# EDGAR Filing Document

**Accession Number:** 0002002660
**File Stem:** 0001140361-26-008532
**Filing Date:** 2026-3
**Character Count:** 1566441
**Document Hash:** ccce0e4320f145e6437683a93c7371dc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-008532.hdr.sgml**: 20260310

**ACCESSION NUMBER**: 0001140361-26-008532

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260310

**DATE AS OF CHANGE**: 20260310

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pershing Square USA, Ltd.
- **CENTRAL INDEX KEY:** 0002002660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23932
- **FILM NUMBER:** 26737066

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPSU, Ltd.
- **DATE OF NAME CHANGE:** 20231129
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pershing Square USA, Ltd.
- **CENTRAL INDEX KEY:** 0002002660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294164
- **FILM NUMBER:** 26737065

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPSU, Ltd.
- **DATE OF NAME CHANGE:** 20231129

#### **TABLE OF CONTENTS**

#### As filed with the Securities and Exchange Commission on March 10, 2026

#### Securities Act File No. 333- <br>

#### 1940 Act File No. 811-23932

#### UNITED STATES <br>

#### SECURITIES AND EXCHANGE COMMISSION <br>

#### Washington, DC 20549

#### FORM N-2 <br>

#### Registration Statement

---

| | |
|:---|:---|
| ***under***  |  |
| ***the Securities Act of 1933*** | **☒**  |
| **Pre-Effective Amendment No.** | **☐**  |
| **Post-Effective Amendment No.** | **☐**  |
| **and/or**  |  |
| **Registration Statement**  |  |
| ***Under***  |  |
| ***the Investment Company Act of 1940*** | **☒**  |
| **Amendment No. 6** | **☒** |

---

#### Pershing Square USA, Ltd. <br>

#### (Exact Name of Registrant as Specified in its Declaration of Trust)

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

#### to be converted to a corporation named

#### Pershing Square Inc. <br>

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

#### 787 Eleventh Avenue, 9<sup>th</sup> Floor <br>

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

#### (Address of Principal Executive Offices) <br>
(212) 813-3700 <br>

#### (Registrant's Telephone Number, Including Area Code)

#### Halit Coussin <br>

#### Pershing Square Capital Management, L.P. <br>

#### 787 Eleventh Avenue, 9<sup>th</sup> Floor <br>

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

#### (Name and Address of Agent for Service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **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 | **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** | **Kevin T. Hardy** <br>**Skadden, Arps, Slate, Meagher &** <br>**Flom LLP** <br>**320 South Canal Street** <br>**Chicago, IL 60606**  |
|  |  | **Michael J. Schwartz** <br>**Skadden, Arps, Slate, Meagher &** <br>**Flom LLP** <br>**One Manhattan West** <br>**New York, New York 10001-8602** |

---

#### Approximate Date of Commencement of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan, check the following box. ☐

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☐

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐

It is proposed that this filing will become effective (check appropriate box):

☐<br> when declared effective pursuant to section 8(c) of the Securities Act

Check each box that appropriately characterizes the Registrant:

☒<br> Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

☐<br> Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐<br> Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐<br> Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐<br> Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐<br> 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.

☐<br> New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THE 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 DATES AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

------

#### **TABLE OF CONTENTS**

#### EXPLANATORY NOTE
This initial public offering ("this offering") of common shares of beneficial interest (the "Common Shares") of Pershing Square USA, Ltd. (the "Company"), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, together with the initial public offering (the "PS Inc. IPO") of the common stock of Pershing Square Inc., a Nevada corporation, as contemplated by the registration statement on Form S-1 related to the PS Inc. IPO (File No. 333-) (the "PS Inc. Registration Statement") are component parts of a single offering, which is referred to as the "combined offering." Pershing Square Holdco, L.P. ("PS Holdco"), the co-registrant whose name appears on the cover of this registration statement on Form N-2 (this "Registration Statement"), is a Delaware limited partnership that, prior to the effectiveness of the PS Inc. Registration Statement, will convert into a Nevada corporation by means of a statutory conversion (the "Corporate Conversion") and change its name to "Pershing Square Inc." As used in this Registration Statement, "PS Inc." refers to PS Holdco prior to the consummation of the Corporate Conversion and, following the Corporate Conversion and the combined offering, to Pershing Square Inc. Pershing Square Capital Management, L.P., the Company's investment manager, is a wholly owned subsidiary of PS Inc. PS Inc. currently expects to deliver to each initial investor in this offering, for no additional consideration, 20 shares of its common stock for every 100 Common Shares purchased in this offering, including any Common Shares acquired by the underwriters in this offering in connection with the exercise of their option to purchase additional Common Shares from the Company, as further described in the prospectus forming a part of this Registration Statement. Each investor in this offering will be delivered the prospectus of the Company and the prospectus of PS Inc. (the "PS Inc. Prospectus"). The PS Inc. Prospectus is included as an exhibit to this Registration Statement.

------

#### **TABLE OF CONTENTS**

**The information in this preliminary 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 preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. SUBJECT TO COMPLETION, DATED MARCH 10, 2026** 

#### 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; Shares <br>

### Pershing Square USA, Ltd.

### Common Shares <br>

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

### $50.00 per share
*The Company. Pershing Square USA, Ltd., a Delaware statutory trust (the "Company"), is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Manager"). The Company has not commenced investment operations. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as regulated investment companies ("RICs") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), generally will not be subject to U.S. federal income tax. Investors may be subject to tax on distributions from the Company and dispositions of the Company's common shares of beneficial interest (the "Common Shares"). See "U.S. Federal Income Tax Considerations" for more information.* 

*Investment Objective. The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. There can be no assurance that the Company's investment objective will be achieved.* 

*The Manager. Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. Founded in 2003, the Manager is a leading alternative asset manager led by its 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 with an average of 15 years in the industry. The Manager is headquartered in New York City and had 44 employees as of December 31, 2025. As of December 31, 2025, the Manager had $30.7 billion of total assets under management and $20.7 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital (as defined herein).* 

*Listing. The Company intends to list the Common Shares on the New York Stock Exchange ("NYSE") under the symbol "PSUS."* 

*No Trading History; Trading Discount. The Common Shares have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss if a discount to net asset value per Common Share ("NAV") were to emerge may be greater for investors expecting to sell their Common Shares in a relatively short period after the completion of the combined offering of which this offering is a component part, as discussed further below under "The Combined Offering."* 

Investing in the Common Shares involves certain risks. See "<u>Risk Factors</u>" beginning on page [48](#tRF) of this prospectus. You should carefully consider these risks together with all of the other information contained in this prospectus before making a decision to purchase Common Shares.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(1)</sup>**  |
| Public Offering Price | &nbsp;&nbsp;&nbsp;&nbsp;$50.00 | $|
| Sales Load<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$/ % | $/ %  |
| Proceeds, before expenses, to the Company<sup>(3)</sup> | $| $|

---

The Underwriters expect to deliver the Common Shares to purchasers on or about .

#### Global Coordinators and Bookrunners

---

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

---

Prospectus dated

------

#### **TABLE OF CONTENTS**
*(notes continued from front cover)*

(1) The underwriters of this offering (the "Underwriters") have been granted an option to purchase up to additional Common Shares at the public offering price, less the sales load, within 45 days of the date of this prospectus solely to cover over-allotments, if any. If such option is exercised in full, the total public offering price, sales load paid by the Company and proceeds, before expenses, to the Company, will be $, $ and $, respectively. See "*Underwriting*." 

(2) The Company will pay an aggregate sales load of $, which is % of the aggregate offering price. The aggregate sales load consists of a sales load of $1.00 per share (2.0%) in respect of Common Shares sold to institutional investors and a sales load of $1.25 per share (2.5%) in respect of Common Shares sold to retail investors. Certain of the underwriters of this offering (the "Underwriters") will also receive additional fees for structuring the combined offering. The aggregate sales load and structuring fees will be paid by the Company and will be borne by all Common Shareholders. See "*Underwriting*." 

(3) PS Inc. will acquire Common Shares from the Company at the public offering price less the sales load for resale to the Underwriters. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. The Company estimates that it will incur expenses of approximately $[•] million, or approximately $[•] per Common Share (other than the sales load), in connection with this offering. 

*(continued from front cover)*

The order in which the Global Coordinators and Bookrunners are listed in this prospectus is random.

*The Manager (continued). The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and Howard Hughes Holdings Inc., its approach to performance compensation, and employee ownership of the company. Mr. Ackman is the largest indirect owner of Pershing Square Holdco, L.P. ("PS Holdco"), the existing parent company of the Manager. Mr. Ackman will remain the largest indirect shareholder of PS Inc. following the statutory conversion of PS Holdco to a Nevada corporation and the change of its name to "Pershing Square Inc."* 

------

PSCM also currently serves as the investment manager to its three primary investment funds, which PSCM refers to as its "core funds," Pershing Square Holdings, Ltd., a Guernsey-registered closed-ended investment company whose shares are listed on the London Stock Exchange ("PSH"), Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership ("PSLP"), and Pershing Square International, Ltd., a Cayman Islands exempted company, which operates as a private investment fund ("PSIL"). PSH, PSLP, and PSIL (collectively, the "Affiliated Funds") all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions. Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds.

*Investment Strategy. The Company seeks to achieve its investment objective by acquiring long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. The Manager looks 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. The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed. See "Investment Objective, Strategy and Policies."* 

*Hedging Strategy. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles. See "Investment Objective, Strategy and Policies – Investment Techniques – Hedging Transactions."* 

*Concentration. As part of the Company's investment program, the Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes 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 it has detailed knowledge provides a better opportunity to generate superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.* 

i<br>

------

The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and the Company's qualification as a RIC under Subchapter M of the Code. See "*Investment Objective, Strategy and Policies - Investment Restrictions*" and "*U.S. Federal Income Tax Considerations*."

*The Combined Offering. In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, Pershing Square Inc., the parent company of the Manager ("PS Inc.") will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 20 shares of its common stock (the "PS Inc. Common Stock"), for every 100 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. This prospectus relates to the distribution of the Common Shares offered hereby. This offering and the initial public offering of the PS Inc. Common Stock (the "PS Inc. IPO") are component parts of a single offering, which is referred to as the "combined offering." The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the combined offering, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely sell each security separately. Please refer to the separate prospectus (the "PS Inc. Prospectus") that is an exhibit to the registration statement of which this prospectus forms a part and is being delivered to all investors in the combined offering for more information about the business and operations of PS Inc. Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus with respect to various material risks related to an investment in PS Inc. Common Stock. On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc.* 

*The Combined Private Placement. In connection with the combined offering, the Company has secured commitments from a group 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%), to acquire Common Shares at a price of $50.00 per share in a private placement transaction exempt from registration (the "Combined Private Placement" and together with the combined offering, the "combined transaction") under the Securities Act of 1933, as amended (the "Securities Act"), and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 30 shares of PS Inc. Common Stock for every 100 Common Shares purchased in the Combined Private Placement. The Combined Private Placement will include the purchase of an aggregate of 55.6 million Common Shares and the delivery of an aggregate of 16.7 million shares of PS Inc. Common Stock, and including the proceeds to be received in respect of the $100 million common shares investment made by the Manager and its affiliates (as further described in this prospectus), represents aggregate proceeds to be received by the Company of $2.8 billion. 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.* 

*The Combined Transaction. The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement as described above) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).*

*Use of Leverage. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of the Company's 7.50% Series A Cumulative Preferred Shares as described in this prospectus. Following the completion of the combined offering, and the investment of the net proceeds from this offering, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to create a capital structure that it expects will allow it to be an investment grade bond issuer.* 

ii<br>

------

The use of leverage is subject to numerous risks. When leverage is employed, the NAV and the market price of the Common Shares will be more volatile than if leverage was not used. The Company cannot assure you that the use of leverage would result in a higher return on the Common Shares. Any leveraging strategy the Company may employ may not be successful. In addition, the use of leverage is subject to restrictions under the 1940 Act. See "*Use of Leverage*."

\* \* \*

You should read this prospectus, which contains important information about the Company, along with the accompanying PS Inc. Prospectus which is filed as an exhibit to the registration statement of which this prospectus forms a part, which contains important information about PS Inc., before deciding whether to participate in the combined offering, and retain them for future reference. Additional information about the Company is available on the SEC's website at http://www.sec.gov. The Company will also produce both annual and semi-annual reports that will contain important information about the Company. For a free copy of the Company's annual or semi-annual report (following the Company's completion of an annual or semi-annual period, as applicable) or to request other information or ask questions about the Company, please write to the Company at IR@persq.com or call 212-813-3700 or visit the Company's website at www.pershingsquareusa.com (under construction). This reference to the website does not incorporate the contents of the website into this prospectus.

You should not construe the contents of this prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Company.

**The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

**You should rely only on the information contained in this prospectus. The Company and PS Inc. have not, and the Underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Company and PS Inc. are not, and the Underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus is accurate only as of the date of this prospectus. The Company's business, financial condition and prospects may have changed since that date.** 

iii<br>

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#### Prospectus

---

| | |
|:---|:---|
|  | **Page**  |
| [Cautionary Note Regarding Forward-Looking Statements](#tFLS) | &nbsp;&nbsp;&nbsp;&nbsp;[v](#tFLS) |
| &nbsp;&nbsp;[Prospectus Summary](#tPS) | &nbsp;&nbsp;&nbsp;&nbsp;[1](#tPS) |
| [Summary of Company Expenses](#tSCE) | &nbsp;&nbsp;[28](#tSCE) |
| [The Company](#tTC) | &nbsp;&nbsp;[30](#tTC) |
| &nbsp;&nbsp;[Use of Proceeds](#tUOP) | &nbsp;&nbsp;[31](#tUOP) |
| [Investment Objective, Strategy and Policies](#tIOS) | &nbsp;&nbsp;[32](#tIOS) |
| [Use of Leverage](#tUOL) | &nbsp;&nbsp;[44](#tUOL) |
| [Risk Factors](#tRF) | &nbsp;&nbsp;[48](#tRF) |
| [Management of the Company](#tMC) | &nbsp;&nbsp;[70](#tMC) |
| [Portfolio Management](#tPM) | &nbsp;&nbsp;[80](#tPM) |
| &nbsp;&nbsp;[Conflicts of Interest](#tCI) | &nbsp;&nbsp;[89](#tCI) |
| [Control Persons and Principal Holders of Securities](#tCPP) | &nbsp;&nbsp;[95](#tCPP) |
| [Net Asset Value](#tNAV) | &nbsp;&nbsp;[96](#tNAV) |
| [Distributions](#tDIS) | &nbsp;&nbsp;[97](#tDIS) |
| &nbsp;&nbsp;[Dividend Reinvestment Plan](#tDRP) | &nbsp;&nbsp;[98](#tDRP) |
| [Description of Capital Structure](#tDCS) | [100](#tDCS) |
| [Anti-Takeover and Other Provisions in the Company's Governing Documents](#tATO) | [105](#tATO) |
| &nbsp;&nbsp;[Closed-End Investment Company Structure](#tCEIC) | [109](#tCEIC) |
| [Repurchase of Common Shares](#tRCS) | [110](#tRCS) |
| [U.S. Federal Income Tax Considerations](#tUSF) | [111](#tUSF) |
| [The Selling Shareholder](#tSS) | [118](#tSS) |
| [Underwriting](#tUW) | [119](#tUW) |
| [Notice to Investors](#tNTI) | [123](#tNTI) |
| [Proxy Voting](#tPV) | [139](#tPV) |
| &nbsp;&nbsp;[Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent](#tCAT) | [139](#tCAT) |
| [Legal Matters](#tLM) | [139](#tLM) |
| [Fiscal Year](#tFY) | [139](#tFY) |
| [Independent Registered Public Accounting Firm](#tIRP) | [139](#tIRP) |
| [Additional Information](#tAI) | [140](#tAI) |
| &nbsp;&nbsp;[Privacy Notice](#tPN) | [141](#tPN) |
| [Financial Statements](#tFS) | [F-1](#tFS) |
| [Appendix A – Supplemental Performance Information of the Affiliated Funds](#tAPPA) | [A-1](#tAPPA) |
| [Appendix B – Public Company Engagements of the Manager](#tAPPB) | [B-1](#tAPPB) |

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#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
*This prospectus contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "anticipates," "believes," "expects," "intends," "will," "should," "may," "plans," "continue," "seeks," "estimates," "would," "could," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. The factors listed under "Risk Factors," as well as any cautionary language in this prospectus, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Before you invest in the Common Shares, you should be aware that the occurrence of the events described in "Risk Factors" and elsewhere in this prospectus could have a material adverse effect on our business, results of operation and financial position. The forward-looking statements contained in this prospectus involve a number of risks and uncertainties, including statements concerning:* 

&nbsp;&nbsp;&nbsp;&nbsp;• the current and future business, operations, financial condition, operating results or prospects of the Company and those of the issuers of the securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions and the state of the general economy, including changes in or a slowing of the general economy, trade barriers and tariffs, inflation risk, interest rate risk, risk of recession, risks related to shutdowns of the U.S. federal government, a failure to increase the U.S. debt ceiling and risks with respect to the stability of the U.S. banking system;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing the operations of the Company or the issuers of securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to deploy any capital raised in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to issue unsecured, fixed rate bonds and ability to obtain an investment grade bond issuer rating;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's contractual arrangements and relationships with third parties, including the Manager, administrator, custodian and transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of supply chain constraints on the issuers of the securities in which the Company invests and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty surrounding global financial stability;

&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical tensions and hostilities, including with respect to the Middle East, Eastern Europe, Taiwan and North Korea, and the potential for such tensions and hostilities to adversely impact the industries and issuers of the securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;• the Manager's ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of the Company's portfolio companies' supply chain and operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Manager to locate suitable investments for the Company and to monitor and administer the Company's investments.

You should not place undue reliance on these forward-looking statements, which are based on information available to us as of the date of this prospectus. Except as required by the federal securities laws, the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

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The forward-looking statements in this prospectus are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act. The Company's actual operating results and financial condition could differ materially from those implied or expressed in the forward-looking statements or from our historical performance for any reason, including the factors set forth in "Risk Factors" and the other information included in this prospectus.

