by the Company, and each Piggyback Investor or Demand Investor, as applicable, shall provide such information to the Company as the Company may reasonably request in connection with such registration for account of such Piggyback Investor or Demand Investor, as applicable, and shall dispose of any such Registrable Securities pursuant to any registration in the manner contemplated thereby, and shall notify the Company in writing if they become aware of any material change or inaccuracy in such information. In addition, the Company and each Piggyback Investor or Demand Investor, as applicable, shall enter into underwriting or placement agreements with any underwriter or placement agent selling Registrable Securities in the customary form, including representations and warranties, customary "lock-up" provisions, and indemnification and contribution provisions; <u>provided</u> that no Piggyback Investor or Demand Investor, as applicable, that is included in any underwritten offering shall be required to make any representations or warranties to the Company or the underwriters other than representations and warranties regarding (i) such holder's ownership of its Registrable Securities to be sold in such offering, (ii) such holder's power and authority to effect such Transfer and (iii) such matters pertaining to such holder's compliance with securities Laws as may be reasonably requested by the managing underwriter(s), or to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except to the extent otherwise provided in <u>Section 3(h)</u> hereof. The Company and each Piggyback Investor or Demand Investor, as applicable, hereby agree to take such other customary actions reasonably necessary or appropriate to effectuate a registration pursuant to <u>Section 3(a)</u> and <u>Section 3(b)</u> in a timely manner, including, in the case of an underwritten offering, to the extent requested by the applicable managing underwriter(s) for such offering, entering into a customary "lock-up" agreement with the underwriters for such offering on terms no more restrictive than that of any "lock-up" agreement entered into by directors and officers of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Suspension</u>. The Company shall be entitled, by providing written notice to the Stockholders, no more than two (2) times in any twelve (12) month period and for a period of time not to exceed 180 days in the aggregate, to (i) suspend the use of any prospectus and registration statement on Form S-1 or S-3 or any successors to such forms under the Securities Act covering any Registrable Securities and (ii) require the Stockholders to suspend any offerings or sales of Registrable Securities, if the Company delivers to the Stockholders a certificate signed by an executive officer certifying that such offering or sale would (*x*) materially interfere with any bona fide material financing, acquisition, disposition or other similar transaction involving the Company or any of its Subsidiaries then under consideration or (*y*) require the Company to prepare and file such amendments and supplements to the registration statement and prospectus as may be necessary to keep such registration statement effective and in compliance with the provisions of the Securities Act. Such certificate shall contain a statement of the reasons for such suspension and an approximation of the anticipated length of such suspension. The Stockholders shall keep the information contained in such certificate confidential subject to the same terms set forth in <u>Section 9</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp; <u>Expenses</u>. The expenses of preparation and filing of the prospectus, offer document, registration statement or equivalent document, including one legal counsel for the selling holders of Registrable Securities, and the fees and expenses payable to the underwriters or placement agents customarily paid by the issuers or sellers of securities (other than the Selling Expenses) shall be borne by the Company. Each Stockholder shall pay the fees and expenses of any counsel separately engaged by such Stockholder and shall bear its respective underwriting discounts, selling commissions and stock transfer taxes associated with a registered sale of the Registrable Securities held by the Stockholders (the "<u>Selling Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Required Reports</u>. The Company shall use its reasonable best efforts to file the reports required to be filed by it under the Securities Act, and it will take such further action as any holder of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by (i) Rule 144 or (ii) any similar rule or regulation hereafter adopted by the SEC. Upon the request of any holder of Registrable Securities, the Company will deliver to such holder a written statement as to whether it has complied with such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Indemnification</u>.

(i) In the event of any registration of any securities of the Company under the Securities Act pursuant to this <u>Section 3</u>, to the fullest extent permitted by applicable Law, the Company will indemnify and hold harmless each holder of Registrable Securities, each Affiliate of such holder and their respective directors and officers, members, managers and general and limited partners (and the directors, officers, employees, affiliates and each Person who controls such holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (hereinafter referred to as a "<u>Controlling Person</u>") of any of the foregoing), and each underwriter, if any, and each person who controls within the meaning of Section 15 of the Securities Act any underwriter (collectively, the "<u>Seller Indemnified Parties</u>"), against all claims, losses, damages and liabilities, joint or several, actions or proceedings (whether commenced or threatened in writing) in respect thereof ("<u>Claims</u>") and expenses arising out of or based on: (x) any untrue statement or alleged untrue statement of a material fact contained in a registration statement (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, (y) any untrue statement or alleged untrue statement of a material fact contained in a prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, or (z) any untrue statement or alleged untrue statement of a material fact contained in any issuer free writing prospectus prepared by it or authorized by it in writing for use by such holder (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, and the Company will reimburse each such Seller Indemnified Party for any reasonable fees and disbursements of counsel and any other reasonable out-of-pocket expenses incurred in connection with investigating and defending or settling any such Claim; <u>provided</u> that the Company will not be liable in any such case to the extent that any such claim, loss, damage, liability, or action arises out of or is based on any untrue statement or alleged untrue statement or omission or alleged omission by such holder or underwriter but only to the extent that such untrue statement or alleged untrue statement or omission or alleged omission is made in such registration statement, prospectus, or issuer free writing prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such holder and stated to be specifically for use therein; and <u>provided</u> further that the indemnity agreement contained in this <u>Section 3(h)</u> shall not apply to amounts paid in settlement of any such Claim if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld or delayed).

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(ii) To the fullest extent permitted by applicable Law, each holder of Registrable Securities will, if Registrable Securities held by such holder are included in the registration statement or prospectus, indemnify and hold harmless the Company, all other holders of Registrable Securities or any prospective underwriter, as the case may be, and any of their respective affiliates, directors, officers, members, managers, general and limited partners and Controlling Persons (collectively, the "<u>Company Indemnified Parties</u>"), against all Claims and expenses arising out of or based on: (x) any untrue statement or alleged untrue statement of a material fact contained in a registration statement (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, (y) any untrue statement or alleged untrue statement of a material fact contained in a prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, or (z) any untrue statement or alleged untrue statement of a material fact contained in any issuer free writing prospectus (or any amendment or supplement thereto), including all documents incorporated therein by reference, or any omission or alleged omission therefrom of a material fact, in each case, necessary in order to make the statements therein not misleading, in light of the circumstances under which they were made, and the holder will reimburse each such Company Indemnified Party for any reasonable fees and disbursements of counsel and any other reasonable expenses incurred in connection with investigating and defending or settling any such Claim, in each of the foregoing cases to the extent, but only to the extent, that such untrue statement (or alleged untrue statement) or omission (or alleged omission) is made in such registration statement, prospectus, or issuer free writing prospectus in reliance upon and in conformity with written information furnished to the Company by or on behalf of such holder and stated to be specifically for use therein; <u>provided</u> that the indemnity agreement contained in this <u>Section 3(h)</u> shall not apply to amounts paid in settlement of any such Claim if such settlement is effected without the consent of such holder (which consent shall not be unreasonably withheld or delayed); and <u>provided</u>, further, that the obligation to indemnify pursuant to this <u>Section 3(h)(ii)</u> shall be individual and several, not joint and several, for each participating holder and that the liability of each selling holder of Registrable Securities hereunder shall be limited to the net proceeds (after deducting the Selling Expenses) actually received by such selling holder from the sale of Registrable Securities covered by such registration statement.

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(iii) Promptly after receipt by a Person entitled to indemnification pursuant to this <u>Section 3(h)</u> (a "<u>Covered Party</u>") of written notice of the commencement of any action or proceeding with respect to which a claim for indemnification may be made pursuant to this <u>Section 3(h)</u>, such Covered Party will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action or proceeding; <u>provided</u> that the failure of the Covered Party to give notice as provided herein shall not relieve the indemnifying party of its obligations under this <u>Section 3(h)</u>, except to the extent that the indemnifying party is actually and materially prejudiced by such failure to give notice. In case any such action or proceeding is brought against a Covered Party, unless in such Covered Party's reasonable judgment, based upon advice of counsel, a conflict of interest between such indemnified and indemnifying parties may exist in respect of such action or proceeding (in which case the Covered Party shall have the right to assume or continue its own defense and the indemnifying party shall be liable for any reasonable expenses therefor), the indemnifying party will be entitled to participate in and to assume the defense thereof (at its expense), jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such Covered Party, and after notice from the indemnifying party to such Covered Party of its election so to assume the defense thereof, the indemnifying party will not be liable to such Covered Party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof unless (x) the indemnifying party has agreed in writing to pay such fees, costs and expenses, (y) the indemnifying party has failed to assume the defense of such claim or action within a reasonable time after receipt of notice of such claim or action, or (z) having assumed the defense of such claim or action, the indemnifying party fails to employ reasonably qualified counsel or to pursue the defense of such claim or action in a reasonably vigorous manner. The indemnifying party shall have no liability for any settlement made by the Covered Party without the consent of the indemnifying party, such consent not to be unreasonably withheld. No indemnifying party will settle any action or proceeding or consent to the entry of any judgment without the prior written consent of the Covered Party, unless such settlement or judgment (A) includes as an unconditional term thereof the giving by the claimant or plaintiff of a release to such Covered Party from all liability in respect of such action or proceeding and (B) does not involve an admission of wrongdoing, the imposition of equitable remedies, or the imposition of any other obligations on such Covered Party and does not otherwise adversely affect such Covered Party. A Covered Party may not settle any action or proceeding or the entry of any judgment without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld or delayed).

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(iv) (A) If the indemnification provided for in this <u>Section 3(h)</u> from the indemnifying party is held by a court of competent jurisdiction to be unavailable to, or unenforceable by, a Covered Party hereunder in respect of any Claim or expenses referred to herein, then the indemnifying party, in lieu of indemnifying such Covered Party, shall contribute to the amount paid or payable by such Covered Party as a result of such Claim or expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and Covered Party in connection with the actions which resulted in such Claim or expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and Covered Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such indemnifying party or Covered Party, and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such action. The amount paid or payable by a party under this <u>Section 3(h)</u> as a result of the Claim and expenses referred to above shall be deemed to include any legal or other fees or expenses reasonably incurred by such party in connection with any action or proceeding; and (B) the parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 3(h)(iv)</u> were determined by pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred to in <u>Section 3(h)</u>. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

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(v) The obligations of the parties under this <u>Section 3(h)</u> shall be in addition to any liability which any party may otherwise have to any other party; <u>provided</u> that no party shall be required to indemnify a Covered Party more than once in respect of the same Claims under this <u>Section 3(h)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term; Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp; The rights of the Strategic Investors, and the obligations of the Company and/or the Board, as applicable, to the Strategic Investors, under <u>Section 2</u> shall terminate on the earlier of (i) such time as the "Investors" (as defined in the Master Transaction Agreement, dated as of May 31, 2024, by and among Pershing Square Holdco, L.P., Pershing Square Holdco GP, LLC, and such Investors) cease to own, collectively in the aggregate, at least 26,666,666 shares of Common Stock (as equitably adjusted for any stock splits, reverse stock splits, stock combinations or similar capital changes of the Company) and (ii) the first (1<sup>st</sup>) anniversary of the closing of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to <u>Section 4(a)</u>, this Agreement shall terminate and be of no further force and effect with respect to any Stockholder at such time that the Stockholder ceases to own any shares of Common Stock; <u>provided</u>, <u>however</u>, that each Party shall retain all rights and claims following such termination with respect to breaches of the covenants and agreements set forth in this Agreement occurring prior to the date of such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each Stockholder represents and warrants to the Company that (i) this Agreement has been duly authorized, executed and delivered by such Stockholder, and is a valid and binding agreement of such Person, enforceable against it in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar Laws now or hereafter in effect relating to creditors' rights generally and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) the execution, delivery and performance by such Person of this Agreement does not violate or conflict with or result in a breach of or constitute (or with notice or lapse of time or both constitute) a default under any agreement to which such Person is a party or the organizational documents of such Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company represents and warrants to each Stockholder that (i) this Agreement has been duly authorized, executed and delivered by the Company and is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms, except that the enforcement thereof may be subject to bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar Laws now or hereafter in effect relating to creditors' rights generally and to general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law) and (ii) the execution, delivery and performance by the Company of this Agreement does not violate or conflict with or result in a breach by the Company of or constitute (or with notice or lapse of time or both constitute) a default by the Company under its Governing Documents, any applicable Law or any agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries or any of their respective properties or assets may be bound.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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:

Pershing Square Inc.

787 Eleventh Ave

New York, New York 10019

Attention: Chief Legal Officer

Email: [redacted]

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:

[redacted]

[redacted]

If to a Stockholder, to the address and email for such Stockholder indicated in the Company's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment</u>. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be assigned by any Stockholder without the prior written consent of the Company; <u>provided</u>, <u>however</u>, that a Stockholder may, without the consent of the Company, assign any of its rights and obligations hereunder to a Transferee that is a controlled Affiliate of such Stockholder upon the Transfer of all or any portion of the shares of Common Stock beneficially owned (directly or indirectly) by such Stockholder in accordance with the terms and provisions of this Agreement, so long as such Transferee, if not already a party to this Agreement, executes and delivers to the Company a joinder to this Agreement. This Agreement will inure to the benefit of and be binding upon the Parties hereto and their respective successors and permitted assigns.

8.&nbsp;&nbsp;&nbsp;&nbsp; <u>Reliance on Counsel and Other Advisors</u>. Each Party has consulted such legal, financial, technical or other expert as it deems necessary or desirable before entering into this Agreement. Each Party represents and warrants that it has read, knows, understands and agrees with the terms and conditions of this Agreement.

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9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. Each Stockholder agrees, and agrees to cause its controlled Affiliates, to keep confidential and not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any Confidential Information; <u>provided</u>, <u>however</u>, that a Stockholder may disclose Confidential Information (i) to the extent required pursuant to applicable Law (<u>provided</u>, that such Stockholder promptly notifies the Company of such disclosure and takes reasonable steps to minimize the extent of any such required disclosure, including, without limitation, by obtaining an appropriate protective order or other reliable assurance that confidential treatment will be accorded the information required to be disclosed), (ii) to its attorneys, accountants, consultants, and other professionals to the extent necessary to obtain their services in connection with monitoring its investment in the Company or (iii) to any Affiliate, partner, member or equityholder of such Stockholder in the ordinary course of business (<u>provided</u> that such Stockholder informs such Persons that such information is confidential and directs such Persons to maintain the confidentiality of such information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law; Venue</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEVADA WITHOUT REGARD TO ITS CONFLICTS OF LAWS PRINCIPLES. 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 STATE AND FEDERAL COURTS OF THE STATE OF NEVADA 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.&nbsp;&nbsp;&nbsp;&nbsp; <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.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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 Parties 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.

13.&nbsp;&nbsp;&nbsp;&nbsp; <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, (i) 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 (ii) 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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14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>. This Agreement constitutes the entire understanding and agreement of the Parties and supersedes any and all prior agreements, undertakings and negotiations (in each case, both oral and written) among the Parties relating to the subject matter hereof.

15.&nbsp;&nbsp;&nbsp;&nbsp; <u>Parties in Interest; No Third-Party Beneficiaries</u>. Except as otherwise expressly provided herein, nothing in this Agreement, whether express or implied, shall be construed to give any Person (other than the Parties and their respective legal representatives, successors and permitted assigns) any legal or equitable right, remedy or claim under or in respect of this Agreement or any covenants, conditions or provisions contained in this Agreement, as a third-party beneficiary or otherwise. This Agreement may only be enforced against, and any action, proceeding, right or remedy that may be based upon, arise out of or relate to, this Agreement or the negotiation, execution or performance of this Agreement, may only be made against the Persons that are expressly identified as Parties to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp; <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.

17.&nbsp;&nbsp;&nbsp;&nbsp; <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.

18.&nbsp;&nbsp;&nbsp;&nbsp; <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 (I) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (II) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

[Signature Page Follows]<br>

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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.

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| | |
|:---|:---|
| PERSHING SQUARE INC. | PERSHING SQUARE INC. |
| By: |  |
|  | Name: |
|  | Title: |

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[*SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT*]

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| | |
|:---|:---|
| STOCKHOLDER | STOCKHOLDER |
| By: |  |
|  | Name: |
|  | Title: |

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[*SIGNATURE PAGE TO REGISTRATION RIGHTS AGREEMENT*]

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#### SCHEDULE A

Board of Directors

<br> 1. William A. Ackman

<br> 2. Ryan Israel

<br> 3. Halit Coussin

<br> 4. Ben Hakim

<br> 5. Kerry Murphy Healey

<br> 6. Orion Hindawi

<br> 7. Marco Kheirallah

<br> 8. Nicholas M. Lamotte

<br> 9. David Coppel Calvo

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#### EXHIBIT A

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## Exhibit 10.11

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 **Exhibit 10.11**<br>

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#### <br>

#### PERSHING SQUARE CAPITAL MANAGEMENT, L.P.

#### <br>

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#### FOURTH AMENDED AND RESTATED<br> AGREEMENT OF LIMITED PARTNERSHIP
Dated as of [•]

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| | | |
|:---|:---|:---|
| **<u>**TABLE OF CONTENTS**</u>** | **<u>**TABLE OF CONTENTS**</u>** | **<u>**TABLE OF CONTENTS**</u>** |
|  |  | **<u>Page</u>** |
| ARTICLE I CERTAIN DEFINITIONS | ARTICLE I CERTAIN DEFINITIONS | 2 |
| 1.1 | <u>Certain Definitions</u> | 2 |
| ARTICLE II ORGANIZATIONAL MATTERS | ARTICLE II ORGANIZATIONAL MATTERS | 8 |
| 2.1 | <u>Agreement of Limited Partnership</u> | 8 |
| 2.2 | <u>Name</u> | 9 |
| 2.3 | <u>Purpose</u> | 9 |
| 2.4 | <u>Principal Office; Registered Office</u> | 9 |
| 2.5 | <u>Register</u> | 9 |
| 2.6 | <u>Term</u> | 9 |
| ARTICLE III PARTNERS AND PARTNERSHIP INTERESTS | ARTICLE III PARTNERS AND PARTNERSHIP INTERESTS | 10 |
| 3.1 | <u>Classes of Limited Partnership Interests</u> | 10 |
| 3.2 | <u>Partners</u> | 10 |
| ARTICLE IV CAPITAL ACCOUNTS | ARTICLE IV CAPITAL ACCOUNTS | 10 |
| 4.1 | <u>Capital Accounts</u> | 10 |
| 4.2 | <u>Negative Capital Accounts</u> | 11 |
| 4.3 | <u>No Withdrawal</u> | 12 |
| 4.4 | <u>Transfers</u> | 12 |
| 4.5 | <u>Loans From Partners</u> | 12 |
| 4.6 | <u>Book Allocations</u> | 12 |
| 4.7 | <u>Tax Allocations</u> | 12 |
| ARTICLE V ALLOCATIONS | ARTICLE V ALLOCATIONS | 13 |
| 5.1 | <u>Allocations of Profits and Losses</u> | 13 |
| 5.2 | <u>Special Allocations</u> | 13 |
| ARTICLE VI DISTRIBUTIONS | ARTICLE VI DISTRIBUTIONS | 15 |
| 6.1 | <u>Preferential Distributions</u> | 15 |
| 6.2 | <u>General Profit Distributions</u> | 15 |
| 6.3 | <u>Distributions in Cash or in Kind</u> | 16 |
| 6.4 | <u>Return of Payment</u> | 16 |
| 6.5 | <u>Tax Distributions</u> | 16 |
| ARTICLE VII MANAGEMENT | ARTICLE VII MANAGEMENT | 17 |
| 7.1 | <u>Management</u> | 17 |
| 7.2 | <u>Limitation of General Partner's Liability</u> | 17 |
| 7.3 | <u>General Partner Expenses</u> | 18 |
| 7.4 | <u>Officers</u> | 18 |
| 7.5 | <u>No Circumvention; Alternative Arrangements</u> | 18 |
| 7.6 | <u>New Preference-Paying Funds with Fee Offset Arrangements</u> | 19 |
| 7.7 | <u>New Management Companies</u> | 19 |

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| | | |
|:---|:---|:---|
| ARTICLE VIII GENERAL RIGHTS AND OBLIGATIONS OF PARTNERS AND OFFICERS | ARTICLE VIII GENERAL RIGHTS AND OBLIGATIONS OF PARTNERS AND OFFICERS | 19 |
| 8.1 | <u>Limitation of Liability</u> | 19 |
| 8.2 | <u>Indemnification</u> | 20 |
| 8.3 | <u>Lack of Authority</u> | 20 |
| 8.4 | <u>No Right of Partition</u> | 21 |
| 8.5 | <u>Partner's Right to Act</u> | 21 |
| 8.6 | <u>Investment Opportunities and Conflicts of Interest</u> | 21 |
| ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS | ARTICLE IX BOOKS, RECORDS, ACCOUNTING AND REPORTS | 21 |
| 9.1 | <u>Records and Accounting</u> | 21 |
| 9.2 | <u>Fiscal Year</u> | 21 |
| 9.3 | <u>Reports</u> | 21 |
| ARTICLE X TAX MATTERS | ARTICLE X TAX MATTERS | 22 |
| 10.1 | <u>Preparation of Tax Returns</u> | 22 |
| 10.2 | <u>Tax Elections</u> | 22 |
| 10.3 | <u>Tax Controversies</u> | 23 |
| 10.4 | <u>Tax Information</u> | 24 |
| ARTICLE XI TRANSFER OF INTERESTS | ARTICLE XI TRANSFER OF INTERESTS | 24 |
| 11.1 | <u>Transfers by Partners</u> | 24 |
| 11.2 | <u>Tax Restriction on Transfer</u> | 25 |
| 11.3 | <u>Transfer Fees and Expenses</u> | 25 |
| 11.4 | <u>Void Transfers</u> | 25 |
| 11.5 | <u>Effect of Assignment</u> | 25 |
| 11.6 | <u>Substituted Partners</u> | 25 |
| ARTICLE XII DISSOLUTION AND LIQUIDATION | ARTICLE XII DISSOLUTION AND LIQUIDATION | 26 |
| 12.1 | <u>Dissolution</u> | 25 |
| 12.2 | <u>Liquidation and Termination</u> | 26 |
| 12.3 | <u>Cancellation of Certificate</u> | 25 |
| 12.4 | <u>Reasonable Time for Winding Up</u> | 27 |
| 12.5 | <u>Return of Capital</u> | 27 |
| ARTICLE XIII VALUATION | ARTICLE XIII VALUATION | 27 |
| 13.1 | <u>Determination</u> | 27 |
| ARTICLE XIV GENERAL PROVISIONS | ARTICLE XIV GENERAL PROVISIONS | 28 |
| 14.1 | <u>Power of Attorney</u> | 28 |
| 14.2 | <u>Amendments</u> | 28 |
| 14.3 | <u>Title to Partnership Assets</u> | 28 |
| 14.4 | <u>Confidentiality</u> | 28 |
| 14.5 | <u>Arbitration</u> | 29 |
| 14.6 | <u>Successors and Assigns</u> | 29 |
| 14.7 | <u>Severability</u> | 29 |
| 14.8 | <u>Descriptive Headings; Interpretation</u> | 29 |

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14.9 <u>Addresses and Notices</u> 30

14.10 <u>Creditors</u> 30

14.11 <u>Waiver</u> 30

14.12 <u>Further Action</u> 30

14.13 <u>Offset</u> 30

14.14 <u>Entire Agreement</u> 31

14.15 <u>Method of Delivery</u> 31

14.16 <u>Survival</u> 31

14.17 <u>Applicable Law</u> 31

14.18 <u>Counterparts</u> 31

-iii-

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#### PERSHING SQUARE CAPITAL MANAGEMENT, L.P.<br> FOURTH AMENDED AND RESTATED<br> AGREEMENT OF LIMITED PARTNERSHIP
This FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP (this "<u>Agreement</u>"), as of [•], of Pershing Square Capital Management, L.P., a Delaware limited partnership (the "<u>Partnership</u>"), is entered into by and among PS Management GP, LLC, a Delaware limited liability company, as general partner (the "<u>General Partner</u>"), Pershing Square Inc., a Nevada corporation ("<u>PSI</u>"), as the sole Preferred Limited Partner (the "<u>Preferred Limited Partner</u>"), and PS CompCo, LLC, a Delaware limited liability company ("CompCo"), as the sole Subordinated Limited Partner (the "<u>Subordinated Limited Partner</u>" and, together with the Preferred Limited Partner, in their capacity as limited partners of the Partnership, the "<u>Limited Partners</u>").

WHEREAS, the General Partner and an initial limited partner entered into the agreement of limited partnership of the Partnership, dated December 23, 2003 (the "<u>Original Agreement</u>"), and formed the Partnership in accordance with the Delaware Revised Uniform Limited Partnership Act (6 *Del*. C. §17-101, *et seq*.), as amended from time to time (the "<u>Delaware Act</u>");

WHEREAS, the Original Agreement was amended and restated on October 14, 2004 ("<u>First Amended and Restated Agreement</u>");

WHEREAS, the First Amended and Restated Agreement was amended and restated on January 1, 2005 ("<u>Second Amended and Restated Agreement</u>");

WHEREAS, the Second Amended and Restated Agreement was amended and restated on May 31, 2024 ("<u>Third Amended and Restated Agreement</u>");

WHEREAS, immediately prior to the adoption of this Agreement, Pershing Square Intermediate Holdings, LLC, a Delaware limited liability company ("<u>Intermediate Holdings</u>") and wholly owned subsidiary of PSI, was the sole limited partner of the Partnership and merged with and into PSI with PSI as the surviving entity, upon which PSI succeeded to Intermediate Holdings' interests in the Partnership;

WHEREAS, in connection with the adoption of this Agreement, that certain Amended & Restated Variable Compensation Agreement, dated March 3, 2026, (the "<u>Variable Compensation Agreement</u>"), by and among the Partnership, CompCo and PSI, was terminated;

WHEREAS, the Partners and the Partnership desire to (i) convert all of the outstanding limited partner interests held by PSI immediately prior to the adoption of this Agreement into a new class of limited partner interests in the Partnership known as Preferred Limited Partnership Interests, (ii) designate a new class of limited partner interests in the Partnership as Subordinated Limited Partner Interests, to be held by the Subordinated Limited Partner and (iii) further amend and restate the Third Amended and Restated Agreement to incorporate certain terms of the Variable Compensation Agreement;

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WHEREAS, the Partners of the Partnership desire to amend and restate the Third Amended and Restated Agreement by setting forth the terms and conditions of their agreement in this Agreement, which shall replace and supersede the Third Amended and Restated Agreement.

NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

ARTICLE I<br> <u>CERTAIN DEFINITIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Definitions</u>. Capitalized terms used but not otherwise defined herein shall have the following meanings:

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time.

"<u>Affiliate</u>" (a) as to any Person, means any other Person that, directly or indirectly, through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person or (b) as to any Person that is a natural Person, means any such Person's spouse, parents, children and siblings, whether by blood, adoption or marriage, or any trust or similar entity for the benefit of any of the foregoing Persons. For purposes of this definition, "control" of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. Notwithstanding anything to the contrary, no Funds or other client of the Partnership will be deemed an Affiliate of the Partnership, the General Partner, or any Affiliate of the Partnership.

"<u>Agreement</u>" has the meaning set forth in the Preamble.

"<u>Assignee</u>" means a Person to whom an Interest has been transferred in accordance with the terms of this Agreement and the other agreements contemplated hereby, but who has not become a Substituted Partner pursuant to <u>Section 11.6</u>.

"<u>Available Cash</u>" means as of any date, the excess of cash and cash equivalent items held by the Partnership net of (i) current liabilities of the Partnership and its Subsidiaries, (ii) reserves for expenses, liabilities, obligations and commitments of the Partnership and its Subsidiaries (whether fixed or contingent) as the General Partner reasonably determines to be necessary, (iii) reserves for General Partner Expenses, (iv) reserves for bona fide new business (including seed capital for new Funds) and (v) reserves for the payment of the Preferred Performance Allocation or Subordinated Performance Allocation, as applicable.

"<u>Book Value</u>" means, with respect to any Partnership property, the Partnership's adjusted basis for federal income tax purposes, adjusted from time to time to reflect the adjustments required or permitted by Treasury Regulation Section l.704-l(b)(2)(iv)(d)-(g).

"<u>Capital Account</u>" has the meaning set forth in <u>Section 4.1(a)</u>.

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"<u>Capital Contributions</u>" means any cash, cash equivalents, promissory obligations, or the fair market value of other property which a Partner contributes or is deemed to have contributed to the Partnership with respect to any Interest.

"<u>Certificate</u>" means the Partnership's Certificate of Formation, dated as of December 12, 2003, as filed with the Secretary of State of Delaware.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>CompCo</u>" has the meaning set forth in the Preamble.

"<u>Crystallization Period</u>" means, with respect to any payment or accrual of Performance Fees from any Preference-Paying Fund, the period of time with respect to which such Performance Fees were determined in accordance with the Fund Documents of such Preference-Paying Fund.

"<u>Cumulative Unallocated Other Preference Amount</u>" has the meaning set forth in <u>Section 5.2(a)(ii)</u>.

"<u>Cumulative Unallocated PSH Preference Amount</u>" has the meaning set forth in <u>Section 5.2(a)(i)</u>.

"<u>Delaware Act</u>" has the meaning set forth in the Recitals.

"<u>Distribution</u>" means each distribution (including Profit Distributions) made by the Partnership to a Partner, whether in cash, property, or securities of the Partnership and whether by liquidating distribution, redemption, repurchase, or otherwise; <u>provided</u> that none of the following shall be deemed a Distribution: (a) any recapitalization or exchange or conversion of an Interest, and any subdivision (by split or otherwise) or any combination (by reverse split or otherwise) of any Interest, and (b) any redemption or repurchase by the Partnership of an Interest.

"<u>Event of Withdrawal</u>" means the death, retirement, resignation, expulsion, bankruptcy, or dissolution of a Partner or the occurrence of any other event that terminates the continued membership of a Partner in the Partnership.

"<u>First Amended and Restated Agreement</u>" has the meaning set forth in the Recitals.