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#### PROSPECTUS SUMMARY
*This is only a summary of information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in the Company's Common Shares. You should carefully read the more detailed information contained elsewhere in this prospectus and the PS Inc. Prospectus prior to making an investment in the Company, especially the information set forth under the headings "Investment Objective, Strategy and Policies" and "Risk Factors." Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus that accompanies this prospectus and is filed as an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to an investment in PS Inc. Common Stock.* 

#### The Company
Pershing Square USA, Ltd., a Delaware statutory trust, is a closed-end investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Manager"). The Company has not commenced investment operations. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as regulated investment companies ("RICs") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), generally will not be subject to U.S. federal income tax. Investors may be subject to tax on distributions from the Company and dispositions of the Common Shares. See "*U.S. Federal Income Tax Considerations*" for more information. Throughout this prospectus, Pershing Square USA, Ltd. is referred to as the "Company" or as "we," "us," or "our."

#### Common Shares
The Company's common shares of beneficial interest, no par value per share, are called "Common Shares" and the holders of Common Shares are called "Common Shareholders" throughout this prospectus.

#### The Combined Transaction
Pershing Square Inc. ("PS Inc.") is offering Common Shares of PSUS for resale at $50.00 per share through a group of underwriters (the "Underwriters") led by Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC. You must purchase at least 100 Common Shares ($5,000.00) in order to participate in this offering. The Underwriters have been granted an option to purchase up to additional Common Shares within 45 days of the date of this prospectus solely to cover over-allotments, if any. See "*Underwriting*."

In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares of PSUS in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 20 shares of PS Inc. Common Stock for every 100 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby,

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at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. This prospectus relates to the foregoing distribution of such Common Shares.

This offering and the initial public offering (the "PS Inc. IPO") of the common stock (the "PS Inc. Common Stock") of PS Inc. are component parts of a single offering, which is referred to as the "combined offering." The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the PS Inc. IPO, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely sell each security separately.

Please refer to the prospectus (the "PS Inc. Prospectus") that is filed as an exhibit to the registration statement of which this prospectus forms a part and is being delivered to all investors in the combined offering for more information about the business and operations of PS Inc. Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus with respect to various material risks related to an investment in PS Inc. Common Stock.

In connection with the combined offering, the Company has secured commitments from a group 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%), to acquire Common Shares at a price of $50.00 per share, and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 30 shares of PS Inc. Common Stock for every 100 Common Shares purchased in the Combined Private Placement in a combined private placement transaction (the "Combined Private Placement" and together with the combined offering, the "combined transaction") exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Combined Private Placement will include the purchase of an aggregate of 55.6 million Common Shares and the delivery of an aggregate of 16.7 million shares of PS Inc. Common Stock, and including the proceeds to be received in respect of the $100 million common shares investment made by the Manager and its affiliates (as further described in this prospectus), represents aggregate proceeds to be received by the Company of $2.8 billion. 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. Certain of the Underwriters are also acting as placement agents in

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the Combined Private Placement and are expected to receive aggregate placement fees of approximately $40.3 million in connection with the Combined Private Placement.

The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).

#### Investment Objective
The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. There can be no assurance that the Company's investment objective will be achieved.

#### Investment Strategy
The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager believes its commitment to its long term investment strategy provides the management teams and boards of directors of its portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives who prefer the stability and

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backing afforded by a significant long-term shareholder. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed.

Consistent with the Manager's core investment principles and business strategy, it expects to identify investment opportunities for the Company in high-quality companies that have a number of the characteristics enumerated below. The Manager will use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.

• **Simple, predictable, and free-cash-flow-generative.** The Manager will generally seek investments in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that it expects will generate strong, sustainable growth in cash flows over the long term.

• **Formidable barriers to entry**. The Manager will 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.

• **Limited exposure to extrinsic factors**. The Manager will generally seek investments that are not materially negatively affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.

• **Strong financial position**. The Manager will generally seek investments in companies that are conservatively financed relative to their free-cash-flow generation.

• **Minimal capital markets dependency**. The Manager will generally seek investments in companies that generally do not need to raise equity capital to fund their businesses.

• **Large capitalization**. The Manager will generally seek investments in companies with large enterprise values and significant long-term growth potential.

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

• **Exceptional management and governance**. The Manager will generally seek investments in companies that have trustworthy, talented, experienced, and highly competent boards and management teams. The Manager may also seek investments in companies where it believes it can be a catalyst for effectuating corporate change through active corporate engagement.

While the Manager is comfortable making investments in a wide range of industries and asset classes, it generally prefers investments in simple businesses or assets that generate cash

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flows that can be estimated within a reasonable range over the long term. In seeking investment opportunities, the Manager is willing to accept a high degree of situational, legal, and/or capital structure complexity in the Company's investments if it believes that the resulting complexity allows for a bargain purchase.

The Manager will generally seek to make investments in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows, (ii) businesses or assets that the Manager believes are significantly undervalued and often have a catalyst to realize value, and (iii) mispriced probabilistic securities or investments where the Manager believes 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 Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes 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 it has detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.

The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and 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. The Manager has

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substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager has no overarching strategy or asset allocation model that specifies what percentage of the Company's portfolio should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until the Manager identifies new opportunities. Allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the Company may hold significant cash balances on an ongoing basis.

In seeking to achieve the Company's investment objective, the Company may also invest in other types of investments such as equity securities of foreign issuers; securities convertible into equity; rights, options and warrants; swaps (including equity, foreign exchange, total return, interest rate, index, commodity and credit-default swaps), swaptions and other derivatives; instruments such as futures contracts, foreign currency, forward contracts on stock indices and products, exchange-traded funds ("ETFs"), and any other financial instruments the Manager believes will achieve the Company's investment objective. Debt investments made by the Company will typically be in money market funds organized in the United States and in U.S. Treasury bills; however, the Company may also invest in other debt securities, including distressed debt securities of companies in or exiting bankruptcy. The Company may invest in securities sold pursuant to initial public offerings. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Company's investments. In order to mitigate market-related downside risk, the Company may acquire put options, short market indices, baskets of securities and/or purchase credit-default swaps, but is not committed to maintaining market hedges at any time.

Under normal circumstances, the Company will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by issuers located in the United States. This policy may be changed without shareholder approval; however, you would be notified in writing 60 days in advance of any changes. A company is considered to be located in the United States if (i) it is organized under the laws of a state comprising the United States and has a principal office within the United States; (ii) it derives at least 50% of its total revenues or profits from businesses in the United States or has at least 50% of its assets in the United States; or (iii) its equity securities are traded principally on a stock exchange in the United States. American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other types of depositary receipts traded principally on a stock exchange in the United States will count toward the 80% policy.

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Derivative instruments used by the Company will be counted toward the Company's 80% policy discussed above to the extent they have investment exposure similar to (or address market risk factors associated with) the securities included within that policy. Such derivative instruments will be valued for such purpose in accordance with the requirements of Rule 35d-1 under the 1940 Act.

The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and its qualification as a RIC under Subchapter M of the Code. See "*Investment Objective, Strategy and Policies - Investment Restrictions*" and "*U.S. Federal Income Tax Considerations*."

The Manager believes that investments that meet the Company's objective are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, shareholder 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.

The Manager also believes that investment opportunities that meet the Company's 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.

The Manager 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, where the Manager believes the potential for reward justifies the commitment of time, energy and capital. The Manager believes that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables it to effectuate change without paying a control premium.

The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company.

For more than 22 years, the Manager has accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other shareholders

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through strategic and operational changes and restructurings. The Manager believes that its successful track record and reputation as a value-creating owner enhances its ability to generate higher long-term rates of return.

The Company 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. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the Company has invested may later be taken private and the Company may make additional investments in the equity or debt of such companies. The Company may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

#### Our Competitive Strengths
The Manager believes that the Company as managed by the Manager has the following key competitive strengths:

• **Disciplined Investment Strategy**

• *Simple, concentrated approach*. The Manager believes that its core investment strategy has succeeded due to the inherent simplicity of its concentrated approach to fundamental value investing and the alignment of its organization with this approach.

• *Successful investment idea generation, monitoring and execution*. The Manager has a proven expertise and a long history in sourcing attractive investment ideas, finding unconventional sources of value and executing innovative value-creating transactions as well as differentiated expertise in executing privately negotiated transactions. The Manager looks 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.

• *Concentrated, liquid portfolio of simple, predictable and free cash-flow generative businesses*. The Manager expects that the substantial majority of the Company's investment portfolio will be invested in long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to 

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accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. See "*Investment Objective, Strategy and Policies*." The Manager applies a concentrated, research-intensive, fundamental value investing strategy. Investment concentration and modest portfolio turnover allow the Manager the time to do extensive research and actively monitor each investment over the course of ownership.

• *Exposure to the Manager's asymmetric hedging program*. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance.

• *Value creation through active corporate engagement*. The Manager 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, where the Manager believes the potential for reward justifies the commitment of time, energy and capital. The Manager believes that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables it to effectuate change without paying a control premium.

• *Focus on managerial, operating and governance changes as levers to create substantial, enduring and longer-term value*. The Manager may seek investments that it believes will benefit from structural, financial and operational improvements.

• **Manager's Track Record of Preserving Capital and Generating Strong Returns with Low Correlation to the Broader Equity Market Supported by Stable Permanent Capital Base.**

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• *Proven track record*. For more than 22 years, the Manager has managed portfolios as an engaged investor in large-cap companies. For information on the long-term performance of the core funds managed by the Manager, see *Appendix A - Supplemental Performance Information of the Affiliated Funds*. For a listing of the Manager's public company engagements since its inception in 2004, see *Appendix B - Public Company Engagements of the Manager*.

• *Low correlation to the broader equity market*. The Manager's core investment strategy has exhibited relatively low market correlation (i.e., average returns of the investment strategy were 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).

• *Stability of capital base enables superior, long-term investment returns.* The Manager views the stability of its capital base, substantially all of which is permanent capital, as one of its most important competitive advantages. "Permanent capital" refers to assets under management attributable to entities the capital of which is not subject to withdrawal or redemption at the option of the investor. Assets under management for this purpose is determined based on an entity's gross assets. Permanent capital allows the Manager 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. In addition to the Company, Pershing Square Holdings ("PSH"), a Guernsey-registered closed-ended investment company whose shares are listed on the London Stock Exchange and Howard Hughes Holdings Inc. ("HHH") are the Manager's permanent capital vehicles. The Manager believes that permanent capital also enables superior, long-term investment returns. Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing the Manager to hire and retain top analysts for its investment team and other high-quality employees throughout the company. Permanent capital and the Manager's long-term investment horizon are also excellent recruitment tools when the Manager's portfolio companies seek to hire world-class 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 limits due to fund life.

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• **Highly Experienced Investment Team**

• *The Manager is led by a renowned investor.* Mr. Ackman works alongside an experienced team and has developed a robust platform to pursue a disciplined investment philosophy.

• *Experienced investment team and robust operations platform*. The Manager's investment team consists of nine members with an average of 17 years of industry experience, including in the investment banking and/or private equity industries. These investment professionals have exceptional academic and professional backgrounds. Each investment team member plays a material role in the construction and management of the portfolio, which has enabled the Manager to hire and retain the highest quality investment professionals.

• *Highly collaborative culture and reputation*. The Manager believes its unique culture and reputation are fundamental to its success. The Manager combines investment excellence with a flat organizational structure. Each member of the Manager's investment team plays a meaningful role in the construction and management of the portfolio. Its collaborative partnership culture, permanent capital base, the highly attractive economics of its business and its approach to employee compensation have resulted in limited employee turnover over time.

• *Public positions taken by management team*. The Manager has a long history of publicizing its investment rationale and utilizing the media as a medium to enhance transparency and to catalyze corporate changes. The Company believes that the Manager's approach of bringing public awareness to its strategies and investment themes among existing and prospective holdings is valuable to Common Shareholders.

• *Extensive capital markets experience*. The Manager has been active in raising equity and debt for the entities it manages in the public capital markets since the 2014 initial public offering of PSH. More recently, the Manager has assisted PSH in executing a series of debt financing transactions. In July 2020, Pershing Square Tontine Holdings, Ltd., a special purpose acquisition company co-sponsored by an affiliate of the Manager, completed its $4 billion initial public offering and listed on the NYSE. In addition, the Manager designed and created Pershing Square SPARC Holdings, Ltd. ("SPARC"), a new form of acquisition company, that had its Form S-1 Registration Statement declared effective by the SEC in September 2023.

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• **Favorable Structural Features**

• *No performance fees*. Unlike the other funds managed by the Manager, the Company will not be subject to any performance fees. The Company believes that this has the potential to meaningfully increase long-term NAV performance, which may reduce the likelihood that the Common Shares will trade at a discount to NAV.

• *Liquidity facilitated by NYSE-listing*. Investors in many alternative investment funds own non-traded interests with limited redemption and liquidity features, whereas, the Company intends to be a publicly traded, NYSE-listed, closed-end investment company. The Company expects that it will have significant liquidity supported by its scale, name recognition and the Manager's brand-name profile and substantial media following. The Manager believes that the Company has the potential to be one of the largest U.S.-listed closed-end investment companies and expects that the Manager's brand-name profile and substantial media following will drive substantial investor interest and liquidity in the market for the Common Shares.

• *Transparent, Weekly NAV*. Most alternative investment funds publish monthly or quarterly net asset values and often rely on opaque, unobservable and lagging valuations for private assets. The Company will publish a weekly NAV based on its concentrated, transparent and highly liquid investment portfolio of publicly traded large-capitalization companies. In addition, the Manager has a history of publicizing its investment rationale and using the media to enhance transparency around its investment rationale, which, combined with the public reporting required under the 1940 Act as well as other types of anticipated public reporting that result from the Manager's investment strategy (such as Schedules 13D and 13F, as applicable), the Company believes it will provide greater transparency to investors than is typical for other investment funds.

• *Favorable capital structure for the Manager's strategy.* The Company will have a favorable capital structure to support the strategy of the Manager. The Company's closed-ended structure removes any negative impact from redemptions, lengthens the duration of the capital base available to the Manager and enhances the Manager's ability to successfully execute upon its investment strategy by: (i) providing the Manager with a longer time horizon to realize value from an investment, as there is reduced need for the Manager to manage cash for potential redemptions; (ii) facilitating its active corporate and strategic engagements; (iii) expanding the Manager's investment universe by allowing it to take meaningful stakes in large-cap companies in a way in which few other investors can, 

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as well as larger and potentially less liquid stakes in companies with smaller market capitalizations; and (iv) facilitating constructive relationships with companies in which it seeks to invest.

• *Delivery of PS Inc. Common Stock for no additional consideration*. In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 20 shares of PS Inc. Common Stock for every 100 Common Shares purchased, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. Similarly, PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration. All of the net proceeds of the Combined Private Placement will be received by the Company and the Combined Private Placement will not result in any proceeds to PS Inc.

See "*Investment Objective, Strategy and Policies - Our Competitive Strengths*" for additional information.

#### The Manager
Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. Founded in 2003, the Manager is a leading alternative asset manager led by its 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 with an average of 15 years in the industry. The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and HHH, its approach to performance compensation, and employee ownership of the company. The Manager is headquartered in New York City and had 44 employees as of December 31, 2025. As of December 31, 2025, the Manager had $30.7 billion of total assets under management and $20.7 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital.

Mr. Ackman is the largest indirect owner of PS Holdco, the existing parent company of the Manager. Mr. Ackman will remain the largest indirect shareholder of PS Inc. following the statutory conversion of PS Holdco to a Nevada corporation and the change of its name to "Pershing Square Inc." (the "Corporate Conversion").

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PSCM also currently serves as the investment manager to its three primary investment funds, which PSCM refers to as its "core funds," PSH, Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership ("PSLP"), and Pershing Square International, Ltd., a Cayman Islands exempted company, which operates as a private investment fund ("PSIL"). PSH, PSLP and PSIL (collectively, the "Affiliated Funds") all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions.

Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds. The Manager has in the past served and may, from time to time in the future, serve as the investment adviser for co-investment special purpose vehicles established to increase economic exposure to certain investments. See "*Portfolio Management – Entities Managed by the Manager.*"

The Manager's core investment strategy involves acquiring long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. The Manager looks 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. For information on the long-term performance of the core funds managed by the Manager, see *Appendix A - Supplemental Performance Information of the Affiliated Funds*. For a listing of the Manager's public company engagements since its inception in 2004, see *Appendix B - Public Company Engagements of the Manager.*

The Manager is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is currently a member of the National Futures Association (the "NFA") and is registered with the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator (a "CPO").

On May 31, 2024, the Manager sold a 10% interest in its business for $1.05 billion to a consortium of strategic investors, including institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment") and in connection with the Strategic Investment completed an internal reorganization of its ownership structure pursuant to which PS Holdco became the parent company of the Manager.

On May 5, 2025, PS Holdco completed transactions, including the acquisition of 15% of the shares outstanding of HHH

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(collectively, the "Howard Hughes Transaction"), pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, 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 the Manager 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. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business.

As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH. Additional information regarding the Howard Hughes Transaction is further described herein.

The Manager provides investment management services to the Affiliated Funds pursuant to investment management agreements under which the Manager earns management and performance fees based on each such Affiliated Fund's net asset value. The Manager provides certain services, including investment advisory services, pursuant to the Manager's Services Agreement with HHH (the "Services Agreement") under which the Manager is entitled to (i) a quarterly base management fee of $3,750,000 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 Services Agreement, in each case, subject to annual adjustments for inflation. In addition to investment advisory services, the Manager also provides HHH with other services, including corporate development, transaction execution and capital markets advisory services.

#### Pershing Square Investment
An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Company's 7.50% Series A Cumulative Preferred Shares, no par value per share (the "Series A Preferred Shares"), at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act (collectively, the "Pershing Square Investment"). The Manager

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has also agreed with the Company that it and its affiliates will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired by it or its affiliates as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined transaction, subject to certain exceptions.

#### Who May Want to Invest
Investors should consider their investment goals, time horizons and risk tolerance before investing in the Company. An investment in the Company is not appropriate for all investors, and the Company is not intended to be a complete investment program. The Company is designed for investors seeking access to the investment acumen of the Manager as a long-term investment and not as a trading vehicle.

#### Use of Proceeds
The Company intends to invest the net proceeds of the combined offering in accordance with its investment objective and policies as stated herein. The Company currently anticipates that it will be able to invest a substantial majority of the net proceeds of the combined offering in accordance with its investment objective and policies within approximately sixty (60) days after the completion of the combined offering.

See "*Use of Proceeds*" for additional information.

#### Use of Leverage
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Under Rule 18f-4, the value-at-risk ("VaR") limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. Following the completion of the combined offering and the investment of the net proceeds from this offering, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to create a capital structure that it expects will allow it to be an investment grade bond issuer.

The proposed capital structure for the Company is consistent with the Manager's historical practice of accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its core investment strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will in the future be able to borrow money on terms that the Manager deems favorable.

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Under the 1940 Act, the Company is not permitted to issue "senior securities" if, immediately after the issuance of such senior securities, the Company would have an asset coverage of less than 300%, calculated as the ratio of the Company's total assets less all liabilities and indebtedness not represented by senior securities, over the aggregate amount of the Company's senior securities (*i.e.*, for every dollar of indebtedness outstanding, the Company is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred stock (*i.e.*, for every dollar of preferred stock outstanding, the Company is required to have at least two dollars of assets). The 1940 Act also provides that the Company may not declare distributions or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.

Holders of preferred shares will have the right to elect two Trustees at all times. In accordance with the requirements of the 1940 Act, in the event that the Company failed to pay dividends on its preferred shares for two years, holders of preferred shares would become entitled to elect a majority of the Trustees until the dividends are paid.

The Company 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 capital invested in that investment. Furthermore, the Company may use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company or an equity or credit index without exposing the Company 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. In addition, the Company from time to time may enter into total return swaps, which are equity derivatives with inherent recourse leverage. The Company generally does not expect to use total return swaps to obtain leverage, but, rather, to manage regulatory, tax, legal or other issues. The Company must comply with Rule 18f-4 under the 1940 Act with respect to its use of derivatives. Rule 18f-4, among other things, requires the Company to adopt and implement a comprehensive written derivatives risk management program and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR.

The use of leverage, if employed, is subject to numerous risks. When leverage is employed, the Company's NAV and the return on the Common Shares will be more volatile than if leverage was not used. A reduction in the Company's NAV may cause a reduction in the return on the Common Shares. The Company cannot assure you that the use of leverage would result in a higher return on the Common Shares.

Any leveraging strategy the Company may employ may not be successful. See "*Use of Leverage*" and "*Risk Factors - Derivatives Risk - Leverage Risk.*"

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Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. Pursuant to the terms of the Series A Preferred Shares and in accordance with the requirements of the 1940 Act, the Manager, as the holder of the Series A Preferred Shares, will be entitled to elect two Trustees at all times and in accordance with the requirements of the 1940 Act would become entitled to elect a majority of the Trustees in the event that two full years' dividends on the Series A Preferred Shares are unpaid. The issuance of the Series A Preferred Shares to the Manager was approved by the Company's Board of Trustees (the "Board"), including the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act. See "*Use of Leverage - Derivative Transactions*" and "*Description of Capital Structure - Preferred Shares*" for more information.

#### Management of the Company
Pershing Square Capital Management, L.P. acts as the Manager pursuant to a restated investment management agreement with the Company (the "Investment Management Agreement"). Pursuant to the Investment Management Agreement, the Manager is responsible for the management of the Company and administers the affairs of the Company to the extent requested by the Board. As compensation for its services, the Company pays the Manager a fee, payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis) (the "Management Fee"). In contrast to other funds managed by the Manager, the Manager is not entitled to an incentive allocation or any other form of performance fee from the Company. The Company represents the Manager's first offering of its core investment strategy that is not subject to a performance fee.

The Company's executive officers are:

#### William A. Ackman , Chief Executive Officer <br>

#### Ryan Israel , Chief Investment Officer <br>

#### Ben Hakim , President <br>

#### Michael Gonnella , Chief Financial Officer <br>

#### Halit Coussin , Chief Compliance Officer <br>

#### Jessica A. Falzone , Secretary
For additional information about the Company's executive officers see "*Management of the Company - Executive Officers Who Are Not Trustees.*"

#### Investment Team
Mr. Ackman, Mr. Israel and each of the other members of the PSCM investment team bring significant investment expertise as well as broad industry networks that encompass a wide array of sectors, industry participants, and intermediaries. Mr. Ackman and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. The Manager believes that each member of the

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investment team has complementary skills and experience relevant to its strategy, as well as a track record of working together and providing creative solutions for complex transactions, which the Manager believes represents an important competitive advantage.

The investment team has experience in:

• sourcing, structuring, and executing on a wide range of investment opportunities;

• providing constructive strategic and operational guidance to management teams and boards of directors, to drive long-term shareholder value creation;

• leveraging insights from their substantial investment, financial, operational oversight and governance experience to help optimize the financial condition, operating performance and strategy of a company; and

• leveraging their extensive network of relationships to augment or complement the senior management team or board of directors of a company.

For additional information about Mr. Ackman and the investment team, see "*Portfolio Management - Investment Team.*"

#### Distributions
The Company intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. Such treatment requires that the Company must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company will be subject to tax on any undistributed taxable income or gains, including net capital gain. See "*U.S. Federal Income Tax Considerations.*" Dividends, if any, are expected to be declared and paid annually. Payments will vary in amount, depending on investment income received and expenses of operation as well as reinvestment activity. **The Company is not a suitable investment for any investor who requires regular dividend income**. See "*Distributions*."

The Company reserves the right to change its dividend distribution policy at the discretion of the Board.

Before investing you may want to consult your tax advisor.

#### Listing
The Company intends to list the Common Shares on the New York Stock Exchange ("NYSE") under the symbol "PSUS."

#### Selected Risk Considerations
Set forth below are certain selected risk considerations applicable to the Company and an investment in the Common Shares. It is not purported to be complete and the section entitled "*Risk Factors*" should be reviewed carefully before making any decision to invest in the Common Shares. Please also refer to the matters described under the heading "Risk Factors" in the

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accompanying PS Inc. Prospectus which is filed as an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to an investment in PS Inc. Common Stock.

***No Investing History. The Company is a closed-end investment company with no investing history. The Company does not have any historical financial statements or other meaningful operating or financial data on which potential investors may evaluate the Company and its performance.***

***Non-Diversified Status. The Company is a non-diversified company. As defined in the 1940 Act, a non-diversified company may have a significant part of its investments in a smaller number of issuers than can a diversified company. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified company, like the Company, more susceptible to the risk that one single event or occurrence or adverse developments affecting any single issuer can have a significant adverse impact upon the Company and the Company may be more susceptible to greater losses because of these developments.***

***Market and Investment Risk. The Common Shares have no history of public trading and there currently is no public trading market for the Common Shares. Following the combined offering, the Common Shares will be listed on the NYSE. We cannot predict the extent to which investor interest in the 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 the Common Shares 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 Common Shares at a price that is attractive to you, or at all. As with any stock, the price of the Common Shares will fluctuate with market conditions and other factors, many of which are beyond the Company's control. In addition, there can be no assurance that following the combined offering, the combined trading prices of a Common Share and a share of PS Inc. Common Stock will equal or exceed the public offering price of the Common Shares in this offering.***

The Common Shares are designed for long-term investors and the Company should not be treated as a trading vehicle. Shares of closed-end investment companies frequently trade at a discount from net asset value, which creates a risk of loss for investors purchasing shares in this offering. The risk of loss if a discount to NAV were to emerge may be greater for investors expecting to sell their shares in a relatively short period after the completion of the combined offering. In addition, an investor participating in the combined offering must acquire both the Common Shares and the PS Inc. Common Stock. An investor that desires to invest for a period of time in only the Common Shares or the PS Inc. Common Stock (and not both) may seek to sell the security that it does not intend to hold, which would put downward pricing pressure on the security that is sold. This may increase the likelihood of the Common Shares trading at a discount to NAV. These risks are separate and distinct from the risk that the

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Company's NAV could decrease as a result of its investment activities. At any point in time, an investment in the Common Shares may be worth less than the original amount invested.

In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to make corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV.

In addition, an investment in the Common Shares represents an indirect investment in the securities owned by the Company. The value of, or income generated by, the investments held by the Company are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, economic, political, social and financial market conditions including the level of confidence in financial institutions and the financial system generally, natural/environmental disasters, cyberattacks, terrorism, governmental or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, that each of which may be temporary or last for extended periods.

Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Company's investments will increase in value along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described above, can expose the Company to

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greater market risk than normal, possibly resulting in greatly reduced liquidity. The Manager potentially could be prevented from considering, managing and executing investment decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity which could also result in impediments to the normal functioning of workforces, including personnel and systems of the Company's service providers and market intermediaries. Furthermore, during periods in which the Company may use leverage, the Company's investment, market discount and certain other risks will be magnified.

An investment in the Common Shares is subject to risk of the possible loss of the entire amount that you invest.

***Risks Related to Restrictions on Position Size. The Company's portfolio positions may be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code. These concentration and diversification limitations and requirements could limit the ability of the Manager to utilize the Company's capital to accumulate positions of scale sufficient to successfully employ its investment techniques.***

***Closed-End Investment Company; Liquidity Risk. The Company is a non-diversified closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. Closed-end investment companies differ from open-end investment companies (commonly known as mutual funds) in that investors in a closed-end investment company do not have the right to redeem their shares on a daily basis at a price based on the company's net asset value.***

***Equity Securities Risk. Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have generally experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Company may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services.***

***Not a Complete Investment Program. An investment in the Company's Common Shares should not be considered a complete investment program. The Company is intended for long-term***

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investors seeking capital appreciation. An investment in the Company is not meant to provide a vehicle for those who wish to play short-term swings in the market. Common Shareholders should take into account the Company's investment objective as well as the Common Shareholder's other investments when considering an investment in the Company. Before making an investment decision, a prospective investor should consider (i) the suitability of this investment with respect to his or her investment objectives and personal situation and (ii) factors such as his or her personal net worth, income, age, risk tolerance and liquidity needs.

***Leverage Risk. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. Following the completion of the combined offering and the investment of the net proceeds from this offering, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to create a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its core investment strategy and has generally not used any margin borrowings for the core funds. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time. The use of leverage creates an opportunity for increased returns on the Company's investment portfolio, but also creates risks for the Common Shareholders, including the likelihood of greater volatility of NAV and the market price of the Common Shares than a comparable portfolio without leverage. The use of leverage is also accompanied by interest expense and other costs of borrowing. If the benefits to NAV of the use of leverage do not exceed such expenses or costs, it will have a negative effect on total return. The Company may also be subject to certain restrictions on investments imposed by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The Company cannot assure you that the use of leverage, if employed, will result in a higher return on the Common Shares. Any leveraging strategy the Company employs may not be successful.***

***Counterparty Risk. The Company and the Manager depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. The Company and the Manager are subject to risks of errors and mistakes made by these third parties, which may be attributed to the Company or the Manager and subject the Company and the***

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Manager 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. The Company may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.

The Company is 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 the Company. Moreover, if a counterparty defaults, the Company and the Manager may be unable to take action to cover the Company's exposure, either because the Company lacks contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, when defaults are most likely to occur. In addition, the Company and the Manager may not accurately anticipate the effects of market stress or counterparty financial condition, and as a result, the Company and the Manager may not have taken sufficient action to reduce the Company's 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 the Company and the Common Shareholders to significant losses.

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

***Legal, Tax and Regulatory Risks. Legal, tax and regulatory changes could occur that may have material adverse effects on the Company. For example, the regulatory and tax environment for derivative instruments in which the Company may participate is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the value of derivative instruments held by the Company and the ability of the Company to pursue its investment strategies.***

To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Company must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain.

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If, for any taxable year, the Company does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Company's current and accumulated earnings and profits.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service (the "IRS") and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment.

***Cybersecurity Risk. As in other parts of the economy, the Company and its service providers, as well as exchanges and market participants through or with which the Company trades, and other infrastructures and services on which the Company or its service providers rely, are susceptible to ongoing risks related to cyber incidents and the risks associated with financial, economic, public health, labor and other global market developments and disruptions.***

***Management Risk. The Company is subject to management risk because it is an actively managed investment portfolio. The Manager will apply investment techniques and risk analyses in making investment decisions for the Company, but there can be no guarantee that these will produce the desired results.***

***Corporate Engagement Risk. The Manager may pursue active corporate engagement and seek to effectuate corporate, managerial or similar changes with respect to an investment. The costs in time, resources and capital involved in such an investment strategy depend on the circumstances, which are only in part within the Manager's control, and may be significant. Such a strategy requires the accumulation of large positions, which are less liquid than smaller positions and therefore the price at which such positions may be sold when seeking to exit an investment could be adversely affected. In addition, the expenses associated with such an investment strategy, including potential litigation, expenses related to the recruitment and retention of board members, executives and other individuals providing business assistance to the Manager in connection with such an investment strategy (including, for example, consultants and corporate whistleblowers) or other transactional costs, will be borne by the Company. Such expenses may reduce returns or result in losses.***

***Key Personnel Risk. The Manager is dependent on the services of William A. Ackman and Ryan Israel, the Manager's Chief Investment Officer. If the services of Mr. Ackman and Mr. Israel were to become unavailable for any reason, this occurrence could have a material adverse effect on the Company's results, financial performance and the trading price of the Company's Common Shares. All of the investment decisions of the Company are made by the 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***

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diligence, skill and network of business contacts of the other professionals employed by the Manager as well as external advisers and professionals. For a description of the investment team, see "*Portfolio Management* - *Investment Team*." The investment team will, among other things, evaluate, negotiate, structure and monitor the Company's investments. The Company's future success will depend on the continued service of Mr. Ackman and Mr. Israel, along with the Manager's ability to retain and motivate its other active key personnel and to strategically recruit, retain and motivate new talent. The departure of Mr. Ackman and Mr. Israel or of a significant number of members of the investment team could have a material adverse effect on the Company's ability to achieve its investment objective. In addition, the Manager may not be successful in its efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive.

***Conflicts of Interest Risk. The Manager and its affiliates engage in competing activities and act in multiple capacities, advising the Company, its other funds and HHH, which creates potential conflicts of interest. When allocating investment opportunities conflicts of interest could arise from the fact that incentive allocations or performance fees might be earned by the Manager by allocating such opportunities to its other funds that charge an incentive allocation or other form of performance fee, and not to the Company, which is not subject to an incentive allocation or any other form of performance fee. Conflicts may also arise in connection with pursuing active corporate engagement, where the Manager may acquire fiduciary duties to its various portfolio companies which could potentially conflict with duties owed to the Company. See "Conflicts of Interest."***

***Large Investor Risk. Ownership of Common Shares may be concentrated among certain institutional investors who purchase Common Shares in this offering. The purchase of Common Shares by one or more institutional investors or by the management investors could, depending on the size of such ownership, result in such investors being in a position to exercise significant influence on matters put to a vote of shareholders. Dispositions of shares by large investors could adversely impact the market price and premium or discount to NAV at which the Common Shares trade. The Manager will have an aggregate investment in the Company of $150 million upon the completion of the Pershing Square Investment. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty-five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions.***

#### Anti-Takeover Provisions in the Company's Governing Documents
The Company's Second Amended and Restated Agreement and Declaration of Trust, dated as of July 29, 2024, and as amended through the date hereof (the "Declaration of Trust") and the Company's By-Laws (the "Bylaws" and together with the

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Declaration of Trust, the "Governing Documents") include provisions that could limit the ability of other entities or persons to acquire control of the Company or convert the Company to an open-end company.

In addition, as a Delaware statutory trust, the Company is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA Control Share Statute"), which automatically applies to listed closed-end investment companies, such as the Company. The DSTA Control Share Statute provides that an acquirer of shares above a series of voting power thresholds has no voting rights under the Delaware Statutory Trust Act (the "DSTA") or the governing documents of the Company with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless approved by shareholders.

See "*Anti-Takeover and Other Provisions in the Company's Governing Documents*" and "*Risk Factors - Anti-Takeover Provisions Risk.*"

#### Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent
The Company has engaged State Street Bank and Trust Company ("State Street"), whose principal business address is One Congress Street, Boston, Massachusetts 02114, to serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. State Street also serves as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, State Street holds the Company's assets in compliance with the 1940 Act. Additionally, State Street serves as transfer agent and dividend disbursing agent with respect to the Common Shares and acts as the administrator of the Company's dividend reinvestment plan.

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#### SUMMARY OF COMPANY EXPENSES
The following tables contain information about the Company's costs and expenses that Common Shareholders purchasing shares in the combined offering will bear directly or indirectly. The expenses shown in the table under "Annual Expenses" are based on estimated amounts for the Company's first full year of operations. The amounts shown in the tables assume that the Company issues 44.4 million Common Shares in this offering, resulting in an aggregate public offering price of $2.2 billion and a $5 billion aggregate offering amount for the combined transaction, which we refer to as "Scenario 1." In addition, amounts are also shown in footnotes to the tables and example assuming that the Company were to sell 144.4 million Common Shares in this offering, resulting in an aggregate public offering price of $7.2 billion and a $10 billion aggregate offering amount for the combined transaction, which we refer to as "Scenario 2." The purpose of the tables and the example below is to help you understand the fees and expenses that you, as a Common Shareholder purchasing shares in the combined offering, would bear directly or indirectly. The following table should not be considered a representation of the Company's future expenses. Actual expenses may be greater or less than presented depending on the aggregate number of shares ultimately issued in the combined transaction and other factors.