"<u>Fiscal Period</u>" means any interim accounting period within a Taxable Year established by the General Partner and which is permitted or required by Code Section 706.

"<u>Fiscal Year</u>" means the Partnership's annual accounting period established pursuant to <u>Section 9.2</u>.

"<u>FOA</u>" means the fee offset arrangement set forth under Section 9 of the Amended and Restated Investment Management Agreement by and between PSH and the Partnership, dated as of August 5, 2025 (as amended from time to time), and referred to therein as the "Additional Reduction."

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"<u>Fund Documents</u>" means, with respect to any Fund, the Organizational Documents of such Fund, any investment management agreement or any other agreement between such Fund (or its general partner, managing member, trustee or other person functioning in a similar capacity) and any Pershing Square Management Company.

"<u>Funds</u>" means any existing and future investment vehicles (including without limitation any registered funds, private funds or co-investment vehicles), managed accounts or other investment schemes for which a Pershing Square Management Company provides investment advisory services, and "<u>Fund</u>" means any one of the foregoing.

"<u>General Partner</u>" has the meaning set forth in the Preamble.

"<u>General Partner Expenses</u>" has the meaning set forth in <u>Section 7.3</u>.

"<u>Imputed Underpayment</u>" has the meaning set forth in <u>Section 10.3</u>.

"<u>Indemnifiable Losses</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Indemnified Person</u>" has the meaning set forth in <u>Section 8.2(a)</u>.

"<u>Interest</u>" means a Partner's limited partnership interest in the Partnership at any particular time, including a Partner's share of the profits and losses of the Partnership and right to receive distributions of the Partnership's assets, and all other benefits to which a Partner may be entitled, all in accordance with the provisions of this Agreement and the Delaware Act, together with the obligations of such Partner to comply with all the terms and provisions of this Agreement.

"<u>Intermediate Holdings</u>" has the meaning set forth in the Preamble.

"<u>IRS</u>" means the Internal Revenue Service of the United States.

"<u>Limited Partner</u>" has the meaning set forth in the Preamble.

"<u>Liquidation Assets</u>" has the meaning set forth in <u>Section 12.2(b)</u>.

"<u>Liquidation FMV</u>" has the meaning set forth in <u>Section 12.2(b)</u>.

"<u>Liquidation Statement</u>" has the meaning set forth in <u>Section 12.2(b)</u>.

"<u>Management Fees</u>" with respect to any Fund shall have the meaning ascribed to such term in such Fund's investment management agreement with a Pershing Square Management Company.

"<u>Marketable Security</u>" means any security that (a) is traded on an established national or international securities exchange, quoted in the NASDAQ National Market (or any successor thereto) or on any national or international automated interdealer quotation system, (b) the General Partner reasonably believes is eligible for immediate sale by each Partner to which such security is distributed (assuming that the Partner is not an affiliate of the issuer of such security) pursuant to a registration statement effective under the Securities Act, Rule l 44(k) under the Securities Act or other similar provision then in force and (c) is not subject to any contractual or regulatory restriction on transfer (other than any restrictions that are applicable to any Partner other than solely as a result of such Partner's interest in the Partnership).

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"<u>Offsettable Management Fees</u>" means, with respect to any Fund for any Crystallization Period of PSH, the portion of the Management Fees of such Fund that is available to offset any Performance Fees of PSH in accordance with the FOA (whether or not a sufficient amount of Performance Fees of PSH were actually earned to fully utilize such offset). For clarity, Pershing Square USA, Ltd. is expected to generate Offsettable Management Fees following the launch of such fund, and as of the date hereof no other Fund generates Offsettable Management Fees.

"<u>Offsettable Performance Fees</u>" means, with respect to any Preference-Paying Fund for any Crystallization Period of its own or of PSH, as applicable, the portion of the Performance Fees of such Preference-Paying Fund that is available to offset any Performance Fees of PSH in accordance with the FOA (whether or not a sufficient amount of Performance Fees of PSH were actually earned to fully utilize such offset). For clarity, as of the date hereof, the sole Preference-Paying Fund that generates Offsettable Performance Fees is Pershing Square International, Ltd., a Cayman Islands exempted company.

"<u>Original Agreement</u>" has the meaning set forth in the Recitals.

"<u>Other Business</u>" has the meaning set forth in <u>Section 8.6</u>.

"<u>Other Preference-Paying Fund</u>" means any Preference-Paying Fund other than PSH. For clarity, as of the date hereof, the sole Other Preference-Paying Fund is Pershing Square International, Ltd.

"<u>Other Preference Amount</u>" means, with respect to any Other Preference-Paying Fund for any Crystallization Period, an amount equal to (i) the Performance Fees that would have been earned if such Preference-Paying Fund had experienced a net of Management Fee return of five percent (5%) per annum on such Preference-Paying Fund's Performance Benchmark Amount *minus* (ii) the Offsettable Performance Fees derived from such Preference-Paying Fund. By way of example as of the date hereof, Pershing Square International, Ltd., which pays the Partnership a 20% Performance Fee, of which 20% of the Performance Fee is an Offsettable Performance Fee pursuant to the FOA, the Other Preference Amount would represent 0.8% of Pershing Square International, Ltd.'s Performance Benchmark Amount (equivalent to the product of 80% \* 20% \* 5%).

"<u>Partner</u>" means the General Partner and each Limited Partner.

"<u>Partnership</u>" has the meaning set forth in the Preamble.

"<u>Partnership Percentage</u>" means, (i) with respect to a Preferred Limited Partner, such Preferred Limited Partner's Preferred Partnership Percentage and (ii) with respect to a Subordinated Limited Partner, such Subordinated Limited Partner's Subordinated Partnership Percentage. For the avoidance of doubt, the General Partner's Partnership Percentage shall be 0%.

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"<u>Performance Benchmark Amount</u>" with respect to any Preference-Paying Fund equals, with respect to any Crystallization Period, the aggregate "high water mark" of the individual fee-paying investors, series or classes of shares as of the start of such Crystallization Period, as determined in accordance with the Fund Documents of the Preference-Paying Fund; <u>provided</u>, that if the Fund Documents do not provide for a "high water mark", then the Performance Benchmark Amount shall equal the weighted average baseline value (*e.g.,* beginning balance or other relative value of assets) relative to which the Preference-Paying Fund's gains or profits are calculated for purposes of determining Performance Fees with respect to such Crystallization Period, as set forth in the Fund Documents of such Preference-Paying Fund.

"<u>Performance Fees</u>" with respect to any Preference-Paying Fund shall have the meaning ascribed to such term in its Fund Documents, and shall also include any term(s) within such Fund Documents that refer to any Pershing Square Management Company's entitlement to an incentive fee, promote, or performance allocation.

"<u>Pershing Square Management Company</u>" means the Partnership and any Affiliate thereof that provides investment management, investment advisory or similar services (including on a sub-advisory basis, and without regard to asset class or strategy) and/or receives compensation for such services. For the avoidance of doubt, CompCo shall not be deemed to be a Pershing Square Management Company for purposes of this Agreement.

"<u>Person</u>" means an individual, partnership (general, limited or limited liability), a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture or an unincorporated organization.

"<u>Preference-Paying Funds</u>" means any Funds that have Performance Fees, but excluding (i) Pershing Square, L.P., a Delaware private fund, (ii) Howard Hughes Holdings Inc., a Delaware corporation, and (iii) any Fund that provides in its Fund Documents for payment directly to CompCo (or otherwise not through the Partnership) of an economic equivalent of Subordinated Performance Allocations.

"<u>Preferred Limited Partner</u>" has the meaning set forth in the Preamble.

"<u>Preferred Limited Partnership Interests</u>" means the Preferred Limited Partnership Interests described in <u>Section 3.1</u> and, with respect to any Preferred Limited Partner, means the Partnership Interest held by such Preferred Limited Partner in its capacity as a Preferred Limited Partner, as set forth in the Register, as may be amended from time to time in accordance with this Agreement.

"<u>Preferred Partnership Percentage</u>" means, with respect to a Preferred Limited Partner, the percentage set forth under the column designated "Preferred Partnership Percentage" in the Register, as may be amended from time to time in accordance with this Agreement. The sum of the Preferred Partnership Percentages of the Preferred Limited Partners at all times shall be 100%. For the avoidance of doubt, the General Partner's Preferred Partnership Percentage shall be 0%.

"<u>Preferred Performance Allocation</u>" has the meaning set forth in <u>Section 5.2(a)</u>.

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"<u>Profit Distribution</u>" means each distribution made by the Partnership to a Partner pursuant to <u>Section 6.2</u>.

"<u>PSH</u>" means Pershing Square Holdings, Ltd., a Guernsey limited liability company.

"<u>PSH Preference Amount</u>" means, with respect to PSH for any Crystallization Period, an amount equal to (i) the Performance Fee (which is 16% as of the date hereof) that would have been earned if PSH had experienced a net of Management Fee return of five percent (5%) per annum on such Fund's Performance Benchmark Amount, and ignoring for this purpose any reduction to such Performance Fee by the FOA, *minus* (ii) the Offsettable Management Fees. By way of example as of the date hereof, clause (i) of this definition of "PSH Preference Amount" would represent 0.80% of PSH's Performance Benchmark Amount (equivalent to the product of 16% and 5%)).

"<u>PSI</u>" has the meaning set forth in the Preamble.

"<u>Register</u>" has the meaning set forth in <u>Section 2.5</u>.

"<u>Rules</u>" has the meaning set forth in <u>Section 14.5</u>.

"<u>Second Amended and Restated Agreement</u>" has the meaning set forth in the Recitals.

"<u>Specific Preference Amount</u>" means (i) with respect to PSH, the PSH Preference Amount and (ii) with respect to any Other Preference-Paying Fund, such Fund's Other Preference Amount.

"<u>Specified Rate</u>" means the highest maximum combined marginal federal, state, and local income tax rate applicable to an individual Partner resident in New York City (taking into account the deductibility of state and local income taxes for federal income tax purposes to the extent applicable), as determined by the General Partner in its sole discretion.

"<u>Subordinated Limited Partner</u>" has the meaning set forth in the Preamble.

"<u>Subordinated Limited Partnership Interests</u>" means the Subordinated Limited Partnership Interests described in <u>Section 3.1</u> and, with respect to any Subordinated Limited Partner, means the Partnership Interest held by such Subordinated Limited Partner in its capacity as a Subordinated Limited Partner, as set forth in the Register, as may be amended from time to time in accordance with this Agreement.

"<u>Subordinated Partnership Percentage</u>" means, with respect to a Subordinated Limited Partner, the percentage set forth under the column designated "Subordinated Partnership Percentage" in the Register, as may be amended from time to time in accordance with this Agreement. The sum of the Subordinated Partnership Percentages of the Subordinated Limited Partners at all times shall be 100%. For the avoidance of doubt, the General Partner's Subordinated Partnership Percentage shall be 0%.

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"<u>Subordinated Performance Allocation</u>" has the meaning set forth in <u>Section 5.2(b)</u>.

"<u>Subsidiary</u>" with respect to any Person that is a legal entity, means any other Person that is a legal entity of which at least a majority of the outstanding voting securities or other voting equity interests, or a majority of any other interests having the power to direct or cause the direction of the management and policies of such other Person, are owned or controlled, directly or indirectly, by such first Person or one or more of the other Subsidiaries of such first Person or a combination of any of the foregoing. Notwithstanding anything to the contrary, no Funds or other clients of the Partnership, and any portfolio companies thereof, will be deemed a Subsidiary of the Partnership, the General Partner, or any affiliate of the Partnership.

"<u>Substituted Partner</u>" means a Person that is admitted as a Partner to the Partnership pursuant to <u>Section 11.6</u>.

"<u>Tax Advance</u>" has the meaning set forth in <u>Section 10.5</u>.

"<u>Taxable Year</u>" means the Partnership's accounting period for federal income tax purposes determined pursuant to <u>Section 10.2</u>.

"<u>Third Amended and Restated Agreement</u>" has the meaning set forth in the Recitals.

"<u>Transfer</u>" means any sale, transfer, assignment, pledge, mortgage, exchange, hypothecation, grant of a security interest or other direct or indirect disposition or encumbrance of an Interest (including any interest in profits or losses of or distributions made by the Partnership), whether voluntary or involuntary, by operation of law or otherwise. The terms "<u>Transferee</u>," "<u>Transferred</u>," and other forms of the word "<u>Transfer</u>" shall have correlative meanings.

"<u>Treasury Regulations</u>" means the income tax regulations promulgated under the Code and effective as of the date hereof. Such term shall, at the General Partner's sole discretion, be deemed to include any future amendments to such regulations and any corresponding provisions of succeeding regulations (whether or not such amendments and corresponding provisions are mandatory or discretionary; <u>provided</u>, <u>however</u>, that if they are discretionary, the term "Treasury Regulations" shall not include them if including them would have a material adverse effect on any Partner).

"<u>Variable Compensation Agreement</u>" has the meaning set forth in the Recitals.

ARTICLE II<br> <u>ORGANIZATIONAL MATTERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Agreement of Limited Partnership</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Partners hereby continue the Partnership as a limited partnership formed pursuant to the provisions of the Delaware Act. The Partners hereby agree that, from and after the date of this Agreement during the remaining term of the Partnership set forth in <u>Section 2.6</u>, the rights and obligations of the Partners with respect to the Partnership will be determined in accordance with:

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the terms and conditions of this Agreement, 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp; the Delaware Act, except where the Delaware Act provides that such rights and obligations specified in the Delaware Act shall apply "unless otherwise provided in a partnership agreement" or words of similar effect and such rights and obligations are set forth in this Agreement; <u>provided</u> that, for the avoidance of doubt, no appraisal rights shall be available under this Agreement or the Delaware Act pursuant to Section 17-212 of the Delaware Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Name</u>. The name of the Partnership shall be "Pershing Square Capital Management, L.P." The General Partner in its sole discretion may change the name of the Partnership at any time and from time to time. Notification of any such change shall be given to the Limited Partners. The Partnership's business may be conducted under its name and/or any other name or names deemed advisable by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Purpose</u>. The purpose and business of the Partnership shall be to engage in any lawful act or activity which may be conducted by a limited partnership formed pursuant to the Delaware Act and all activities necessary or incidental to the foregoing, including acting as an investment adviser and as a general partner to investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Principal Office; Registered Office</u>. The principal office of the Partnership shall be located at 787 Eleventh Avenue, 9th Floor, New York, New York 10019, or at such other place as the General Partner may from time to time designate, and all business and activities of the Partnership shall be deemed to have occurred at its principal office. Notification of any such change shall be given to the Limited Partners. The address of the registered office of the Partnership in the State of Delaware shall be c/o Corporation Service Company, 251 Little Falls Drive, Wilmington, New Castle County, Delaware 19808, and the registered agent for service of process on the Partnership in the State of Delaware at such registered office shall be Corporation Service Company. The Partnership may maintain offices at such other place or places and employ such other registered agents as the General Partner deems advisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Register</u>. The General Partner shall cause to be maintained in the principal office of the Partnership a register containing the name, amount of Capital Contribution, the Partnership Percentage of each Partner and such other information as the General Partner may deem necessary or desirable (the "<u>Register</u>"). The Register shall not be, and shall not be deemed to be, a part of this Agreement. The General Partner shall from time to time update the Register as necessary to accurately reflect the information therein. Any reference in this Agreement to the Register shall be deemed a reference to the Register as in effect from time to time. Subject to the terms of this Agreement, the General Partner may take any action authorized hereunder in respect of the Register without any need to obtain the consent of the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term</u>. The term of the Partnership commenced upon the filing of the Certificate in accordance with the Delaware Act and shall continue in existence until termination and dissolution thereof in accordance with the provisions of <u>Article XII</u>.

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ARTICLE III<br> <u>PARTNERS AND PARTNERSHIP INTERESTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Classes of Limited Partnership Interests</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)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall have two classes of limited partnership interests: Preferred Limited Partnership Interests and Subordinated Limited Partnership Interests.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Holders of the Preferred Limited Partnership Interests shall be entitled to (i) share in the Partnership income, gain, loss, deduction, and credit as provided in <u>Article V</u> and (ii) such distributions made pursuant to <u>Article VI</u> in the amounts and priorities as set forth in such Article. Holders of the Preferred Limited Partnership Interests shall not be entitled to any voting, consent, participation or other rights except as are set forth in this Agreement or as applicable to limited partners under the Delaware Act or other applicable law. The initial sole Preferred Limited Partner shall be PSI.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Holders of the Subordinated Limited Partnership Interests shall be entitled to (i) share in the Partnership income, gain, loss, deduction, and credit as provided in <u>Article V</u> and (ii) such distributions made pursuant to <u>Article VI</u> in the amounts and priorities as set forth in such Article. Holders of the Subordinated Limited Partnership Interests shall not be entitled to any voting, consent, participation or other rights except as are set forth in this Agreement or as applicable to limited partners under the Delaware Act or other applicable law. The initial sole Subordinated Limited Partner shall be CompCo. Subordinated Limited Partnership Interests are intended to constitute "profits interests" within the meaning of Internal Revenue Service Rev. Proc. 93-27 and 2001-43, and each Partner agrees to treat such Subordinated Limited Partnership Interests in a manner consistent with such characterization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Partners</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)&nbsp;&nbsp;&nbsp;&nbsp; The name of each Partner and other information as provided in <u>Section 2.5</u> shall be set forth in the Register, as amended from time to time in accordance with 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; When a person is admitted as a Substituted Partner in accordance with the provisions of this Agreement, the General Partner shall add the name of such Person, along with the information to be provided for each Partner in accordance with <u>Section 2.5</u>, to the Register.

ARTICLE IV<br> <u>CAPITAL ACCOUNTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Capital Accounts</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)&nbsp;&nbsp;&nbsp;&nbsp; A capital account ("<u>Capital Account</u>") shall be maintained for each Partner in accordance with Code Section 704(b) and Sections 1.704-1(b) and 1.704-2 of the Treasury 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each Partner's Capital Account shall be:

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increased by (A) such Partner's Capital Contributions to the Partnership pursuant to the terms of this Agreement and (B) all profits allocated to such Partner pursuant to <u>Section 4.6</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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Decreased by (A) such amount of cash or fair market value of any property (net of liabilities assumed by such Partner and the liabilities to which such property is subject) distributed by the Partnership to such Partner pursuant to <u>Article XII</u> or <u>Article VI</u> and (B) all losses allocated to such Partner pursuant to <u>Section 4.6</u>; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Adjusted and maintained in accordance with the intended economic effect of this Agreement and as otherwise required by the Code and the regulations thereunder, including but not limited to, the rules of Treasury Regulation Section 1.704- 1(b)(2)(iv).

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For purposes of computing the amount of any item of Partnership income, gain, loss, or deduction to be allocated pursuant to <u>Section 4.6</u> and to be reflected in the Capital Accounts, the determination, recognition, and classification of any such item shall be the same as its determination, recognition, and classification for federal income tax purposes (including any method of depreciation, cost recovery, or amortization used for this purpose); <u>provided</u> 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The computation of all items of income, gain, loss, and deduction shall include those items described in Code Section 705(a)(l)(B) or Code Section 705(a)(2)(B) and Treasury Regulation Section l.704-l(b)(2)(iv)(i), without regard to the fact that such items are not includable in gross income or are not deductible for federal income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; If the Book Value of any Partnership property is adjusted pursuant to Treasury Regulation Section 1.704- l(b)(2)(iv)(e) or (f), the amount of such adjustment shall be taken into account as gain or loss from the disposition of such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp; Items of income, gain, loss, or deduction attributable to the disposition of any Partnership property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the Book Value of such 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;(iv)&nbsp;&nbsp;&nbsp;&nbsp; Items of depreciation, amortization, and other cost recovery deductions with respect to any Partnership property having a Book Value that differs from its adjusted basis for tax purposes shall be computed by reference to the property's Book Value in accordance with Treasury Regulation Section l.704- l(b)(2)(iv)(g).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; To the extent an adjustment to the adjusted tax basis of any Partnership asset pursuant to Code Sections 732(d), 734(b) or 743(b) is required, pursuant to Treasury Regulation Section l.704-l(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Negative Capital Accounts</u>. Except as otherwise provided in <u>Section 6.4</u>, no Partner shall be required to pay to any other Partner or the Partnership any deficit or negative balance which may exist from time to time in such Partner's Capital Account (including upon and after dissolution of the Partnership).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3&nbsp;&nbsp;&nbsp;&nbsp; <u>No Withdrawal</u>. No Partner shall be entitled to withdraw any part of such Person's Capital Contributions or Capital Account or to receive any Distribution from the Partnership, except as expressly provided herein or in the other agreements referred to herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers</u>. A Transferee of all (or any portion) of an Interest shall succeed to the Capital Account (or portion of the Capital Account) attributable to such Transferred Interest (or portion thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Loans From Partners</u>. Loans by Partners to the Partnership shall not be considered Capital Contributions. If any Partner shall loan funds to the Partnership in excess of the amounts required hereunder to be contributed by such Partner to the capital of the Partnership, the making of such loans shall not result in any increase in the amount of the Capital Account of such Partner. The amount of any such loans shall be a debt of the Partnership to such Partner and shall be payable or collectible in accordance with the terms and conditions upon which such loans are made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Book Allocations</u>. The Partnership's profits and losses (as determined for the purposes of Section 704(b) of the Code) shall be allocated in a manner intended to achieve the economic results contemplated by Article V and Article VI of this Agreement. Notwithstanding the other provisions in this <u>Article IV, Article V and Article VI</u>, the General Partner shall be authorized to make, in its reasonable discretion, appropriate adjustments to the allocations of the Partnership's profits and losses (and individual items of income, gain, loss, deduction and credit) pursuant to this Agreement (i) in order to comply with Section 704 of the Code or applicable Treasury Regulations, (ii) to allocate properly profits and losses (and individual items of income, gain, loss, deduction and credit) to those Partners that bear the economic burden or benefit associated therewith and (iii) to cause the Partners to achieve the objectives underlying this Agreement as reasonably determined by the General Partner. This Agreement shall be deemed to include "qualified income offset," "minimum gain chargeback" and "partner nonrecourse minimum gain chargeback" provisions within the meaning of the Treasury Regulations under Code Section 704(b). In furtherance of such objectives, and for the avoidance of doubt, the General Partner is authorized to make allocations of profit or loss to the Partners to the extent and in the manner required by such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Allocations</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)&nbsp;&nbsp;&nbsp;&nbsp; The income, gains, losses, deductions, and credits of the Partnership will be allocated, for federal, state, and local income tax purposes, among the Partners in accordance with the allocation of such income, gains, losses, deductions, and credits among the Partners for computing their Capital Accounts; except that, if any such allocation is not permitted by the Code or other applicable law, then the Partnership's subsequent income, gains, losses, deductions, and credits will be allocated among the Partners so as to reflect as nearly as possible the allocation set forth herein in computing their Capital Accounts.

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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)&nbsp;&nbsp;&nbsp;&nbsp; If the Book Value of any Partnership asset is adjusted pursuant to the requirements of Treasury Regulation Section l.704-l(b)(2)(iv)(e) or (f), then subsequent allocations of items of taxable income, gain, loss, and deduction with respect to such asset shall take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Book Value in the same manner as under Code Section 704(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;(c)&nbsp;&nbsp;&nbsp;&nbsp; Allocations pursuant to this <u>Section 4.7</u> are solely for purposes of federal, state, and local taxes and shall not affect, or in any way be taken into account in computing, any Partner's Capital Account or Interest, or other Partnership items pursuant to any provision of this Agreement.

ARTICLE V<br> <u>ALLOCATIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Allocations of Profits and Losses</u>. Subject to <u>Section 5.2</u>, the Partnership's profits and losses shall be allocated to the Preferred Limited Partner. For the avoidance of doubt, such profits shall include all proceeds received by the Partnership from sources other than the Preference-Paying Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Special Allocations</u>. The Preferred Limited Partner and Subordinated Limited Partner shall be entitled to the following special allocations of the Partnership's profits:

&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)&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Allocations to Preferred Limited Partner</u>. The Preferred Limited Partner shall be allocated a portion of the Partnership's profits from Preference-Paying Funds (the "<u>Preferred Performance Allocation</u>") in an amount equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; with respect to each Crystallization Period for PSH, an amount equal to the lesser of (x) the PSH Preference Amount as of the end of such Crystallization Period *plus* any Cumulative Unallocated PSH Preference Amount and (y) the aggregate amount of (1) any Performance Fees that the Partnership received from PSH for such Crystallization Period and (2) any Offsettable Performance Fees that the Partnership received for such Crystallization Period; <u>provided</u> that, (I) any portion of the PSH Preference Amount with respect to any Crystallization Period that is not allocated to the Preferred Limited Partner in accordance with this <u>Section 5.2(a)(i)</u> (*i.e.*, the amount for which clause (x) exceeds clause (y)) shall, until so allocated, accumulate and increase the amount to be allocated to the Preferred Limited Partner under clause (x) of this <u>Section 5.2(a)(i)</u> for purposes of subsequent Crystallization Periods (the "<u>Cumulative Unallocated PSH Preference Amount</u>"), and (II) any amount which is allocated to a Preferred Limited Partner in respect of the Cumulative Unallocated PSH Preference Amount (under either clause (x) or (y) hereof) shall reduce the Cumulative Unallocated PSH Preference Amount for purposes of subsequent Crystallization Periods; *plus*

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp; with respect to each Crystallization Period for each Other Preference-Paying Fund, an amount equal to the lesser of (x) the Other Preference Amount as of the end of such Crystallization Period *plus* any Cumulative Unallocated Other Preference Amount and (y) the aggregate amount of Performance Fees that the Partnership received from the applicable Preference-Paying Fund (net of the Offsettable Performance Fees that the Partnership received with respect to such Preference-Paying Fund) for such Crystallization Period; <u>provided</u> that, (I) any portion of the Other Preference Amount for a Preference-Paying Fund that is not allocated to the Preferred Limited Partner in accordance with this <u>Section 5.2(a)(ii)</u> (*i.e.*, the amount for which clause (x) exceeds clause (y)) shall, until so allocated, accumulate and increase the amount to be allocated to the Preferred Limited Partner under clause (x) of this <u>Section 5.2(a)(ii)</u> for purposes of subsequent Crystallization Periods (the "<u>Cumulative Unallocated Other Preference Amount</u>"), and (II) any amount which is allocated to a Preferred Limited Partner in respect of the Cumulative Unallocated Other Preference Amount (under either clause (x) or (y) hereof) shall reduce the Cumulative Unallocated Other Preference Amount for purposes of subsequent Crystallization Periods.

&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)&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Allocations to Subordinated Limited Partner</u>. The Subordinated Limited Partner shall be allocated a portion of the Partnership's profits from Preference-Paying Funds (the "<u>Subordinated Performance Allocation</u>") equal to the sum of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; with respect to each Crystallization Period for PSH, the aggregate of (i) any Performance Fees that the Partnership received from PSH for such Crystallization Period and (ii) any Offsettable Performance Fees that the Partnership received for such Crystallization Period, but solely to the extent such aggregate amount exceeds the Preferred Performance Allocation allocated to the Preferred Limited Partner with respect to such Crystallization Period for PSH as set forth in <u>Section 5.2(a)(i)</u>; *plus*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp; with respect to each Crystallization Period for each Other Preference-Paying Fund, any Performance Fees that the Partnership received from the applicable Preference-Paying Fund (net of the Offsettable Performance Fees that the Partnership received with respect to such Preference-Paying Fund) for such Crystallization Period, but solely to the extent such amount exceeds the Preferred Performance Allocation allocated to the Preferred Limited Partner with respect to such Crystallization Period for such Other Preference-Paying Fund as set forth in <u>Section 5.2(a)(ii)</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;(c)&nbsp;&nbsp;&nbsp;&nbsp; For the avoidance of doubt, with respect to the calculation of the aggregate Preferred Performance Allocation and the aggregate Subordinated Performance Allocation pursuant to <u>Section 5.2(a)</u> and <u>Section 5.2(b)</u>, as applicable, Performance Fees, Offsettable Management Fees, Offsettable Performance Fees, PSH Preference Amount, Other Preference Amount, Cumulative Unallocated PSH Preference Amount and Cumulative Unallocated Other Preference Amount, shall, in each case, be calculated on a Fund-by-Fund basis, and the aggregate Preferred Performance Allocation and the aggregate Subordinated Performance Allocation, as applicable, shall be calculated based on the sum of the Preferred Performance Allocation and Subordinated Performance Allocation for each Preference-Paying Fund, in each case, without duplication or offsetting any amounts across each Preference-Paying Fund. For clarity, the fact that the Preferred Limited Partner's allocations from the Partnership for applicable fees received pursuant to <u>Section 5.2(a)(i)</u> or <u>Section 5.2(a)(ii)</u>, as applicable, with respect to any one Preference-Paying Fund is less than the Specific Preference Amount with respect to such Preference-Paying Fund as a result of the limit set forth in clause (y) of <u>Section 5.2(a)(i)</u> or <u>Section 5.2(a)(ii)</u>, as applicable, shall not give rise to any reduction of the Subordinated Performance Allocation earned with respect to any other Preference-Paying Fund, which shall be allocated to the Subordinated Limited Partner and not used to reduce the remaining Preferred Performance Allocation of such first Preference-Paying Fund. For example, if a Cumulative Unallocated PSH Preference Amount or Cumulative Unallocated Other Preference Amount, as applicable, is carried forward for any one Preference-Paying Fund during any Crystallization Period, such carried forward amount will not be offset against, or otherwise reduce, the amount of the Subordinated Performance Allocation calculated for any other Preference-Paying Fund.

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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;(d) Illustrative examples of the manner in which the Preferred Performance Allocation and the Subordinated Performance Allocation are calculated are set forth in that certain joint resolution unanimously approved by the Partners on the date hereof (the "<u>Illustrative Examples</u>"). The Partners agree that the operation of this <u>Section 5.2</u> shall be interpreted consistently with the examples set forth in the Illustrative Examples. For clarity, such examples reflect the economic allocations intended by this Agreement but do not purport to be a complete representation of the possible allocations that may arise under this Agreement.