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| | |
|:---|:---|
| **Shareholder Transaction Expenses** |  |
| Sales load, commissions and fees (as a percentage of aggregate offering price)<sup>(1)</sup> | 1.94%  |
| &nbsp;&nbsp;Offering expenses borne by the Company (as a percentage of aggregate offering price)<sup>(2)</sup> | 0.15%  |
| &nbsp;&nbsp;Dividend reinvestment plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> |

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| | |
|:---|:---|
| **Annual Expenses** | **Percentage of Average** <br>**Net Assets**<br>**Attributable to** <br>**Common Shares**  |
| Management fee<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%  |
| Interest payments on borrowed funds<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%  |
| Other expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%  |
| Total annual expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%  |
| Dividends on preferred shares<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%  |
| Total annual expenses and dividends on preferred shares<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% |

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(1) Sales load, commissions and fees in Scenario 1 are based on (i) a sales load of $1.00 per share (2.0%) for Common Shares sold to institutional investors in this offering and a sales load of $1.25 per share (2.5%) for Common Shares sold to retail investors in this offering, for a total sales load of $46.6 million (assuming 80% of the Common Shares sold in this offering are sold to institutional investors and 20% of the Common Shares sold in this offering are sold to retail investors), (ii) approximately $40.3 million in placement fees to be paid to the placement agents in the combined private placement and (iii) $10 million in structuring fees. In Scenario 2, the Company would pay a total sales load of $151.6 million assuming the same proportion of shares sold to institutional investors and retail investors as in Scenario 1 and therefore the sales load, placement fees and structuring fees would represent 2.02% of the aggregate offering price of the combined transaction. If the mix of shares sold to institutional investors and retail investors in this offering differs from the assumptions set forth above, the sales load, as a percentage of the public offering price (and therefore sales load, placement fees and structuring fees on a combined basis), may be higher than as set forth above in either Scenario 1 or Scenario 2. See "*Underwriting*" for more information. 

(2) The Company estimates that it will incur offering expenses (other than the sales load, placement fees and structuring fees) including legal, accounting, SEC and other filing-related fees of approximately $7.4 million or $0.07 per Common Share in Scenario 1 and approximately $8.2 million or $0.04 per Common Share (0.08%) in Scenario 2. The Company has also agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with the combined transaction. 

(3) The service fee of the administrator of the dividend reinvestment plan and expenses for administering the plan will be paid for by the Company. There will be no brokerage charges to Common Shareholders with respect to Common Shares issued directly by the Company as a result of dividends or other distributions payable either in Common Shares or in cash. However, each participant will pay a pro-rata share of brokerage commissions incurred with respect to any purchases of Common Shares in the open market made by the administrator in connection with the reinvestment of cash dividends and other cash distributions under the dividend reinvestment plan. See "*Dividend Reinvestment Plan*." 

(4) As compensation for its services, the Company pays the Manager a fee, payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis). 

(5) The Company's borrowings and use of other forms of leverage may increase or decrease from time to time in its discretion. Therefore, the actual amount of interest expense borne by the Company will vary over time in accordance with the level of the Company's borrowings and use of other forms of leverage and variations in market interest rates and the Company may determine not to use leverage at all in the future. 

(6) Based on estimated expenses for the Company's first year of operations including an estimate of fees and expenses to be allocated to the Company (0.11% in Scenario 2). See *"Portfolio Management - Allocation of Expenses."* 

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(7) Dividends on preferred shares set forth in the table above assumes $50 million aggregate liquidation preference of Series A Preferred Shares (with a dividend rate of 7.50% per annum). Dividends on preferred shares would be 0.04% in Scenario 2 and total annual expenses and dividends on preferred shares would be 2.15% in Scenario 2. 

#### Example
The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming in Scenario 1 (1) sales load, placement fees and structuring fees of 1.94% of the aggregate offering price of the combined transaction (2.02% in Scenario 2) (in each case as determined and described above) and other offering expenses of 0.15% of the aggregate offering price of the combined transaction (0.08% in Scenario 2), (2) "Total annual expenses" of 2.52% of the Company's NAV in the first year (2.27% in Scenario 2), and "Total annual expenses" of 2.20% of the Company's NAV in each subsequent year (2.11% in Scenario 2), (3) dividends on Series A Preferred Shares (with a dividend rate of 7.50% per annum) of 0.08% of the Company's NAV (0.04% in Scenario 2) and (4) a 5% annual return:\*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1**<br>**Year** | **3**<br>**Years** | **5**<br>**Years** | **10**<br>**Years**  |
| Total Expenses Incurred | &nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;$142 | &nbsp;&nbsp;&nbsp;&nbsp;$276 |

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**\*** **The example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Company's actual rate of return may be higher or lower than the hypothetical 5% return shown in the example. The 5% assumed annual return includes the reinvestment of any dividends or distributions at NAV. In Scenario 2 with the amounts and assumptions set forth above, the expenses incurred on a $1,000 investment in the Common Shares over the same 1 year, 3 year, 5 year and 10 year timeframes would be $44, $88, $135 and $262, respectively. If the mix of shares sold to institutional investors and retail investors in this offering differs from the assumptions set forth above, the sales load, placement fees and structuring fees, as a percentage of the aggregate proceeds of the combined transaction and/or annual expenses, as a percentage of average net assets attributable to Common Shares, may be higher, in which case the expenses that you would pay on an investment in Common Shares would be higher.** 

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#### THE COMPANY
Pershing Square USA, Ltd. is a non-diversified, closed-end investment company registered under the 1940 Act. The Company was organized as a Delaware statutory trust on November 28, 2023, pursuant to a Certificate of Trust, and is governed by the laws of the State of Delaware. The Company has a limited operating history and no investing history or history of public trading. Its principal office is located at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019 and its telephone number is (212) 813-3700.

Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as RICs under Subchapter M of the Code generally will not be subject to U.S. federal income tax. Investors may be subject to tax on distributions from the Company and dispositions of the Common Shares. See "*U.S. Federal Income Tax Considerations*" for more information.

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#### USE OF PROCEEDS
On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering.

The proceeds of this offering received by the Company, before expenses, will be approximately $($ if the Underwriters exercise their option to purchase additional Common Shares from the Company in full). The foregoing assumes that the Company will pay an aggregate sales load of $($ per share) in respect of such Common Shares. The aggregate sales load will be paid by the Company and will be borne by all Common Shareholders. PS Inc. is issuing shares of PS Inc. Common Stock to the investors in this offering for no additional consideration. All of the net proceeds of the combined offering will be received by the Company. The combined offering will not result in any proceeds to PS Inc.

The Company intends to invest the net proceeds of the combined offering in accordance with the Company's investment objective and policies as stated below. The Company currently anticipates that it will be able to invest a substantial majority of the net proceeds of the combined offering in accordance with its investment objective and policies within approximately sixty (60) days after the completion of the combined offering.

The proceeds of the Combined Private Placement received by the Company, after deducting placement fees of approximately $40.3 million but before expenses, will be approximately $2.7 billion. The foregoing assumes that the Company will pay placement fees of approximately $40.3 million in respect of the Combined Private Placement. The placement fees will be paid by the Company. PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration concurrently with the completion of the combined offering. All of the net proceeds of the Combined Private Placement will be received by the Company. The Combined Private Placement will not result in any proceeds to PS Inc.

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#### INVESTMENT OBJECTIVE, STRATEGY AND POLICIES

#### Investment Objective
The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company's investment objective is considered non-fundamental and may be changed by the Board without the approval of Common Shareholders. There can be no assurance that the Company's investment objective will be achieved.

#### Investment Strategy and Policies
The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). By working with management teams and boards of directors, the Manager seeks to assist portfolio companies in creating substantial long-term value. The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager believes its commitment to its long term investment strategy provides the management teams and boards of directors of its portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed. The Company may be prevented from achieving its investment objective during any time in which the Company's assets are not substantially invested in accordance with its investment strategy and policies.

Consistent with the Manager's core investment principles and business strategy, it expects to identify investment opportunities for the Company in high-quality companies that have a number of the characteristics enumerated below. The Manager will 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**. The Manager will generally seek investments in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that it expects will generate strong, sustainable growth in cash flows over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;• **Formidable barriers to entry**. The Manager will 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**. The Manager will 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 position**. The Manager will 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**. The Manager will generally seek investments in companies that generally do not need to raise equity capital to fund their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization**. The Manager will 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**. The Manager will seek to make investments in companies at a discount to their intrinsic values 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**. The Manager will generally seek investments in companies that have trustworthy, talented, experienced, and highly competent boards and management teams. The Manager may also seek investments in companies where it believes it can be a catalyst for effectuating corporate change through active corporate engagement.

While the Manager is comfortable making investments in a wide range of industries and asset classes, it generally prefers 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, the Manager is willing to accept a high degree of situational, legal, and/or capital structure complexity in the Company's investments if it believes that the resulting complexity allows for a bargain purchase.

The Manager will generally seek to make investments in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows, (ii) businesses or assets that the Manager believes are significantly undervalued and often have a catalyst to realize value, and (iii) mispriced probabilistic securities or investments where the Manager believes 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 Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes 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 it has detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.

The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager has no overarching strategy or asset allocation model that specifies what percentage of the Company's portfolio should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until it identifies new opportunities. Allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the Company may hold significant cash balances on an ongoing basis.

In seeking to achieve the Company's investment objective, the Company may also invest in other types of investments such as equity securities of foreign issuers; securities convertible into equity; rights, options and warrants; swaps (including equity, foreign exchange, total return, interest rate, index, commodity and credit-default swaps), swaptions and other derivatives; instruments such as futures contracts, foreign currency, forward contracts

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on stock indices and products, ETFs, and any other financial instruments the Manager believes will achieve the Company's investment objective. Debt investments made by the Company will typically be in money market funds organized in the United States and in U.S. Treasury bills; however, the Company may also invest in other debt securities, including distressed debt securities of companies in or exiting bankruptcy. The Company may invest in securities sold pursuant to initial public offerings. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Company's investments. In order to mitigate market-related downside risk, the Company may acquire put options, short market indices, baskets of securities and/or purchase credit-default swaps, but is not committed to maintaining market hedges at any time.

Under normal circumstances, the Company will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by issuers located in the United States. This policy may be changed without shareholder approval; however, you would be notified in writing 60 days in advance of any changes. A company is considered to be located in the United States if (i) it is organized under the laws of a state comprising the United States and has a principal office within the United States; (ii) it derives at least 50% of its total revenues or profits from businesses in the United States or has at least 50% of its assets in the United States; or (iii) its equity securities are traded principally on a stock exchange in the United States. ADRs, GDRs and other types of depositary receipts traded principally on a stock exchange in the United States will count toward the 80% policy.

Derivative instruments used by the Company will be counted toward the Company's 80% policy discussed above to the extent they have investment exposure similar to (or address market risk factors associated with) the securities and/or markets included within that policy. Such derivative instruments will be valued for such purpose in accordance with the requirements of Rule 35d-1 under the 1940 Act.

The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and its qualification as a RIC under Subchapter M of the Code. Pursuant to these restrictions, the Company will not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry, subject to certain exceptions.

The Manager believes that investments that meet the Company's objective are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, shareholder 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.

The Manager also believes that investment opportunities that meet the Company's 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.

The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. The Manager constructively engages with management teams and boards of directors of its portfolio companies to accelerate growth, increase efficiency, improve capital allocation, manage through crises and otherwise improve performance in order to generate long-term value. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For more than 22 years, the Manager has accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other shareholders through strategic and operational changes and restructurings. The Manager believes that its successful track record and reputation as a value-creating owner enhances its ability to generate higher long-term rates of return.

The Company 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. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the Company has invested may later be taken private and the Company may make additional investments in the equity or debt of such companies. The Company may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

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#### Our Competitive Strengths
The Manager believes that the Company as managed by the Manager has the following key competitive strengths:

#### Disciplined Investment Strategy
&nbsp;&nbsp;&nbsp;&nbsp;• *Simple, concentrated approach*. The Manager believes that its core investment strategy has succeeded due to the inherent simplicity of its concentrated approach to fundamental value investing and the alignment of its organization with this approach. Concentration in a limited number of investments enables it to manage a scalable investment portfolio with a limited number of investment personnel. This strategy allows the Manager to hire and retain qualified investment professionals as each member of the investment team plays a meaningful role in the construction and management of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• *Successful investment idea generation, monitoring and execution*. The Manager has a proven expertise and a long history in sourcing attractive investment ideas, finding unconventional sources of value and executing innovative value-creating transactions as well as differentiated expertise in executing privately negotiated transactions. The Manager looks 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. Fundamental analysis conducted by the Manager typically seeks to identify how a business could be more efficiently operated, structured, managed and financed. Additionally, the Manager has an extensive and flexible investment opportunity set and is not constrained by industry or asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;• *Concentrated, liquid portfolio of simple, predictable and free cash-flow generative businesses*. The Manager expects that the substantial majority of the Company's investment portfolio will be invested in long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. See "*- Investment Objective, Strategy and Policies*." The Manager applies a concentrated, research-intensive, fundamental value investing strategy. Investment concentration and modest portfolio turnover allow the Manager the time to do extensive research and actively monitor each investment over the course of ownership. Given the portfolio's expected limited turnover and concentration, the Manager's investment approach can be successful even in highly competitive market environments in which there are only a limited number of extraordinary investment opportunities. The Manager is comfortable making investments in a wide range of industries and asset classes, but generally prefers investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term, have low sensitivity to macroeconomic factors and low commodity exposure and/or cyclical risk. The Manager is willing to accept a high degree of situational, legal and/or capital structure complexity in its investments if it believes that the potential for reward justifies it. Investment concentration enables the Manager to conduct extensive research and actively monitor each investment over the course of its ownership.

&nbsp;&nbsp;&nbsp;&nbsp;• *Exposure to the Manager's asymmetric hedging program*. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur as the amount of capital at risk is typically expected

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to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles. In addition to conventional top-down macroeconomic research, the Manager is well-positioned to leverage fundamental perspectives from individual companies. The Manager believes individual company research with respect to current and potential future portfolio company investments can yield variant macroeconomic insights and is therefore highly synergistic with the Manager's core equity strategy, which has a coverage universe spanning the vast majority of S&P 500 companies. The Manager has deep experience investing in asymmetric hedges and derivatives across interest rates, currency, commodities, credit and equities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Value creation through active corporate engagement*. The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. The Manager constructively engages with management teams and boards of directors of its portfolio companies with the 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 this corporate engagement, Mr. Ackman and the Manager's other investment professionals have from time to time served on the boards of its portfolio companies. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. The Manager believes that its successful track record and its reputation as a value-creating owner enhances its ability to generate higher rates of return.

&nbsp;&nbsp;&nbsp;&nbsp;• *Focus on managerial, operating and governance changes as levers to create substantial, enduring and longer-term value*. The Manager may seek investments that it believes will benefit from structural, financial, and operational improvements. The Manager's focus on board engagements and oversight to catalyze management, operational and/or governance changes has enabled it to earn attractive returns over longer holding periods. With reduced turnover in the portfolio, the Manager can better understand its investments and reduce frictional costs. The Company believes that the Manager's reputational equity is also enhanced because as a longer-term investor, its recommendations for corporate change are then more welcomed by the companies in which the Company invests and the major shareholders who own them. Longer-term investing in high-quality businesses is also more scalable. Once the Manager is in a position of influence and invested in a high-quality business run by able management who manages the business well and allocates free cash flow intelligently, absent excessive overvaluation or a substantially better use of capital, the Manager believes that there are few good reasons to sell.

#### Manager's Track Record of Preserving Capital and Generating Strong Returns with Low Correlation to the Broader Equity Market Supported by Stable Permanent Capital Base
&nbsp;&nbsp;&nbsp;&nbsp;• *Proven track record*. For more than 22 years, the Manager has managed portfolios as an engaged investor in large-cap companies. For information on the long-term performance of the core funds, see *"Appendix A - Supplemental Performance Information of the Affiliated Funds."* For a listing of the Manager's public company engagements since its inception in 2004, see *"Appendix B - Public Company Engagements of the Manager* "

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&nbsp;&nbsp;&nbsp;&nbsp;• *Low correlation to the broader equity market*. The Manager's core investment strategy has exhibited relatively low market correlation (*i.e*., the average returns of its investment strategy were 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). In addition, the Manager's investment strategy has proven to be defensive in bear markets,<sup>1</sup> outperforming the S&P 500 during the global financial crisis, COVID-19 pandemic, and recent elevated interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;• *Stability of capital base enables superior, long-term investment returns*. The Manager views the stability of its capital base, substantially all of which is permanent capital, as one of its most important competitive advantages. Permanent capital allows the Manager 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. The Manager believes that permanent capital also enables superior, long-term investment returns. Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing the Manager to hire and retain top analysts for its investment team and other high-quality employees throughout the company. Permanent capital and the Manager's long-term investment horizon are also excellent recruitment tools when the Manager's portfolio companies seek to hire world-class 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 limits due to fund life.

#### Highly Experienced Investment Team, Collaborative Culture and Reputation
&nbsp;&nbsp;&nbsp;&nbsp;• *The Manager is led by a renowned investor.* Mr. Ackman founded the Manager in 2003 and is principally responsible for the Manager's investment policies and implementation. He is the Chairman and Chief Executive Officer of PS Holdco and will be the Chairman and Chief Executive Officer of PS Inc. following the Corporate Conversion. He works alongside an experienced team and has developed a robust platform to pursue a disciplined investment philosophy. The Manager's investment team engages in a deep diligence process in evaluating its investments. The Manager seeks to create a portfolio of investments in companies with strong business fundamentals to minimize potential downside risks. Mr. Ackman has more than 34 years of experience in the hedge fund and asset management industry and is a leading proponent of value creation through active corporate engagement. Prior to forming the Manager, Mr. Ackman co-founded and co-managed Gotham Partners Management Co., LLC, an investment adviser that managed public and private equity hedge fund portfolios. Mr. Ackman also serves as the Executive Chairman of the Board of Directors of HHH and Chairman and Chief Executive Officer of SPARC.

&nbsp;&nbsp;&nbsp;&nbsp;• *Experienced investment team and robust operations platform*. The Manager's investment team consists of nine members with an average of 17 years of industry experience, including in the investment banking and/or private equity industries. These investment professionals have exceptional academic and professional backgrounds. Each investment team member plays a material role in the construction and management of the portfolio, which has enabled the Manager to hire and retain the highest quality investment professionals. The investment team is also supported by 26 professionals who focus on all operational aspects of fund management, including finance, legal and compliance, technology and investor relations. See "*Portfolio Management - The Manager*" below for further information on the investment team. Certain of the Manager's investment and other professionals serve as executive officers of the Company as follows: Mr. Ackman is the Company's Chief Executive Officer, Mr. Israel is the Company's Chief Investment Officer, Mr. Hakim is the Company's President, Mr. Gonnella is the Company's Chief Financial Officer, Ms. Coussin is the Company's Chief Compliance Officer and Ms. Falzone is the Company's Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;• *Highly collaborative culture and reputation*. The Manager believes its unique culture and reputation are fundamental to its success. The Manager combines investment excellence with a flat organizational structure. Each member of the Manager's investment team plays a meaningful role in the construction and management of the portfolio. Its collaborative partnership culture, permanent capital base, the highly attractive economics of its business and its approach to employee compensation have resulted in limited employee turnover over time. The Manager's collaborative culture is also demonstrated in its track record of constructive engagements with boards of directors and oversight of portfolio companies, which has

<sup>1</sup> "Bear markets" refers to S&P 500 index "bear markets," which are commonly defined as a decline of a broad-based securities index (in this case the S&P 500) by 20% or more over at least a two-month period. 

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allowed it to establish a reputation and credibility as a preferred partner. The Manager believes its reputation has been an important driver of its outperformance since inception, allowing it to garner substantial influence and drive long-term value creation in its portfolio companies without paying a control premium.

&nbsp;&nbsp;&nbsp;&nbsp;• *Public positions taken by management team*. The Manager has a long history of publicizing its investment rationale and utilizing the media as a medium to enhance transparency and to catalyze corporate changes. The Company believes that the Manager's approach of bringing public awareness to its strategies and investment themes among existing and prospective holdings is valuable to Common Shareholders. Additionally, regulatory requirements result in the Company's holdings being publicly disclosed periodically providing a high degree of transparency about the portfolio. Given that the majority of the Company's portfolio will generally consist of highly liquid, publicly traded large-capitalization companies generally with North American headquartered operations, the market value of the Company's underlying investments is generally expected to be based on readily available and reliable market data.

&nbsp;&nbsp;&nbsp;&nbsp;• *Extensive capital markets experience*. The Manager has been active in raising equity and debt for the entities it manages in the public capital markets since the 2014 initial public offering of PSH More recently, the Manager has assisted PSH in executing a series of debt financing transactions. In July 2020, Pershing Square Tontine Holdings, Ltd., a special purpose acquisition company co-sponsored by an affiliate of the Manager, completed its $4 billion initial public offering and listed on the NYSE. In addition, the Manager designed and created SPARC, a new form of acquisition company, that had its Form S-1 Registration Statement declared effective by the SEC in September 2023.

#### Favorable Structural Features
&nbsp;&nbsp;&nbsp;&nbsp;• *No performance fees.* Unlike the other funds managed by the Manager and unlike conventional alternative investment funds, which typically charge 15%-30% annual performance fees on realized and unrealized profits in addition to management fees, the Company will not be subject to any performance fees. The Company believes that this has the potential to meaningfully increase long-term NAV performance, which may reduce the likelihood that the Common Shares will trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity facilitated by NYSE-listing.* Investors in many alternative investment funds own non-traded interests with limited redemption and liquidity features, whereas, the Company intends to be a publicly traded, NYSE-listed, closed-end investment company. The Company expects that it will have significant liquidity supported by its scale, name recognition and the Manager's broad following. The Manager believes that the Company has the potential to be one of the largest U.S.-listed closed-end investment companies and expects that the Manager's brand-name profile and broad retail following, along with a substantial media following, will drive substantial investor interest and liquidity in the market for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Transparent, Weekly NAV.* Most alternative investment funds publish monthly or quarterly net asset values and often rely on opaque, unobservable and lagging valuations for private assets. The Company will publish a weekly NAV based on its concentrated, transparent and highly liquid investment portfolio of publicly traded large-capitalization companies. In addition, the Manager has a history of publicizing its investment rationale and using the media to enhance transparency around its investment rationale, which, combined with the public reporting required under the 1940 Act as well as other types of anticipated public reporting that result from the Manager's investment strategy (such as Schedules 13D and 13F, as applicable), the Company believes will make information about its investment portfolio more transparent to investors than the investment portfolios of other alternative investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;• *Favorable capital structure for the Manager's strategy.* The Company will have a favorable capital structure to support the strategy of the Manager. The Company's closed-ended structure removes any negative impact from redemptions, lengthens the duration of the capital base available to the Manager and enhances the Manager's ability to successfully execute upon its investment strategy by: (i) providing the Manager with a longer time horizon to realize value from an investment, as there is reduced need for the Manager to manage cash for potential redemptions; (ii) facilitating its active corporate and strategic engagements; (iii) expanding the Manager's investment universe by allowing it to take meaningful stakes

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in large-cap companies in a way in which few other investors can, as well as larger and potentially less liquid stakes in companies with smaller market capitalizations; and (iv) facilitating constructive relationships with companies in which it seeks to invest.

&nbsp;&nbsp;&nbsp;&nbsp;• *Delivery of PS Inc. Common Stock for no additional consideration.* In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 20 shares of PS Inc. Common Stock for every 100 Common Shares purchased, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. Similarly, PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration. All of the net proceeds of the Combined Private Placement will be received by the Company and the Combined Private Placement will not result in any proceeds to PS Inc.

#### Research and Investment Process
The Manager takes a concentrated, research-intensive, fundamental value approach to investing. The Manager's research process is typically based on a bottom-up analysis, although it includes top-down factors in its 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, the Manager establishes 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. Mr. Ackman is the ultimate decision maker for all investment positions. Mr. Israel is the Manager's Chief Investment Officer.

Mr. Ackman, 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. The Manager believes 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.

The Manager's collaborative investment process is an important competitive advantage of the firm. The Manager's robust idea generation process yields more opportunities than it utilizes, which allows the Manager to allocate capital only to what the Manager believes are its best ideas. Investments are originated through a wide range of sources, including a proprietary library in which the Manager continuously tracks, updates and reviews hundreds of ideas it has considered over time. Each investment professional has working knowledge of a large number of companies at any point in time, and the members of the investment team are the primary source of its investment ideas. Each idea typically goes through an initial due diligence process conducted by a two-member subset of the investment team, at least one of whom typically has deep industry expertise and serves as a check on the process. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and creates a financial model to determine initial views of the company's intrinsic value. Once sufficient work is completed and the Manager determines that an investment idea meets a threshold of potential viability as an investment, Mr. Ackman, the Manager's Portfolio Manager, and/or Mr. Israel, the Manager's Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed at weekly meetings with the entire investment team. The Manager typically begins to execute positions in approved ideas immediately upon investment team approval. Because compensation for the Manager's investment professionals is based on overall fund performance rather than the performance of any specific investment, the Manager's investment professionals are incentivized to deliver long-term, overall fund performance.

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The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. In order to generate asymmetric investment ideas, the Manager's investment professionals continuously analyze macroeconomic developments, which has the additional benefit of providing insights into macroeconomic considerations that are relevant for its current and potential future portfolio company investments, and the Manager believes that its individual company research also yields variant macroeconomic insights, making its asymmetric hedging strategy highly synergistic with the research-intensive approach of its core investment strategy. For more information, see "- *Investment Techniques - Hedging Transactions*" below.

#### Investment Techniques

#### Concentration
The Company will not attempt to maintain a highly diversified portfolio and intends to concentrate its investment positions. The Company's concentration of investment positions will, however, remain subject to restrictions applicable to the Company as a matter of "fundamental policy." Pursuant to these restrictions, the Company will not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry, subject to certain exceptions. Under the 1940 Act, a matter of fundamental policy cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Company, voting together as a single class. The 1940 Act defines this as the lesser of (i) 67% or more of the Company's voting securities present at a meeting, if the holders of more than 50% of the Company's outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the Company's outstanding voting securities. The Company's concentration of investment positions will also be subject to restrictions necessary in order for the Company to elect to qualify and thereafter maintain its qualification as a RIC under Subchapter M of the Code.

#### Derivatives
The Company may use a variety of financial instruments, such as equity, credit and/or other derivatives, options, interest rate swaps, caps and floors, futures and forward contracts, both for investment purposes and for risk management purposes. For more information see "*Use of Leverage - Derivative Transactions*."

#### Swap Agreements
The Company may enter into swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Company's exposure to equity securities, long-term or short-term interest rates, non-U.S. currency values, corporate borrowing rates, or other factors. Swap agreements can take many different forms and are known by a variety of names. The Company is not limited to any particular form of swap agreement if consistent with its investment objective.

Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Company's portfolio. The most significant factor in the performance of swap agreements is the change in the individual equity values, specific interest rate, currency or other factors that determine the amounts of payments due to and from the Company. If a swap agreement calls for payments by the Company, the Company must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the value of swap agreements with such counterparty may be expected to decline, potentially resulting in losses by the Company.

The Company may also seek both long and short exposure to credit-related instruments by entering into a series of purchase and sale contracts or by investing in, among other instruments, swaps, including equity, foreign exchange, total return, credit default, commodity, index and interest rate swaps; options; forward contracts; and futures contracts and options on futures contracts that provide long or short exposure to other credit obligations.

#### Currency
The Company may invest in securities of non-U.S. issuers and may invest in currencies (including non-U.S. currencies) and currency forward contracts. In addition, the Company may trade in futures contracts (including index futures) and in options on such contracts, as well as in other financial products traded on commodities exchanges.

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The Company also may maintain short positions in forward currency exchange transactions, which would involve the Company agreeing to exchange an amount of a currency the Company did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency the Company contracted to receive in the exchange.

The Manager generally expects that currency trading will not constitute a material component of the Company's investment program. The Manager's investment in currency derivatives has historically been principally for the purpose of hedging foreign currency risks related to its investments in common equity securities.

#### Futures
The Company may purchase or sell futures contracts or options thereon. The Company's investment program does not limit the Company in its use of futures. Trading in commodity futures contracts and options is a highly specialized activity that may entail greater-than-ordinary investment or trading risks. Furthermore, low margin or premiums normally required in such trading may provide a large amount of leverage, and a relatively small change in the price of a security or contract can produce a disproportionately larger profit or loss.

#### Leverage
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction, the Company may use leverage for investment purposes, subject to the leverage limits of the 1940 Act. The use of leverage has a number of risks, including the risk that the Company may be required to liquidate assets at a disadvantageous time. Leverage exaggerates the financial markets' effects on the Company's NAV. See "*Use of Leverag*e."

#### Hedging Transactions
The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager does not attempt to hedge all macroeconomic, market or other risks inherent in the Company's investments. While the Company may enter into hedging transactions to seek to reduce risk or to capitalize on market volatility, such hedging transactions may result in poorer overall performance for the Company than if it had not engaged in any such transaction. Moreover, it should be noted that the Company's portfolio will always be exposed to certain risks that cannot be hedged.

#### Initial Public Offerings
The Company may invest in securities being offered in a secondary or initial public offering ("IPO"), although the Manager does not expect investments in IPOs to constitute a material component of the Company's investment program. Investing in IPOs is risky, and the price of stocks purchased in IPOs tends to fluctuate more widely than the price of stocks of more established companies.

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#### Other Investment Companies
The Company may invest in securities issued by other investment companies within the limits prescribed by the 1940 Act and the rules and regulations thereunder and any exemptive orders currently or in the future obtained by the Company from the SEC. These securities include shares of open-end investment companies (i.e., mutual funds), including money market funds, other closed-end investment companies and ETFs. As a shareholder in an investment company, the Company will bear its ratable share of that investment company's expenses and would remain subject to payment of the Company's management fees with respect to assets so invested. Shareholders would therefore be subject to two layers of expenses to the extent the Company invests in other investment companies. In addition, the securities of other investment companies could also be leveraged and will therefore be subject to the leverage risks described herein.

#### Subsidiaries
The Company may seek to gain exposure to futures and swaps primarily through investments in PSUS Cayman, Ltd., a wholly-owned subsidiary of the Company organized under the laws of the Cayman Islands (the "Cayman Subsidiary"). In order to comply with certain issuer diversification limits imposed by the Code, the Company may invest up to 25% of its total assets in the Cayman Subsidiary.

The Board has oversight responsibility for the investment activities of the Company, including its investment in the Cayman Subsidiary, and its role as sole shareholder of the Cayman Subsidiary. The Company and the Cayman Subsidiary will be subject to the same investment restrictions and limitations on a consolidated basis and will follow the same compliance policies and procedures as the Company. The Company complies with the provisions of the 1940 Act governing investment policies (Section 8) on a consolidated basis with the Cayman Subsidiary. With respect to any wholly-owned subsidiary of the Company, including the Cayman Subsidiary, the Company will comply with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with such subsidiary. Any such subsidiary, including the Cayman Subsidiary, will also comply with the provisions relating to affiliated transactions and custody of the 1940 Act and will have the same custodian as the Company.

#### Portfolio Turnover
While the Manager pursues a long-term investment strategy and does not typically engage in short-term trading of its portfolio companies, portfolio turnover generally involves some expense to the Company, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Company's portfolio turnover rate may vary from year to year. Higher portfolio turnover may decrease the after-tax return to individual investors in the Company.

#### Investment Restrictions

#### Fundamental Investment Restrictions
The Company operates under the following restrictions that constitute fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Company voting together as a single class. The 1940 Act defines a majority of the outstanding voting securities as the lesser of (i) 67% or more of a company's voting securities present at a meeting, if the holders of more than 50% of the company's outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the company's outstanding voting securities. The fundamental policies of the Company are:

1. The Company may not issue senior securities or borrow money except to the extent permitted under (i) the 1940 Act or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction or otherwise as permitted by applicable law. See "*Use of Leverage*." 

2. The Company may not act as an underwriter of securities issued by others, except insofar as the Company may be deemed an underwriter under the Securities Act in selling its own securities or portfolio securities and except to the extent permitted under (i) the 1940 Act or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction or otherwise as permitted by applicable law. 

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3. The Company may not purchase or sell real estate, commodities or commodity contracts, except that, to the extent permitted by applicable law, the Company may (i) invest in securities directly or indirectly secured by real estate or interests therein or issued by entities that invest in real estate or interests therein; (ii) acquire, hold and sell real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Company's ownership of other assets; (iii) invest in instruments directly or indirectly secured by commodities or securities issued by entities that invest in or hold such commodities and acquire temporarily commodities as a result thereof; and (iv) purchase and sell forward contracts, financial futures contracts and options thereon. 

4.<br> The Company will not make loans to other persons, except to the extent permitted under the 1940 Act, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time.

5. The Company may not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and tax-exempt securities of governments or their political subdivisions will not be considered to represent an industry. The Company determines industries by reference to the Global Industry Classification Standard, including by reference to its "sub-industry" classification, as it may be amended from time to time. 

The Company's fundamental investment restrictions will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, SEC staff or other authority of competent jurisdiction as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

All percentage limitations in the case of the foregoing fundamental policies apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action.

#### Non-Fundamental Investment Restrictions
All other investment policies of the Company are considered non-fundamental and, along with the Company's investment objective, which is also non-fundamental, may be changed by the Board without prior approval of the Company's outstanding voting securities at any time.

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#### USE OF LEVERAGE
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to create a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will in the future be able to borrow money on terms that the Manager deems favorable.

The use of leverage, if employed, can create risks. When leverage is employed, the Company's NAV, the market price of the Common Shares and the return to the Common Shareholders will be more volatile than if leverage were not used. Changes in the value of the Company's portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the Common Shareholders. If there is a net decrease or increase in the value of the Company's investment portfolio, leverage will decrease or increase, as the case may be, the Company's NAV to a greater extent than if the Company did not utilize leverage. A reduction in the Company's NAV may cause a reduction in the market price of its shares. Any leveraging strategy the Company employs may not be successful. See "*Risk Factors* - *Leverage Risk*."

Certain types of leverage the Company may use could result in the Company being subject to covenants relating to asset coverage and portfolio composition requirements. The Company may be subject to certain restrictions on investments imposed by one or more lenders or by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The terms of any borrowings or rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Manager does not believe that these covenants or guidelines will impede it from managing the Company's portfolio in accordance with its investment objective and policies if the Company were to utilize leverage.

Under the 1940 Act, the Company is not permitted to issue senior securities if, immediately after the issuance of such senior securities, the Company would have an asset coverage of less than 300%, calculated as the ratio of the Company's total assets less all liabilities and indebtedness not represented by senior securities, over the aggregate amount of the Company's senior securities (*i.e.*, for every dollar of indebtedness outstanding, the Company is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred stock (*i.e.*, for every dollar of preferred stock outstanding, the Company is required to have at least two dollars of assets). The 1940 Act also provides that the Company may not declare distributions or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable. Under the 1940 Act, certain short-term borrowings (such as for cash management purposes) are not subject to these limitations if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess of 5% of the total assets of the Company. The Company will initially treat reverse repurchase agreements as derivative transactions for purposes of Rule 18f-4 (as described below).

The Company 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 capital invested in that investment. Furthermore, the Company may use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company or an equity or credit index without exposing the Company 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. In addition, the Company from time to time may enter into total return swaps, which are equity derivatives with inherent recourse leverage.

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The Company generally does not expect to use total return swaps to obtain leverage, but, rather, to manage regulatory, tax, legal or other issues. The Company must comply with Rule 18f-4 under the 1940 Act with respect to its use of derivatives. Rule 18f-4, among other things, requires the Company to adopt and implement a comprehensive written derivatives risk management program and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR.