ARTICLE VI<br> <u>DISTRIBUTIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Preferential Distributions</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)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall distribute or pay, directly or indirectly as applicable, (i) the Preferred Performance Allocation set forth in <u>Section 5.2(a)</u> to the Preferred Limited Partner and (ii) the Subordinated Performance Allocation set forth in <u>Section 5.2(b)</u> to the Subordinated Limited Partner, in each case, within thirty (30) days after it receives Performance Fees for the applicable Crystallization Period.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Interest shall accrue on past due amounts with respect to the Subordinated Performance Allocation only at the rate of one percent (1%) per month, but in no event greater than the highest rate of interest allowed under applicable law, calculated from the date such amount was due until the date that payment is received by the Subordinated Limited Partner. Notwithstanding the foregoing, in the event that a Crystallization Period occurs for less than all of a series or class of shares of a Preference-Paying Fund (*e.g*., in the event of a redemption of a share), Performance Fees received in respect of such Crystallization Period shall be retained by the Partnership and included for purposes of calculating the Preferred Performance Allocation and the Subordinated Performance Allocation at the next Crystallization Period for such Preference-Paying Fund.

&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) Payments due to the Subordinated Limited Partner under this Agreement shall be made by wire transfer of immediately available funds to one or more accounts designated in writing by the Subordinated Limited Partner from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>General Profit Distributions</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)&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise specifically provided in this Agreement, all distributions of Available Cash (i.e., after the payment of the Preferred Performance Allocation and the Subordinated Performance Allocation pursuant to <u>Section 6.1</u>) other than in liquidation shall be made at such times as the General Partner shall determine. Available Cash determined to be distributed during any Fiscal Year shall be distributed to the Preferred Limited Partner. It is intended that Available Cash be distributed regularly hereunder.

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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)&nbsp;&nbsp;&nbsp;&nbsp; No distributions shall be made pursuant to this <u>Section 6.2</u> in respect of the General Partner's interest.

&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)&nbsp;&nbsp;&nbsp;&nbsp; No distribution shall be made to a Partner pursuant to <u>Section 6.2(a)</u> if and to the extent that such distribution would (i) cause the Partnership to be insolvent or (ii) render the Partner liable for a return of such distribution under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Distributions in Cash or in Kind</u>. Except as may be otherwise specified herein, Distributions shall be made, in the sole discretion of the General Partner, in cash or property or partly in cash and partly in property, and a Partner shall have no right to require that distributions to such Partner consist of any specific item or items of property. Distributions due to the Subordinated Limited Partners under this Agreement shall be made, as the General Partner shall determine in its reasonable discretion, net of any taxes incurred by the Partnership attributable to the amounts described in <u>Section 5.2(b)</u>; provided, that such netting shall take into account the reduction (if any) in taxes incurred by the Preferred Limited Partner attributable to amounts allocated or allocable under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Return of Payment</u>. The Partners shall contribute to any obligation of the Partnership to return all or any portion of any Performance Fees in accordance with the Fund Documents of any Preference-Paying Fund (including as a result of any error in calculations of such Performance Fees or restatement of such Preference-Paying Fund's financials) in the following order of priority and up to the following amounts: (i) first by the Subordinated Limited Partner, up to a maximum amount equal to the Subordinated Performance Allocation actually received by the Subordinated Limited Partner attributable to such Preference-Paying Fund with respect to any period from and after the date of this Agreement and (ii) thereafter by the Preferred Limited Partner, up to a maximum amount equal to the Preferred Performance Allocation actually received by the Preferred Limited Partner attributable to such Preference-Paying Fund with respect to any period from and after the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Distributions</u>. Notwithstanding any other provision herein to the contrary, the General Partner shall at the end of each Fiscal Year cause the Partnership to distribute, to the extent of Available Cash, an amount of cash to each Partner (a "<u>Tax Distribution</u>") which in the good faith judgment of the General Partner equals the excess of (x) (i) the amount of taxable income allocable to such Partner in respect of such Fiscal Year (or other period as determined by the General Partner in its sole discretion), multiplied by (ii) the Specified Rate over (y) distributions previously made to the Partners with respect to such Fiscal Year. All Tax Distributions made to any Partner shall be treated as advances of distributions made pursuant to <u>Section 6.1</u>, <u>Section 6.2</u>, or <u>Section 12.2</u> and shall be taken into account in determining the amount of future distributions made pursuant to <u>Section 6.1</u>, <u>Section 6.2</u>, or <u>Section 12.2</u> with respect to such Partner.

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ARTICLE VII<br> <u>MANAGEMENT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Management</u>. The General Partner will have all rights and powers to manage and administer the business and affairs of the Partnership. The powers of the General Partner include all powers, statutory and otherwise, which may be possessed by a general partner under the Delaware Act. All matters concerning accounting procedures and determinations, and other determinations not specifically and expressly provided for by the terms of this Agreement, shall be determined by the General Partner, whose determination shall be final and conclusive as to all of the Partners absent manifest clerical error. The General Partner of the Partnership will be PS Management GP, LLC. The General Partner shall receive no special compensation for service as the Partnership's General Partner. Notwithstanding the foregoing and except as explicitly set forth in this Agreement, (i) if a vote, consent or approval of the Partners is required by the Delaware Act or other applicable law with respect to any act to be taken by the Partnership or matter considered by the General Partner, the Limited Partners agree that they shall be deemed to have consented to or approved such act or voted on such matter in accordance with the General Partner's approval of such act or matter and (ii) the approval by the General Partner of any proposed action of or relating to the Partnership shall bind the Limited Partners and shall have the same legal effect as the approval of the Limited Partners of such action. No Limited Partner, in its capacity as a Limited Partner, shall have any power to act for, sign for or do any act that would bind the Partnership. The General Partner shall not be obligated to abstain from acting on any matter (or act in any particular manner) because of any interest (or conflict of interest) of such General Partner (or any Affiliate thereof) in such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Limitation of General Partner's Liability</u>. Except as otherwise expressly provided herein, to the maximum extent permitted by applicable law, no present or former General Partner or any of its Affiliates shall be liable to the Partnership or to any Partner for any act or omission performed or omitted by the General Partner in good faith. The General Partner may exercise any of the powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or indirectly through its agents. The General Partner and its Affiliates shall be entitled to rely upon the records of the Partnership and upon information, opinions, reports or statements presented to the Partnership by any of the Partnership's officers or employees or by any other person, including the advice of legal counsel, independent public accountants and other experts, including financial advisors, and any act or omission performed or omitted by the General Partner or its Affiliates, in good faith reliance on such records, information, opinions, reports, statements or advice shall in no event subject the General Partner or its Affiliates to liability to the Partnership or any Partner. To the maximum extent permitted by applicable law, each Partner and the Partnership hereby waives any claim or cause of action against the General Partner and its Affiliates arising from or relating to a result of a conflict of interest between any Partner or the Partnership, on the one hand, and the General Partner or its Affiliates, on the other hand, except to the extent the General Partner or its Affiliates acted in bad faith or in willful breach of any express provision of this Agreement. Each Partner acknowledges and agrees that in the event of any such conflict of interest, the General Partner and its Affiliates may, in the absence of bad faith, act in the best interest of the General Partner or its Affiliates unless such act constitutes a willful breach of any express provision of this Agreement. The provisions of this Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Person otherwise existing at law or in equity, are agreed to replace, to the fullest extent permitted by applicable law, such other duties and liabilities of such Person. Any indemnification or exculpation standards contained in this Agreement, including in <u>Article VIII</u>, shall not restore or create, whether in contract or otherwise, any duties or liabilities otherwise restricted or eliminated by this Agreement. Without limiting the generality of the foregoing, an action of the General Partner or its Affiliates with respect to any transaction that presents an actual or potential conflict of interests will not constitute a breach of this Agreement or any duty stated or implied herein or by law or equity if the transaction is approved by the Limited Partners.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3&nbsp;&nbsp;&nbsp;&nbsp; <u>General Partner Expenses</u>. The General Partner shall be reimbursed by the Partnership for all expenses, disbursements and advances incurred or made (including in respect of indemnification obligations), and other expenses necessary or appropriate for, the conduct of the General Partner as the general partner of the Partnership ("<u>General Partner Expenses</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Officers</u>. The General Partner may appoint such officers and assistant officers as it deems necessary. If specifically authorized by the General Partner, any officer may appoint one or more officers or assistant officers. The same individual may simultaneously hold more than one office in the Partnership. Except as otherwise expressly provided herein or as determined by the General Partner, to the maximum extent permitted by applicable law, no present or former officers or assistant officers shall be liable to the Partnership or to any Partner for any act or omission performed or omitted by such officers or assistant officers in the performance of their duties as such in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Circumvention; Alternative Arrangements</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)&nbsp;&nbsp;&nbsp;&nbsp; PSI and the Partnership shall not, and shall cause their respective Affiliates (including any other Pershing Square Management Company) not to, directly or indirectly, take any action that is intended to or reasonably likely to have the effect of circumventing or diminishing the Subordinated Limited Partner's entitlement to the Subordinated Performance Allocation or delaying the distribution of the Subordinated Performance Allocation pursuant to this Agreement, including without limitation by: amending any Fund Documents; changing the methodology for calculating Preference-Paying Fund performance or assets; characterizing any payments, fees or allocations from any Preference-Paying Fund in a manner that would reduce the amount of Subordinated Performance Allocations otherwise due under this Agreement; transferring, hypothecating or pledging rights to such payments, fees or allocations, or permitting any liens to be imposed thereon; or causing the Partnership to make any distributions (directly or indirectly) to the Preferred Limited Partner (i) if such distribution would render the Partnership unable to pay the Subordinated Performance Allocation as and when due or (ii) of any portion of Performance Fees received by the Partnership, if such distribution would reduce the balance of the Preferred Performance Allocation below zero dollars ($0) (in each case, notwithstanding any distribution policy that may be adopted from time to time by the Preferred Limited Partner or its Affiliates or anything to the contrary in the Organizational Documents of the Preferred Limited Partner or its Affiliates).

&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)&nbsp;&nbsp;&nbsp;&nbsp; To the extent that any entitlement to a performance or incentive fee or any carried interest, allocation, promote or other performance-based compensation with respect to any Preference-Paying Fund cannot reasonably be established in a manner that gives rise to Performance Fees subject to this Agreement, the parties shall take all actions necessary to modify or supplement this Agreement, or enter into one or more additional agreements, so as to provide the Subordinated Limited Partner with the benefit of the Subordinated Performance Allocation (or an economic equivalent thereof) and the other rights of Subordinated Limited Partner contemplated by this Agreement with respect to such fee, allocation or compensation.

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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)&nbsp;&nbsp;&nbsp;&nbsp; If requested by the Subordinated Limited Partner, PSI shall use commercially reasonable efforts to bifurcate the payment of Performance Fees and Management Fees in the Fund Documents of the Preference-Paying Funds so as to replicate as closely as possible the effect of this Agreement, such that the Subordinated Limited Partner shall be entitled to receive directly from the Preference-Paying Funds an amount equal to the Subordinated Performance Allocations to achieve the equivalent of the economic arrangement contemplated herein. To the extent the Fund Documents of a Preference-Paying Fund are so amended, this Agreement shall be amended if and only to the extent necessary to effectuate the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>New Preference-Paying Funds with Fee Offset Arrangements</u>. If, at any time, there is an Other Preference-Paying Fund with a fee offset arrangement similar to the FOA, then the parties shall amend or supplement this Agreement as necessary so that such Other Preference-Paying Fund's fee offset arrangement is reflected in this Agreement in a manner that gives effect thereto the same economic allocation contemplated by the provisions hereof relating to the FOA (and the Offsettable Management Fees and Offsettable Performance Fees relating to the FOA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7&nbsp;&nbsp;&nbsp;&nbsp; <u>New Management Companies</u>. In the event that PSI or any of its Subsidiaries establishes, acquires or otherwise becomes affiliated with any Pershing Square Management Company other than the Partnership, PSI agrees to cause such Pershing Square Management Company to promptly enter into an Agreement reasonably acceptable to the Subordinated Limited Partner that gives the effect of granting the economic allocations intended by the provisions hereof, as a result of which such Pershing Square Management Company shall become subject to similar obligations to pay Subordinated Performance Allocations (or an economic equivalent thereof) to the Subordinated Limited Partner to the same extent as the Partnership.

ARTICLE VIII<br> <u>GENERAL RIGHTS AND OBLIGATIONS OF PARTNERS AND OFFICERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Limitation of Liability</u>. Except as otherwise provided by applicable laws, the debts, obligations, and liabilities of the Partnership, whether arising in contract, tort, or otherwise, shall be solely the debts, obligations, and liabilities of the Partnership, and no Partner shall be obligated personally for any such debt, obligation, or liability of the Partnership solely by reason of being a Partner of the Partnership; <u>provided</u> that a Partner shall be required to return to the Partnership any Distribution made to it in clear and manifest accounting or similar error. The immediately preceding sentence shall constitute a compromise to which all Partners have consented within the meaning of the Delaware Act. Notwithstanding anything contained herein to the contrary, the failure of the Partnership to observe any formalities or requirements relating to the exercise of its powers or management of its business and affairs under this Agreement or the Delaware Act shall not be grounds for imposing personal liability on the Partners for liabilities of the Partnership. This Agreement is not intended to, and does not, create or impose any fiduciary duty on any Partner (including the General Partner) or its respective Affiliates or on any officer or assistant officer of the Partnership. Furthermore, to the fullest extent permitted by law, each of the Partners and the Partnership hereby waives any and all fiduciary duties that, absent such waiver, may be imposed or implied herein or by applicable law or in equity, and in doing so, acknowledges and agrees that the duties and obligations of each Partner and each officer and assistant officer to each other and to the Partnership are only as expressly set forth in this Agreement. The provisions of this Agreement, to the extent that they restrict the duties and liabilities of a Partner (including the General Partner) or its respective Affiliates or of any officer or assistant officer of the Partnership otherwise existing at law or in equity, are agreed by the Partners to replace such other duties and liabilities of such Person.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except as otherwise required by law or the provisions of this Agreement, the Partnership shall indemnify (solely from the assets of the Partnership) any Partner, any officer, assistant officer or director of the Partners, and any officer, assistant officer, agent and representative of the Partnership (each, an "<u>Indemnified Person</u>") against all losses, liabilities, damages and expenses (including amounts paid for attorneys' fees, judgments and settlements) (collectively, "<u>Indemnifiable Losses</u>") to which such Indemnified Persons may become subject in connection with any threatened, pending or completed action, suit or proceeding that results from any action or omission performed or omitted by the General Partner and the General Partner's Affiliates on behalf of the Partnership or solely by reason of being a Partner, officer, assistant officer, agent or representative of the Partnership, but in all cases, only to the extent that such Person did not act in bad faith or in willful breach of this Agreement. Expenses, including attorneys' fees, reasonably incurred by such Indemnified Persons in defending any such suit or proceeding shall be paid by the Partnership in advance of the final disposition of such suit or proceeding, including any appeal therefrom, upon receipt of an undertaking by or on behalf of such Indemnified Persons, as applicable, to repay such amount if it shall ultimately be determined that such Indemnified Persons are not entitled to be indemnified by the Partnership. The right to indemnification and the advancement of expenses conferred in this <u>Section 8.2</u> shall not be exclusive of any other right which such Indemnified Persons may have or hereafter acquire under any statute, agreement or otherwise. Notwithstanding the foregoing, the Partnership shall have no obligation to protect, indemnify or hold harmless any Person (or advance further expenses to such Person) in connection with any action, suit or proceeding between the Partnership and such Person with respect to which the Partnership is the prevailing party. The Partnership may maintain insurance, at its expense, to protect any Indemnified Persons against any Indemnifiable Losses regardless of whether or not the Partnership would have the power to indemnify such Indemnified Persons against such Indemnifiable Losses under the provisions of this <u>Section 8.2</u>. Notwithstanding anything to the contrary contained herein (including this <u>Section 8.2</u>), any indemnification by the Partnership of such Indemnified Persons pursuant to this <u>Section 8.2</u> shall be provided out of and to the extent of the Partnership's assets only, and no Partner shall have any liability on account thereof or shall be required to make any payment or contribution, including any additional Capital Contributions, to help satisfy such indemnity by the Partnership. If this <u>Section 8.2</u> or any portion hereof shall be invalidated on any ground by a court of competent jurisdiction, then the Partnership shall nevertheless indemnify and hold harmless the Indemnified Persons to the fullest extent permitted by applicable law and to the fullest extent permitted by any applicable portion of this <u>Section 8.2</u> that has not been invalidated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Lack of Authority</u>. No Partner (in his, her, or its capacity as such) other than the General Partner has the authority or power to act for or on behalf of the Partnership in any manner, to do any act that would be (or could be construed as) binding on the Partnership or to make any expenditures on behalf of the Partnership, and the Partners hereby consent to the exercise by the General Partner of the powers conferred on it by law and this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Right of Partition</u>. No Partner shall have the right to seek or obtain partition by court decree or operation of law of any Partnership property, or the right to own or use particular or individual assets of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Partner's Right to Act</u>. Except as otherwise provided by this Agreement or as required under the Delaware Act, the Partners shall not have any voting or approval rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Investment Opportunities and Conflicts of Interest</u>. The Partners expressly acknowledge that, subject to the provisions of any agreement between the Partnership, on the one hand, and any Partner, on the other hand, (i) the Partners and their respective Affiliates are permitted to (x) engage in businesses similar to and/or competitive with the business of the Partnership and any Fund (including in areas in which the Partnership or any Fund may in the future engage in business) and in related businesses outside of the Partnership or any Fund (any of such businesses, an "<u>Other Business</u>"), and (y) have, and may presently or in the future have, investments or other business relationships with entities engaged in an Other Business, (ii) the Partners and their respective Affiliates have and may develop a strategic relationship with an Other Business, (iii) none of the Partners or their respective Affiliates will be prohibited by virtue of their investments in the Partnership or any Fund from pursuing and engaging in any such activities, (iv) none of the Partners or their respective Affiliates will be obligated to inform the Partnership or the General Partner of any such opportunity, relationship, or investment, (v) the other Partners will not acquire or be entitled to any interest or participation in any Other Business as a result of the participation therein of any of the Partners or their respective Affiliates, and (vi) the involvement of the Partners or their respective Affiliates in any Other Business will not constitute a conflict of interest by such Persons with respect to the Partnership or its Partners or any Fund. Notwithstanding the foregoing, this <u>Section 8.6</u> shall not limit or otherwise modify any covenants entered into by any Partner or any Affiliate thereof pursuant to any agreement entered into with the General Partner, the Partnership or any Fund.

ARTICLE IX<br> <u>BOOKS, RECORDS, ACCOUNTING AND REPORTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Records and Accounting</u>. The Partnership shall keep, or cause to be kept, appropriate books and records with respect to the Partnership's business, including all books and records necessary to provide any information, lists, and copies of documents required to be provided pursuant to <u>Section 9.3</u> or pursuant to applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fiscal Year</u>. The Fiscal Year of the Partnership shall constitute the 12-month period ending on December 31 of each calendar year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Reports</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)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall use reasonable best efforts to deliver or cause to be delivered to the General Partner and each Limited Partner, as soon as practicable after the end of each Fiscal Year, an annual report containing a statement of changes in the Partner's equity for such Fiscal Year (if any).

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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)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall, to the extent required by the Delaware Act, deliver or cause to be delivered to the General Partner and each Limited Partner with reasonable promptness, such other information and financial data concerning the Partnership and the Fund as such Partner shall from time to time reasonably request; <u>provided</u> that furnishing such information shall not be financially burdensome on the Partnership, the General Partner or any Fund, or unreasonably time consuming for the employees of the Partnership or the Funds; <u>provided</u>, <u>further</u>, that, to the extent permitted by applicable law, no Partner (other than the General Partner) shall be entitled to receive any information other than information necessary to calculate and verify the amount, if any, of such Partner's Distribution.

&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)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall use reasonable best efforts to deliver or cause to be delivered, as soon as practicable after the end of each Fiscal Year, to each Person who was a Partner at any time during such Fiscal Year all information necessary for the preparation of such Person's United States federal and state income tax returns.

&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)&nbsp;&nbsp;&nbsp;&nbsp; Within one hundred and twenty (120) days of the end of each calendar year, PSI and the Partnership shall, and shall cause their respective Affiliates to, prepare and provide the Subordinated Limited Partner with audited financial statements and reasonably detailed information statements used to support such audited financial statements setting forth the calculation of the Performance Fees and Preferred Performance Allocation for each applicable Fund with respect to the prior calendar year. PSI and the Partnership shall, and shall cause their Affiliates to, provide the Subordinated Limited Partner with such additional information and assistance as the Subordinated Limited Partner may reasonably request in connection with verifying the accuracy of the calculation of the Subordinated Performance Allocation (or any component thereof) and the amount of any Performance Fees returned to any Preference-Paying Fund. The Partnership shall keep complete and accurate books and records sufficient to verify the amounts owed to the Subordinated Limited Partner pursuant 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; The Partnership shall use commercially reasonable efforts to deliver or cause to be delivered, as soon as practicable after the end of each Fiscal Year, to each Person who was a Partner at any time during such Fiscal Year all information necessary for the preparation of such Person's United States federal and state income tax returns. Notwithstanding the above, the Partnership shall use commercially reasonable efforts to deliver, or cause to be delivered, final federal, state and local tax and information returns, including an information report return (K-1), to the Limited Partners within 180 days of the end of the relevant Fiscal Year; <u>provided</u>, that if within 120 days of the end of the relevant Fiscal Year such final returns have not been delivered, the Partnership shall use commercially reasonable efforts to deliver, within such 120 day period and based on the information reasonably available to the Partnership, drafts or estimates of such returns.

ARTICLE X<br> <u>TAX MATTERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Preparation of Tax Returns</u>. The Partnership shall arrange for the preparation and timely filing of all returns required to be filed by the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Tax Elections</u>. The Taxable Year (if applicable) shall be the Fiscal Year set forth in <u>Section 9.2</u>, unless the General Partner shall determine otherwise in his sole discretion and in compliance with applicable laws. The General Partner shall, in his sole discretion, determine whether to make or revoke any available election pursuant to the Code. Each Partner will, upon request, supply any information necessary to give proper effect to such election.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Tax Controversies</u>. The General Partner shall have sole discretion to designate the "partnership representative" and "designated individual" within the meaning of Section 6223 of the Code and the regulations thereunder (collectively referred to as the "partnership representative"), which may, for the avoidance of doubt, be the General Partner or an Affiliate of the General Partner. Each Partner hereby approves in advance of such designation and agrees to execute, certify, acknowledge, deliver, swear to, file and record at the appropriate public offices such documents as may be deemed necessary or appropriate to evidence such approval. The partnership representative shall be entitled to take such actions on behalf of the Partnership in any and all proceedings with the IRS and any other taxing authority as it reasonably determines to be appropriate and that is consistent with this <u>Section 10.3</u> (specifically including making elections under Sections 6221, 6225, and 6226 of the Code and any decision to cause the Partnership to file a petition with any court seeking judicial review of any final partnership adjustments). The partnership representative shall be reimbursed by the Partnership for all out-of-pocket costs and expenses reasonably incurred in connection with any such proceeding, and shall be indemnified by the Partnership (solely out of Partnership assets) with respect to any action brought against such partnership representative in connection with the settlement of any such proceeding. The partnership representative may, to the extent permitted under the Code, within forty-five (45) days of a notice of final partnership adjustment, cause the Partnership to elect the "alternative procedure" under Section 6226 of the Code, and furnish the IRS and each Partner of the Partnership during the year or years to which the notice of final partnership adjustment relates a statement of the partner's share of any adjustment set forth in the notice of final partnership adjustment. The Partners agree to cooperate in good faith and to do or refrain from doing any or all things reasonably requested by the Partnership with respect to the conduct of such proceedings, including without limitation by timely providing information reasonably requested by the partnership representative and making elections reasonably requested by the partnership representative, and the partnership representative shall make such elections as it determines in its discretion, to give effect to the preceding sentence. Notwithstanding anything contained in this Agreement to the contrary, in the event of a Partnership level assessment which results in an "imputed underpayment" as defined in Section 6225(b) of the Code (an "<u>Imputed</u> <u>Underpayment</u>"), the partnership representative shall (A) determine each Partner's share of the adjusted items as set forth in the notice of final partnership adjustment, (B) apply for and use commercially reasonable efforts to make all modifications available under Section 6225(c) of the Code to reduce the amount of the Imputed Underpayment, and (C) use commercially reasonable efforts to determine each Partner's share of the final Imputed Underpayment after properly allocating to each Partner any reductions from modifications attributable to such Partner's tax attributes or status, as determined by the General Partner in its reasonable discretion. Each Partner shall be obligated to indemnify the Partnership (without any right of reimbursement or contribution) for its allocable share of any Imputed Underpayment, as finally determined under this <u>Section 10.3</u>. The partnership representative may request such indemnification or reimbursement in advance of the due date of any Imputed Underpayment by the Partnership. Each Partner shall take reporting positions on its respective federal, state and local tax returns that are consistent with the tax reporting positions taken by the Partnership. The partnership representative shall keep all Partners fully informed of the progress of any examinations, audits, or other proceedings. The provisions of this <u>Section 10.3</u> shall survive any termination of this Agreement or any removal, withdrawal or transfer by a Partner of its partnership interest in the Partnership.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Tax Information</u>. Each Limited Partner agrees that such Limited Partner will, upon request by the General Partner, provide any information requested by the General Partner, and that the General Partner may execute any forms or documents or obtain any information on such Limited Partner's behalf that relate to such Limited Partner's investment in the Partnership, in connection with any tax matter affecting the Partnership, including as reasonably necessary to effectuate any of the foregoing provisions of this <u>Article X</u>. A Partner's obligations to comply with the requirements of this <u>Section 10.4</u> shall survive such Partner's ceasing to be a Partner of the Partnership and / or the termination, dissolution, liquidation and winding up of the Partnership, and, for purposes of this <u>Section 10.4</u>, the Partnership shall be treated as continuing in existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Withholding</u>. To the extent the General Partner determines in good faith that the Partnership or any entity in which the Partnership holds an interest is required by law to withhold or to make tax payments (including under Section 6225 and any interest and penalties to taxes) on behalf of or with respect to, or as a result of, any Partner (including, for the avoidance of doubt, an "imputed underpayment" (within the meaning of Section 6225 of the Code or U.S. Treasury Regulations Section 301.6227-1) allocable to such Partner) ("<u>Tax Advances</u>"), the General Partner may withhold such amounts and/or make such tax payments as so required. Such Tax Advances shall be treated as having been distributed to such Partner for all purposes of this Agreement. At the option of the General Partner, Tax Advances shall either (i) be withheld from future distributions to or (ii) be repaid within thirty (30) days to the Partnership by, in each case, the Partner on whose behalf such Tax Advances were made (if not withheld from a distribution to such Partner pursuant to a law requiring such withholding); provided, that the General Partner shall not treat the Partners inconsistently in recouping Tax Advances. If at the time of liquidation of the Partnership, any such Tax Advances to a Partner that were not previously recouped exceed the proceeds of liquidation to the Partner, or if a Partner with an outstanding Tax Advance ceases to be a Partner, such Partner shall repay such excess, or such outstanding Tax Advance, as the case may be, to the Partnership. Any amount due from a Partner pursuant to this <u>Section 10.5</u> shall bear interest calculated at a rate equal to 12% per annum, compounded as of the last day of each year (but not in excess of the highest rate per annum permitted by law). Each Partner hereby agrees to indemnify and hold harmless the Partnership and the other Partners from and against any liability from such Partner's failure to repay Tax Advances (including for the avoidance of doubt any penalty or interest incurred with respect to such withholding). Each Partner shall provide the Partnership with such information that the Partnership reasonably requests in order to determine the amount of any taxes required to be withheld with respect to such Partner. A Partner's obligations under this <u>Section 10.5</u> shall continue even if such Partner ceases to be a Partner (including as a result of the dissolution of the Partnership).

ARTICLE XI<br> <u>TRANSFER OF INTERESTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Transfers by Partners</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)&nbsp;&nbsp;&nbsp;&nbsp; No Partner shall Transfer, or offer or agree to Transfer, all or any part of such Partner's Interest without the prior written consent of the General Partner, which consent may be withheld in the General Partner's sole discretion. With the General Partner's consent, a Partner may Transfer all or any part of such Partner's Interest, subject to compliance with this Agreement (including, without limitation, the provisions of this <u>Article XI</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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Each Transferee of Interest shall, as a condition prior to such Transfer, execute a counterpart of this Agreement pursuant to which such Transferee shall be bound by the provisions of this Agreement and such other instruments or agreements as requested by the General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Restriction on Transfer</u>. Notwithstanding anything to the contrary in this Agreement, in order to permit the Partnership to qualify for the benefit of a "safe harbor" under Code Section 7704, no Transfer of any economic interest in the Partnership shall be permitted or recognized by the Partnership or the General Partner (within the meaning of Treasury Regulation Section 1.7704-l(d)) if and to the extent that such Transfer would cause the Partnership to have more than 100 partners (within the meaning of Treasury Regulation Section 1.7704-l(h), including the look-through rule in Treasury Regulation Section 1.7704-l(h)(3)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Transfer Fees and Expenses</u>. A Partner shall reimburse the Partnership for all reasonable expenses (including attorneys' fees and expenses) of any Transfer or proposed Transfer of any part of such Partner's Interest, whether or not consummated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Void Transfers</u>. Any Transfer by any Partner of any part of such Partner's Interest in contravention of this Agreement (including, without limitation, the failure of the Transferee to execute a counterpart of this Agreement in accordance with <u>Section 11.1(b)</u>) or which would cause the Partnership to not be treated as a partnership for U.S. federal income tax purposes with respect to its continuing Partners shall be void and ineffectual and shall not bind or be recognized by the Partnership or any other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Effect of Assignment</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) Any Partner who Transfers all or any part of such Partner's Interest shall cease to be a Partner of the Partnership with respect to such Interest (or portion thereof) and shall no longer have any rights or privileges of a Partner with respect to such Interest (or 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; Any Person who acquires in any manner whatsoever any part of an Interest, irrespective of whether such Person has accepted and adopted in writing the terms and provisions of this Agreement, shall be deemed by the acceptance of the benefits of the acquisition thereof to have agreed to be subject to and bound by all of the terms and conditions of this Agreement that any predecessor in such Interest or part thereof was subject to or by which such predecessor was bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Substituted Partners</u>. In connection with the Transfer of all or part of a Partner's Interest permitted under the terms of this Agreement, the Transferee shall become a Substituted Partner on the effective date of such Transfer with respect to such Interest or portion thereof, which effective date shall not be earlier than the date of compliance with or waiver of the conditions to such Transfer (unless the condition to such Transfer to be waived is that the General Partner consent is required for the admission of such Transferee, in which case such consent must first be obtained), including executing a counterpart to this Agreement, and the General Partner shall amend the Register to reflect the admission of such Transferee as a Substituted Partner. No purported Assignee shall have any right to any profits, losses, or distributions of the Partnership.