#### Preferred Shares
The Company's Governing Documents provide that the Board may authorize and issue preferred shares with or without rights as determined by the Board, by action of the Board without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. In addition, the Company generally is not permitted to declare any cash dividend or other distribution on the Company's Common Shares, or purchase any such Common Shares, unless, at the time of such declaration, the Company would have asset coverage (*i.e.*, subject to the asset coverage requirements described above) of at least 200% after deducting the amount of such dividend or other distribution. The 1940 Act grants to the holders of senior securities representing stock issued by the Company certain voting rights. Failure to maintain certain asset coverage requirements under the 1940 Act could entitle the holders of preferred shares to elect a majority of the Board. See "*Description of Capital Structure - Preferred Shares*."

Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. Pursuant to the terms of the Series A Preferred Shares and in accordance with the requirements of the 1940 Act, the Manager, as the holder of the Series A Preferred Shares, will be entitled to elect two Trustees at all times and in accordance with the requirements of the 1940 Act would become entitled to elect a majority of the Trustees in the event that two full years' dividends on the Series A Preferred Shares are unpaid. The issuance of the Series A Preferred Shares to the Manager was approved by the Board, including the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. See "- *Derivative Transactions*" and "*Description of Capital Structure - Preferred Shares*" for more information.

#### Borrowings
The Company is permitted, without prior approval of the Common Shareholders, to borrow money. The Company may issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any such borrowings by mortgaging, pledging or otherwise subjecting the Company's assets as security. In connection with such borrowings, the Company may be required to maintain minimum average balances with the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of borrowing over the stated interest rate. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. The Manager's use of leverage for its core funds has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time.

*Limitations. Borrowings by the Company are subject to certain limitations under the 1940 Act, including the amount of asset coverage required. In addition, agreements related to the borrowings may also impose certain requirements, which may be more stringent than those imposed by the 1940 Act. See "Risk Factors - Leverage Risk."* 

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*Distribution Preference. The rights of lenders to the Company to receive interest on, and repayment of, principal of any such borrowings will be senior to those of the Common Shareholders and the holders of preferred shares, and the terms of any such borrowings may contain provisions that limit certain activities of the Company, including the payment of dividends to Common Shareholders and the holders of preferred shares in certain circumstances.* 

#### Temporary Borrowings
The Company may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of distributions or the settlement of securities transactions which otherwise might require untimely dispositions of Company securities.

#### Derivative Transactions
Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. The Company and the Manager may use various derivative strategies to try to improve the Company's returns by managing risks, such as by using hedging techniques to try to protect the Company's assets. A derivative contract will obligate or entitle the Company to deliver or receive an asset or cash payment based on the change in value of one or more investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives).

Rule 18f-4 under the 1940 Act permits the Company to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits closed-end investment companies, including the Company, from issuing or selling any "senior security" representing indebtedness (unless the company maintains 300% "asset coverage") or any senior security representing stock (unless the company maintains 200% "asset coverage"). Under Rule 18f-4, "Derivatives Transaction" includes (i) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; and (iii) reverse repurchase agreements and similar financing transactions (the Company has elected to treat such transactions as derivatives transactions under the rule). Under Rule 18f-4, the Company will execute derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a VaR limit, certain other testing and derivatives risk management program requirements and requirements related to Board reporting. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

The Company must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Company to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board.

The Manager has registered as a CPO under the Commodity Exchange Act ("CEA") and expects to rely on CFTC Rule 4.12(c)(3) with respect to its operation of the Company. CFTC Rule 4.12(c)(3) allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements on the basis of the Company's compliance with SEC rules and regulations applicable to the Company and the Manager. As a result, the Manager 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 its management of the Company. Certain of the Manager's funds are operated by the Manager pursuant to an exclusion from registration as a CPO with respect to such portfolios under the CEA. Therefore, the Manager is not subject to registration or regulation with respect to such portfolios under the CEA. The CPO of a registered investment company with less than three years of operating history 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. See *Appendix A* - *Supplemental Performance Information of the Affiliated Funds*.

***Futures Contracts and Related Options. The Company may purchase and sell financial futures contracts and related options on financial futures. A futures contract is an agreement to buy or sell a set quantity of an underlying***

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asset at a future date, or to make or receive a cash payment based on the value of a securities index, or some other asset, at a stipulated future date. The terms of futures contracts are standardized. In the case of a financial futures contract based upon a broad index, there is no delivery of the securities comprising the underlying index, margin is uniform, a clearing corporation is the counterparty and the Company makes or receives daily margin payments based on price movements in the index. An option gives the purchaser the right to buy or sell securities or currencies, or in the case of an option on a futures contract, the right to buy or sell a futures contract in exchange for a premium.

***Foreign Currency Forward Contracts. The Company may enter into foreign currency forward contracts to protect the value of its assets against future changes in the level of foreign exchange rates or to enhance returns. A foreign currency forward contract is an obligation to buy or sell a given currency on a future date and at a set price or to make or receive a cash payment based on the value of a given currency at a future date. Delivery of the underlying currency is expected, the terms are individually negotiated, the counterparty is not a clearing corporation or an exchange, and payment on the contract is made upon delivery, rather than daily.***

***Swap Transactions. The Company may enter into swap transactions. Swap agreements are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to credit default swaps, interest rate swaps, total return swaps and index swaps.***

***Swap Options. The Company may enter into swap options. A swap option is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.***

***Options on Securities and Financial Indices. The Company may purchase and sell put and call options on securities, and financial indices traded on U.S. or non-U.S. securities exchanges or in the over-the-counter market. An option gives the purchaser the right to buy or sell securities in exchange for a premium. The Company will only sell options that are secured either by the Company's ownership of the underlying security or by cash or other liquid assets segregated or earmarked within the Company's account at the custodian or in a separate account at the custodian.***

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#### RISK FACTORS
*An investment in the Common Shares carries a number of risks, including the risk that the entire investment may be lost. In addition to all other information set out in this prospectus, the following specific factors should be considered when deciding whether to make an investment in the Common Shares. The Common Shares are only suitable for investors (i) who understand the potential risk of capital loss, (ii) for whom an investment in the Common Shares is part of a diversified investment program, and (iii) who fully understand and are willing to assume the risks involved in such an investment program.* 

*The Company believes that the risks described below are the material risks relating to the Common Shares at the date of this prospectus. Additional risks and uncertainties not currently known to the Company, or that the Company deems to be immaterial at the date of this prospectus, may also have an adverse effect on the performance of the Company and the value of the Common Shares. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence or of their magnitude or significance. Prospective investors should review this prospectus carefully and in its entirety and consult with their professional advisers before investing in the Common Shares. Please also refer to the information set forth under the heading "Risk Factors" in the PS Inc. Prospectus that accompanies this prospectus and is an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to the PS Inc. Common Stock.* 

#### No Investment History
The Company is a non-diversified, closed-end investment company with no investment history. The Company does not have any meaningful historical financial statements or other meaningful operating or financial data on which potential investors may evaluate the Company and its performance. An investment in the Common Shares is therefore subject to all of the risks and uncertainties associated with a new business, including the risk that the Company will not achieve its investment objective and that the value of any potential investment in the Common Shares could decline substantially as a consequence.

#### Non-Diversified Status and Concentration
The Company is a non-diversified company. As defined in the 1940 Act, a non-diversified company may have a significant part of its investments in a smaller number of issuers than can a diversified company. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified company, like the Company, more susceptible to the risk that one single event or occurrence or adverse developments affecting any single issuer can have a significant adverse impact upon the Company and the Company may be more susceptible to greater losses because of these developments.

In executing the Company's investment strategy, the Manager may accumulate significant positions in particular investments and expects that the substantial majority of the Company's capital will be invested in large minority stakes in 12 to 15 companies, although the Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. From time to time, the Company may invest a significant proportion of its capital in one or a limited set of investments. The Company's investment technique of concentrating investment positions increases 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 Company's NAV and, in turn, the value of any investment in the Company. Although it may at times choose to do so, the Manager is under no obligation to hedge the Company's positions to mitigate such risks.

#### Market and Investment Risk
The Common Shares have no history of public trading and there currently is no public trading market for the Common Shares. Following the combined offering, the Common Shares will be listed on the NYSE. The Common Shares will trade separate from the PS Inc. Common Stock, which will also be listed on the NYSE following the PS Inc. IPO as described in the accompanying PS Inc. Prospectus. Please see the risk factor captioned "*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 this offering. Following this offering, our stock price may fluctuate significantly*" in the accompanying PS Inc. Prospectus for additional information. In addition, there can be no assurance that following the combined offering, the combined trading prices of a Common Share and a share of PS Inc. Common Stock will equal or exceed the public offering price of the Common Shares in this offering.

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We cannot predict the extent to which investor interest in the 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 the Common Shares 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 Common Shares at a price that is attractive to you, or at all. As with any stock, the price of the Common Shares will fluctuate with market conditions and other factors, many of which are beyond the Company's control. The Common Shares are designed for long-term investors and the Company should not be treated as a trading vehicle. Shares of closed-end investment companies frequently trade at a discount from net asset value, which creates a risk of loss for investors purchasing shares in this offering. The risk of loss if a discount to NAV were to emerge may be greater for investors expecting to sell their shares in a relatively short period after the completion of the combined offering. In addition, an investor participating in the combined offering must acquire both the Common Shares and the PS Inc. Common Stock. An investor that desires to invest for a period of time in only the Common Shares or the PS Inc. Common Stock (and not both) may seek to sell the security that it does not intend to hold, which would put downward pricing pressure on the security that is sold. This may increase the likelihood of the Common Shares trading at a discount to NAV. These risks are separate and distinct from the risk that the Company's NAV could decrease as a result of its investment activities. At any point in time, an investment in the Common Shares may be worth less than the original amount invested. In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to take corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV.

In addition, an investment in the Common Shares represents an indirect investment in the securities owned by the Company. The value of, or income generated by, the investments held by the Company are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, economic, political, social and financial market conditions including the level of confidence in financial institutions and the financial system generally, natural/environmental disasters, cyberattacks, terrorism, governmental or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, each of which may be temporary or last for extended periods.

Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Company's investments will increase in value along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described above, can expose the Company to greater market risk than normal, possibly resulting in greatly reduced liquidity. The Manager potentially could be prevented from considering, managing and executing investment decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, which could also result in impediments to the normal functioning of workforces, including personnel and systems of the Company's service providers and market intermediaries. Furthermore, during periods in which the Company may use leverage, the Company's investment, market discount and certain other risks will be magnified.

An investment in the Common Shares is subject to risk of the possible loss of the entire amount that you invest.

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#### Closed-End Investment Company; Liquidity Risks
The Company is a non-diversified, closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. Closed-end investment companies differ from open-end investment companies (commonly known as mutual funds) in that investors in a closed-end investment company do not have the right to redeem their shares on a daily basis at a price based on the investment company's net asset value.

#### Equity Securities Risk
Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have generally experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Company may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Company has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common stocks in which the Company may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

Investments in ADRs and other similar global instruments are generally subject to risks associated with equity securities and investments in non-U.S. securities. Unsponsored ADRs (and other similar global programs) are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored programs and the prices of unsponsored programs may be more volatile than if such instruments were sponsored by the issuer.

#### Decision-Making Authority Risk
Investors have no authority to make decisions or to exercise business discretion on behalf of the Company, except as set forth in the Company's Governing Documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the day-to-day management of the Company's investment activities to the Manager, subject to oversight by the Board.

#### Market and Selection Risk
Market risk is the possibility that the market values of securities owned by the Company will decline. There is a risk that equity and/or bond markets will go down in value, including the possibility that such markets will go down sharply and unpredictably.

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Company and its investments. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. Also, the price of common stocks is sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Company has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur.

The prices of fixed-income securities tend to fall as interest rates rise, and such declines tend to be greater among fixed-income securities with longer maturities. Market risk is often greater among certain types of

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fixed-income securities, such as zero coupon bonds that do not make regular interest payments but are instead bought at a discount to their face values and paid in full upon maturity. As interest rates change, these securities often fluctuate more in price than securities that make regular interest payments and therefore subject the Company to greater market risk than a company that does not own these types of securities.

When-issued and delayed delivery transactions are subject to changes in market conditions from the time of the commitment until settlement, which may adversely affect the prices or yields of the securities being purchased. The greater the Company's outstanding commitments for these securities, the greater the Company's exposure to market price fluctuations.

Selection risk is the risk that the securities that the Manager selects will underperform the equity and/or bond market, the market relevant indices or other funds with similar investment objectives and investment strategies. No guarantee or representation is made that the Manager's investment strategy will be successful.

#### Valuation Risk
The Company is subject to valuation risk, which is the risk that one or more of the securities in which the Company invests are valued at prices that the Company is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. Securities for which market quotations are readily available will be valued at the market value thereof. The Manager, which is also the Company's valuation designee designated by the Board pursuant to Rule 2a-5 under the 1940 Act, may use an independent pricing service to value securities at their market value. When market quotations are not readily available or are deemed to be inaccurate or unreliable, the Manager values the Company's investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. Prior to engaging in a fair value process, the Manager may seek to obtain quotations from independent brokers who may trade in such securities or other financial instruments as a basis to substantiate the perceived value of the subject holding. See "*Net Asset Value*."

As a general principle, the "fair value" of a security or other investment is the amount that the Company might reasonably expect to realize upon its sale. There is no single standard for determining fair value. Rather, in determining the fair value of a security or other investment, the Manager will take into account the relevant factors and surrounding circumstance. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Company is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Company's NAV could be adversely affected if the Company's determinations regarding the fair value of the Company's investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Company determines its NAV daily and therefore all assets, including assets valued at fair value, are valued daily. The Company will report its NAV on a weekly and monthly basis as described in more detail under "*Net Asset Value*."

The Company's NAV is a critical component in several operational matters including computation of the Management Fee and other fees. Consequently, variance in the valuation of the Company's investments will impact, positively or negatively, the fees and expenses Common Shareholders will pay.

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#### Reliance on the Manager Risk
The Company is dependent upon services and resources provided by the Manager. The Manager is not required to devote its full time to the business of the Company and there is no guarantee or requirement that any investment professional or other employee of the Manager will allocate a substantial portion of his or her time to the Company. The loss of one or more individuals involved with the Manager could have a material adverse effect on the performance or the continued operation of the Company. For additional information on the Manager, see "*Portfolio Management - The Manager*." In addition, the Board has delegated broad authority to the Manager to manage the business and affairs of the Company. Certain (but not all) of the principal risks associated with the Company's relationship with the Manager are set out below:

***Key Personnel Risk. The Manager is dependent on the services of William A. Ackman and Ryan Israel, the Manager's Chief Investment Officer. If the services of Mr. Ackman and Mr. Israel were to become unavailable for any reason, this occurrence could have a material adverse effect on the Company's results, financial performance and the trading price of the Company's Common Shares. All of the investment decisions of the Company are made by the 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 the other professionals employed by the Manager as well as external advisers and professionals. For a description of the investment team, see "Portfolio Management - Investment Team." The investment team will, among other things, evaluate, negotiate, structure and monitor the Company's investments. The Company's future success will depend on the continued service of Mr. Ackman and Mr. Israel, along with the Manager's ability to retain and motivate its other active key personnel and to strategically recruit, retain and motivate new talent. The departure of Mr. Ackman and Mr. Israel or of a significant number of members of the investment team could have a material adverse effect on the Company's ability to achieve its investment objective. In addition, the Manager may not be successful in its efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive.***

***Failure to Identify Investment Opportunities Risk. The Company's investment strategy depends on the ability of the Manager to successfully identify attractive investment opportunities. Any failure to identify appropriate investment opportunities would increase the amount of the Company's assets invested in cash or cash equivalents and, as a result, may reduce its rates of return. The Company will 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 the Company. There can be no assurance that the Manager will be able to identify and make investments that are consistent with the Company's investment objective or generate attractive returns for the Common Shareholders or that the Company will not be significantly affected by competitive pressures for investment opportunities.***

***Risks Related to Restrictions on Position Size. The Company's portfolio positions may be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code. These concentration and diversification limitations and requirements could limit the ability of the Manager to utilize the Company's capital to accumulate positions of scale sufficient to successfully employ its investment techniques.***

***Manager Due Diligence Risk. When assessing an investment opportunity, the Manager has relied and will continue to rely on resources that may provide limited or incomplete information. In some cases, whether or not known to the Manager at the time, such resources may not be sufficient, accurate, complete or reliable. In particular, the Manager has relied and will continue to rely on publicly available information and data filed with various government regulators. Although the Manager has evaluated and will continue to evaluate information and data as it deemed or deems appropriate, and has sought and will continue to seek independent corroboration when reasonably available, the Manager has not and may choose not to evaluate all publicly available information and data with respect to any investment and has often not been and will often not be in a position to confirm the completeness, genuineness or accuracy of the information and data that it did or will evaluate.***

In addition, when assessing an investment opportunity for the Company, investment analyses and decisions by the Manager may be undertaken on an expedited basis in order to take advantage of what it perceives 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.

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As a result, there can be no assurance that due diligence investigations carried out by the Manager 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 any investment in the Company.

***Misconduct Risk. There is a risk that the Manager's employees could engage in misconduct or other behavior that harms the operations and financial condition of the Company. Employees of the Manager are often required to deal with confidential matters relating to portfolio companies. Additionally, the Manager is subject to a number of obligations and standards arising from its business and authority over the assets it manages, and it is not always possible to detect or deter employee misconduct. The violation of these obligations, or the accusation of any such violation, and standards by any of the Manager's key personnel, employees, joint venture partners, consultants or anyone acting on the Manager's behalf could materially adversely affect the Manager's reputation which could consequently negatively impact the operating performance of the Company and the price of the Common Shares. While the Manager believes it has effective policies and procedures in place designed to deter and detect employee misconduct, the steps it has taken may not be effective in all cases. If any of the Manager's employees were to engage in misconduct or were to be accused of such misconduct, whether or not substantiated, its business and reputation could be adversely affected and a loss of investor confidence could result, which would harm the Company.***

***Limited Liability. The Manager has not assumed any responsibility to the Company other than to render the services described in the Investment Management Agreement, and it will not be responsible for any action of the Board in declining to follow the Manager's advice or recommendations. Pursuant to the Investment Management Agreement, the Manager and certain related persons will not be liable to the Company for their acts under the Investment Management Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company has agreed to indemnify and hold harmless the Manager and certain related persons with respect to all costs, charges, expenses, losses, damages or liabilities arising from or in connection with, or concerning, the conduct of the Company's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Manager under the Investment Management Agreement, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement. These protections may lead the Manager to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.***

***No Prior Registered Investment Companies. The Manager has not previously served as investment adviser to an investment company registered under the 1940 Act. As a result, the Manager will be addressing certain operational and compliance requirements of the 1940 Act for the first time in connection with the commencement of investment operations of the Company. None of the Manager's other funds or HHH are registered under the 1940 Act, unlike the Company, 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 RICs by the Code. If any of the Manager's other funds or HHH had been registered under the 1940 Act and/or operated as RICs 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, the Manager's future performance will depend on its ability to implement the operational and compliance-related requirements of the 1940 Act, while also successfully implementing its investment strategy within the investment and regulatory parameters applicable to registered investment companies under the 1940 Act. Any failure to do so may have a material adverse effect on the performance of the Company.***

#### Conflicts of Interest Risk
The Manager engages in competing activities and acts in multiple capacities, advising the Company, its other funds and HHH, which creates potential conflicts of interest. When allocating investment opportunities conflicts of interest could arise from the fact that incentive allocations or performance fees might be earned by the Manager by allocating such opportunities to its other funds that charge an incentive allocation or performance fee, and not to the Company, which is not subject to an incentive allocation or any other form of performance fee. Conflicts may also arise in connection with pursuing active corporate engagement, where the Manager may acquire fiduciary duties to its various portfolio companies which could potentially conflict with duties owed to the Company. See "*Conflicts of Interest*."

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In addition, although the Manager does not anticipate that the Howard Hughes Transaction will disrupt the operation of its other funds, including the Company, the Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

#### Corporate Engagement Risk
The Manager may pursue active corporate engagement and seek to effectuate corporate, managerial or similar changes with respect to an investment. The costs in time, resources and capital involved in such an investment strategy depend on the circumstances, which are only in part within the Manager's control, and may be significant. Such a strategy requires the accumulation of large positions, which are less liquid than smaller positions and therefore the price at which such positions may be sold when seeking to exit an investment could be adversely affected. In addition, the expenses associated with such an investment strategy, including potential litigation, expenses related to the recruitment and retention of board members, executives and other individuals providing business assistance to the Manager in connection with such an investment strategy (including, for example, consultants and corporate whistleblowers) or other transactional costs, will be borne by the Company. Such expenses may reduce returns or result in losses.

The success of the Manager's active corporate engagement may require, among other things: (i) that the Manager properly identify portfolio companies whose equity prices can be improved through active corporate engagement and/or strategic action; (ii) that the Company, together with the other core funds, acquire sufficiently large positions of such portfolio companies at a sufficiently attractive price; (iii) a positive response by the management of portfolio companies to shareholder engagement; (iv) a positive response by other shareholders to the Manager's proposals; and (v) a positive response by the markets to any actions taken by portfolio companies in response to the Manager's proposals. None of the foregoing can be assured.

The Manager may secure the appointment of persons to a portfolio company's board of directors. In doing so, individual(s) (including members, partners, officers, managers, employees or affiliates of the Manager and their respective affiliates or designees) serving on the board of directors of the portfolio company will acquire fiduciary duties to the company and to the company's shareholders, members, unitholders, partners or other owners of the company in addition to the duties such persons owe the Company. Such fiduciary duties may require such individuals to take actions that are in the best interests of the company or its shareholders, members, unitholders, partners or other owners. Accordingly, situations may arise where persons appointed to portfolio company boards may have a conflict of interest between any duties that they owe to the company and its shareholders, members, unitholders, partners or other owners, on the one hand, and any duties that they owe to the Company on the other hand. Pursuing active corporate engagement in respect of the Company's investments may prove ineffective for a variety of reasons, including: (i) opposition of the management, board of directors and/or shareholders of the subject company, which may result in litigation and may erode, rather than increase, shareholder value; (ii) intervention of one or more governmental agencies; (iii) efforts by the subject company to pursue a "defensive" strategy, including a merger with, or a friendly tender offer by, a company other than the Company or its affiliates; (iv) market conditions resulting in material changes in securities prices; (v) the presence of corporate governance mechanisms, such as staggered boards, poison pills and classes of shares with increased voting rights; and (vi) the necessity for compliance with applicable securities laws. In addition, opponents of proposed corporate governance changes may seek to involve regulatory agencies in investigating the transaction or the Company and such regulatory agencies may independently investigate the participants in a transaction, including the Company, as to compliance with securities or other laws. This risk may be exacerbated to the extent the Manager develops and utilizes novel strategies or techniques with respect to its active corporate engagement. Furthermore, successful execution of active corporate engagement may depend on the active cooperation of shareholders and others with an interest in the subject company. Some shareholders may have interests which diverge significantly from those of the Company and some of those parties may be indifferent to the Manager's proposed changes. Moreover, securities that the Manager believes are fundamentally underpriced or incorrectly priced may not ultimately be valued in the capital markets at prices and/or within the timeframe the Manager anticipates, even if the Manager's proposals are successfully implemented by the portfolio company.

The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates. As a result of these restrictions, the Company may be prohibited from buying or selling any security directly from or to any pooled investment vehicle managed by the Manager or any of its affiliated persons. The 1940 Act also prohibits

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certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same portfolio company (whether at the same or different times),including controlling interests. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. These limitations may limit the scope of investment opportunities that would otherwise be available to the Company.

***Material Non-Public Information Risk. The Company may substantially participate in or influence the conduct of affairs or management of issuers of securities acquired by it. Members, partners, officers, managers, employees or affiliates of the Manager and its affiliates or designees may serve as directors of, or in a similar capacity with, companies in which the Company invests. In the event that material non-public information is obtained with respect to such companies or the Company becomes subject to trading restrictions pursuant to the internal trading policies of such companies or as a result of applicable law or regulations, the Company may be prohibited for a period of time from purchasing or selling the securities of such companies, and as a result be prevented from increasing its exposure (or maintaining its relative ownership stake, in the case that additional securities are issued by such company) to an investment position which appreciates or divesting from or exiting an investment position which decreases in value. Any such restrictions may have a material adverse effect on the Company and the value of any investment in the Company.***

#### Control Investments Risk
The Company may take a controlling stake in certain investments. These investments may involve a number of risks, such as the risk of liability for environmental damage, product defect, failure to supervise management, violation of governmental regulations and other types of liability. In addition, in connection with the disposition of these investments, the Company may make representations and warranties about such investments' business and financial affairs typical of those made in connection with the sale of any business, or may be responsible for the contents of disclosure documents under applicable securities law. The Company may also be required to indemnify the purchasers of such investments or underwriters to the extent that any such representations and warranties or disclosure documents turn out to be incorrect, inaccurate or misleading. All of these risks or arrangements may create contingent or actual liabilities, and materially affect the Company and any investment in the Company.

#### Non-Control Investments Risk
The Company will generally make investments in companies that it does not control. As a result, these investments are subject to the risk that the company in which the investment is made may make business, financial and management decisions contrary to the Manager's expectations or with which the Manager does not agree or that the majority stakeholders or the management of the company may take risks or otherwise act in a manner that does not serve the interests of the Company. If any of the foregoing were to occur with respect to one or more significant investments, the values of such investments by the Company could decrease.

#### Dividend Risk
Dividends the Company receives on common stocks are not fixed but are declared at the discretion of an issuer's board of directors. There is no guarantee that the companies in which the Company invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. Securities that pay dividends may be sensitive to changes in interest rates, and as interest rates rise, or fall, the prices of such securities may fall. A sharp rise in interest rates, or other market downturn, could result in a decision to decrease or eliminate a dividend.

#### Restricted and Illiquid Investments Risk
The Company may invest in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities (as described under "*Investment Objective, Strategy and Policies – Investment Strategy and Policies*"). The Company may not be able to readily dispose of such investments at prices that approximate those at which the Company could sell such investments if they were more widely traded and, as a result of such illiquidity, the Company may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Company's NAV and ability to make dividend distributions. The financial markets have in recent years experienced periods of extreme secondary market

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supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act or that may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. For example, Rule 144A under the Securities Act provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers, such as the Company. However, an insufficient number of qualified institutional buyers interested in purchasing the Rule 144A-eligible securities that the Company holds could affect adversely the marketability of certain Rule 144A securities, and the Company might be unable to dispose of such securities promptly or at reasonable prices. When registration is required to sell a security, the Company may be obligated to pay all or part of the registration expenses and considerable time may pass before the Company is permitted to sell a security under an effective registration statement. If adverse market conditions develop during this period, the Company might obtain a less favorable price than the price that prevailed when the Company decided to sell. The Company may be unable to sell restricted and other illiquid investments at opportune times or prices.

#### Derivatives Risk
The Company may engage in transactions involving derivative instruments, such as options contracts, futures contracts, options on futures contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements. Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. The Company's investments in derivatives may be for hedging, investment or leverage purposes, or to manage interest rates or the duration of the Company's portfolio. A derivative contract will obligate or entitle the Company to deliver or receive an asset or cash payment based on the change in value of one or more investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives). The Company may be limited in its use of derivatives by rules adopted by the SEC governing derivatives transactions such as Rule 18f-4 under the 1940 Act, described below. Although the Company has the flexibility to make use of derivatives, it may choose not to for a variety of reasons, even under very volatile market conditions. Derivative transactions may subject the Company to increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements. The use of derivatives may subject the Company to risks, including, but not limited to:

***Counterparty Risk. The risk that the counterparty in a derivative transaction will be unable to honor its financial obligation to the Company, or the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations. If the Company's counterparty to a derivative transaction experiences a loss of capital, or is perceived to lack adequate capital or access to capital, it may experience margin calls or other regulatory requirements to increase equity. Under such circumstances, the risk that a counterparty will be unable to honor its financial obligations may be substantially increased. The counterparty risk for cleared derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Company.***

***Swaps Risk. A swap is a contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Certain swaps may also be considered illiquid. It may not be possible for the Company to liquidate a swap position at an advantageous time or price, which may result in significant losses. In a credit default swap, the "buyer" is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. Credit default swap transactions involve greater risks than if the Company had invested in the reference obligation directly.***

***Futures Risk. Futures markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally***

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required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses to the trader. Moreover, futures positions are marked to market each day and variation margin payment must be paid to or by a trader. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. If prices fluctuate during a single day's trading beyond those limits, the Company could be prevented from promptly liquidating unfavorable positions and thus be subjected to substantial losses.

***Options Risk. Trading in options involves a number of risks. Specific market movements of the option and the instruments underlying an option cannot be predicted. No assurance can be given that a liquid offset market will exist for any particular option or at any particular time. If no liquid offset market exists, the Company might not be able to effect an offsetting transaction in a particular option. To realize any profit in the case of an option, therefore, the option holder would need to exercise the option and comply with margin requirements for the underlying instrument. A writer could not terminate the obligation until the option expired or the writer was assigned an exercise notice. The purchaser of an option is subject to the risk of losing the entire purchase price of the option. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the instrument underlying the option that the writer must purchase or deliver upon exercise of the option. The writer of a naked option may have to purchase the underlying contract in the market for substantially more than the exercise price of the option in order to satisfy their delivery obligations. This could result in a large net loss.***

***Currency Risk. The risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment.***

***Leverage Risk. The risk associated with certain types of derivative strategies that relatively small market movements may result in large changes in the value of an investment. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.***

***Liquidity Risk. The risk that certain derivative positions may be difficult or impossible to close out at the time that the Company would like or at the price that the Company believes the position is currently worth. This risk is heightened to the extent the Company engages in over-the-counter derivative transactions, which are generally less liquid than exchange-traded instruments.***

***Correlation Risk. The risk that changes in the value of a derivative will not match the changes in the value of the portfolio holdings that are being hedged or of the particular market or security to which the Company seeks exposure. Furthermore, the ability to successfully use derivative instruments depends in part on the ability of the Manager to predict pertinent market movements, which cannot be assured.***

***Index Risk. If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Company could receive lower interest payments or experience a reduction in the value of the derivative to below what the Company paid. Certain indexed derivatives may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.***

***Hedging Risk. When managing exposure to market risks, the Company 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 the Company's exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing interest rates, currency exchange rates and commodity prices and to pursue an asymmetric hedging strategy. The use of derivative financial instruments and other risk management strategies may not be properly designed to hedge, manage or otherwise reduce the risks the Manager has identified. In addition, the Manager may not be able to identify, or may not have fully identified, all applicable material market risks to which the Company is exposed. The Manager 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 the Manager 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. The Manager does not seek to hedge exposure in all currencies or all investments, which means that 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***

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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 exposure against all changes in the value of the Company's investments because the value of investments is likely to fluctuate as a result of a number of factors, some of which will be beyond the Manager's control or ability to hedge. As such, the Company's investment portfolio 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 the Manager's 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 the 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, the Manager 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 the Company from achieving the intended result and give rise to a loss. As a result, while the Company 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 the Company 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 the Company's derivative counterparties or clearinghouses fail to meet their obligations with respect to the posting of cash collateral, efforts to mitigate certain risks may be ineffective. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, that reduce returns.

***Regulatory Risk. Certain categories of derivative contracts, including, without limitation, swaps, futures, certain types of options and non-deliverable currency forwards (collectively referred to as "commodity interests" under CFTC rules), are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") in the U.S. and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Commodity interests traded in the OTC market are subject to variation and initial margin requirements. The Dodd-Frank Act provisions regarding clearing, mandatory trading, reporting and documentation of swaps and other derivatives have impacted and may continue to impact the costs to the Company of trading these instruments and, as a result, may affect returns to investors in the Company. In addition, the CEA and CFTC rules require advisers to registered investment companies to register with and comply with applicable regulations of the CFTC if a fund that is advised by the investment adviser either (i) enters into derivatives subject to CFTC regulation with a value above a specified threshold based on the fund's liquidation value or (ii) markets itself as providing investment exposure to such instruments. The Manager has registered as a CPO under the CEA. However, the Manager expects to rely on CFTC Rule 4.12(c)(3) with respect to its operation of the Company. CFTC Rule 4.12(c)(3) allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements on the basis of the Company's compliance with SEC rules and regulations applicable to the Company and the Manager. As a result, the Manager 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 its management of the Company. The CPO of a registered investment company with less than three years of operating history 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. See "Appendix A - Supplemental Performance Information of the Affiliated Funds." Certain of the Manager's funds are operated by the Manager pursuant to an exclusion from registration as a CPO with respect to such portfolios under the CEA, and therefore, are not subject to registration or regulation with respect to such portfolios under the CEA.***

Rule 18f-4 under the 1940 Act permits the Company to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits closed-end investment companies, including the Company, from issuing or selling any "senior security" representing indebtedness (unless the company maintains 300% "asset coverage") or any senior security representing stock (unless the company maintains 200% "asset coverage"). Under Rule 18f-4, "Derivatives Transaction" includes (i) any swap,

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security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument, under which a company is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; and (iii) reverse repurchase agreements and similar financing transactions (the Company has elected to initially treat all such transactions as derivatives transactions under the rule).

Under Rule 18f-4, the Company will execute derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a VaR limit, certain other testing and derivatives risk management program requirements and requirements related to board reporting. Reverse repurchase agreements will be included in the calculation of whether the Company is a limited derivatives user and reverse repurchase agreements and similar financing transactions will be included for purposes of VaR testing. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

#### Convertible Securities Risk
Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus may not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer's capital structure and consequently entail less risk than the issuer's common stock.

The Company may invest in synthetic convertible securities, which are created through a combination of separate securities that possess the two principal characteristics of a traditional convertible security. A holder of a synthetic convertible security faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument. Synthetic convertible securities are also subject to the risks associated with derivatives.

#### Warrants and Rights Risk
If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Company loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Company's interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Company may not always realize full value on the sale of rights.

#### Debt Securities Risk
The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Company's fixed income securities to decrease, an adverse impact on the liquidity of the Company's fixed income securities, and increased volatility of the fixed income markets. During periods of falling interest rates, the income received by the Company may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

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#### Corporate Debt Risk
Corporate debt instruments pay fixed, variable or floating rates of interest. Some debt securities, such as zero coupon bonds, do not make regular interest payments but are issued at a discount to their principal or maturity value. The value of fixed-income securities in which the Company may invest will change in response to fluctuations in interest rates. In addition, the value of certain fixed-income securities can fluctuate in response to perceptions of creditworthiness, political stability or soundness of economic policies. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Fixed income securities generally are not traded on exchanges. The off-exchange market may be illiquid and there may be times when no counterparty is willing to purchase or sell certain securities. The nature of the market may make valuations difficult or unreliable.

#### Distressed Securities Risk
An investment in the securities of financially distressed issuers can involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment. The Company may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Company may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Manager's judgment about the credit quality of the issuer and the relative value and liquidity of its securities may prove to be wrong.

#### New Issues Risk
The Company may invest in IPOs of U.S. equity securities and there is no assurance that the Company will have access to profitable IPOs. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, some companies in IPOs are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of achieving them. Further, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. When an IPO is brought to the market, availability may be limited and the Company may not be able to buy any shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The limited number of shares available for trading in some IPOs may make it more difficult for the Company to buy or sell significant amounts of shares.

#### Small-Cap and Mid-Cap Company Risk
Investing in the securities of companies with small or medium-sized market capitalizations ("small-cap" and "mid-cap" companies, respectively) presents some particular investment risks. Small-cap and mid-cap companies may have limited product lines and markets, as well as shorter operating histories, less experienced management and more limited financial resources than larger companies, and may be more vulnerable to adverse general market or economic developments. Stocks of these companies may be less liquid than those of larger companies, and may experience greater price fluctuations than larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result in reduced demand.