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ARTICLE XII<br> <u>DISSOLUTION AND LIQUIDATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Dissolution</u>. The Partnership shall dissolve, and its affairs shall be wound up upon the first to occur of the following:

&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)&nbsp;&nbsp;&nbsp;&nbsp; at any time determined by the General Partner;

&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)&nbsp;&nbsp;&nbsp;&nbsp; any other event or circumstance giving rise to a mandatory dissolution of the Partnership under Section 17-801 of the Delaware Act, unless the Partnership's existence is continued pursuant to the Delaware Act; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; the entry of decree of judicial dissolution under Section 17-802 of the Delaware Act.

Except as otherwise set forth in this <u>Article XII</u>, the Partnership is intended to have perpetual existence. The Partnership shall not be dissolved by the admission of Substituted Partners. An Event of Withdrawal shall not in and of itself cause a dissolution of the Partnership, and the Partnership shall continue in existence subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Liquidation and Termination</u>. On dissolution of the Partnership, the General Partner shall act as liquidator or may appoint one or more representatives or Partners as liquidator. The liquidators shall proceed diligently to wind up the affairs of the Partnership, sell all or any portion of the Partnership assets for cash or cash equivalents as they deem appropriate, and make final distributions as provided herein and in the Delaware Act. The costs of liquidation shall be borne as a Partnership expense. Until final distribution, the liquidators shall continue to operate the Partnership properties with all of the power and authority of the General Partner in accordance with this Agreement. The steps to be accomplished by the liquidators are as follows:

&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)&nbsp;&nbsp;&nbsp;&nbsp; first, the liquidators shall pay, satisfy, or discharge from Partnership funds all of the debts, liabilities, and obligations of the Partnership (including all expenses incurred in liquidation) or otherwise make adequate provision for payment and discharge thereof (including the establishment of a cash fund for contingent liabilities in such amount and for such term as the liquidators may reasonably determine);

&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)&nbsp;&nbsp;&nbsp;&nbsp; second, as promptly as practicable after dissolution, the liquidators shall (i) determine the fair market value (the "<u>Liquidation FMV</u>") of the Partnership's remaining assets (the "<u>Liquidation Assets</u>") in its good faith judgment, and after a final determination of fair market value, (ii) determine the amounts to be distributed to each Partner pursuant to <u>Section 6.1</u> and <u>Section 6.2</u>, and (iii) deliver to each Partner a statement (the "<u>Liquidation Statement</u>") setting forth the Liquidation FMV and the amounts and recipients of such Distributions; 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; third, as soon as the Liquidation FMV and the proper amounts of Distributions have been determined in accordance with paragraph (b) above and <u>Article VIII</u>, the liquidators shall promptly distribute the Partnership's Liquidation Assets to the Partners pursuant to <u>Section 6.1</u> and <u>Section 6.2</u>. Any non-cash Liquidation Assets will first be written up or down to their Liquidation FMV, thus creating profit or loss (if any), which shall be allocated in accordance with <u>Section 5.1</u>. In making such distributions, the liquidators shall allocate each type of Liquidation Assets (i.e., cash, cash equivalents, securities, etc.) among the Partners ratably based upon the aggregate amounts to be distributed with respect to such Partner. Any such distributions in kind shall be subject to (x) such conditions relating to the disposition and management of such assets as the liquidators deem reasonable and equitable and (y) the terms and conditions of any agreement governing such assets (or the operation thereof or the holders thereof) at such time.

The distribution of cash and/or property to a Partner in accordance with the provisions of this <u>Section 12.2</u> constitutes a complete return to the Partner of its Capital Contributions and a complete distribution to the Partner of its interest in the Partnership and all the Partnership's property and constitutes a compromise to which all Partners have consented within the meaning of the Delaware Act. To the extent that a Partner returns funds to the Partnership, such Partner has no claim against any other Partner for those funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Cancellation of Certificate</u>. On completion of the distribution of Partnership assets as provided herein, the Partnership shall be terminated (and the Partnership shall not be terminated prior to such time), and the General Partner (or such other Person or Persons as the Delaware Act may require or permit) shall file a certificate of cancellation with the Secretary of State of Delaware, cancel any other filings made pursuant to this Agreement that are or should be canceled, and take such other actions as may be necessary to terminate the Partnership. The Partnership shall be deemed to continue in existence for all purposes of this Agreement until it is terminated pursuant to this <u>Section 12.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Reasonable Time for Winding Up</u>. A reasonable time shall be allowed for the orderly winding up of the business and affairs of the Partnership and the liquidation of its assets pursuant to <u>Section 12.2</u> in order to minimize any losses otherwise attendant upon such winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Return of Capital</u>. The liquidators shall not be personally liable for the return of Capital Contributions or any portion thereof to the Partners (it being understood that any such return shall be made solely from Partnership assets).

ARTICLE XIII<br> <u>VALUATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Determination</u>. The fair market value of the assets of the Partnership or of an Interest will be determined by the General Partner (or, if pursuant to <u>Section 12.2</u>, the liquidators) in its good faith judgment in such manner as it deems reasonable and using all factors, information, and data deemed to be pertinent.

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ARTICLE XIV<br> <u>GENERAL PROVISIONS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Power of Attorney</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)&nbsp;&nbsp;&nbsp;&nbsp; Each Partner hereby constitutes and appoints the General Partner and each liquidator with full power of substitution, as his, her, or its true and lawful agent and attorney-in- fact, with full power and authority in his, her, or its name, place, and stead, to execute, swear to, acknowledge, deliver, file, and record in the appropriate public offices (A) this Agreement, all certificates, and other instruments and all amendments thereof in accordance with the terms hereof which the General Partner deems appropriate or necessary to form, qualify, or continue the qualification of, the Partnership as a limited partnership in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (B) all instruments which the General Partner deems appropriate or necessary to reflect any amendment, change, modification, or restatement of this Agreement in accordance with its terms; (C) all conveyances and other instruments or documents which the General Partner deems appropriate or necessary to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement, including a certificate of cancellation; and (D) all instruments relating to the admission, withdrawal, or substitution of any Partner pursuant to the terms 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;(b)&nbsp;&nbsp;&nbsp;&nbsp; The foregoing power of attorney is irrevocable and coupled with an interest, and shall survive the death, disability, incapacity, dissolution, bankruptcy, insolvency, or termination of any Partner and the transfer of all or any portion of his, her or its Interest and shall extend to such Partner's heirs, successors, assigns, and personal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Amendments</u>. This Agreement may be amended from time to time by the General Partner; <u>provided</u> that no amendment or modification pursuant to this <u>Section 14.2</u> that would adversely affect the rights of a Limited Partner shall be made without the consent of such Limited Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Title to Partnership Assets</u>. Partnership assets shall be deemed to be owned by the Partnership as an entity, and no Partner, individually or collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Legal title to any or all Partnership assets may be held in the name of the Partnership, the General Partner, or one or more nominees, as the General Partner may determine. The General Partner hereby declares and warrants that any Partnership assets for which legal title is held in its name or the name of any nominee shall be held in trust by the General Partner or such nominee for the use and benefit of the Partnership in accordance with the provisions of this Agreement. All Partnership assets shall be recorded as the property of the Partnership on its books and records, irrespective of the name in which legal title to such Partnership assets is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u>. This Agreement, the business and affairs of the Partnership and the Funds, the books and records of the foregoing, and any information relating to the foregoing are confidential and private. Each Partner agrees to maintain the confidentiality and privacy of, and not to disclose, any such information, except as required by applicable law or except as may be approved by the General Partner in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Arbitration</u>. The parties to this Agreement agree that in the event of any dispute between the parties arising out of or relating to this Agreement or its breach, such dispute shall be settled by arbitration to be conducted in New York, New York in accordance with the Commercial Arbitration Rules (except as modified below) of the American Arbitration Association and with the Expedited Procedures thereof (collectively, the "<u>Rules</u>"). Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; <u>provided</u> that such arbitrator shall be a retired judge who is experienced in deciding cases concerning the matter which is the subject of the dispute. Each of the parties agrees that in any such arbitration the award shall be made in writing no more than 30 days following the end of the proceeding. Any award rendered by the arbitrator shall be final and binding and judgment may be entered on it in any court of competent jurisdiction. The prevailing party (as determined by the arbitrator) shall in addition be awarded by the arbitrator such party's own attorney's fees and expenses in connection with such proceeding. The non-prevailing party (as determined by the arbitrator) shall pay the fees and expenses of the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Successors and Assigns</u>. All covenants and agreements contained in this Agreement shall bind and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors, legal representatives, and permitted assigns, whether so expressed or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality, or unenforceability will not affect any other provision or the effectiveness or validity of any provision in any other jurisdiction, and this Agreement will be reformed, construed, and enforced in such jurisdiction as if such invalid, illegal, or unenforceable provision had never been contained herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8&nbsp;&nbsp;&nbsp;&nbsp; <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. References in the singular or to "him," "her," "it," "itself," or other like references, and references in the plural or the feminine or masculine reference, as the case may be, shall also, when the context so requires, be deemed to include the plural or singular, or the masculine or feminine reference, as the case may be. References to "including" in this Agreement shall mean "including, without limitation," whether or not so specified. Reference to any agreement, document, or instrument means such agreement, document, or instrument as amended or otherwise modified from time to time in accordance with the terms thereof, and if applicable hereof. Without limiting the generality of the immediately preceding sentence, no amendment or other modification to any agreement, document, or instrument that requires the consent of any Person pursuant to the terms of this Agreement or any other agreement will be given effect hereunder unless such Person has consented in writing to such amendment or modification. Wherever required by the context, references to a Fiscal Year shall refer to a portion thereof. The word "or" is not exclusive and has the meaning commonly ascribed to the phrase "and/or" (whether or not specified), and the words "will" and "will not" are expressions of command and not merely expressions of future intent or expectation. Whenever in this Agreement a Person is permitted or required to make a decision (i) in its "sole discretion" or "discretion" or under a grant of similar authority or latitude, the Person shall be entitled to consider or disregard any interests and factors as it desires, including its own interests, or (ii) in "good faith", without "bad faith" or under another express standard, the Person shall act under such express standard and shall not be subject to any other or different standards imposed or implied by this Agreement or any other agreement contemplated herein or by relevant provisions of law or in equity or otherwise; <u>provided</u> that, for the avoidance of doubt, the foregoing does not eliminate or modify the implied contractual covenant of good faith and fair dealing under the Delaware Act. The parties hereto have participated jointly in the negotiation and drafting of this Agreement and the other agreements contemplated by this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provision of this Agreement. Wherever a conflict exists between this Agreement and any other agreement, this Agreement shall control but solely to the extent of such conflict.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9&nbsp;&nbsp;&nbsp;&nbsp; <u>Addresses and Notices</u>. All notices, demands, or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be in writing and shall be deemed to have been given or made when (a) delivered personally or by email to the recipient, (b) telecopied to the recipient (with hard copy sent to the recipient by reputable overnight courier service (charges prepaid) that same day) if telecopied before 5:00 p.m. New York, New York on a business day, and otherwise on the next business day, or (c) one business day after being sent to the recipient by reputable overnight courier service (charges prepaid). Such notices, demands, and other communications shall be sent to the address for such recipient set forth in the Partnership's books and records, or to such other address or to the attention of such other person as the recipient party has specified by prior written notice to the sending party. Any notice to the General Partner or the Partnership shall be deemed given if received by the General Partner at the principal office of the Partnership designated pursuant to <u>Section 2.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10&nbsp;&nbsp;&nbsp;&nbsp; <u>Creditors</u>. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditors of the Partnership or any of its affiliates, and no creditor who makes a loan to the Partnership or any of its affiliates may have or acquire (except pursuant to the terms of a separate agreement executed by the Partnership in favor of such creditor) at any time as a result of making the loan any direct or indirect interest in profits, losses, Distributions, capital or property of the Partnership other than as a secured creditor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver</u>. No failure by any party to insist upon the strict performance of any covenant, duty, agreement, or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute a waiver of any such breach or any other covenant, duty, agreement, or condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Further Action</u>. The parties shall execute and deliver all documents, provide all information, and take or refrain from taking such actions as may be necessary or appropriate to achieve the purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13&nbsp;&nbsp;&nbsp;&nbsp; <u>Offset</u>. Whenever the Partnership is to pay any sum to any Partner or any Affiliate or related person thereof, any amounts that such Partner or such Affiliate or related person owes to the Partnership may be deducted from that sum before payment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>. This Agreement embodies the complete agreement and understanding among the parties and supersede and preempt any prior understandings, agreements, or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.15&nbsp;&nbsp;&nbsp;&nbsp; <u>Method of Delivery</u>. This Agreement, the agreements referred to herein, and each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and delivered by means of email, a facsimile machine or in a .pdf or .tiff or similar format, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of email or a facsimile machine to deliver a signature, or the fact that any signature or agreement or instrument was transmitted or communicated through such means, as a defense to the formation or enforceability of a contract and each such party forever waives any such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16&nbsp;&nbsp;&nbsp;&nbsp; <u>Survival</u>. <u>Sections 8.1</u> (*Limitation of Liability*), <u>14.5</u> (*Arbitration*), <u>14.6</u> (*Successors and Assigns*), <u>14.10</u> (*Creditors*), <u>14.17</u> (*Applicable Law*) and this <u>Section 14.16</u> (*Survival*) shall survive and continue in full force in accordance with their terms notwithstanding any termination of this Agreement or the dissolution of the Partnership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17&nbsp;&nbsp;&nbsp;&nbsp; <u>Applicable Law</u>. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.18&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more separate counterparts, any one of which need not contain the signatures of more than one party, but each of which will be an original and all of which together shall constitute one and the same agreement binding on all the parties hereto.

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*

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IN WITNESS WHEREOF, the undersigned have executed or caused to be executed on their behalf this Fourth Amended and Restated Agreement of Limited Partnership as of the date first written above. <br>

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| | |
|:---|:---|
| GENERAL PARTNER: | GENERAL PARTNER: |
| PS Management GP, LLC | PS Management GP, LLC |
| Name: | William A. Ackman |
| Title: <br>| Authorized Signatory |

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| |
|:---|
| PREFERRED LIMITED PARTNER: |
| Pershing Square Inc. |
| By: |

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Name:<br> William A. Ackman <br> Title:<br> Chief Executive Officer

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| |
|:---|
| SUBORDINATED LIMITED PARTNER: |
| PS CompCo, LLC |
| By: PS Holdco GP Managing Member, LLC, its sole managing member |
| By: |

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Name:<br> William A. Ackman <br> Title:<br> Authorized Signatory

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## Exhibit 10.13

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#### Exhibit 10.13<br>

#### <br>

#### EXECUTION VERSION

#### <br>

#### AMENDED AND RESTATED PERSHING SQUARE TERM SHEET

#### FOR LONG-TERM INCENTIVE COMPENSATION PLAN
This Amended and Restated Term Sheet (the "Agreement"), effective as of [●] immediately prior to the initial public offering of Pershing Square Inc. (the "Effective Date"), amends and restates the Pershing Square Term Sheet for Long-Term Incentive Compensation Plan, dated as of April 17, 2017 (as amended on May 25, 2021, December 29, 2021 and May 31, 2024, such amendments the "Prior Amendments" and, collectively, the "Prior Agreement"), entered into by and between Pershing Square (as hereinafter defined) and the undersigned parties thereto. Capitalized terms have the meanings given to those terms in <u>Section 1</u> ("Defined Terms").

WHEREAS, immediately prior to the Effective Date, the long-term incentive compensation of the Participants (as hereinafter defined) was governed by the Prior Agreement;

WHEREAS, pursuant to Section 27.4 (Amendments) of the Prior Agreement, the Prior Agreement may be amended by Pershing Square with the consent of a majority in interest based upon the Permanent Profits Interests of each group of similarly situated Participants that are similarly affected, excluding Founder (collectively, the "Required Participants"); and

WHEREAS, as of the Effective Date, Pershing Square and the Required Participants agreed and consented to further amendments to the Prior Agreement (the "Effective Date Amendments"); and

WHEREAS, Pershing Square and the Required Participants desire to amend and restate the Prior Agreement in its entirety to reflect the Prior Amendments and the Effective Date Amendments.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements set forth herein, the Prior Agreement is amended and restated in its entirety as follows:

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| | | |
|:---|:---|:---|
| 1.&nbsp;&nbsp;&nbsp;&nbsp; <br>| Defined Terms  | "<u>**Active Participant**</u>" means a Participant (as hereinafter defined) during the period (A) commencing on the date on which such Participant is (or was) initially granted Participating Profits Interests (as hereinafter defined) and (B) ending on the Termination Date (as hereinafter defined).<br>"<u>**Activist Investor**</u>" means any Person (as hereinafter defined) who (a) is in the business of investing in the securities of Persons whose securities are publicly traded, (b) utilizes funds entirely or partially provided to it by other Persons (excluding Immediate Family), (c) directly or indirectly receives compensation from such other Persons in respect of such business and (d) holds itself out as having an investment strategy that involves, as the principal focus of such strategy, investing in publicly traded securities of Persons and, with respect to such Persons, effectuating corporate change, either working alone or in conjunction with other investors, by taking non-passive investment activities that are commonly characterized as activist techniques (which may include, without limitation, actively working with management or proposing a restructuring, recapitalization, sale, or other change in strategic direction, seeking potential acquirers, engaging in proxy contests, making tender offers or changing management). For the avoidance of doubt and without limiting the generality of the forgoing, any Participant (and/or his or her Affiliates) who (A) invests individually or through a Person controlled by such Participant utilizing funds that are not entirely or partially provided to him or her by other Persons or (B) does not directly or indirectly receive compensation for his or her services shall not, in either case, be considered an Activist Investor. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>**Affiliate**</u>" shall have the meaning assigned to such term under the U.S. Securities Act of 1933, as amended.<br>"<u>**Another Competing Business**</u>" means, any Person who (a) is in the business of investing, (b) utilizes funds entirely or partially provided to it by other Persons (excluding Immediate Family), (c) directly or indirectly receives compensation from such other Persons in respect of such business, and (d) holds itself out as having an investment strategy that is similar to the strategy of any fund or account managed or advised at the relevant time by any Pershing Square Management Entity (but excluding the strategy of investing in public market securities without any intention to effectuate corporate change (*i.e.*, passive long-only equity and long/short equity investing strategies)).<br>"<u>**Applicable Percentage**</u>" means:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to a Participant who is Terminated without Cause, Terminates with Good Reason or upon death or Permanent Disability, an amount equal to the greater of (A) a percentage, the numerator of which is the number of days that such Participant was an Active Participant during the calendar year of such Termination and the denominator of which is 365 and (B) thirty-three and one-third percent (33⅓%);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to a Participant who Terminates upon Retirement, an amount equal to the greater of (A) a percentage, the numerator of which is the number of days that such Participant was an Active Participant during the calendar year of such Termination and the denominator of which is 365 and (B) (x) twenty-five percent (25%) for Participants other than those holding Class A Interests or (y) thirty-three and one-third percent (33⅓%) for Participants holding Class A Interests; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to Founder in the calendar year of a Founder Departure Date, a percentage, the numerator of which is the number of days in such calendar year up to and including the Founder Departure Date and the denominator of which is 365.<br>

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"<u>**AUM**</u>" means, with respect to any Person, as of any measurement date, the fair market value of assets such Person manages, on a fee-paying basis, for its clients as reported by such Person to its clients on a net basis (excluding any leverage incurred or fees or expenses owed in respect of its clients).<br>"<u>**AUM Threshold**</u>" means $1,000,000,000, as adjusted on December 31 of each year based on the increase (if any) of the CPI (as hereinafter defined) for such year; <u>provided</u>, that the AUM Threshold shall exclude any investment by the Participant for whom the determination of engagement in a Competing Activity is being made.<br>"<u>**Available Cash**</u>" means, with respect to any Participating Profits Entity, the amount of cash held by such Participating Profits Entity reduced by the amount of cash that the CEO (as hereinafter defined) determines, in good faith, consistent with past practice, and in consultation with the CFO (as hereinafter defined) or CLO (as hereinafter defined), should not be distributed from such Participating Profits Entity, taking into account estimated operating expenses, projected revenues and reserves for estimated expenses, liabilities or contingencies and any other factors the CEO deems relevant.<br>"<u>**Business Day**</u>" means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York are authorized or required by law or executive order to close.<br>"<u>**Cause**</u>" means the occurrence of any of the following events with respect to a Participant:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a conviction for, or plea of guilty or *nolo contendere* to, a crime (A) constituting a felony under U.S. federal or state law or (B) which would have constituted a felony under U.S. federal or state law if the events giving rise to such crime had occurred in the United States; <u>provided</u>, <u>however</u>, that any Participating Profits Interests or Total Points (as hereinafter defined) forfeited upon a Termination with Cause pursuant to the foregoing shall be reinstated if such conviction is reversed or vacated;<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (a) an entry of an order, duly issued by any U.S. state or federal regulatory authority having jurisdiction over Pershing Square, (b) a finding by any regulatory or self-regulatory organization, in both cases (a) and (b), to the effect that the Participant has violated any U.S. federal or state securities law having scienter as an element, (c) entering by the Participant or Pershing Square into a consent decree or settlement with such regulatory or self-regulatory organization in connection with any violation by the Participant of any U.S. federal or state securities law having scienter as an element (regardless of whether admitting or neither admitting nor denying, in either case, such violation), in each case of (a) through (c), that has the effect of enjoining, suspending or barring the Participant, for one year or more, from being associated with Pershing Square or any line of business engaged in by Pershing Square at the relevant time or has in the future at the time of the applicable Termination;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a breach of any written agreement with Pershing Square or any written policy or procedure of Pershing Square applicable to the Participant, which breach has a material adverse effect on Pershing Square;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a breach of (a) <u>Section 17.1</u> ("Non-Hire of Employees"), (b) <u>Section 17.2</u> ("Non-Solicitation of Investors"), (c) <u>Section 17.3</u> ("Non-Disparagement") and/or (d) <u>Section 17.4</u> ("Confidentiality"), which, in each case of (a) through (d), has a material adverse effect on Pershing Square;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) engagement in willful misconduct that is demonstrably and materially financially injurious to Pershing Square; <u>provided</u>, that no act, or failure to act, on the Participant's part shall be considered "willful" unless done, or omitted to be done, by the Participant not in good faith and without reasonable belief that the Participant's action or omission was in the best interest of Pershing Square; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) commencing any Governance-Related Legal Proceedings (as hereinafter defined);<br>Notwithstanding the preceding paragraphs of this definition, the events set forth in (i), (ii), (iii) and (v) above shall apply only if the relevant event occurred while the particular Participant was an Active Participant.<br>"<u>**CCO**</u>" means the chief compliance officer of the Management Company or applicable Participating Profits Entity then holding that position.<br>

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"<u>**CEO**</u>" means the chief executive officer of the Management Company or applicable Participating Profits Entity then holding that position.<br>"<u>**CFO**</u>" means the chief financial officer of the Management Company or applicable Participating Profits Entity then holding that position.<br>"<u>**CFO Letter**</u>" means a letter furnished by the CFO to a Participant attesting to the accuracy in all material respects of the allocations and distributions made to such Participant during the immediately preceding calendar year.<br>"<u>**Class A Interests**</u>" means interests that may be established by Pershing Square and held by a Participant that shall entitle the holder thereof to a different schedule in respect of his or her Tenure Factor, as set forth in <u>Schedule 1</u> ("Tenure Factor"), Total Points, as set forth in <u>Schedule 2</u> ("Total Points"), and TVE Tenure Factor, as set forth in <u>Schedule 5</u> ("TVE Tenure Factor"), but otherwise shall entitle the holder thereof to rights and obligations identical to the rights and obligations of any other interests held by a Participant (other than Founder) pursuant to this Term Sheet.<br>"<u>**Client, Investor or Entity**</u>" means, with respect to a Participant, any Person that is or was a client or investor in any member of the Group (as hereinafter defined) during the period of such Participant's partnership or employment relationship with the Group.<br>"<u>**CLO**</u>" means the chief legal officer of the Management Company then holding that position.<br>"<u>**CPI**</u>" means the Consumer Price Index for All Urban Consumers (CPI-U) for the U.S. City Average for All Items, 1982-84=100, as published by the Bureau of Statistics of the U.S. Department of Labor (or if the publication of such Consumer Price Index is discontinued, a comparable index similar in nature to the discontinued index which clearly reflects that diminution (or increase) in the real value of the purchasing power of the U.S. dollar reported for the calendar year in question).<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; "<u>**Committee**</u>" means an *ad hoc* committee consisting of the Founder, so long as he is a member of the Managing Member, and any other members of the Managing Member who are Active Participants (each, a "**Committee Member**"). If a Committee Member is (a) the subject of a Committee Decision (as hereinafter defined) or (b) otherwise has a conflict of interest (as determined reasonably by the CEO or, with respect to the CEO, by a majority of the other members of the Managing Member) with respect to such Committee Decision (a "**Conflicted Member**"), then, in each case, such Conflicted Member shall not be entitled to vote with respect to such Committee Decision (other than Founder who, for the avoidance of doubt, shall be entitled to vote at all times prior to his Departure), and an alternate member shall be selected to temporarily join the Committee, for the purpose of voting on such Committee Decision, by the majority vote of the members of the Managing Member (excluding the Conflicted Member). For the avoidance of doubt, the functions of the Committee shall be limited solely to any determination of Cause pursuant to <u>Section 9.2.1</u> ("Termination with Cause") or any determination of Permanent Disability pursuant to <u>Section 9.6</u> ("Termination upon Permanent Disability").<br>"<u>**Committee Decision**</u>" means a determination with respect to any matter put to the Committee for determination. Any Committee Decision shall require a favorable vote of at least two thirds (⅔) of the Committee Members; <u>provided</u>, that, while Founder is a Committee Member, Founder is in the majority with respect to any decision that is adverse to a Participant (*i.e*., while Founder is a Committee Member, Founder shall have veto power over all Committee Decisions that are adverse to a Participant).<br>"<u>**Competing Activity**</u>" means, with respect to a Participant:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to the period from such Participant's Termination Date through the first anniversary thereof, any action taken in connection with organizing, preparing to organize, joining, preparing to join or marketing any Competing Business Activity (as hereinafter defined), or otherwise engaging in any Competing Business Activity; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the period from the date immediately following the first anniversary of such Participant's Termination Date through the tenth anniversary of the Termination Date, engaging in any Competing Business Activity related to any business that:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is an Activist Investor; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is Another Competing Business, if Participant began providing services to such Another Competing Business on or after the date that a Pershing Square Management Entity entered into the same line of business; or<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has AUM greater than or equal to the AUM Threshold on the date of the commencement of any such Competing Business Activity; or<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) has an average AUM greater than or equal to the AUM Threshold, calculated over any thirty (30) consecutive day period.<br>"<u>**Competing Business Activity**</u>" means, with respect to a Participant, rendering any services, including without limitation, (i) investment services, asset management services or financial advisory services or (ii) legal services, accounting services, marketing services or information technology services, in each of cases (i) and (ii), of any type (including any family office not owned by such Participant) in any capacity (including, without limitation, as a consultant or service provider) for other Persons (excluding Immediate Family) and for which the Participant directly or indirectly receives compensation for such services; <u>provided</u>, that the services in clause (ii) above must be rendered to Persons that are in the business of asset management.<br>"<u>**Confidential Information**</u>" means information (in whatever form in which such information is received, which includes, without limitation, information known to a Participant or that is stored in documents, text, text messages, pictures, voice recordings, etc.) concerning Pershing Square's business, financial condition, operations, assets and liabilities or prospects as well as personal information about Founder, his Immediate Family Members or any Participant, that, in each case, is confidential, proprietary or otherwise not publicly available, including, without limitation, the proceedings and outcome of any arbitration entered into under the terms of this Term Sheet, any contracts, agreements or understandings between Pershing Square and any counterparty, the identity of, and tax, financial, and investment information concerning, Clients, Investors or Entities, the details of Pershing Square's relationships with any Client, Investor or Entity including any side letters, policies and procedures, investment performance, trading programs, trading strategies or any positions held, contemplated positions, methods of doing business, business and strategic plans and proposals, the substance of any conversations within Pershing Square concerning the analysis undertaken, actions taken or opinions expressed by Pershing Square personnel, offering memoranda, marketing materials, research reports, budgets and projections, personnel records, electronic mail and/or facsimiles, financial records, any non-public information received by Pershing Square on a confidential basis, proprietary technology, uses and techniques utilized within Pershing Square, including source code, related algorithms, the form and format of output, and their use and application within Pershing Square and other valuable competitively sensitive non-public information of Pershing Square and any Client, Investor or Entity, the use or disclosure of which would be contrary to the interests of Pershing Square.<br>

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"<u>**Departure**</u>," "<u>**Depart**</u>" and capitalized variations thereof shall refer to the departure of Founder upon the Founder Departure Date.<br>"**<u>Disparaging Remarks</u>**" means any remarks, comments or statements that impugn the character, honesty, integrity, morality, business acumen or abilities of a Person.<br>"**<u>Family Vehicles</u>**" means any Person that Founder and/or his Immediate Family Members have created or organized, or may in the future create or organize, including for reasons of personal preference, tax planning, estate planning and for any other reason deemed appropriate by Founder or any of his Immediate Family Members.<br>"<u>**Founder**</u>" means William A. Ackman.<br>"<u>**Founder Departure Date**</u>" means (i) with respect to a voluntary resignation or retirement by Founder, the effective date of such voluntary resignation or retirement, (ii) with respect to Permanent Disability of Founder, the date of the Committee Decision that Permanent Disability of Founder has occurred and (iii) with respect to death of Founder, the date of Founder's death.<br>"<u>**Founder Profits Interests**</u>" means, collectively, Founder's and his Family Vehicles' existing profits interests in a Participating Profits Entity.<br>"<u>**Founder Sunset Start Date**</u>" means January 1<sup>st</sup> of the calendar year following the calendar year in which the Founder Departure Date occurs; <u>provided</u>, that, notwithstanding anything in this Term Sheet to the contrary, if Founder Terminates upon retirement and such retirement date falls within the first quarter of a calendar year, the Founder Sunset Start Date shall be January 1<sup>st</sup> of the calendar year in which such Founder Departure Date occurs.<br>"<u>**Good Reason**</u>" means, with respect to a Participant, (i) a material and not temporary (*e.g.*, as opposed to a project or a period where an employee otherwise reporting to such Participant would report to someone else at Pershing Square) reduction of the Participant's duties, authorities, responsibilities, reporting relationships (which, for the avoidance of doubt, include both to whom the Participant reports and who reports to the Participant), role or position (which, for the avoidance of doubt, shall not include such a reduction during a regulatory, governmental and/or Pershing Square internal investigation (which internal investigation, solely for purposes of this definition, will not last more than 120 days) into whether such Participant's actions constituted a violation of law, which, if such Participant were found guilty of such violation, would be reasonably likely to constitute Cause), and/or (ii) Pershing Square's material breach of this Term Sheet.<br>

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"<u>**Governance-Related Legal Proceedings**</u>" means any legal action (including, without limitation, arbitration) initiated or joined by any Participant in connection with any Material Transaction Decision or any other decision that is subject to the sole discretion of the Founder, the Managing Member or the CEO pursuant to this Term Sheet, including, without limitation, a decision to exercise or not exercise veto rights upon a Committee Decision; <u>provided</u>, that the foregoing shall not include a legal action to enforce any such Participant's rights arising under the terms of this Term Sheet.<br>"<u>**GP**</u>" means, collectively, Pershing Square GP, LLC, and the general partner entity of each of the Pershing Square funds.<br>"<u>**GP Profits Interests**</u>" means the Participating Profits Interests corresponding to a percentage of the performance-based allocations earned by the GP in each year.<br>"<u>**Group**</u>" means, for purposes of this Term Sheet, (x) Pershing Square, any other entity of which the managing member or general partner is, or is owned or controlled by, Founder or the Managing Member, and their respective direct and indirect parents, subsidiaries, Affiliates, and any fund, investment vehicle, or account managed or advised by any of the foregoing, whether now existing or hereinafter formed, and (y) the successors and assigns of each of the entities referred to in clause (x).<br>"<u>**Immediate Family Member**</u>" means, with respect to any Person, any of such Person's former, current or future (as of the time of determination of any Immediate Family Member Employment under <u>Section 15.2</u> ("Immediate Family Member Employment")) sons, daughters, sons-in-law, daughters-in-law, spouse, parents and siblings.<br>"<u>**Immediate Family Member Employment**</u>" means Pershing Square's employment of any of Founder's Immediate Family Members.<br>"<u>**Initial Grant Date**</u>" means, with respect to a Participant, the date on which such Participant was first granted a right to receive a portion of the Performance-Based Net Profits and/or GP Profits Interests, as set forth in such Participant's <u>Schedule A</u> attached hereto.<br>

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"<u>**Invested Amount**</u>" means, with respect to a Participant, any investment by such Participant in any private fund or private investment vehicle managed by Pershing Square.<br>"<u>**IPO**</u>" means initial public offering.<br>"<u>**Management Company**</u>" means Pershing Square Capital Management, L.P.<br>"<u>**Managing Member**</u>" means PS Holdco GP Managing Member, LLC.<br>"<u>**Material Transaction Decisions**</u>" means: (i) any decisions relating to: (a) transactions with respect to any Participating Profits Entity(ies) (for the avoidance of doubt, which is different from any transaction pursued or engaged in by a Pershing Square fund or account) that could be reasonably expected to have a material adverse (direct or *de facto*) effect on the Participants, (b) Terminal Value Events or (c) any material expense of any Participating Profits Entity that is outside the ordinary course of business consistent with past practice; and (ii) the decisions described under <u>Section 15</u> ("Other Compensation of Participants").<br>"<u>**Net Profits**</u>" means, collectively, (i) Performance-Based Net Profits, (ii) GP Profits Interests and (iii) without duplication, any other net revenues and/or income of a Participating Profits Entity.<br>"<u>**Non-Participants**</u>" means Persons who are not Participants in the Plan.<br>"<u>**Non-Participating Profits Interests**</u>" means the right to receive a portion of the gross revenues or the profits, in either case, derived from the performance-based allocations, performance-based fees and/or management or asset-based fees earned by Pershing Square that are granted to Non-Participants. For the avoidance of doubt, Non-Participating Profits Interests shall not be considered Participating Profits Interests for purposes of this Term Sheet.<br>"<u>**Participant**</u>" means each Person selected by the Managing Member, in its sole discretion, to receive a Participating Profits Interest under the Plan and who has entered into this Term Sheet.<br>"<u>**Participating Profits Entity**</u>" means each individual entity enumerated in the definition of "Pershing Square" (other than Pershing Square Holdco, L.P., the Management Company, PS Partner Group or the Managing Member or any successors to the foregoing) that has issued Participating Profits Interests.<br>

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"<u>**Participating Profits Interests**</u>" means the interests granted to Participants under this Term Sheet in Pershing Square Management Entities. For the avoidance of doubt, no interests in Pershing Square Holdco, L.P., the Management Company, PS Partner Group or the Managing Member or any successors to the foregoing shall be Participating Profits Interests.<br>"<u>**Partnership Agreements**</u>" means, collectively, the final partnership agreement(s) and limited liability company agreement(s) of the Participating Profits Entities that have issued and outstanding Participating Profits Interests.<br>"<u>**Performance-Based Net Profits**</u>" means amounts payable to CompCo by the Management Company attributable to the gross revenues derived from performance-based fees received by the Management Company *minus* expenses of CompCo (for example, audit expenses).<br>"<u>**Permanent Disability**</u>" means, with respect to a Person, that such Person has (a) been unable to substantially perform the essential functions of his or her duties to Pershing Square, with or without reasonable accommodation, for a period of one hundred and eighty (180) consecutive days or two hundred seventy (270) days out of any three hundred and sixty five (365) consecutive days or (b) been declared incompetent by a court of competent jurisdiction.<br>"<u>**Permanent Profits Interests**</u>" means Permanent Profits Interests as specified in <u>Schedule 2</u> ("Total Points").<br>"<u>**Pershing Square**</u>" means, collectively, the Management Company, the GP and their respective Affiliates engaged in investment advisory business (which, for the avoidance of doubt, shall exclude Table Holdings Management, LLC, and any fund entity).<br>"<u>**Pershing Square Management Entity**</u>" means each individual entity included within the definition of "Pershing Square."<br>"<u>**Pershing Square Persons**</u>" means the Pershing Square Management Entities or any Person controlling any of them, including, without limitation, the Managing Member. Notwithstanding that Participants hold Participating Profits Interests, Sunset Profits Interests and/or Permanent Profits Interests in Pershing Square, no such Participant shall be deemed to be a Pershing Square Person.<br>

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"<u>**Person**</u>" means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, an unincorporated organization or any other entity (including, without limitation, any governmental entity or any department, agency or political subdivision thereof).<br>"<u>**Plan**</u>" means the long-term incentive compensation plan of Pershing Square set forth in this Term Sheet.<br>"<u>**Prospective Client, Investor or Entity**</u>" means, with respect to any Participant, any Person that, as of such Participant's Termination Date, such Participant knows is reasonably expected to become (<u>provided</u>, that such Participant shall be presumed to have such knowledge if he or she attended one or more meetings, within the six (6) months prior to such Participant's Termination Date, with any member of Pershing Square's investor relations team and any representative of such Person regarding such Person's potential investment in Pershing Square) a client or investor in any member of the Group or an entity for which any member of the Group acts as an investment advisor.<br>"<u>**PS Partner Group**</u>" means Pershing Square Partner Group, LLC, or any successor.<br>"<u>**Retirement**</u>" means, with respect to any Participant, any voluntary Termination by such Participant following the 10-year anniversary of such Participant's Initial Grant Date.<br>"<u>**Rules**</u>" means the Commercial Arbitration Rules (except as modified in <u>Section 28.1</u> ("Arbitration Procedures")) of the American Arbitration Association and with the Expedited Procedures thereof, taken collectively.<br>"<u>**Separation Agreement**</u>" means a separation agreement in a form attached to this Term Sheet as Exhibit A.<br>"<u>**Start Date**</u>" means, with respect to any Participant, the date as of which such Participant executes this Term Sheet or executed the Prior Agreement (*i.e.*, the date on which the Participant begins or began to participate in the Plan).<br>"<u>**Sunset Profits Interests**</u>" means Sunset Profits Interests as specified in <u>Schedule 2</u> ("Total Points").<br>

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"<u>**Sunset Start Date**</u>" means January 1<sup>st</sup> of the calendar year following the calendar year in which the Termination Date occurs; <u>provided</u>, that, notwithstanding anything in this Term Sheet to the contrary, if a Participant Terminates upon Retirement and such Participant's Termination Date (determined pursuant to <u>Section 9.3</u> ("Termination upon Retirement")) is the first quarter-end of a calendar year, such Participant shall have his or her Sunset Start Date be January 1<sup>st</sup> of the calendar year in which such Termination Date occurs solely with respect to such Participant's Sunset Profits Interest.<br>"<u>**Tax Distribution**</u>" to a Participant means, with respect to any Participating Profits Entity for any fiscal quarter, an amount equal to the product of (i) the estimated net taxable income allocable to such Participant for such fiscal quarter through such Participating Profits Entity, as estimated pursuant to the terms of the organizational document of the applicable Participating Profits Entity, and (ii) the Tax Rate.<br>"<u>**Tax Rate**</u>" means the highest marginal combined U.S. federal, state, and local tax rates for an individual resident of New York, New York applicable to income and gain attributable to the Participating Profits Entity, taking into account (where relevant) the holding period of investments, the taxable year in which the taxable net income or gain is recognized, the character of such income or gain, and the deductibility of state and local income taxes as applicable at the time for U.S. federal income tax purposes (and any limitations thereon, including pursuant to Section 68 of the U.S. Internal Revenue Code of 1986, as amended). For the avoidance of doubt, "Tax Rate" shall be determined without regard to the actual circumstances of any particular person.<br>"<u>**Tenure-Adjusted Profits Interests**</u>" means, with respect to any Participant, such Participant's Participating Profits Interests as of his or her Termination Date *multiplied by* the Tenure Factor (see <u>Schedule 1</u>).<br>"<u>**Tenure**</u>" means, with respect to any Participant, the number of full years since such Participant's Initial Grant Date.<br>"<u>**Tenure Factor**</u>" means the Tenure Factor as specified in <u>Schedule 1</u> ("Tenure Factor").<br>"**T<u>erm Sheet</u>**" means this Pershing Square Term Sheet for Long-Term Incentive Compensation Plan.<br>

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"<u>**Terminal Value Event**</u>" means any of the following that occur after [●] with respect to a Participating Profits Entity that has issued and outstanding Participating Profits Interests at such time: (i) the sale or Transfer (excluding Transfers described in <u>Section 13.2</u> ("Permitted Transfers") and <u>Section 13.3</u> ("Involuntary Transfers")) of all or any portion of such Participating Profits Entity's equity interests (including any right to receive all or any portion of the revenues of such Participating Profits Entity not in consideration for services rendered (*e.g.*, placement agent agreements)), other than the issuance of Non-Participating Profits Interests or Participating Profits Interests, (ii) an initial public offering of such Participating Profits Entity, (iii) any merger, consolidation, amalgamation, or similar transaction of such Participating Profits Entity, (iv) any sale of assets by such Participating Profits Entity (*e.g.*, advisory agreements), or (v) any transaction similar to any of those described in clauses (i) – (iv), in each case, involving or relating to such Participating Profits Entity and a bona fide third party (which, for the avoidance of doubt, shall include an underwriter in connection with an IPO).<br>"<u>**Termination**</u>," "<u>**Terminate**</u>" and capitalized variations thereof shall refer to the termination of such Participant's status as an Active Participant upon such Participant's Termination Date, referred to herein as a "<u>**Terminated Participant**</u>".<br>"<u>**Termination Date**</u>" shall have the meaning assigned to such term, as applicable, in <u>Section 9</u> ("Termination and Termination Date").<br>"<u>**Threshold Value**</u>" means the value of the applicable Participating Profits Entity on the Start Date as determined pursuant to <u>Section 12.4</u> ("Catch-Up").<br>"<u>**Total Points**</u>" means, collectively, Sunset Profits Interests and Permanent Profits Interests.<br>"<u>**Transfer**</u>" means any transaction by which a Person may directly, indirectly or synthetically transfer, pledge, charge (or otherwise create a security interest in), assign, hypothecate, sell, convey, exchange, reference under a derivatives contract or any other arrangement or otherwise dispose of all, or any portion, of an interest, or the economic or non-economic rights in an interest, to any other beneficial owner or other Persons.<br>"<u>**TVE Tenure Factor**</u>" means the TVE Tenure Factor as specified in <u>Schedule 5</u> ("TVE Tenure Factor").<br>"<u>**CompCo**</u>" means PS CompCo, LLC, or any successor.<br>"<u>**Whistleblowing**</u>" means the reporting of possible violations of law(s) or regulation(s) to any governmental agency or entity, including, but not limited to, the Department of Justice, the Securities and Exchange Commission, the Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of applicable law(s) or regulation(s).<br>

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| | | |
|:---|:---|:---|
| 2.&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Participating <br>Profits Interests<br>| Upon becoming a Participant, a Person will be awarded Participating Profits Interests in the discretion of the Managing Member, carrying with them the rights and obligations set forth in this Term Sheet.<br>Participating Profits Interests entitle the holder thereof to receive a portion of, as applicable: (i) with respect to the GP, (A) GP Profits Interests <u>and</u> (B) the consideration in respect of one or more Terminal Value Events involving the GP; and (ii) with respect to CompCo, (A) Performance-Based Net Profits <u>and</u> (B) the consideration in respect of one or more Terminal Value Events involving CompCo, in either the case of clause (i)(A) or (ii)(A) above, net of any expenses determined by Pershing Square to be attributable to such streams of income.<br>Other than pursuant to (i) <u>Section 14</u> ("Dilution") while a Participant is an Active Participant and (ii) <u>Section 9.2.3</u> ("Post-Termination Finding of Cause"), <u>Section 10</u> ("Post-Termination Reduction of Profits Interests"), <u>Section 14</u> ("Dilution"), <u>Section 16</u> ("Competition") and <u>Section 31</u> ("Termination and Impact on Vesting") following a Participant's Termination, Participating Profits Interests granted to a Participant shall not be reduced.<br>The Participating Profits Interests and Initial Grant Date of a Participant shall be set forth in <u>Schedule A</u> with respect to such Participant, as such schedule may be amended from time to time by Pershing Square. |
| 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Devotion of Time  | Each Participant shall, while such Participant is an Active Participant, devote substantially all of his or her business time, ability, attention and effort to Pershing Square's business; <u>provided</u>, <u>however</u>, that such Participant may engage in charitable or community service activities, so long as the foregoing additional activities do not, in the aggregate, materially interfere with such Participant's duties at Pershing Square or otherwise conflict with any of such Participant's obligations hereunder, and shall be entitled to engage in other business and personal activities if approved by the CEO. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Admission to <br>Pershing Square<br>| Participants shall be (or have been) admitted as non-managing members of the GP and/or non-managing members of CompCo, as applicable, with rights limited solely to their economic benefits described herein, unless otherwise explicitly set forth herein. Each Participant shall be admitted as a limited partner or non-managing member, as applicable, of future Pershing Square Management Entities to the extent necessary to maintain such Participant's economic participation in Pershing Square consistent with such Participant's economic participation in the GP, CompCo and CompCo's entitlements to proceeds from the Management Company. |

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|:---|:---|:---|
| 5.&nbsp;&nbsp;&nbsp;&nbsp; <br>| New Funds and <br>Lines of Business<br>| Each Participant shall be entitled (directly or indirectly) to proportionate economic participation in any new funds and lines of business started by Pershing Square at the time those funds or lines of business are commenced, based on his or her Participating Profits Interests or Total Points, as applicable; for the avoidance of doubt, the foregoing obligation shall be deemed to be satisfied (i) with respect to any new fund to the extent all fees (whether management, incentive or otherwise) are paid to the Management Company or (ii) with respect to any new lines of business to the extent such line of business is wholly owned by the Management Company, in each case to the extent Pershing Square Holdco, L.P. and CompCo (or their successors) are collectively entitled to all net revenues and/or income of the Management Company. |
| 6.&nbsp;&nbsp;&nbsp;&nbsp; <br>| Reserved  | Reserved. |
| 7.&nbsp;&nbsp;&nbsp;&nbsp; <br>| No Fiduciary <br>Duties<br>| To the fullest extent permitted by law, none of the Pershing Square Persons shall have any fiduciary or other duties to any Pershing Square Management Entity or to any Participant, other than the obligations explicitly set forth in this Term Sheet. To the extent that any Pershing Square Person has any liabilities or duties at law or in equity in its capacity as a partner or member of a Pershing Square Management Entity, including fiduciary duties or other standards of care, such liabilities and duties are hereby expressly eliminated and disclaimed by such Pershing Square Management Entity and each Participant, to the fullest extent permitted by law, and all Participants accept the elimination and disclaimer of any such liabilities and duties and undertake not to make any claim to the contrary.<br>For the avoidance of doubt, to the fullest extent permitted by law, none of the Participants shall have any fiduciary or other duties to any other Participant in connection with their participation in Committee Decisions, if any. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.&nbsp;&nbsp;&nbsp;&nbsp; <br>| Material <br>Transaction<br>Decisions<br>| The Managing Member, in its discretion, will make any Material Transaction Decisions. |
| 9.&nbsp;&nbsp;&nbsp;&nbsp; <br>| Termination and <br>Termination Date<br>| 9.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination without Cause</u><br>If a Participant is Terminated by Pershing Square without Cause, such Participant's Termination Date shall be the date on which Pershing Square provides such Participant with written notice that his or her employment has been Terminated (or a later date, if mutually agreed by Pershing Square and such Participant). |

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9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination with Cause; Notification of Potential Cause</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1&nbsp;&nbsp;&nbsp;&nbsp; <u>**Termination with Cause**</u><br>Within ten (10) Business Days after the earlier of (i) the date the CLO or CCO becomes aware and (ii) the date a Participant becomes aware, in each case, that any of the acts or omissions described in the definition of "Cause" has occurred with respect to a Participant, the CLO, CCO or Participant, as applicable, shall notify the Committee in writing (which notification, in the case of a Participant notifying the Committee, will be deemed given to the Committee upon such Participant giving written notice to the CLO or CCO) of such act or omission and the Committee shall be entitled to decide whether Cause has occurred with respect to such Participant as described herein.<br>The Committee will have sixty (60) days from the date it receives the notification described in this <u>Section 9.2.1</u> ("Termination with Cause") to decide whether Cause has occurred. If the Committee will be considering whether Cause exists with respect to a Participant, the Committee will promptly notify the Participant in writing (which notification will include the date by which the Committee must make its decision as described above). If a Committee Decision has been made that Cause has occurred, the Committee shall provide such Participant written notice of such Committee Decision and its rationale for such decision and such Participant's Termination Date shall be the date occurring sixty (60) days following such notice, unless Cause has been cured by such Participant (as determined by a Committee Decision).<br>Notwithstanding the foregoing, Founder, while Founder is a Committee Member, in his sole discretion, may extend the cure period provided in this <u>Section 9.2.1</u> ("Termination with Cause"), or determine, in his sole discretion, that Cause has in fact been cured or has not occurred.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2.2** <u>**Notification of Events that May Lead to Cause**</u><br>Within ten (10) Business Days after the date a Participant becomes aware that any act, omission or event has occurred that should reasonably be expected to lead to Cause with respect to such Participant (*e.g.*, such Participant is notified by a governmental authority that it is investigating such Participant in connection with a material securities law violation by the Participant), such Participant shall notify the CLO or CCO of such act, omission, or event and such notice shall be deemed to have been given to the Committee.<br>

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Within ten (10) Business Days after the CLO or CCO becomes aware that any event has occurred that should reasonably be expected to lead to Cause with respect to such Participant (*e.g.*, the CLO or CCO is notified by a governmental authority that it is investigating such Participant in connection with a material securities law violation by the Participant), the CLO or CCO shall notify the Committee of such act, omission, or event. If, following the Committee receiving the notice described in this <u>Section 9.2.2</u> ("Notification of Events that may Lead to Cause"), the Committee decides that there is a reasonable likelihood that such event may lead to Cause, the Committee shall promptly notify such Participant in writing of such Committee Decision.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3&nbsp;&nbsp;&nbsp;&nbsp; <u>**Post-Termination Finding of Cause**</u><br>In the event of a Participant's Termination for any reason other than with Cause, at any time following the Termination Date, if the CLO or CCO becomes aware that any of the acts or omissions described in the definition of "Cause" has occurred with respect to a Participant based on material facts of which he or she was not aware as of the Termination Date, the CLO or CCO shall notify the Committee in writing of such act or omission and the Committee shall be entitled to decide whether Cause has occurred with respect to such Participant as described herein.<br>The Committee will have sixty (60) days from the date it receives the notification described in this <u>Section 9.2.3</u> ("Post-Termination Finding of Cause") to decide whether Cause has occurred. If the Committee will be considering whether Cause exists with respect to a Participant, the Committee will promptly notify the Participant in writing (which notification will include the date by which the Committee must make its decision as described above). If a Committee Decision has been made that Cause has occurred, the Committee shall provide such Participant written notice of such Committee Decision and its rationale for such decision. Such Participant shall be required to return all distributions made to such Participant on and after such Participant's Termination Date; <u>provided</u>, that this <u>Section 9.2.3</u> ("Post-Termination Finding of Cause") shall only apply if the Committee determines that such Participant intentionally misrepresented or withheld material facts upon which such Committee Decision was based and/or intentionally failed to provide notice in accordance with <u>Section 9.2.1</u> ("Termination with Cause").<br>

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9.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination upon Retirement</u><br>A Participant shall be entitled to Terminate upon Retirement only if such Participant provides written notice six (6) months prior to such Termination; <u>provided</u>, that any notice given within the first fifteen days of a calendar month shall be deemed to have been given as of the first of such month; <u>provided</u>, <u>further</u>, that Pershing Square may reduce or waive such requirement in its sole discretion. Such Participant's Termination Date shall be the date provided in such notice, which must be a calendar quarter-end. If a Participant who would otherwise be eligible for Retirement Terminates without sufficient notice (as required by this paragraph), such Participant shall be deemed not to have Terminated upon Retirement (and shall instead be deemed to have Terminated without Good Reason other than Retirement, as described in <u>Section 9.5</u> ("Termination by Participant without Good Reason (other than Retirement)"). Once notice of Retirement has been properly given, such Participant's Termination Date shall be the date set forth on such notice, even if such Participant is Terminated without Cause or Terminates with Good Reason prior to the date set forth on such notice. For the avoidance of doubt, if a Participant's Termination occurs for any reason other those described in the preceding sentence prior to the date set forth on such notice, such Participant's Termination Date shall be as set forth in <u>Section 9.2.1</u> ("Termination with Cause"), Section 9.6 ("Termination upon Permanent Disability"), <u>Section 9.7</u> ("Termination Upon Death") or <u>Section 9.8</u> ("Termination of Business of Management Company"), as applicable.<br>9.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination with Good Reason</u><br>If a Participant becomes aware that any of the circumstances giving rise to Good Reason has occurred and wishes to Terminate for Good Reason, such Participant shall provide Pershing Square with written notice upon not more than sixty (60) days after such discovery. Such Participant's Termination Date shall be the date occurring sixty (60) days following the date of such notice unless the circumstances giving rise to Good Reason have been cured by Pershing Square.<br>9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination by Participant without Good Reason (other than Retirement)</u><br>A Participant may Terminate without Good Reason and other than upon Retirement at any time by providing written notice to Pershing Square, and such Participant's Termination Date shall be the date of any such notice (or a later date, if mutually agreed by Pershing Square and such Participant).<br>

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|  |  | 9.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination Upon Permanent Disability</u><br>Upon the CLO or CCO becoming aware that circumstances giving rise to Permanent Disability may have occurred with respect to a Participant, the Committee shall be entitled to decide whether a Permanent Disability has occurred. The Committee shall have sixty (60) days from notice of the foregoing to decide whether a Permanent Disability has occurred. If a Committee Decision has been made that Permanent Disability has occurred, such Participant shall be provided written notice of such Committee Decision and such Participant's Termination Date shall be the date such Committee Decision was made.<br>If a Committee Decision has been made that Permanent Disability has not occurred, and the Participant disputes that Permanent Disability has not occurred, whether such Permanent Disability exists shall be determined by a physician chosen by the mutual agreement of the Participant and Pershing Square.<br>9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination Upon Death</u><br>If a Participant Terminates upon death, such Participant's Termination Date shall be the date of such Participant's death.<br>9.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Termination of Business of Management Company</u><br>The date of the termination, cessation or substantial diminution of the business of Pershing Square, as determined in the Managing Member's sole discretion, shall be the Termination Date of all Participants who are Active Participants as of such date. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Post-Termination <br>Reduction of<br>Profits Interests<br>| 10.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Entitlement Generally</u><br>Subject to the terms in this Section 10 ("Post-Termination Reduction of Profits Interests"), Section 14 ("Dilution"), Section 16 ("Competition") and Section 31 ("Termination and Impact on Vesting"), starting on a Participant's Sunset Start Date, such Participant shall be entitled to (a) allocations of (i) Net Profits with respect to such Participant's Permanent Profits Interests and (ii) Performance-Based Net Profits and GP Profits Interests with respect to such Participant's Sunset Profits Interest and (b) distributions as described in Section 29 ("Distributions").<br>Any Participant who Terminates or is Terminated by Pershing Square prior to [•] shall forfeit his or her Participating Profits Interests (and, consequently, shall not benefit from Sunset Profits Interests and Permanent Profits Interests) and shall be deemed to be a Non-Participant. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Participant who is Terminated without Cause, Terminates with Good Reason, upon death or Permanent Disability or upon Retirement shall receive his or her Applicable Percentage of the Performance-Based Net Profits and GP Profits Interests with respect to such Participant's Participating Profits Interests held immediately prior to the Termination Date with respect to the calendar year of such Termination. In the event Founder Departs for any reason, Founder shall receive his Applicable Percentage of the Performance-Based Net Profits and GP Profits Interests with respect to his Founder Profits Interests held immediately prior to the Founder Departure Date with respect to the calendar year in which the Founder Departure Date occurs.<br>10.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Consequences of Termination</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.1** <u>**Termination by Participant Upon Retirement**</u><br>If a Participant Terminates upon Retirement, the Participating Profits Interests held by such Participant at the time of his or her Termination shall be: (1) adjusted to equal such Tenure-Adjusted Profits Interests, and then (2) reduced by multiplying the Tenure-Adjusted Profits Interests by the percentage set forth in <u>Schedule 2</u> ("Total Points"); <u>provided</u>, that for the avoidance of doubt, any reduction with respect to Class A Interests will be to thirty-three and one-third percent (33⅓%) instead of twenty-five percent (25%).<sup>1</sup><br> <sup></sup> <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2.2** <u>**Termination by Pershing Square without Cause; Termination by Participant with Good Reason;**</u><br> &nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination Upon Death or Permanent Disability</u>**<br>If Pershing Square Terminates a Participant without Cause, a Participant Terminates with Good Reason or upon a Participant's death or Permanent Disability, the Sunset Profits Interests and Permanent Profits Interests of such Participant with respect to each year shall be equal to (i) the amount of Sunset Profits Interests and Permanent Profits Interests determined as set forth in <u>Section 10.2.1</u> ("Termination by Participant Upon Retirement") *multiplied by* (ii) the Accelerated Vesting Factor (see <u>Schedule 3</u> ("Accelerated Vesting Factor")).<sup>2</sup><br>

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<sup>1</sup> <u>Note</u>: For example, suppose that a Participant with 10% Profits Interests departs 22 years from the Initial Grant Date on January 1 of such year. Such Participant's Tenure-Adjusted Profits Interests shall equal 10% x 1.125 = 11.25% (*i.e.*, Participant's Profits Interests upon Termination multiplied by the applicable Tenure Factor). Such Participant shall receive 25% x 11.25% = 2.8125% (Sunset Profits Interest) + 2.8125% (Permanent Profits Interests) = 5.625% participation in Performance-Based Net Profits for the first 3 years, and shall receive only 2.8125% (Permanent Profits Interests) participation in Performance-Based Net Profits thereafter.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 <u>**Termination by Pershing Square for Cause; Termination by Participant without Good Reason (other than upon Retirement)**</u><br>If Pershing Square Terminates a Participant for Cause or a Participant Terminates without Good Reason (other than upon Retirement), such Participant shall forfeit all Participating Profits Interests (and, consequently, shall not benefit from Sunset Profits Interests and Permanent Profits Interests), which forfeiture shall be effective as of the Termination Date.<br>Any Participating Profits Interests, Sunset Profits Interests and/or Permanent Profits Interests not retained by a Participant after a reduction in accordance with this <u>Section 10</u> ("Post-Termination Reduction of Profits Interests") shall become null and void and will no longer confer any economic or other benefits to such Participant.<br>10.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Consequences of Founder Departure</u><br>Upon the Founder Departure Date, Founder shall forfeit or cause to be forfeited an amount of Founder Profits Interests equal to the lesser of (i) the Founder Profits Interests outstanding as of the Founder Departure Date *multiplied by* the Founder Forfeiture Factor as of the Founder Departure Date (see <u>Schedule 4</u> ("Founder Forfeiture Factor")) and (ii) 50% of the Founder Profits Interests outstanding as of the Founder Departure Date, which forfeiture shall be effective as of the Founder Departure Date.<sup>3</sup> Solely in the event a forfeiture is made under clause (ii) of the preceding sentence, on the third anniversary of the Founder Sunset Start Date, Founder shall forfeit or cause to be forfeited an additional amount of Founder Profits Interests such that the total amount forfeited pursuant to this <u>Section 10.3</u> ("Consequences of Founder Departure") (inclusive of such forfeiture made under clause (ii) of the preceding sentence), is equal to the Founder Profits Interests outstanding as of the Founder Departure Date *multiplied by* the Founder Forfeiture Factor as of the Founder Departure Date (see <u>Schedule 4</u> ("Founder Forfeiture Factor")). For purposes of calculating the "Founder Profits Interests outstanding as of the Founder Departure Date" in this <u>Section 10.3</u> ("Consequences of Founder Departure"), the dilutive effect of any and all Founder Voluntary Dilutions pursuant to <u>Section 14</u> ("Dilution") shall be disregarded.<br>

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<sup>2</sup> <u>Note</u>: For example, suppose that a Participant with 10% Profits Interests is Terminated without Cause 6 years from the Initial Grant Date on January 1 of such year. Such Participant's Profits Interests shall equal 10% x 60% = 6% (*i.e.*, Participant's Tenure-Adjusted Profits Interests upon Termination multiplied by the applicable Accelerated Vesting Factor). Such Participant shall receive 25% x 6% = 1.5% (Sunset Profits Interest) + 1.5% (Permanent Profits Interests) = 3% participation in Performance-Based Net Profits for the first 3 years, and shall receive only 1.5% (Permanent Profits Interests) participation in Performance-Based Net Profits thereafter.

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<sup>3</sup> <u>Note</u>: For example, suppose that Founder has 40% Profits Interests and the Founder Departure Date occurs on June 1, 2035. The amount of Founder Profits Interests that shall be forfeited upon the Founder Departure Date shall equal the lesser of (i) 40% x 53% = 21.2% (with Founder retaining 18.8%) and (ii) 40% x 50% = 20% (with Founder retaining 20%). The Founder Sunset Start Date shall be January 1, 2036. On January 1, 2039 (i.e., the third anniversary of the Founder Sunset Start Date) and assuming no accretive or dilutive events have occurred, Founder shall forfeit an additional 1.2% (i.e., 21.2% - 20%) with Founder retaining 18.8% (i.e., 20% - 1.2%).

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|  |  | Any Founder Profits Interests that are forfeited in accordance with this <u>Section 10.3</u> ("Consequences of Founder Departure") shall no longer confer any economic or other benefits to its applicable holder. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Post-Termination <br>Invested Amounts<br>| Other than in the case of Termination with Cause or voluntary Termination by a Participant (other than Retirement or for Good Reason), any Invested Amount as of the Termination Date shall be managed by Pershing Square on a no-fee basis until the earliest of (i) the first anniversary of the Termination Date, (ii) the date such Participant commences a Competing Activity and (iii) the date of such Participant's breach of any provision of Section 17 ("Restrictive Covenants"). Notwithstanding the foregoing, any no-fee arrangement may be terminated on or after a Terminal Value Event, in the sole discretion of the CEO, or at any other time, if the CEO determines that such no-fee arrangement is not in the best interests of Pershing Square. |
| 12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Terminal Value <br>Events<br>| 12.1&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u><br>Participation in a Terminal Value Event shall mean executing and delivering appropriate documentation to Transfer the relevant portion of such Participant's interest and receiving consideration such as cash, stock or other securities (based on the terms of the Terminal Value Event, *e.g.*, lump-sum or installment payments).<br>Subject to <u>Section 12.4</u> ("Catch-Up"), a Participant's participation in Terminal Value Events shall be determined based on such Participant's Permanent Profits Interests in the relevant Participating Profits Entities at such time (as determined in accordance with the immediately following paragraph of this <u>Section 12.1</u> ("General") or <u>Section 12.2</u> ("Active Participants and Recently Terminated Participants")), as adjusted for the portion of such Participant's Permanent Profits Interests actually participating in such event. |

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If there are one or more Terminal Value Events when a Participant is a Terminated Participant, such Participant shall participate in each such Terminal Value Event with respect to his or her Permanent Profits Interests at such time, subject to the terms described herein, as adjusted for the portion of such Participant's Permanent Profits Interests actually participating in such event.<br>12.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Active Participants and Recently Terminated Participants</u><br>If there are one or more Terminal Value Events: (A) when a Participant is an Active Participant, such Participant shall participate in each such Terminal Value Event with respect to the Permanent Profits Interests he or she would have been entitled to receive if Terminated without Cause on the date of the Terminal Value Event, or (B) when a Participant has been Terminated without Cause or has Terminated for Good Reason, in either case, within 12 months prior to such Terminal Value Event, such Participant shall participate in each such Terminal Value Event with respect to his or her Permanent Profits Interests outstanding at such time, in each of cases (A) and (B), *multiplied by* the TVE Tenure Factor (see <u>Schedule 5</u> ("TVE Tenure Factor")), subject to upward adjustment, in either case, in the discretion of the Managing Member. For the avoidance of doubt, the TVE Tenure Factor applied with regard to any Terminal Value Event shall be determined with regard to such Participant's Tenure as of the date of execution of the definitive agreement with respect to such Terminal Value Event.<br>12.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Founder</u><br>Founder Profits Interests are fully vested, but a portion of the Founder Profits Interests (see <u>Schedule 4</u> ("Founder Forfeiture Factor")) shall become subject to forfeiture in accordance with <u>Section 10.3</u> ("Consequences of Founder Departure"). Founder shall not receive the benefits of the TVE Tenure Factor (see <u>Schedule 5</u> ("TVE Tenure Factor")) with respect to any Terminal Value Events and, for the avoidance of doubt, shall not be deemed to have Departed with respect to any Terminal Value Event for purposes of <u>Section 12.2(A)</u> ("Active Participants and Recently Terminated Participants").<br>

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12.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Catch-Up</u><br>With respect to any Terminal Value Event, a Participant shall participate only in the increase in the portion of the value of each applicable Participating Profits Entity that exceeds such Participant's Threshold Value with respect to such applicable Participating Profits Entity; <u>provided</u>, that, such Participant shall receive the benefit of a "catch-up" waterfall mechanism with the effect of (if there is sufficient appreciation) "catching up" such Participant, along with other relevant Participants (from the excess over each such Participant's Threshold Value, and in proportion to each relevant Participant's "shortfall" – *i.e.*, the amount by which Participant has not yet "caught up"), with the intention, to the extent possible consistent with the foregoing, of causing such Participant to receive proceeds with respect to such Terminal Value Event as if such Participant had been a Participant as of the commencement of the applicable Participating Profits Entity to the extent of such Participant's Permanent Profits Interests at the time of such Terminal Value Event.<sup>4</sup><br> <sup></sup> <br> A Participant's Threshold Value with respect to a Participating Profits Entity shall be the fair market value of such Participating Profits Entity determined based on a hypothetical sale of all the relevant Participating Profits Entity's assets at fair market value as of the Start Date, which shall reasonably be determined on the basis of an appraisal report that shall be prepared by a third-party valuation firm selected by the CEO.<br>A Threshold Value (through valuation of the business) shall be determined each time a new Participating Profits Interest is issued with regard to such Participant.<br>

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<sup>4</sup> <u>Note</u>: For example, assume that Pershing Square grants a 10% Participating Profits Interest when the FMV is $980 (Interest A) and another 10% Participating Profits Interest when the FMV is $990 (Interest B). Further, assume that each of Interests A and B shall participate to the extent of 2.5% Permanent Profits Interests (the Permanent Profits Interests that the relevant Participant would have received if Terminated without Cause on the date of the Terminal Value Event). All other interests were granted when the value was $500 or less, and such Participating Profits Interests are fully "caught up."

Assume that a Terminal Value Event occurs when each interest is fully vested (but has no additional tenure increase) and the sales price is $1000. Absent the profits interest limitation, each of the Interests above would receive $25 proceeds. However, because of the "catch up" requirement, they cannot. For Interest A, there is only $20 of potential net capital appreciation and for Interest B, there is only $10 of potential net capital appreciation.

The proposed "catch-up" is as follows: Interest A is the only Interest catching up between the values of $980 and $990. Interest A uses that $10 of net capital appreciation fully.

Between $990 and $1000, both Interests A and B can catch up. At this point, Interest A has a shortfall of $15 and Interest B has a shortfall of $25, so they would share in that proportion; so, Interest A gets $3.75 and Interest B gets $6.25.

Therefore, Interest A's total proceeds equals $13.75 ($10 + $3.75) and Interest B's total proceeds equals $6.25.

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12.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Tag-Along and Drag-Along</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.1 <u>**Tag-Along Rights**</u><br>Subject to <u>Section 12.7</u> ("Participation in Proceeds"), at least fifteen (15) days prior to the completion of any proposed Terminal Value Event, the Managing Member shall give notice to each Participant (which may be written or oral, but if oral, confirmed in writing), specifying in reasonable detail the material terms and conditions (to the extent available at such time) of the Terminal Value Event. Each Participant shall have the right to elect to participate in the Terminal Value Event on the same terms and conditions as Founder or, following Founder's Departure, the CEO (including, without limitation, indemnification and/or escrow), with respect to the same portion (expressed as a percentage) of such Participant's Permanent Profits Interests (determined in accordance with <u>Section 10.2</u> ("Consequences of Termination") and/or <u>Section 12.2</u> ("Active Participants and Recently Terminated Participants")) as that portion of Founder's or, following Founder's Departure, the CEO's Profits Interests participating in such Terminal Value Event, by delivering written notice to the Managing Member within ten (10) days after the Managing Member has given such notice. The failure of the Managing Member to provide such notice shall not grant the Participant any rights of action to delay or stop the consummation of a Terminal Value Event, except to the extent that the Participant is actually prejudiced as a result of such failure.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5.2 <u>**Drag-Along Rights**</u><br>Subject to <u>Section 12.7</u> ("Participation in Proceeds"), if a Participating Profits Entity is engaging in any Terminal Value Event, the Managing Member, in its sole discretion, is entitled to require each Participant to participate in any such Terminal Value Event, with respect to the same portion (expressed as a percentage) of such Participant's Permanent Profits Interests (determined in accordance with <u>Section 10.2</u> ("Consequences of Termination") and/or <u>Section 12.2</u> ("Active Participants and Recently Terminated Participants")) as that portion of Founder's or, following the Founder's Departure, the CEO's Profits Interests participating in such Terminal Value Event. The Managing Member shall send written notice at least fifteen (15) days prior to any proposed Terminal Value Event to the Participants of the exercise of its right under this <u>Section 12.5.2</u> ("Drag-Along Rights") to cause the other Participants to participate in the Terminal Value Event on the same terms and conditions as Founder or, following the Founder's Departure, the CEO (including, without limitation, indemnification and/or escrow) which shall be specified in reasonable detail (to the extent available at such time).<br>

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12.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Reduction of Participating Profits Interests or Total Points</u><br>If there are one or more Terminal Value Events, a Participant's go-forward Permanent Profits Interests shall be reduced by that portion of Permanent Profits Interests with respect to which such Participant participated in such Terminal Value Event.<br>For the avoidance of doubt, each Active Participant shall continue to be entitled to the benefits of this Term Sheet with respect to his or her Participating Profits Interests and Sunset Profits Interests remaining after the application of this <u>Section 12</u> ("Terminal Value Events").<br>12.7&nbsp;&nbsp;&nbsp;&nbsp; <u>Participation in Proceeds</u><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.1 <u>**General**</u><br>Subject to <u>Section 12.7.2</u> ("IPO") and <u>12.7.3</u> ("Non-Cash Terminal Value Event"), in the event of any Terminal Value Event, each Participant shall receive a portion of the proceeds of such Terminal Value Event in a substantially similar manner to one another, such that no Participant shall be treated disproportionately (as a function of his or her Participating Profits Interests or Total Points, as applicable), including with respect to the form in which such proceeds are received (*e.g.*, cash, shares or other securities). Terminated Participants shall receive notice of any Terminal Value Event, and shall receive their allocations and distributions relating to any Terminal Value Event, on the same terms and at approximately the same time as Active Participants.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.2 <u>**IPO**</u><br>For the avoidance of doubt, in the case of a Terminal Value Event that is effected through an IPO, a Participant shall participate in such IPO in the same manner as Founder or, following the Founder's Departure, the CEO, including with respect to any benefits received under a Tax Receivable Agreement, indemnification obligations and similar benefits.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7.3 <u>**Non-Cash Terminal Value Event**</u><br>In the case of a Terminal Value Event, other than an IPO, in which a Participant would receive stock or securities in exchange for all or a portion of such Participant's Permanent Profits Interest, and a Participant is not able to participate *pro rata* (based upon such Participant's Permanent Profits Interests) in the proceeds of such Terminal Value Event as a result of the application of <u>Section 12.4</u> ("Catch-Up"), such Terminal Value Event shall be supported by an appraisal report that shall be prepared by a third-party valuation firm selected by the CEO.<br>

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| 13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Transfers  | 13.1&nbsp;&nbsp;&nbsp;&nbsp; <u>No Right to Transfer</u> <br> Notwithstanding any other provision in this Term Sheet, but subject to <u>Section 13.2</u> ("Permitted Transfers") and <u>Section 13.3</u> ("Involuntary Transfers"), none of a Participant's Participating Profits Interests or Total Points may be Transferred, and any attempted Transfer shall be null and void *ab initio*.<br>13.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Permitted Transfers</u><br>A Participant shall be permitted to Transfer its Participating Profits Interests or Total Points for estate planning purposes with the CEO's written consent, which shall not be unreasonably withheld or delayed, on such terms and conditions as deemed appropriate by the CEO. The Partnership Agreements may provide that the CEO's written consent to Transfers described in the preceding sentence shall not be required in certain circumstances for estate planning purposes and to family members (including current or former spouses).<br>In the case of a Participant's death, the Participant's Total Points may be Transferred to the Participant's estate or beneficiary(ies), and such estate or beneficiary(ies) may participate in the Plan to the same extent as the Participant would have participated but for the Participant's death, but in all events after the application of <u>Section 10.2.2</u> ("Termination by Pershing Square without Cause; Termination by Participant with Good Reason; Termination Upon Death or Permanent Disability").<br>Any Transfer of Founder Profits Interests shall be null and void *ab initio* unless the applicable transferee enters into an agreement acknowledging and agreeing to forfeit a portion of such interests (in proportion to its ownership of Founder Profits Interests) consistent with the terms and conditions of <u>Section 10.3</u> ("Consequences of Founder Departure"). |

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14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dilution The CEO, after consulting with the members of the Managing Member, shall be entitled, from time to time, to issue additional Participating Profits Interests and/or Non-Participating Profits Interests. Within ninety (90) calendar days following the end of each calendar year, Pershing Square shall provide to each Participant, with respect to each Participating Profits Entity, a statement reflecting, as of the beginning of such calendar year, such Participant's Participating Profits Interests, Permanent Profits Interests and Total Points, and the percentage in such Participating Profits Entity represented by each of the foregoing. Issuances of Participating Profits Interests and Non-Participating Profits Interests shall result in *pro rata* dilution to all holders of Participating Profits Interests, Non-Participating Profits Interests and Total Points (including Founder Profits Interests) (based on Participating Profits Interests while an Active Participant and Total Points (as described in <u>Section 10</u> ("Post-Termination Reduction of Profits Interests")) after Termination); provided that, with the prior written consent of Founder, such issuance may instead result in dilution solely to Founder (referred to herein as a "Founder Voluntary Dilution"), provided further that a Founder Voluntary Dilution may be reversed (i.e., result in accretion solely to Founder) upon the cancellation or forfeiture of interests issued in connection with such Founder Voluntary Dilution. If Participating Profits Interests, Non-Participating Profits Interests and/or Total Points of a Participant or Non-Participant are reduced or cancelled, the benefit of such reduction or cancellation shall inure *pro rata* based on their respective Participating Profits Interests, Non-Participating Profits Interests or Total Points to all of the Participants (including Founder) and Non-Participants.<sup>5</sup>

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<sup>5</sup> Note: For example, suppose that Partner A has 10% Participating Profits Interests, Partner B has 5% Participating Profits Interests and Founder has 85% Founder Profits Interests. If Partner A is terminated for Cause and forfeits all of his interests, then Partner B's Participating Profits Interests shall be increased to 5.5% and Founder Profits Interests shall be increased to 94.5% regardless of Partner B's Participating Profits Interests upon the date Partner A's Participating Profits Interests (or Non-Participating Profits Interests) were granted.

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If Founder Profits Interests with respect to a Participating Profits Entity are forfeited as provided in Section 10.3 ("Consequences of Founder Departure"), such interests shall be allocated (directly or indirectly through cancellation and issuance of new interests, including Participating Profits Interests and/or Non-Participating Profits Interests) as determined by the CEO, after consulting with the members of the Managing Member. Notwithstanding the foregoing, any allocations (direct or indirect) of forfeited Founder Profits Interests or any other profits interests (including Participating Profits Interests and/or Non-Participating Profits Interests) to the CEO following a Founder Departure shall require the approval of a majority in interest of the other members of the Managing Member who are Active Participants.<br>Except as provided in <u>Section 15.2</u> ("Immediate Family Member Employment"), Founder shall not, directly or indirectly, grant himself (including his Family Vehicles) Participating Profits Interests (including, for the avoidance of doubt, Founder Profits Interests), Non-Participating Profits Interests or Total Points (or, for the avoidance of doubt, cause Pershing Square to do so).<br>Neither Founder (nor his Family Vehicles) may receive compensation from Pershing Square other than in respect of his Founder Profits Interests – *i.e.*, Founder shall not receive a salary or other compensation from Pershing Square – other than (i) fees received in connection with guarantees provided by Founder in connection with Pershing Square's business, (ii) payments made, directly or indirectly, to Founder (or his Family Vehicles) for the use by Pershing Square of Founder's (or his Family Vehicles') property, (iii) de minimis salary or compensation, (iv) with the approval of a majority in interest based upon the Permanent Profits Interests, salary or other compensation from, or payment of expenses or provision of perquisites by (including but not limited to those relating to security protections for Founder's, or his Immediate Family Members', personal safety), a Participating Profits Entity, or (v) with the approval of a majority of the directors on the board of directors of Pershing Square Inc. or relevant committee thereof, salary or other compensation from, or payment of expenses or provision of perquisites by (including but not limited to those relating to security protections for Founder's, or his Immediate Family Members', personal safety), Pershing Square Inc. or any of its subsidiaries; provided, that the CFO shall receive written notice of payments made pursuant to clause (ii) of the foregoing as soon as reasonably practicable following such payment.<br>

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|:---|:---|:---|
|  |  | <br> Except as expressly provided for in <u>Section 10.3</u> ("Consequences of Founder Departure") and this <u>Section 14</u> ("Dilution"), Founder Profits Interests, as adjusted explicitly in accordance with this Term Sheet, solely for purposes of this Term Sheet, for the avoidance of doubt, shall not be subject to the restrictions, limitations and conditions set forth in this Term Sheet for Participating Profits Interests, including, without limitation, under the other sub-parts of <u>Section 10</u> ("Post-Termination Reduction of Profits Interests") (e.g., allocations with respect to Founder Profits Interests shall always be 100% vested and not be subject to forfeiture or reduction, other than on account of <u>Section 10.3</u> ("Consequences of Founder Departure") and this <u>Section 14</u> ("Dilution")). |
| 15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Other <br>Compensation of<br>Participants<br>| 15.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Additional Compensation</u><br>The CEO shall be entitled to award certain Participants selected by the CEO additional payments, in his or her sole discretion, to compensate him or her for work he or she has undertaken during the calendar year in addition to their primary duties. The CEO shall consult with one or more members of the Managing Member prior to making such additional payments to any Participant.<br>15.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Immediate Family Member Employment</u><br>Any compensation (including, without limitation, any Participating Profits Interests or participation in a TVE) or other expenses borne by Pershing Square in connection with Immediate Family Member Employment shall be disregarded in calculating each Participant's entitlement to Net Profits (*i.e.*, Founder shall bear the entire economic burden of Immediate Family Member Employment), unless otherwise consented to by a vote of the Active Participants (for the avoidance of doubt, excluding Founder) representing not less than one half (½) of the Active Participants. For the avoidance of doubt, nothing in this Term Sheet shall preclude Immediate Family Member Employment. This Section 15.2 shall cease to apply upon Founder's Departure. |
| 16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Competition  | If a Participant engages in a Competing Activity, including following his or her Retirement, such Participant shall forfeit all Total Points (Sunset Profits Interests and Permanent Profits Interests) as of the date of the commencement of any such Competing Activity. Any Participant that participates in a Competing Activity shall provide the CLO or CCO with prompt written notice thereof (but in any event within ten (10) Business Days after becoming aware of such participation). |

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| 17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Restrictive <br>Covenants<br>| 17.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Hire of Employees</u><br>For a period of twenty-four (24) months following a Participant's Termination Date, neither the Participant nor any of such Participant's Affiliates shall directly or indirectly hire any member, partner, officer, consultant, independent contractor or employee of the Group, whether such Person would commit a breach of his or her contract of employment or other agreement by reason of leaving the services of the Group, to become an employee of such Participant or any of such Participant's Affiliates or otherwise leave the employ of the Group.<br>17.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Solicitation of Investors</u><br>Each Participant agrees that neither such Participant nor any of such Participant's Affiliates shall, directly or indirectly, (x) during the twenty-four (24) month period following such Participant's Termination Date, interfere with the relationship between the Group and a Client, Investor or Entity, or a Prospective Client, Investor or Entity, or (y) during the period of twelve (12) months following such Participant's Termination Date, solicit or engage the business of any such Client, Investor or Entity or any such Prospective Client, Investor or Entity.<br>17.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Disparagement</u><br>To the fullest extent permitted by law, each Participant agrees that such Participant shall not, directly or indirectly, make or solicit, or encourage others to make or solicit, any Disparaging Remarks concerning Pershing Square or its Affiliates or their respective officers, directors, partners, members or employees, or any of Pershing Square's or its Affiliates' products, services, businesses or activities via any public media (electronically or otherwise, whether in writing or orally), or in any manner that would reasonably be expected to result in such Disparaging Remarks entering the public domain. For the avoidance of doubt, nothing in this Section 17.3 ("Non-Disparagement") shall (x) restrict or limit or be construed to restrict or limit Participants from providing information in response to a subpoena or other legal process to a governmental entity or self-regulatory authority or (y) prohibit or be construed to prohibit Whistleblowing or (z) prohibit or be construed to prohibit making statements or engaging in any other activities or conduct, in each case, protected by the National Labor Relations Act. |

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|:---|:---|:---|
|  |  | 17.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality</u><br>Each Participant agrees that in the course of such Participant's relationship with Pershing Square, such Participant has had access to and acquired, and will have access to and acquire, Confidential Information. Each Participant understands and agrees that such Confidential Information has been disclosed to such Participant, and will continue to be disclosed to such Participant, in confidence and for use on behalf of Pershing Square only.<br>Each Participant understands and agrees that, (i) to the fullest extent permitted by law, other than as necessary in the course of the performance of such Participant's duties as an employee, partner or member of Pershing Square Management Entities, such Participant will keep such Confidential Information confidential at all times, including after such Participant's Termination, and will not disclose any Confidential Information unless required to do so under compulsion of law, and (ii) such Participant will not make use of Confidential Information, on such Participant's own behalf or on behalf of any third party.<br>Each Participant further agrees that, should such Participant receive legal process purporting to require disclosure of any Confidential Information, such Participant, to the extent not explicitly prohibited by law, will promptly notify Pershing Square and provide Pershing Square with copies of such legal process or similar request, and such Participant will fully cooperate (at Pershing Square's expense) with all efforts of Pershing Square to resist, restrict or limit the disclosure of such Confidential Information to the portion of such Confidential Information required by such legal process to be disclosed. Notwithstanding the foregoing, no Participant shall be (x) otherwise restricted or limited from providing information in response to a subpoena or other legal process to a governmental entity or self-regulatory authority or (y) prohibited from Whistleblowing or (z) making statements, or engaging in any other activities or conduct, in each case protected by the National Labor Relations Act.<br>All Participants understand and acknowledge in this covenant that they have been encouraged to discuss any legal, accounting, tax or compliance issue with Founder, the CCO, and, if appropriate (but subject to <u>Section 21</u> ("Independence")), any of the principal law firms employed by Pershing Square and the independent public accountants who audit Pershing Square's accounts. |
| 18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Profits Interests  | It is the intention of the parties to this Term Sheet that distributions to a Participant hereunder be limited to the extent necessary so that such interests granted hereunder constitute a "profits interest" within the meaning of Internal Revenue Service Revenue Procedure 93-27 or any future Internal Revenue Service guidance or other authority that supplements or supersedes that Revenue Procedure. |

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|:---|:---|:---|
| 19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Intentionally <br>Omitted<br>|  |
| 20.&nbsp;&nbsp;&nbsp;&nbsp; <br>| Books and <br>Records<br>| Each Participant waives any rights that he or she may have to access the books and records of Pershing Square and of the funds, investment vehicles or accounts managed by Pershing Square. Upon written request, but in any event not more frequently than annually, the CFO shall furnish a Participant a CFO Letter, which shall, in the absence of manifest error, be conclusive and binding. |
| 21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Independence  | Each Participant represents that he or she has had sufficient time to consider this Term Sheet with such Participant's legal, financial, and tax advisors prior to entering into this Term Sheet.<br> Each Participant acknowledges, further, that neither Pershing Square's outside legal counsel nor Pershing Square's internal legal counsel has provided such Participant any legal advice with respect to this Term Sheet, nor has such Participant relied on any statements made by either as such. |
| 22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Separation <br>Agreement<br>| Without duplication of any other separation agreement entered into by a Participant on terms no less favorable to Pershing Square than the Separation Agreement, as determined in the sole discretion of the Managing Member, each Participant, upon Termination, as a condition precedent to receiving the benefits provided under this Term Sheet after Termination, shall enter into a Separation Agreement. |
| 23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Term Sheet a <br>Binding <br> Agreement<br>| All of the provisions of this Term Sheet constitute a contract and shall bind, inure to the benefit of, and be enforceable by all of the Pershing Square Management Entities, each of the Participants and their respective successors and assigns (including subsequent holders of the Participating Profits Interest or Total Points).<br>For the avoidance of doubt and without limiting the generality of the foregoing, any successors and assigns (including subsequent holders of the Participating Profits Interest or Total Points) shall be bound by all provisions of this Term Sheet (excluding <u>Section 17.1</u> ("Non-Hire of Employees") and <u>Section 17.2</u> ("Non-Solicitation of Investors")) (including, for the avoidance of doubt and without limiting the generality of the foregoing, <u>Section 7</u> ("No Fiduciary Duties"), <u>Section 10</u> ("Post-Termination Reduction of Profits Interests"), <u>Section 13</u> ("Transfers"), <u>Section 14</u> ("Dilution"), <u>Section 17.3</u> ("Non-Disparagement"), <u>Section 17.4</u> ("Confidentiality") and <u>Section 20</u> ("Books and Records")). For the avoidance of doubt and notwithstanding any other provision in this Term Sheet, no actions of any such successors and assigns shall be deemed Competing Activities. |

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24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notices Notices required or permitted to be given to Pershing Square, Founder and any Participant under this Term Sheet shall be in writing and shall be deemed given if (i) sent by U.S. Express Mail or recognized overnight courier, on the second following Business Day (or third following Business Day if mailed outside the U.S.); or (ii) delivered by electronic mail, when received; <u>provided</u>, that receipt is confirmed. All notices to Pershing Square, the Managing Member and Founder shall be addressed as follows (or at such other address provided, from time to time, by Pershing Square, the Managing Member or Founder): c/o Pershing Square Capital Management, L.P. 787 Eleventh Avenue, 9<sup>th</sup> Floor New York, NY 10019 Attention: William A. Ackman Email: [redacted] c/o Pershing Square Capital Management, L.P. 787 Eleventh Avenue, 9<sup>th</sup> Floor New York, NY 10019 Attention: Chief Legal Officer Email: [redacted] All notices to a Participant shall be addressed as set forth in <u>Appendix A</u> hereto or as otherwise provided, from time to time, by Participant to Pershing Square, the Managing Member or Founder.

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|:---|:---|:---|
| 25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Injunctive Relief  | Each Participant acknowledges that the material breach or attempted or threatened breach by him or her of any provisions of <u>Section 17</u> ("Restrictive Covenants") would cause irreparable injury to the Group not compensable in money damages, and that Pershing Square shall be entitled, in addition to all other applicable remedies, to seek and obtain from a court of competent jurisdiction a temporary and a permanent injunction and a decree for specific performance of <u>Section 17</u> ("Restrictive Covenants") without being required to prove damages or furnish any bond or other security. The provisions of <u>Section 17</u> ("Restrictive Covenants") shall survive the termination of this Term Sheet. Each Participant agrees that he or she shall not (i) object now or hereafter to the laying of venue of any judicial action or proceeding pursuant to the foregoing in the Chancery Court of the State of Delaware (or other appropriate state court in the State of Delaware) or (to the extent that subject matter jurisdiction exists therefor) the United States District Court for the District of Delaware and (ii) claim that any such judicial action or proceeding being brought in any such court has been brought in an inconvenient forum. |
| 26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Governing Law  | The construction, validity and interpretation of this Term Sheet shall be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to principles of conflicts of laws or choice of law of the State of Delaware or any other jurisdiction that would result in the application of the law of any jurisdiction other than the State of Delaware. |

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| 27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Entire Agreement  | 27.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Conflicts</u><br>This Agreement and Term Sheet constitutes the entire understanding between the parties with respect to the subject matter hereof and supersedes all prior oral and written agreements and understandings relating to the subject matter hereof, including the Prior Agreement and any agreement relating to Non-Participating Profits Interests entered into prior to the date of this Agreement or Term Sheet, if any, which shall be of no further force or effect (but excluding any indemnification agreement entered into by a Participant and Pershing Square prior to the Effective Date).<br>27.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Intentionally Omitted</u><br>27.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u><br>If any provision of this Term Sheet is held to be illegal, void, or unenforceable, such provision shall be of no force or effect. However, the illegality or unenforceability of such provision shall have no effect upon, and shall not impair the legality or enforceability of, any other provision of this Term Sheet.<br>27.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments</u><br>This Term Sheet and any Partnership Agreement may be amended in the sole discretion of Pershing Square, and shall not require the consent of any Participant, or the successors and assigns of any Participant, unless such amendment would have a direct material adverse effect on any Participant hereunder, in which case the amendment shall require the consent of a majority in interest based upon the Permanent Profits Interests of each group of similarly situated Participants that are similarly affected, excluding Founder (*e.g.*, the groups of Active Participants and Terminated Participants). Furthermore, if any such amendment would (i) have a disproportionate direct material adverse effect on a Participant, (ii) change any of the terms of any of this Term Sheet's schedules applicable to a Participant, (iii) change the definition of "Competing Activity" applicable to a Participant (including, for the avoidance of doubt, changes to the defined terms included within the definition of "Competing Activity"), or (iv) change the definition of "Cause" applicable to a Participant (including, for the avoidance of doubt, changes to the defined terms or sections of this Term Sheet included within the definition of "Cause"), such amendment shall require such Participant's consent in addition to the foregoing. |

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| | | 27.5&nbsp;&nbsp;&nbsp;&nbsp; <u>Interpretation</u><br>The Section headings in this Term Sheet are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. Whenever the context permits, the use of a particular gender shall include the masculine, feminine and neuter genders, and any reference to the singular or the plural shall be interchangeable with the other. The use of the word "including" herein shall not be considered to limit the provision that it modifies but instead shall mean "including, without limitation." As used in this Term Sheet, the phrases "any provision of this Term Sheet," "the provisions of this Term Sheet" and derivative or similar phrases, and the terms "hereof", "herein," "hereby" and derivative or similar words, shall mean or refer only to any express provision actually written in this Term Sheet.<br>Whenever the Managing Member is permitted or required to make a decision, it shall be understood to mean that such decision shall be made in its sole and absolute discretion, and the Managing Member shall be entitled to consider any interests and factors as it deems appropriate, including its own interests, in making such decision.<br>27.6&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u><br>This Term Sheet may be executed in one or more counterparts and when so executed all such counterparts shall constitute but one agreement. Any such counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpg or similar attachment to electronic mail, shall be treated in all manner and respects as an original executed counterpart. |
| 28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  | Dispute <br> Resolution | 28.1&nbsp;&nbsp;&nbsp;&nbsp; <u>Arbitration Procedures</u><br>The parties to this Term Sheet agree that in the event of any dispute between the parties arising out of or relating to this Term Sheet or any breach of this Term Sheet, such dispute shall be submitted to and decided by binding arbitration to be conducted in New York, New York in accordance with the Rules, except that Pershing Square shall be entitled to seek and obtain injunctive relief from any court of competent jurisdiction as stated in <u>Section 25</u> ("Injunctive Relief"). Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; <u>provided</u> that such arbitrator shall be a partner or a retired partner, in each case, in a law firm of national standing based in New York City with experience in investment management and, in particular, alternative asset management. Each of the parties agrees that in any such arbitration the award shall be made in writing no more than thirty (30) days following the end of the proceeding. |

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Notwithstanding anything to the contrary in <u>Section 17.3</u> ("Non-Disparagement"), none of the following shall be deemed to be Disparaging Remarks: making any statement to the extent (x) reasonably necessary in connection with any litigation, arbitration, or mediation or (y) required by law, required by other legal process to a governmental entity or self-regulatory authority, or required by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order the person to disclose or make accessible such information.<br>Notwithstanding anything to the contrary in <u>Section 17.4</u> ("Confidentiality"), the Participant shall not be prohibited from disclosing Confidential Information (x) reasonably necessary in connection with any litigation, arbitration, or mediation or (y) as required by law, required by other legal process to a governmental entity or self-regulatory authority, or required by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order the person to disclose or make accessible such information (subject to the notification and cooperation agreement in <u>Section 17.4</u> ("Confidentiality")).<br>28.2&nbsp;&nbsp;&nbsp;&nbsp; <u>Arbitration Final and Binding</u><br>Any award rendered by the arbitrator shall be final and binding upon the parties and judgment may be entered on it in any court of competent jurisdiction.<br>28.3&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidentiality of Arbitration</u><br>The arbitration shall be conducted on a strictly confidential basis, and no Participant shall disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with such a claim, or the result of any action, to any third party, with the sole exceptions of his or her spouse, children, legal counsel and/or tax advisor, all of whom shall be bound by these confidentiality terms.<br>If there are claims that cannot be subject to mandatory arbitration as a matter of law or in the event of any court proceeding to challenge or enforce an arbitrator's award, the parties hereby consent to the exclusive jurisdiction of the state and federal courts in the State of Delaware or (to the extent that subject matter jurisdiction exists therefor) the United States District Court for the District of Delaware and agree to venue in that jurisdiction. The parties agree to take all steps necessary to protect the confidentiality of the Materials for Arbitration in connection with any such proceeding, agree to file (and, if so required by applicable court rules, seek leave to file) Confidential Information (and documents containing Confidential Information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Term Sheet.<br>

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|:---|:---|:---|
|  |  | 28.4&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u><br>  <br>Each of the parties to this Term Sheet hereby waives, to the fullest extent permitted by law, any right to trial by jury of any claim, demand, action, or cause of action (i) arising under this Term Sheet or (ii) in any way connected with, or related or incidental to, the dealings of the parties hereto in respect of this Term Sheet or any of the transactions related hereto, in each case whether now existing or hereafter arising, and whether in contract, tort, equity, or otherwise. |
| 29.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Distributions  | Distributions with respect to allocations in respect of Participating Profits Interests or Total Points, as applicable, of any Participating Profits Entity shall be made quarterly to each Participant to the extent of Available Cash of such Participating Profits Entity (other than that which is required to be reinvested) in a manner consistent with past practice, which distributions shall be made *pro rata* in accordance with such Participant's respective Participating Profits Interests or Total Points, as applicable, and shall be at least in an amount equal to such Participant's Tax Distribution for such fiscal quarter, <u>provided</u>, that if there is insufficient Available Cash to make the required Tax Distributions to all of the Participants, Tax Distributions to the Participants shall be made on a *pro rata* basis in accordance with the relative amount of estimated net taxable income allocable to the Participants for such fiscal quarter. |
| 30.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Intentionally <br> Omitted <br>|  |
| 31.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Intentionally <br> Omitted <br>|  |
| 32.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Intentionally <br> Omitted <br>|  |
| 33.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>| Intentionally <br> Omitted <br>|  |

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<u>Appendix A</u>

**Schedule 1. Tenure Factor**<sup>6</sup>

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|:---|:---|:---|
| Tenure (Years from Initial<br> Grant Date) | Tenure Factor | Tenure Factor of Class A<br> Interests |
| < 14 | 1.000 | 1.000 |
| ≥ 14 and < 19 | 1.0625 | 1.000 |
| ≥ 19 | 1.125 | 1.000 |

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<sup>6</sup> <u>Note</u>: Referenced in <u>Section 1</u> ("Defined Terms"), in definitions of "Tenure-Adjusted Profits Interests" and "Tenure Factor." <br>

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**Schedule 2. Total Points**<sup>7</sup>

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|:---|:---|:---|:---|:---|
| Year (starting on<br> Sunset Start<br> Date) | Sunset Profits<br> Interests | Permanent<br> Profits Interests | Sunset Profits<br> Interests of<br> Class A Interests | Permanent<br> Profits Interests<br> of Class A<br> Interests |
| 1 | 25% | 25% | 33⅓% | 33⅓% |
| 2 | 25% | 25% | 33⅓% | 33⅓% |
| 3 | 25% | 25% | 33⅓% | 33⅓% |
| 4, and all years thereafter | 0% | 25% | 0% | 33⅓% |

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<sup>7</sup> <u>Note</u>: Referenced in <u>Section 10.2.1</u> ("Termination by Participant Upon Retirement").

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**Schedule 3. Accelerated Vesting Factor**<sup>8</sup>

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|:---|:---|
| Years from Initial Grant<br> Date | Accelerated Vesting<br> Factor |
| ≤ 2 | 0% |
| > 2 and ≤ 3 | 15% |
| > 3 and ≤ 4 | 30% |
| > 4 and ≤ 5 | 45% |
| > 5 and ≤ 6 | 60% |
| > 6 and ≤ 7 | 70% |
| > 7 and ≤ 8 | 80% |
| > 8 and ≤ 9 | 90% |
| > 9 | 100% |

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<sup>8</sup> <u>Note</u>: Referenced in <u>Section 10.2.2</u> ("Termination by Pershing Square without Cause; Termination by Participant with Good Reason; Termination Upon Death or Permanent Disability").

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**Schedule 4. Founder Forfeiture Factor**<sup>9</sup>

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|:---|:---|
| Founder Departure Date | Founder Forfeiture Factor |
| Prior to December 31, 2027 | 25% |
| On or after December 31, 2027 and prior to December 31, 2028 | 28.5% |
| On or after December 31, 2028 and prior to December 31, 2029 | 32% |
| On or after December 31, 2029 and prior to December 31, 2030 | 35.5% |
| On or after December 31, 2030 and prior to December 31, 2031 | 39% |
| On or after December 31, 2031 and prior to December 31, 2032 | 42.5% |
| On or after December 31, 2032 and prior to December 31, 2033 | 46% |
| On or after December 31, 2033 and prior to December 31, 2034 | 49.5% |
| On or after December 31, 2034 and prior to December 31, 2035 | 53% |
| On or after December 31, 2035 and prior to December 31, 2036 | 56.5% |
| On or after December 31, 2036 | 60% |

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<sup>9</sup> <u>Note</u>: Referenced in <u>Section 10.3</u> ("Consequences of Founder Departure"). For clarity, pursuant to <u>Section 10.3</u> ("Consequences of Founder Departure"), (i) for a Founder Departure Date that occurs prior to December 31, 2034, Founder shall forfeit a percentage of his Founder Profits Interests based on the applicable Founder Forfeiture Factor in the table above, and (ii) for a Founder Departure Date that occurs on or after December 31, 2034, Founder shall initially forfeit 50% of his Founder Profits Interests (regardless of the Founder Forfeiture Factor for such date) and, on the third anniversary of the Founder Sunset Start Date, Founder shall forfeit an additional amount such that Founder will have forfeited, in the aggregate, a percentage of his Founder Profits Interests based on the applicable Founder Forfeiture Factor in the table above. For example, if a Founder Departure Date occurs on December 31, 2035, Founder shall initially forfeit 50% of his Founder Profits Interests and, on the third anniversary of the Founder Sunset Start Date, shall forfeit an additional 6.5% of his Founder Profits Interests (calculated on his original pre-forfeiture amount of Founder Profits Interests). <br>

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**Schedule 5. TVE Tenure Factor**<sup>10</sup>

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| | | |
|:---|:---|:---|
| Years from Initial Grant Date | TVE Tenure Factor | TVE Tenure Factor of<br> Class A Interests |
| < 15 | 1.0 | 1.0 |
| ≥ 15 and < 20 | 1.167 | 1.0 |
| ≥ 20 | 1.333 | 1.0 |

---

------

<sup>10</sup> <u>Note</u>: Referenced in <u>Section 12</u> ("Terminal Value Events").

------

IN WITNESS WHEREOF, the undersigned, each intending to be legally bound hereby, have executed this Term Sheet as of ____.

---

| |
|:---|
| **PS HOLDCO GP MANAGING MEMBER, LLC,** |
| By: |
| Name: William A. Ackman |
| Title: Authorized Signatory  |
| **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** |
| BY: PS MANAGEMENT GP, LLC |
| its General Partner |
| By: |
| Name: William A. Ackman |
| Title: Authorized Signatory |
| **PS COMPCO, LLC** |
| BY: PS HOLDCO GP MANAGING MEMBER, LLC |
| its Managing Member |
| By: |
| Name: William A. Ackman |
| Title: Authorized Signatory |
| **PERSHING SQUARE GP, LLC** |
| By: |
| Name: William A. Ackman |
| Title:Managing Member |
| **FOUNDER** |
| Name: William A. Ackman |

---

[Participants]

------

<u>Schedule A</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Participant's Name | Participating Profits<br> Interest Percentage | Participating Profits<br> Interests Points | Initial Grant Date | Class A Interests<br> Recipient |
| [•] | [•]% | [•] | ___/___/2___ | [Yes/No] |

---

Participant's Contact Information for Notice:

[•]

------

<u>Exhibit A</u>

(See attached)

------

<u>Exhibit A</u>

<u>FORM OF SEPARATION AGREEMENT AND GENERAL RELEASE</u><sup>11</sup>

This Separation Agreement and General Release (this "<u>Agreement</u>") confirms the following understandings and agreements among Pershing Square Capital Management, L.P., Pershing Square Partner Group, LLC, PS CompCo, LLC, Pershing Square GP, LLC and their respective affiliates and successors (collectively, the "<u>Firm</u>") and [NAME] (hereinafter referred to as "<u>you</u>", "<u>your</u>" or "<u>yourself</u>"). Capitalized terms used but not defined herein shall have the meanings given to such terms in the Amended and Restated Pershing Square Term Sheet for the Long-Term Incentive Compensation Plan, dated [•] as amended from time to time, by and between you and the Firm (the "<u>LTICP</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Separation Date</u>. The Firm and you hereby agree that your status as an Active Participant (as defined in the LTICP), as amended from time to time, shall cease effective as of [DATE] (the "<u>Separation Date</u>") and that after the Separation Date you shall not represent yourself as being an employee, officer, agent, representative or partner of the Firm for any purpose; <u>provided</u>, that you may disclose, if applicable, that you are a retired partner holding a limited partner interest entitling you to certain benefits with respect to the Firm. Your health coverage under the Firm's group health plan terminates on (i) the 15<sup>th</sup> of the calendar month in which the Separation Date occurs, if such Separation Date is on or prior to the 15<sup>th</sup> of such month or (ii) the end of the calendar month in which the Separation Date occurs, if such Separation Date is on or after the 16<sup>th</sup> of such month. Thereafter, you will be provided an opportunity to continue health coverage for yourself and qualifying dependents, if any, at your own expense, under the Firm's group health plan in accordance with the Consolidated Omnibus Budget Reconciliation Act, <u>as amended</u> ("<u>COBRA</u>"). Information regarding COBRA coverage will be provided to you under separate cover. Irrespective of whether you sign this Agreement, you will retain any rights that you have to vested account balances as of the Separation Date, if any, under the TriNet Select 401(k) Plan and for any payments or benefits under any Firm plans that have vested according to the terms of those plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Consideration</u>. Following the Separation Date, and in exchange for your general release of all claims and compliance with all the other terms and conditions of this Agreement, you shall be entitled to the rights granted to you under the LTICP.<sup>12</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Further Compensation or Distributions</u>. Except as otherwise explicitly set forth in this Agreement or the LTICP (or, if applicable, the Second Amended and Restated Limited Liability Company Agreement of Pershing Square Partner Group, LLC, dated [⚫], as amended from time to time (the "<u>M Unit Terms</u>")),<sup>13</sup> after the Separation Date you shall no longer be entitled to any further compensation, distributions or any monies from the Firm or any of its affiliates or to receive any of the benefits made available to you during your time as an Active Participant. You acknowledge and agree that the consideration set forth in Paragraph 2: (i) is in full discharge of any and all liabilities and obligations of the Firm to you, monetarily or with respect to employee benefits or otherwise, including but not limited to any and all obligations arising under any alleged written or oral employment agreement, policy, plan or procedure of the Firm and/or any alleged understanding or arrangement between you and the Firm; and (ii) is in addition to any payment, benefit, or other thing of value to which you might otherwise be entitled under any policy, plan or procedure of the Firm and/or any agreement between you and the Firm. Notwithstanding the foregoing, the Firm shall reimburse you for expenses incurred by you during your time as an Active Participant that are in accordance with applicable business expense policies or practices of the Firm, such reimbursement to be paid promptly after you submit appropriate documentation with respect thereto.

------

<sup>11</sup> <u>Note to Draft</u>: Form will be subject to applicable modifications based on subject Participant. Typical examples included in the following notes.

<sup>12</sup> <u>Note to Draft</u>: Replace with "the Partnership Agreements" if applicable.

<sup>13</sup> <u>Note to Draft</u>: Based on subject Participant, additional applicable exceptions may be added by the Firm.

------

<u>Exhibit A</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver and Release of Claims</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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As used in this Agreement, the term "<u>Claims</u>" means any and all claims, rights, interests, covenants, contracts, warranties, promises, undertakings, actions, suits, causes of action, obligations, debts, attorneys' fees or other expenses, accounts, judgments, fines, fees, losses and liabilities, of any kind, nature or description, in law, equity or otherwise, whether known or unknown, by contract (express or implied), in tort, or pursuant to statute or otherwise, that you now have, ever have had, or will ever have based on, by reason of, or arising out of any event, occurrence, action, inaction, transaction, or thing of any kind or nature occurring prior to or on the date that you execute this Agreement, but shall not include any Excluded Claims (as defined below).

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As used in this Agreement, the term "<u>Group</u>" means (i) the Firm and its direct and indirect parents, subsidiaries, affiliates and control persons, whether now existing or hereinafter formed, (ii) the present and former officers, directors, partners, members, shareholders, employees and agents and other representatives of each of the entities referred to in clause (i), in each case in both their individual and representative capacities, and (iii) the successors and assigns of each of the entities and people referred to in clauses (i) and (ii).

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For and in consideration of the payments and benefits described in or referred to in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, you, for and on behalf of yourself and your estate, heirs, administrators, executors, assigns and other representatives ("<u>Releasors</u>"), hereby fully, irrevocably and forever release and discharge the Group from any and all Claims whatsoever, known or unknown, which you have or may have against the Group. Without limiting the generality of the foregoing, this Agreement is intended to and shall release the Group from any and all Claims, including, but not limited to, claims under: (i) the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act of 1990,<sup>14</sup> Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), excluding claims for accrued, vested benefits under any employee benefit or pension plan of the Firm subject to the terms and conditions of such plan and applicable law, the Family and Medical Leave Act of 1993, the Immigration Reform and Control Act, the Americans with Disabilities Act of 1990, and the Worker Adjustment and Retraining Notification Act, the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1514; Sections 748 (h)(i), 922 (h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act, 7 U.S.C. §26(h), 15 U.S.C. §78u-6(h)(i) and 12 U.S.C. §5567(a), each as amended; <sup>15</sup>(ii) New York State Human Rights Law, New York City Human Rights Law, New York Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers' Compensation Claim, New York Equal Pay Law, New York Nondiscrimination Against Genetic Disorders Law, New York Labor Law, New York Wage Hour and Wage Payment Laws, and New York Minimum Wage Law, each as amended; (iii) all other federal, state and local laws, regulations or ordinances regarding civil, human rights, employment, age, retirement, or discrimination; (iv) any other claim (whether based on federal, state, or local law, statutory or decisional, and/or principles of contract or tort law) relating to or arising out of your affiliation with the Firm, including but not limited to discrimination, harassment, hostile work environment, retaliation, breach of contract (express or implied), detrimental reliance, defamation, mental distress, emotional distress, physical injury, humiliation or compensatory or punitive damages, common law fraud, or fraudulent inducement; and (v) any claim for attorneys' fees, costs, disbursements and/or the like.

------

<sup>14</sup> <u>Note to Draft</u>: If applicable, add additional information for release to be effective in the event two or more employees over age 40 are being terminated concurrently.

<sup>15</sup> <u>Note to Draft</u>: If applicable, amend to state law applicable to subject Participant; in the event the applicable state is California, include additional provisions required by California law.

------

<u>Exhibit 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;(d)&nbsp;&nbsp;&nbsp;&nbsp; You represent that, as of the Effective Date of this Agreement, you have not filed or permitted or caused to be filed against the Group, or any member or subset thereof, any charges, complaints or lawsuits regarding any acts or omissions occurring prior to your execution of this Agreement with any international, foreign, federal, state, city or local court, governmental agency or arbitration tribunal, except that this representation does not apply to any charges, actions, or proceedings before, or engaging in communications with any other regulatory (including self-regulatory), judicial, administrative, or other governmental agencies about possible fraud or other violations of 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;(e)&nbsp;&nbsp;&nbsp;&nbsp; Nothing in this Agreement, including, without limitation, Paragraph 3 of this Agreement, shall be a waiver of: (i) Claims for enforcement of this Agreement and/or of the LTICP (and/or, if applicable, of the M Unit Terms);<sup>16</sup> (ii) Claims that may first arise after the date on which you sign this Agreement; (iii) any rights you may have for unemployment insurance or workers' compensation benefits; (iv) Claims or rights you may have under the indemnification agreement between you and the Firm dated [DATE] (the "<u>Indemnification Agreement</u>"); (v) Claims or rights you may have as an insured or beneficiary under any directors and officers insurance policy, to the extent you are named in any such policy; or (vi) any Claims or rights which cannot be waived by law (clauses (i) through (vi) collectively, the "<u>Excluded Claims</u>").

------

<sup>16</sup> <u>Note to Draft</u>: Based on subject Participant, additional applicable exceptions may be added by the Firm.

------

<u>Exhibit 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;(f)&nbsp;&nbsp;&nbsp;&nbsp; You have the right under applicable law to certain protections for initiating communications with, providing information to, responding to any inquiries from, cooperating with or reporting possible violations of law or regulation to the U.S. Commodity Futures Trading Commission ("<u>CFTC</u>"), the U.S. Securities Exchange Commission ("<u>SEC</u>") and/or their Offices of the Whistleblower, as well as certain other governmental entities and self-regulatory authorities, filing a charge with or participating in an investigation conducted by any governmental entity or self-regulatory authority, and making statements or engaging in any other activities or conduct, in each case, protected by the National Labor Relations Act (collectively, "<u>Permitted Activities</u>"). Nothing in this Agreement is intended to prohibit you engaging in any Permitted Activities, and you may do so without disclosure to or permission from the Firm, or to require you to notify any member of the Group of a request for information from any governmental entity or self-regulatory authority that is not directed to the Group or of your decision to file a charge or complaint with or participate in an investigation conducted by any governmental entity or self-regulatory authority. You recognize that, in connection with the provision of information to any governmental entity or self-regulatory authority, you must inform such governmental entity or self-regulatory authority that the information you are providing is confidential. Despite the foregoing, you are not permitted to reveal to any third party, including any governmental entity or self-regulatory authority, information you came to learn during your service to the Firm that is protected from disclosure by any applicable privilege, including but not limited to the attorney-client privilege or attorney work product doctrine. The Group does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged information. The Firm may not retaliate against you for any of these activities. You agree to waive your right to recover monetary damages in connection with any charge, complaint or lawsuit pertaining to the released Claims filed by you or anyone else on your behalf (whether involving a governmental entity or not); provided that nothing in this Agreement would require you to waive any monetary award or other payment that you might become entitled to from the CFTC, SEC or any other governmental entity or self-regulatory authority with respect to protected "whistleblower" activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp; Further, nothing in this Agreement precludes you from filing a charge or complaint with a federal, state or local fair employment practice agency. However, once this Agreement becomes effective, you may not receive a monetary award or any other form of personal relief from the Firm in connection with any such charge or complaint that you file or is filed on your behalf, except as otherwise provided under this Agreement, including in Paragraph 4(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Return of Property</u>. You represent and warrant that as of the Separation Date, you have returned to the Firm all Firm property in your possession or custody or within your control, including, without limitation, mailing lists, reports, files, memoranda, records, computer hardware, software, credit cards, door and file keys, computer access codes or disks and instructional manuals, and other physical or personal property which you received or prepared or helped prepare in connection with your time as an Active Participant, and that you will not retain any copies, duplicates, reproductions or excerpts thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Disclosure</u>. Except as otherwise provided under this Agreement, including in Paragraph 4(f), you agree to maintain the terms of this Agreement as confidential and to refrain from disclosing or making reference to its terms except as required by law or by a court of competent jurisdiction; <u>provided</u>, <u>however</u>,<u> </u>that you may disclose the terms of this Agreement (i) to your spouse, accountants, financial advisers and attorneys; provided that you instruct each of the foregoing not to disclose the same, or (ii) in order to enforce your rights under this Agreement or relating to any Excluded Claim (but only so long as it is in accordance with the terms of the applicable dispute resolution provisions, *e.g.*, Paragraph 15 of this Agreement). Notwithstanding the foregoing, you may disclose your continuing obligations under this Agreement to potential and/or future employers or business partners. This Paragraph 6 shall cease to apply with respect to any portion of this Agreement that is made public by the Firm pursuant to applicable public company disclosure obligations.

------

<u>Exhibit A</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Cooperation</u>. You agree to cooperate fully and make yourself reasonably available to the Firm (and its representatives and advisors) in the event that the Firm seeks your assistance with respect to any internal or external dispute, controversy, inquiry, investigation, action, arbitration or proceeding. The Firm shall reimburse reasonable out of pocket expenses incurred by you in connection with your compliance with this Paragraph 7, subject to receipt of satisfactory documentation of such expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Compliance Forms</u>. You agree to complete and submit certain compliance forms through the Firm's compliance software platform within ten (10) days of the Separation Date as directed by a representative of the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Code Section 409A</u>. To the maximum extent permitted by law, this Agreement shall be interpreted in such a manner that the payments to you under this Agreement are either exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder ("<u>Section 409A</u>"). If the parties reasonably determine that any provision in this Agreement is ambiguous as to its compliance with Section 409A or to the extent that any provision in this Agreement must be modified to comply with Section 409A in any respect, such provision will be read or will be modified (with the mutual consent of the parties, which consent will not be unreasonably withheld), as the case may be, in such a manner so that all payments due under this Agreement will comply with Section 409A, while endeavoring to maintain to the greatest extent reasonably its intended economic benefits. For purposes of Section 409A, each payment made under this Agreement will be treated as a separate payment. In no event may you, directly or indirectly, designate the calendar year of payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Additional Representations and Warranties</u>. You represent and warrant to the Firm, as of the Effective Date, as follows:

&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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Agreement constitutes your legal, valid and binding obligation, enforceable against you in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors' rights generally and limitations on the availability of equitable remedies, and the execution, delivery, and performance of this Agreement by you does not and will not conflict with, violate, or cause a breach of any agreement, contract, or instrument to which you are a party or any judgment, order, or decree to which you are subject.

&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)&nbsp;&nbsp;&nbsp;&nbsp; No person related to the Firm has made any representation or warranty, express or implied, as to the future performance of the Firm or the present or future value of the interests held pursuant to the LTICP (and/or, if applicable, the M Unit Terms).<sup>17</sup>

------

<sup>17</sup> <u>Note to Draft</u>: Based on subject Participant, additional applicable exceptions may be added by the Firm.

------

<u>Exhibit 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;(c)&nbsp;&nbsp;&nbsp;&nbsp; To the best of your knowledge, as of the Separation Date, you are in compliance with the notification provisions of Sections 9.2.1 ("Termination with Cause") and 9.2.2 ("Notification of Events that may Lead to Cause") of the LTICP.

&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)&nbsp;&nbsp;&nbsp;&nbsp; You have not assigned or transferred, or purported to have assigned or transferred to any entity or person, any Claim or cause of action released in Paragraph 4 of this Agreement, or any amount of money related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Specific Enforcement</u>. The Firm shall be entitled to have the provisions of Paragraphs 4, 5, 6 and 7 hereof specifically enforced through injunctive relief, without having to prove the adequacy of the available remedies at law, and without being required to post bond or security, it being acknowledged and agreed that such breach will cause irreparable injury to the Firm and that money damages will not provide an adequate remedy to the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability and Modification</u>. In the event that any one or more of the provisions of this Agreement are held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the provisions contained in this Agreement are held to be excessively broad as to duration, scope, activity or subject, such provisions will be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp; <u>No Admission</u>. Nothing herein shall be deemed to constitute an admission of wrongdoing by the Firm or any other member of the Group. Neither this Agreement nor any of its terms shall be used as an admission or introduced as evidence as to any issue of law or fact in any proceeding, suit or action, other than an action to enforce this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. This Agreement may be executed in counterparts, whether by original signature or facsimile, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp; <u>Arbitration.</u> The parties to this Agreement agree that in the event of any dispute between the parties arising out of or relating to this Agreement or its breach, such dispute shall be submitted to and decided in accordance with the dispute resolution provisions of the LTICP, including, for the avoidance of doubt, Section 28.4 ("Waiver of Jury Trial") of the LTICP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp; <u>Choice of Law</u>. The construction, validity and interpretation of this Agreement will be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to principles of conflicts of laws or choice of law of the State of Delaware or any other jurisdiction which would result in the application of the law of any jurisdiction other than the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp; <u>Knowing and Voluntary Agreement</u>. You acknowledge that you: (a) have carefully read this Agreement, which includes a release of claims under the Age Discrimination in Employment Act, in its entirety; (b) have had an opportunity to consider it for at least twenty-one (21) days; (c) are hereby advised by the Firm in writing to consult with an attorney of your choice in connection with this Agreement; (d) fully understand the significance of all of the terms and conditions of this Agreement and have discussed them with your independent legal counsel, or have had a reasonable opportunity to do so; (e) have had answered to your satisfaction by your independent legal counsel any questions you have asked with regard to the meaning and significance of any of the provisions of this Agreement; and (f) are signing this Agreement voluntarily and of your own free will and agree to abide by all the terms and conditions contained herein.

------

<u>Exhibit A</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp; <u>Entire Agreement</u>. The terms contained in this Agreement, the LTICP and the Indemnification Agreement (and, if applicable, the M Unit Terms)<sup>18</sup> (in each case subject to the superseding provisions of this Agreement) constitute the entire agreement between the parties with respect to the subject matter hereof and supersede all prior negotiations, representations or agreements relating thereto whether written or oral. You represent that in executing this Agreement, you have not relied upon any representation or statement not set forth herein. No amendment, modification or waiver of any provision of this Agreement shall be valid or binding upon the parties unless in writing and signed by the parties or, in the case of a waiver, by the party against whom the waiver is to be effective. This Agreement may not be assigned by you without the prior written consent of the Firm. In the event of any conflict between the terms of the LTICP and the terms of this Agreement, the terms of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u><u>Successors and Assigns</u>. This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>No Waiver</u>. No failure or delay by any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp; <u>Headings</u>. The headings used in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement. This Agreement shall be construed without regard to any presumption of any other rule requiring construction against the party causing this Agreement to be drafted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp; <u>Effective Date</u>. You understand that you will have at least twenty-one (21) days from the date of receipt of this Agreement to consider the terms and conditions of this Agreement. You may accept this Agreement by signing it and returning it to the Firm's Chief Legal Officer at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019 on or before 21 days after receipt. After executing this Agreement, you shall have seven (7) days (the "<u>Revocation Period</u>") to revoke this Agreement by indicating your desire to do so in writing delivered to the Firm's Chief Legal Officer at the address set forth above by no later than 5:00 p.m. on the seventh (7th) day after the date you sign this Agreement. The effective date of this Agreement shall be the eighth (8th) day after you sign the Agreement (the "<u>Effective</u> <u>Date</u>"). If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. If you do not accept this Agreement as set forth above, or if you revoke this Agreement during the Revocation Period, this Agreement, including but not limited to the obligation of the Firm to provide the payments referred to in Paragraph 2 above, shall be deemed automatically null and void.

------

<sup>18</sup> <u>Note to Draft</u>: Based on subject Participant, additional applicable exceptions may be added by the Firm.

------

<u>Exhibit A</u>

[*signature page follows*]

------

<u>Exhibit A</u>

---

| |
|:---|
| IN WITNESS WHEREOF, this Agreement has been |
| signed by or on behalf of the parties |
| on this ___ day of [DATE]. |
| PS HOLDCO GP MANAGING MEMBER, LLC, |
| *on behalf of itself and its Affiliates* |
| By: |

---

Name:   <br> <br> Title:  

---

| |
|:---|
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: PS Management GP, LLC, its General Partner |
| By: |

---

Name:   <br> <br> Title:  

PERSHING SQUARE GP, LLC <br> <br> By:  

Name:   <br> <br> Title:  

---

| |
|:---|
| Agreed to and Accepted by: |
| [PARTICIPANT] |
| Date: |

---

------

## Exhibit 10.14

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#### Exhibit 10.14<br>

#### <br>

#### TERMS OF M UNITS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Purpose</u>. These Terms set forth certain rights and obligations applicable to the M Units issued to Participants (or, if applicable, their permitted Transferees) in exchange for the contribution of their prior Interests (including, if applicable, profits interests previously subject to the Pershing Square Term Sheet for Long-Term Incentive Compensation Plan, dated as of April 17, 2017, as amended) in PS Partner Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Definitions</u>. Capitalized terms used in these Terms shall have the meanings assigned to such terms under the LLC Agreement except as otherwise set forth below or herein:

&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>Cause</u>" means, as to any Participant, (i) "Cause," as defined in any employment, offer letter, or consulting agreement between the Participant and the Service Recipient in effect at the time of such Termination; or (ii) in the absence of any such employment, offer letter, or consulting agreement (or the absence of any definition of "Cause" contained therein), the Participant's (A) willful neglect in the performance of the Participant's duties for the Service Recipient or willful or repeated failure or refusal to perform such duties; (B) engagement in conduct, which results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the PSI Group; (C) conviction of, or plea of guilty or no contest to, (I) any felony (or similar crime in any non-U.S. jurisdiction for Participants outside the U.S.) or (II) any other crime that results in, or could reasonably be expected to result in, material harm to the business or reputation of the Service Recipient or any other member of the PSI Group; (D) material violation of the written policies of the Service Recipient or those set forth in the manuals or statements of policy of the Service Recipient as in effect from time to time (including, but not limited to, those relating to sexual harassment); (E) fraud, misappropriation or embezzlement related to the Service Recipient or any other member of the PSI Group; (F) act of personal dishonesty that involves personal profit in connection with the Participant's employment or service to the Service Recipient; or (G) engagement in any Detrimental Activity (other than as described in prong (ii) of such term); <u>provided</u>, in any case, that a Participant's resignation after an event that would be grounds for a Termination for Cause will be treated as a Termination for Cause hereunder. Any determination of whether Cause exists for purposes of these Terms shall be made by the Managing Member in its sole and absolute discretion.

&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>Change in Control</u>" means, in one transaction or series of related transactions, an independent third party or a group of independent third parties (i) acquires, directly or indirectly (whether by merger, consolidation, or transfer or issuance of equity interests or otherwise), Control of PS Partner Group; or (ii) acquires assets constituting all or substantially all of the assets of PS Partner Group (in each case, as determined on a consolidated basis); <u>provided</u>, that in no event shall a corporate reorganization, as determined by the Managing Member in its sole and absolute discretion, constitute a "Change in Control".

&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>Control</u>" means (including the terms "Controlled by" and "under common Control with") the possession, directly or indirectly, of (A) 50% or more of the share capital or voting rights in the relevant entity, (B) the right to appoint directors entitled to cast a majority of the votes on each matter presented to the board of directors or other governing body of the relevant entity or (C) the power to direct or cause the direction of the management or policies of the relevant entity, whether through the ownership of voting securities, by contract or otherwise.

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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;(d) "<u>Detrimental Activity</u>" means any of the following: (i) unauthorized disclosure or use of any confidential or proprietary information of any member of the PSI Group; (ii) any activity that would be grounds to terminate the Participant's employment or service with the Service Recipient for Cause (<u>provided</u>, <u>however</u>, that prong (ii)(G) of the Cause definition shall be excluded from this definition); (iii) a breach by the Participant of any restrictive covenant by which such Participant is bound, including, without limitation, any covenant not to compete or not to solicit, in any agreement with any member of the PSI Group; or (iv) the Participant's fraud or conduct contributing to any financial restatements or irregularities, in each case, as determined by the Managing Member in its sole and absolute discretion.

&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>Disability</u>" means, as to any Participant, (i) "Disability," as defined in any employment, offer letter, or consulting agreement between the Participant and the Service Recipient in effect at the time of Termination; or (ii) in the absence of any such employment, offer letter, or consulting agreement (or the absence of any definition of "Disability" contained therein), a condition entitling the Participant to receive benefits under a long-term disability plan of the Service Recipient or other member of the PSI Group in which such Participant is eligible to participate, or, in the absence of such a plan, the complete and permanent inability of the Participant by reason of illness or accident to perform the duties of the position at which the Participant was employed or served when such disability commenced. Any determination of whether Disability exists for purposes of these Terms shall be made by the Managing Member in its sole and absolute discretion.

&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) "<u>Effective Date</u>" means the effective date of the conversion of Pershing Square Holdco, L.P. into PSI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Encumbrance</u>" means any pledge, lien, charge, security interest, mortgage, claim, or other encumbrance, other than restrictions on transfer which may arise under applicable securities laws or, with respect to an interest in an entity, contained in such entity's (i) articles of incorporation, certificate of incorporation, certificate of formation or similar document and (ii) bylaws, limited liability company operating agreement, partnership agreement or similar document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Governmental Filing</u>" means any notification, application, registration, declaration, filing or other submission to or with any governmental authority of competent jurisdiction.

&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) "<u>HSR Act</u>" means the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>IPO</u>" means an initial public offering of the PSI 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;(k) "<u>LLC Agreement</u>" means the Second Amended and Restated Limited Liability Company Agreement of PS Partner Group, dated as of [●].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>M Amount</u>" means, with respect to a Participant, the initial number of M Units issued to such Participant as set forth next to such Participant's name on <u>Schedule A</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;(m) "<u>Participant</u>" means a person who is issued (or, if applicable, whose permitted Transferees are issued) M Units until such time such person (or such person's permitted Transferees, as applicable) no longer holds any M Units, and for the purposes of these Terms, all references to "Participant" in these Terms shall be deemed to include the applicable person to whom, or in respect of whom, the M Units were issued jointly and severally with any Transferees thereof, except that the following references in the Terms to "Participant" refer solely to the person to whom, or in respect of whom, the M Units were issued (and not to such person's Transferees): (i) references to the Participant's employment with, provision of services to, or termination of employment from the Service Recipient; (ii) references to the death or Disability of the Participant; (iii) references to determinations of Cause or Detrimental Activity with respect to the Participant; and (iv) references to the requirement to deliver an executed Separation 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;(n) "<u>PSI</u>" means Pershing Square Inc., or any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>PSI Group</u>" means PSI and 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;(p) "<u>PSI Shares</u>" means shares of common stock, par value $0.001 per share, of PSI and any successor 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;(q) "<u>PS Partner Group</u>" means Pershing Square Partner Group, LLC, or any successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Rules</u>" means the Commercial Arbitration Rules (except as modified in Section 16) of the American Arbitration Association and with the Expedited Procedures thereof, taken collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Service Recipient</u>" means the member of the PSI Group by which a Participant is, or following a Termination was most recently, principally employed or to which such Participant principally provides, or following a Termination was most recently principally providing, services, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Share Amount</u>" means, with respect to a Participant, the number of PSI Shares set forth next to such Participant's name on <u>Schedule A</u>, as may be adjusted from time to time in accordance with Section 5 (and which shall be subject to equitable adjustment to account for any stock splits, reverse stock splits, reclassifications or other capital changes with respect to PSI 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;(u) "<u>Termination</u>" means the termination of a Participant's employment or service, as applicable, with the Service Recipient for any reason (including as a result of such Participant's resignation, death or Disability).

&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) "<u>Terms</u>" means these Terms of M Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>Vested Units</u>" means M Units that have vested pursuant to these Terms, which, for the avoidance of doubt, shall continue to constitute M Units after vesting and remain subject to the redemption provisions set forth in Section 7 of these Terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Additional Interests</u>. PS Partner Group shall not issue any Interests, including any M Units, other than M Units issued on the effective date of the LLC Agreement in such amounts and to such Participants as set forth on <u>Schedule A</u> hereto and the managing member interest held by the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Vesting</u>. The M Units shall vest in accordance with this Section 4.

&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>Ordinary Course Vesting</u>. Subject to Section 4(b), Section 4(c), Section 4(d) and Section 5, each Participant's M Units (other than M Units identified as already vested on <u>Schedule A</u>) shall vest in tranches on December 31 of each year following the Effective Date, including the year in which the Effective Date occurs (each, an "<u>Annual Vesting Date</u>"), in accordance with the "Ordinary Course" vesting schedule specified next to such Participant's name on <u>Schedule A</u> (such applicable vesting schedule for such Participant, the "<u>Ordinary Course Vesting Schedule</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;(b) <u>Catch-Up Vesting</u>. Subject to Section 5, if, prior to the final Annual Vesting Date for a Participant, such Participant Terminates as a result of such Participant's death or Disability, or is Terminated by the Service Recipient without Cause, the following number of such Participant's M Units shall vest as of the date of such Termination: (i) the number of such Participant's M Units that would have vested on each Annual Vesting Date through and including the Annual Vesting Date preceding the date of Termination in accordance with the "Catch-Up" vesting schedule specified next to such Participant's name on <u>Schedule A</u> (such applicable vesting schedule for such Participant, the "<u>Catch-Up Vesting Schedule</u>") *minus* (ii) the number of such Participant's M Units that vested on such Annual Vesting Dates in accordance with such Participant's Ordinary Course Vesting Schedule pursuant to Section 4(a).

&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>Accelerated Vesting</u>. If PS Partner Group is subject to a Change in Control, dissolution or liquidation at any time that unvested M Units are outstanding, the vesting of all unvested M Units outstanding shall accelerate such that they are all Vested Units as of immediately prior to the consummation of such event.

&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>Partial Year Vesting</u>.

(i) In the event a Participant Terminates on any date other than an Annual Vesting Date, such Participant shall, subject to Section 4(d)(ii) and Section 5, vest, effective as of the date of such Termination, in the number of M Units that were scheduled to vest on the next Annual Vesting Date in accordance with such Participant's Ordinary Course Vesting Schedule or Catch-Up Vesting Schedule (as applicable) *multiplied by* (A) the number of days elapsed since the prior Annual Vesting Date up to and including the applicable date of Termination *divided by* (B) 365 (or 366 with respect to Termination in a leap year).

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(ii) As a condition to vesting set forth in Section 4(d)(i), such Participant (or such Participant's legal representative, beneficiary or estate, as the case may be, in the event of Participant's Disability or death) must deliver (and not revoke or rescind within its applicable revocation or rescission period) an executed Separation Agreement, substantially in the form attached to the LLC Agreement as Exhibit B, to PS Partner Group within 30 days following the date of such Termination (or within such period up to 60 days following the date of such Termination as may be determined in the sole discretion of the Managing Member).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Forfeiture</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) Effective as of a Participant's Termination (such a Participant, a "<u>Terminated Participant</u>"), all of such Terminated Participant's unvested M Units, after taking into account applicable vesting pursuant to Section 4, shall be forfeited, cancelled and no longer deemed outstanding as of the date of such Termination (the proportion of such Terminated Participant's M Units forfeited hereunder relative to such Terminated Participant's M Amount, a "<u>Forfeiture Percentage</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;(b) Upon any forfeiture of M Units by a Terminated Participant, <u>Schedule A</u> shall immediately and automatically be deemed updated (i) with respect to such Terminated Participant, to reduce such Terminated Participant's M Amount and Share Amount by such Terminated Participant's Forfeiture Percentage (the number of PSI Shares thereby removed from such Share Amount, a "<u>Reallocation Pool</u>") and (ii) with respect to all other Participants (excluding, in each case, (1) any Terminated Participants and (2) any Participants whose M Units have vested 100% (e.g., as a result of vesting pursuant to <u>Schedule C-1</u> or <u>Schedule C-2</u> or vesting at the discretion of the Managing Member pursuant to Section 13(ii)), provided that any Participant whose M Units were 100% vested as of the Effective Date shall not be excluded from clause (ii) as a result of the foregoing clauses (1) and/or (2)), to increase such Participants' Share Amounts, in the aggregate, by the Reallocation Pool, which shall be allocated pro rata to such Participants in proportion to their respective Share Amounts. For the avoidance of doubt, the excluded Participants described above shall, for purposes of the Reallocation Pool only, not be deemed to be within the class of Participants eligible to receive a pro rata allocation of such pool.

&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) Any M Units forfeited by a Terminated Participant in accordance with this Section 5 shall no longer operate to confer any economic or other benefits or any other rights to such Terminated Participant under these Terms or the LLC Agreement (and, for the avoidance of doubt, are no longer subject to vesting under Section 4). In the event of any updates to <u>Schedule A</u> with respect to a Participant hereunder, PS Partner Group shall provide reasonably prompt notice of such update to such Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Proceeds on PSI Shares</u>. All proceeds attributable to PSI Shares (including dividends on or liquidations of such PSI Shares) held by PS Partner Group shall be reasonably promptly distributed as and when received by PS Partner Group to each Participant pro rata in proportion to their respective Share Amounts (excluding, for this purpose, from each Participant's Share Amount any PSI Shares delivered to such Participant pursuant to a redemption under Section 7 or deemed delivered to such Participant pursuant to a deemed redemption, as of the date hereof, as noted on <u>Schedule A</u>) as of the record date established by PSI for such dividend, liquidation or other payment on PSI Shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Redemption</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>Exercise of Redemption Right</u>. At any time upon prior written notice to PS Partner Group (a "<u>Redemption Notice</u>"), a Participant may elect to redeem any number of Vested Units then held by such Participant. Unless otherwise agreed by such Participant and the Managing Member and subject to Section 7(c) below, such redemption shall take place within ten (10) business days of the date such Redemption Notice is delivered to PS Partner Group (the "<u>Redemption Date</u>"). The Redemption Notice shall specify: (i) the number of Vested Units such Participant wishes to redeem; (ii) the number of PSI Shares and any other ownership interests in PSI then controlled by such Participant for purposes of the HSR Act; (iii) brokerage account and bank account information of such Participant for delivery of shares and cash, respectively; and (iv) other information reasonably requested by the Managing Member to the extent required to effect such redemption. For the avoidance of doubt, any deemed redemptions of M Units as of the date hereof, as noted on <u>Schedule A</u>, shall not be construed to be in breach of the terms applicable to redemptions in this Section 7.

&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>Calculation of Redemption Amount</u>.

(i) On the applicable Redemption Date, the redeeming Participant shall deliver to PS Partner Group (pursuant to an instrument of transfer reasonably acceptable to the Managing Member) the number of Vested Units set forth in such Participant's applicable Redemption Notice (free and clear of any Encumbrance), and PS Partner Group shall deliver to such Participant a number of PSI Shares (free and clear of any Encumbrance) equal to: (x) the number of Vested Units delivered to PS Partner Group *divided by* (y) such Participant's M Amount *multiplied by* (z) such Participant's Share Amount.

<br> (ii) For illustrative purposes, strawman redemption calculations are set forth on Exhibit C to the LLC 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) In the event that the delivery of any PSI Shares to a Participant pursuant to this Section 7 or Section 8 would require a Governmental Filing by such Participant (including, for the avoidance of doubt, any required filing under the HSR Act or, if applicable, any required filings with insurance regulatory authorities), such Participant and PS Partner Group will cooperate reasonably with one another to prepare and submit such Governmental Filing and such delivery of PSI Shares shall occur promptly following receipt of any required approval, clearance, waiver or non-objection, or expiration or termination of any applicable waiting period, in respect of such Governmental Filing(s).

&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) With respect to any fractional PSI Shares deliverable to a Participant hereunder, such fractional PSI Shares may instead be liquidated and delivered to the applicable Participant in cash pursuant to ordinary course brokerage practices.

&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 extent not paid or reimbursed by or on behalf of PSI or its subsidiaries or affiliates, PS Partner Group shall pay or reimburse any reasonable costs incurred by a Participant in connection with the delivery of PSI Shares to such Participant under this Section 7, including with respect to filing fees under the HSR Act or other Governmental Filings.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>True-Up Redemptions</u>. Promptly following any forfeiture of M Units in accordance with Section 5, for each Participant whose Share Amount is increased thereby and who redeemed Vested Units prior thereto, the number of PSI Shares deliverable to such Participant with respect to all such prior redemption(s) shall be re-calculated on the basis of such Participant's updated Share Amount. At the time of such Participant's next redemption under Section 7 hereto (including subject to Section 7(c) for the avoidance of doubt), PS Partner Group shall deliver to such Participant the number of PSI Shares equal to the excess of such re-calculated number of PSI Shares above the number of PSI Shares previously delivered to such Participant with respect to such prior redemption(s) (for the avoidance of doubt, inclusive of PSI Shares previously delivered as a result of prior applications of this Section 8 to such Participant and any fractional shares delivered (whether delivered in cash or shares) to such Participant pursuant to Section 7(d)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Devotion of Time</u>. Each Participant shall, while such Participant is employed by the applicable Service Recipient, devote substantially all their business time, ability, attention and effort to the Service Recipient's business; <u>provided</u>, <u>however</u>, that such Participant (i) may engage in charitable or community service activities so long as such activities do not, in the aggregate, materially interfere with such Participant's duties at the Service Recipient and (ii) shall be entitled to engage in any other business and personal activities as approved by PS Partner Group or any applicable member of the PSI Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>No Employment or Service Rights</u>. These Terms shall not confer upon any Participant any right to continue as an employee or service provider of any member of the PSI Group, nor shall it interfere in any way with any right the Service Recipient would otherwise have to terminate such Participant's status as an employee or service provider at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Relationship to Other Benefits</u>. No payment under the Terms shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance, or other benefit plan of PS Partner Group or the Service Recipient, except as otherwise specifically provided in such other plan or as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Transferability</u>. No M Unit (or any rights and obligations thereunder) issued to any person may be sold, exchanged, transferred, assigned, pledged, hypothecated or otherwise disposed of or hedged, in any manner (including through the use of any cash-settled instrument), whether voluntarily or involuntarily and whether by operation of law or otherwise, other than Vested Units by will or by the laws of descent and distribution. Notwithstanding the foregoing, the Managing Member may permit a Participant to transfer, under such terms and conditions that it deems appropriate in its sole and absolute discretion, including, but not limited to, that such transferred M Units shall remain subject to vesting and forfeiture based upon such transferring Participant's service and Termination, any M Unit to any person or entity that the Managing Member so determines in its sole and absolute discretion (each, a "Transferee"). Any sale, exchange, transfer, assignment, pledge, hypothecation, or other disposition or encumbrance in violation of the provisions of this Section 12 will be null and void. All of the terms and conditions of the Terms and the LLC Agreement will be binding upon any permitted successors and assigns.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Non-Uniform Determinations and Waivers</u>. The Managing Member is entitled in its sole discretion to make, among other things, non-uniform and selective (i) determinations under the Terms as to (a) permitted transfers of M Units, (b) determinations of Cause, Detrimental Activity or Disability with respect to a Participant and (c) the initial designation of the Ordinary Course Vesting Schedule and/or Catch-Up Vesting Schedule applicable to such Participant as specified next to such Participant's name on <u>Schedule A</u>, and (ii) waivers with respect to vesting conditions in the Terms (for the avoidance of doubt, including to provide for full vesting of M Units by waiving all vesting conditions for one or more Participants).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment, Waiver or Termination</u>. These Terms may not be amended, waived, suspended or terminated at any time without the consent of a majority in interest of each group of similarly situated Participants that are similarly affected and the consent of the Managing Member, provided, by way of example, that the fact that any Participant(s) are subject to <u>Schedule C-1</u> and/or <u>Schedule C-2</u> shall not, on its own, be a basis for any such Participant(s) to be considered a separate group from the Participant(s) who are subject to <u>Schedule B-1</u> and/or <u>Schedule B-2</u> (and vice versa). Furthermore, if any such amendment, waiver or suspension would (i) have a disproportionate direct material adverse effect on a Participant, (ii) change any of the terms of the schedules attached to these Terms applicable to a Participant (other than changes to <u>Schedule A</u> pursuant to Section 5) or (iii) change the definition of "Cause" applicable to a Participant (including, for the avoidance of doubt, changes to the defined terms or sections of these Terms included within the definition of "Cause"), such amendment shall require such Participant's consent in addition to the foregoing. Notwithstanding the foregoing or anything else to the contrary herein, no consent of any Participant(s) or any group(s) of Participants shall be required with respect to the exercise of the Managing Member's discretion to make non-uniform and selective determinations or waivers pursuant to Section 13, including providing for the waiver of some or all vesting conditions for one or more Participants but not all Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Choice of Law; Waiver of Jury Trial</u>. The Terms shall in all respects be governed by and construed in accordance with the laws of the State of Delaware without regard to any conflict of laws rules thereof. EACH OF THE PARTIES TO THESE TERMS HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THESE TERMS OR (II) IN ANY WAY CONNECTED WITH, OR RELATED OR INCIDENTAL TO, THE DEALINGS OF THE PARTIES HERETO IN RESPECT OF THESE TERMS OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Arbitration</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 parties to these Terms agree that in the event of any dispute between the parties arising out of or relating to these Terms or any breach of these Terms, such dispute shall be submitted to and decided by binding arbitration to be conducted in New York, New York in accordance with the Rules. Each of the parties hereto agrees that such arbitration shall be conducted by a single arbitrator selected in accordance with the Rules; <u>provided</u> that such arbitrator shall be a partner or a retired partner, in each case, in a law firm of national standing based in New York City with experience in investment management and, in particular, alternative asset management. Each of the parties agrees that in any such arbitration the award shall be made in writing no more than thirty (30) days following the end of the proceeding. Notwithstanding anything to the contrary in Section 16(c), the Participant shall not be prohibited from disclosing confidential information (x) reasonably necessary in connection with any litigation, arbitration, or mediation or (y) as required by law, required by other legal process to a governmental entity or self-regulatory authority, or required by any court, arbitrator, mediator or administrative or legislative body (including any committee thereof) with apparent jurisdiction to order the person to disclose or make accessible such information.

&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 award rendered by the arbitrator shall be final and binding upon the parties and judgment may be entered on it in any court of competent jurisdiction.

&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 arbitration shall be conducted on a strictly confidential basis, and no Participant shall disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with such a claim, or the result of any action, to any third party, with the sole exceptions of his or her spouse, children, legal counsel and/or tax advisor, all of whom shall be bound by these confidentiality terms. If there are claims that cannot be subject to mandatory arbitration as a matter of law or in the event of any court proceeding to challenge or enforce an arbitrator's award, the parties hereby consent to the exclusive jurisdiction of the state and federal courts in the State of Delaware or (to the extent that subject matter jurisdiction exists therefor) the United States District Court for the District of Delaware and agree to venue in that jurisdiction. The parties agree to take all steps necessary to protect the confidentiality of the materials for arbitration in connection with any such proceeding, agree to file (and, if so required by applicable court rules, seek leave to file) confidential information (and documents containing confidential information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notice of Cause Event</u>. Within ten (10) business days after the date a Participant becomes aware (i) that any of the acts or omissions described in the definition of "Cause" has occurred with respect to a Participant or (ii) that any act, omission or event has occurred that should reasonably be expected to lead to Cause with respect to such Participant (*e.g.*, such Participant is notified by a governmental authority that it is investigating such Participant in connection with a material securities law violation by the Participant), the Participant shall notify the Managing Member in writing of such act or omission and the Managing Member shall determine in its sole and absolute discretion whether Cause exists with respect to such Participant for purposes of these Terms.

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#### SCHEDULE A

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| | | | |
|:---|:---|:---|:---|
| Name of Participant | M Amount | Share Amount | Applicable Vesting <br> Schedules |
| [●] | [●] | [●] | [●] |

---

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#### SCHEDULE B-1

#### Ordinary Course Vesting Schedule

---

| | | |
|:---|:---|:---|
| **Annual Vesting Date** | **Incremental Vest Amount** | **Cumulative Vest Amount** |
| December 31, 2026 | 6.25% | 6.25% |
| December 31, 2027 | 6.25% | 12.50% |
| December 31, 2028 | 6.25% | 18.75% |
| December 31, 2029 | 6.25% | 25.00% |
| December 31, 2030 | 8.33% | 33.33% |
| December 31, 2031 | 8.33% | 41.67% |
| December 31, 2032 | 8.33% | 50.00% |
| December 31, 2033 | 16.67% | 66.67% |
| December 31, 2034 | 16.67% | 83.33% |
| December 31, 2035 | 16.67% | 100.00% |

---

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#### SCHEDULE B-2

#### Catch-Up Vesting Schedule

---

| | | |
|:---|:---|:---|
| **Annual Vesting Date** | **Incremental Vest Amount** | **Cumulative Vest Amount** |
| December 31, 2026 | 10.00% | 10.00% |
| December 31, 2027 | 10.00% | 20.00% |
| December 31, 2028 | 10.00% | 30.00% |
| December 31, 2029 | 10.00% | 40.00% |
| December 31, 2030 | 10.00% | 50.00% |
| December 31, 2031 | 10.00% | 60.00% |
| December 31, 2032 | 10.00% | 70.00% |
| December 31, 2033 | 10.00% | 80.00% |
| December 31, 2034 | 10.00% | 90.00% |
| December 31, 2035 | 10.00% | 100.00% |

---

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#### SCHEDULE C-1

#### Ordinary Course Vesting Schedule

---

| | | |
|:---|:---|:---|
| **Annual Vesting Date** | **Incremental Vest Amount** | **Cumulative Vest Amount** |
| December 31, 2026 | 6.25% | 6.25% |
| December 31, 2027 | 6.25% | 12.50% |
| December 31, 2028 | 6.25% | 18.75% |
| December 31, 2029 | 6.25% | 25.00% |
| December 31, 2030 | 75% | 100.0% |

---

------

#### SCHEDULE C-2

#### Catch-Up Vesting Schedule

---

| | | |
|:---|:---|:---|
| **Annual Vesting Date** | **Incremental Vest Amount** | **Cumulative Vest Amount** |
| December 31, 2026 | 10.00% | 10.00% |
| December 31, 2027 | 10.00% | 20.00% |
| December 31, 2028 | 10.00% | 30.00% |
| December 31, 2029 | 10.00% | 40.00% |
| December 31, 2030 | 60.00% | 100.00% |

---

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## Exhibit 21.1

------

Exhibit 21.1

#### <br>

#### LIST OF SUBSIDIARIES
*The following entities are subsidiaries of Pershing Square Inc. as of the time of this offering*

---

| | |
|:---|:---|
| **Name** | **Jurisdiction of Organization or Incorporation** |
| Pershing Square Capital Management L.P. | Delaware |
| Pershing Square GP, LLC | Delaware |
| Pershing Square HHH Holdings, LLC | Nevada |
| Pershing Square Intermediate Holdings, LLC. | Delaware |
| Pershing Square PSUS Holdings, LLC | Nevada |
| PS Car, LLC | Delaware |
| PS Management GP, LLC | Delaware |
| West Side Services, LLC | Delaware |

---

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## Exhibit 23.1

------

#### Exhibit 23.1
<br> Consent of Independent Registered Public Accounting Firm

We consent to the reference to our firm under the caption "Experts" and to the use of our report dated March 9, 2026, in Amendment No. 1 to the Registration Statement (Form S-1 No.333-294165) and related Prospectus of Pershing Square Holdco, L.P. for the registration of shares of its common stock.

/s/ Ernst & Young LLP

New York, New York

April 13, 2026

------

## Exhibit 23.2

------

---

| | |
|:---|:---|
| ![](ny20040230x18_ex23-2image1.jpg) | **Exhibit 23.2** |

---

KPMG LLP<br> 2323 Ross Avenue Suite 1400 Dallas, TX 75201

#### Consent of Independent Registered Public Accounting Firm

#### <br>
We consent to the use of our report dated February 19, 2026, with respect to the consolidated financial statements of Howard Hughes Holdings Inc., and the effectiveness of internal control over financial reporting, included herein, and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Dallas, Texas

April 13, 2026

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<br>