#### Issuer-Specific Risk
An individual security may be more volatile, and may perform differently, than the market as a whole. The value of an issuer's securities may deteriorate because of a variety of factors, including disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer, or changes in government regulations affecting the issuer or the competitive environment. Certain unanticipated events, such as natural disasters, may have a significant adverse effect on the value of an issuer's securities.

#### Credit Risk
Credit risk is the risk that issuers, guarantors, or insurers may fail, or become less able or unwilling, to pay interest and/or principal when due. Changes in the actual or perceived creditworthiness of an issuer, factors affecting an issuer directly (such as management changes, labor relations, collapse of key suppliers or customers, or material

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changes in overhead), factors affecting the industry in which a particular issuer operates (such as competition or technological advances) and changes in general social, economic or political conditions can increase the risk of default by an issuer, which may affect a security's credit quality or value. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. In addition, lower credit quality may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality and do not protect against a decline in the value of a security. A downgrade or default affecting any of the Company's securities, or the issuers of the securities, in which the Company invests could affect the Company's performance. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. The credit quality of a security or instrument can deteriorate suddenly and rapidly, which may negatively impact its liquidity and value. The securities in which the Company invests may be subject to credit enhancement (for example, guarantees, letters of credit, or bond insurance). Entities providing credit or liquidity support also may be affected by credit risk. Credit enhancement is designed to help assure timely payment of the security; it does not protect the Company against losses caused by declines in a security's value due to changes in market conditions.

#### Non-U.S. Securities Risk
The Company may invest in non-U.S. securities. Such investments involve certain risks not involved in domestic investments. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States and, therefore, the prices of non-U.S. securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest or dividends to investors located outside the country. In addition, the Company will be subject to risks associated with adverse political and economic developments in foreign countries, which could cause the Company to lose money on its investments in non-U.S. securities. The Company will be subject to additional risks if it invests in non-U.S. securities, which include seizure or nationalization of foreign deposits. Non-U.S. securities may trade on days when the Common Shares are not priced or traded.

Rules adopted under the 1940 Act permit the Company to maintain its non-U.S. securities and foreign currency in the custody of certain eligible non-U.S. banks and securities depositories, and the Company expects that it will generally hold its non-U.S. securities and foreign currency in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Company's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Company to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Company can earn on its investments and typically results in a higher operating expense ratio for the Company than for investment companies invested only in the United States.

Certain banks in foreign countries may not be eligible sub-custodians for the Company, in which event the Company may be precluded from purchasing securities in certain foreign countries in which it otherwise would invest or the Company may incur additional costs and delays in providing transportation and custody services for such securities outside of such countries. The Company may encounter difficulties in effecting portfolio transactions on a timely basis with respect to any securities of issuers held outside their countries.

The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions of one government against

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another government, such as seizure of assets. Any of these actions could severely impair the Company's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the Company's assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Company's operations, causing the Company's assets and the Common Shares to decline in value.

Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Company's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Company's investments.

In general, less information is publicly available with respect to foreign issuers than is available with respect to U.S. companies. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for the Manager to completely and accurately determine a company's financial condition.

Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on material non-public information about that company. In addition, some countries may have legal systems that may make it difficult for the Company to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its non-U.S. securities.

Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments. Communications between the United States and foreign countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Company to carry out transactions. If the Company cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Company cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Company could be liable for any losses incurred.

While the volume of transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of the NYSE. Accordingly, the Company's non-U.S. securities may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies.

#### Leverage Risk
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction , subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate investment grade bonds and anticipates that over time it will maintain approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to create a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for the core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for the core funds. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time. The use of leverage creates an opportunity for increased returns on the Company's investment portfolio, but also creates risks for the Common Shareholders,

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including the likelihood of greater volatility of NAV and the market price of the Common Shares than a comparable portfolio without leverage. The use of leverage is also accompanied by interest expense and other costs of borrowing. If the benefits to NAV of the use of leverage do not exceed such expenses or costs, it will have a negative effect on total return.

The Company may also be subject to certain restrictions on investments imposed by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The terms of any borrowings or these rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Manager does not believe that these covenants or guidelines will impede it from managing the Company's portfolio in accordance with the Company's investment objective and policies.

The Company cannot assure you that the use of leverage, if employed, will result in a higher return on the Common Shares. Any leveraging strategy the Company employs may not be successful.

In addition to the foregoing, the use of leverage treated as indebtedness of the Company for U.S. federal income tax purposes may reduce the amount of Company dividends that are otherwise eligible for the dividends received deduction in the hands of corporate shareholders.

The Company may invest in the securities of other investment companies. Such investment companies may also be leveraged, and will therefore be subject to the leverage risks described above and potentially other risks depending on the types of leverage employed by such investment companies. This additional leverage may in certain market conditions reduce the Company's NAV and the returns to Common Shareholders.

#### Event Risk
Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company's securities may decline significantly.

#### Defensive Investing Risk
For defensive purposes, including in response to adverse market, economic, political or other conditions, the Company may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Company may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Company holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash.

#### When-Issued, Forward Commitment and Delayed Delivery Transactions Risk
The Company may purchase securities on a when-issued basis (including on a forward commitment or "TBA" (to be announced) basis) and may purchase or sell securities for delayed delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Company with payment and delivery taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may expose the Company to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery. The Company will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself.

#### Securities Lending Risk
The Company may lend its portfolio securities (in which case the Company will receive all revenues from such securities lending). By doing so, the Company attempts to increase its income through the receipt of interest on the loan, in addition to the underlying dividends and other income from the securities. In the event of the bankruptcy of the borrower of the securities, the Company could experience delays in recovering the loaned securities or the revenues from securities lending. To the extent that the value of the securities the Company lent has increased, the Company could experience a loss if such securities are not recovered.

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#### Dilution Risk
The voting power of current Common Shareholders will be diluted to the extent that current Common Shareholders do not purchase Common Shares in any future offerings of Common Shares or do not purchase sufficient Common Shares to maintain their percentage interest. If the Company is unable to invest the proceeds of such offering as intended, the Company's NAV may decrease, and the Company may not participate in market advances to the same extent as if such proceeds were fully invested as planned. If the Company sells Common Shares at a price below NAV pursuant to the consent of Common Shareholders, shareholders will experience a dilution of the aggregate NAV because the sale price will be less than the Company's then-current NAV.

#### Market Disruption and Geopolitical Risk and Recent Market Conditions
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 regulations (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, U.S. federal government shutdowns, 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 Company's operating results, financial condition, the value of the Company's investments and return on the Common Shares. For example, geopolitical instability has in recent years become more prevalent. The ongoing conflicts in the Middle East and Eastern Europe, and the global responses thereto, have contributed, and may continue to contribute, to volatility in the global financial markets, which may adversely impact the value of the Company's investments and return on the Common Shares.

Other market, economic and geopolitical factors that may adversely affect the performance of the Company's investments include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• economic slowdown or recession in the United States and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal government shutdowns;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates and/or a lack of availability of credit in the United States and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;• higher prices for commodities and other goods; and

&nbsp;&nbsp;&nbsp;&nbsp;• changes in law and/or regulation, and uncertainty regarding government and regulatory policy.

Despite overall resilience in some geographies, many 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 the Middle East and Eastern Europe, and any global responses thereto, as discussed above may contribute to poor financial results at the issuers in which the Company invests, which may result in lower returns on the Common Shares. For example, periods of economic weakness have contributed and may in the future contribute to decreased consumer demand for certain goods and services, which could have an adverse effect on certain of the Company's investments. The performance of the issuers in which the Company invests 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, the Company may exit positions at values that are less than projected or even at a loss, thereby significantly affecting investment performance.

#### Legal, Tax and Regulatory Risks
Legal, tax and regulatory changes could occur that may have material adverse effects on the Company. The financial services industry generally, and the activities of investment companies and their managers, in particular, have been subject to intense and increasing regulatory oversight. Such scrutiny may increase the Company's exposure to potential liabilities and to legal, compliance and other related costs. Increased regulatory oversight may impose administrative burdens on us, including, without limitation, responding to investigations and implementing new policies and procedures. Such burdens may divert time, attention and resources from portfolio management activities.

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Changes enacted by the current or a subsequent presidential administration could significantly impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade barriers, tariffs and trade policy, foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. Other potential changes that could be pursued a presidential administration could include an increase in the corporate income tax rate and changes to regulatory enforcement priorities. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Company may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Company and its ability to achieve its investment objective.

In addition, the SEC and its staff are engaged in various initiatives and reviews that seek to improve and modernize the regulatory structure governing investment companies. Any new rules, guidance or regulatory initiatives resulting from these efforts could increase the Company's expenses and impact its returns to Common Shareholders or, in the extreme case, impact or limit the Company's use of various portfolio management strategies or techniques and adversely impact the Company.

To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Company must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain.

If for any taxable year the Company does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes).

Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or a presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Company cannot predict the impact, if any, of these changes to the Company's business, they could adversely affect the Company's business, financial condition, operating results and cash flows. Until the Company knows what policy changes are made and how those changes impact the Company's business and the business of the Company's competitors over the long term, the Company will not know if, overall, the Company will benefit from them or be negatively affected by them.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment.

#### Subsidiary Risk
The Company may seek to gain exposure to futures and swaps primarily through investments in the Cayman Subsidiary. By investing in the Cayman Subsidiary, the Company is indirectly exposed to the risks associated with the Cayman Subsidiary's investments. The investments held by the Cayman Subsidiary are subject to the same risks that apply to similar investments if held directly by the Company. The Cayman Subsidiary is not a registered investment company under the 1940 Act. However, the Company wholly owns and controls the Cayman Subsidiary, making it unlikely that it will take action contrary to the interests of the Company and the Common Shareholders. The Board has oversight responsibility for the investment activities of the Company, including its investment in the Cayman Subsidiary, and its role as sole shareholder of the Cayman Subsidiary. The Company and the Cayman Subsidiary will be subject to the same investment restrictions and limitations on a consolidated basis and will follow the same compliance policies and procedures as the Company. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Cayman Subsidiary to operate as described herein and could

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adversely affect the Company. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Cayman Subsidiary. If Cayman Islands law changes such that the Cayman Subsidiary must pay Cayman Islands taxes, the Common Shareholders could suffer decreased investment returns.

#### Execution Risk
The Company's investment and trading strategies depend on its ability to establish and maintain an overall market position in a combination of financial instruments selected by the Manager. The Company's trading orders may not be executed in a timely and efficient manner due to various circumstances, including, for example, trading volume surges or systems failures attributable to the Company, the Manager, the Company's counterparties, brokers, dealers, agents or other service providers. In such event, the Company 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, the Company might not be able to make such adjustment. As a result, the Company would not be able to achieve the market position selected by the Manager, which may result in a loss. In addition, the Company will 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 the Company. Losses resulting from delays in trade execution and settlement could have a material adverse effect on the performance of the Company.

#### Reliance on Third-Party Service Providers Risk
The Company and the Manager are reliant on third-party service providers for certain investment services and technology platforms that facilitate the Company's and the Manager's operations, including, but not limited to, prime brokerage and cloud-based services. The Company and the Manager generally have less control over the delivery of such third-party services, and as a result, may face disruptions to their ability to operate as a result of interruptions of such services. For example, a prolonged global failure of cloud services could result in cascading systems failures.

The Company and the Manager depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. The Company is subject to risks of errors and mistakes made by these third parties, which may be attributed to the Company and subject the Company 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. The Company may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.

The Company is 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 the Company. Moreover, if a counterparty defaults, the Company and the Manager may be unable to take action to cover the Company's exposure, either because the Company lacks contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, when defaults are most likely to occur. In addition, the Company and the Manager may not accurately anticipate the effects of market stress or counterparty financial condition, and as a result, the Company and the Manager may not have taken sufficient action to reduce the Company's 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 the Company and the Common Shareholders to significant losses.

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

#### Cybersecurity Risk
The Company's operations are highly dependent on technology platforms and other information technology systems (in particular 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

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systems and the data held by such systems. Attacks on such systems could involve attempts intended to obtain unauthorized access to the Company's proprietary information, destroy data, disable, degrade or sabotage such 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 of the Manager, consultants, independent contractors or other service providers.

There has been an increase in the frequency and sophistication of cyber and data security threats, with attacks ranging from those that are common to many businesses to those that are more advanced and persistent, which may target the Company or the Manager because it holds a significant amount of confidential and sensitive information about investors and investments. As a result, the Company may face a heightened risk of a security breach, ransomware attack or other disruption with respect to this information. Measures taken to ensure the integrity of 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 the Company, the Manager and 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 the Middle East and Eastern Europe, may create a heightened risk of cyberattacks or other data security breaches.

In addition, the Company could also suffer losses in connection with updates to, or the failure of its service providers to timely update, technology platforms. The Company and the Manager rely on third-party service providers for certain aspects of their operations, as well as for certain technology platforms, including cloud-based services. See "—*Reliance on Service Providers Risk*." These third-party service providers also face ongoing cybersecurity threats and the risk of compromises to 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 the Company's security or in the security of its third-party service providers, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the information that is processed and stored in, and transmitted through, such computer systems, or otherwise cause interruptions or malfunctions in businesses and operations. If the Manager's systems or those of third-party service providers (or its 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 the Company or the Manager fails to provide the appropriate regulatory or other notifications in a timely manner, the Company could suffer financial loss, increased costs, a disruption of its operations, liability to its counterparties or investors, regulatory actions (and resulting fines or other penalties), negative publicity or reputational damage. The costs related to cybersecurity or other data security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, any such breach may cause investors to lose confidence in the effectiveness of the Company's and the Manager's security measures and in the Company more generally.

#### Climate Change Risk
The Company faces 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 the Company and materially increase compliance costs and regulatory scrutiny.

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 issuers in which the Company invests and, therefore, the return on the Common

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Shares. 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 the Company's 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.

#### Risks Related to Environmental, Social and Governance Matters
The Company and the Manager may be subject to competing demands from different investors and other stakeholder groups with divergent views on environmental, social and governance ("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 maximizing returns for investors. This divergence in views increases the risk that any action by the Company or the Manager, or lack thereof, with respect to ESG matters will be perceived negatively by at least some stakeholders.

#### Securities Act Liability
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 PS Inc. 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 PS Inc. in a successful claim, given that investors in the combined offering will pay no additional or separate consideration for shares of PS Inc. Common Stock.

#### Large Investor Risk
Ownership of Common Shares may be concentrated among certain institutional investors who purchase Common Shares in this offering. The purchase of Common Shares by one or more institutional investors or by the management investors could, depending on the size of such ownership, result in such investors being a position to exercise significant influence on matters put to a vote of shareholders. Dispositions of shares by large investors could adversely impact the market price and premium or discount to NAV at which the Common Shares trade. In certain circumstances, dispositions of Common Shares by large investors could potentially limit the Company's use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any).

The Manager will have an aggregate investment in the Company of $150 million upon the completion of the Pershing Square Investment. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty-five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions. In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty-five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager in the Pershing Square Investment and any other equity securities of the Company purchased on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The Company will bear the cost of registering these securities. The registration and availability of such a significant number of Common Shares for trading in the public market may have an adverse effect on the market price of the Common Shares.

#### Forum Selection Clause Risk
The Declaration of Trust includes an exclusive forum provision which states that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative suit, action or proceeding brought on behalf of the Company, (ii) any suit, action or proceeding asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the

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Company to the Company or the shareholders, (iii) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company arising pursuant to any provision of the DSTA, the Declaration of Trust or the Bylaws, or federal law, or (iv) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such suit, action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. These exclusive forum provisions may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find convenient or favorable. Further, the enforceability of an exclusive forum provision is questionable. These exclusive forum provisions do not apply to any claims, suits, actions or proceedings asserted under the U.S. federal securities laws.

Any person or entity purchasing or otherwise acquiring any interest in any shares of the Company's capital stock shall be deemed to have notice of and to have consented to the exclusive forum provision in the Declaration of Trust. This exclusive forum provision may limit a shareholder's ability to bring a claim in a different judicial forum, including one that it may find favorable or convenient for a specified class of disputes with the Company or the Company's trustees, officers or other shareholders, which may discourage such lawsuits. Alternatively, if a court were to find this provision in the Declaration of Trust 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.

#### Anti-Takeover Provisions Risk
The Company's Governing Documents include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of the Board and could have the effect of depriving Common Shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Company. See "*Anti-Takeover and Other Provisions in the Company's Governing Documents*."

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#### MANAGEMENT OF THE COMPANY

#### Board of Trustees
Pursuant to the Company's Declaration of Trust and Bylaws, the Company's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Company's management and operations. The Manager, under the general supervision of the Board, acts as the Company's investment manager. The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

The following is a list of the names, business addresses, ages, present positions with the Company and length of time served with the Company, principal occupations during the past five years and other directorships held by each Trustee during the past five years.

#### Trustees
Information regarding the Board is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and** <br>**Age of Trustee** | **Position(s) Held** <br>**with the** <br>**Company** | **Term of** <br>**Office<sup>(2)</sup> and** <br>**Length of** <br>**Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **Number of** <br>**Portfolio** <br>**Companies in** <br>**Fund Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other** <br>**Directorships Held** <br>**by the Trustee** <br>**During Past** <br>**Five Years**  |
| **Independent Trustees:**<br>|  |  |  |  |  |
| **Barry Barbash, Age 72** | Trustee and Chairman of the Board | Since 2024 | Current: Investment Management Consultant (2023 - Present); Adjunct Professor (2004 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Senior Counsel, Willkie Farr and Gallagher LLP (2019 - 2023); Partner, Willkie Farr and Gallagher LLP (1987 - 1993 and 2006 - 2019) | N/A | None.  |
| **Evan Bakst, Age 59** | Trustee | Since 2024 | Current: Managing Partner, Treetop Capital (2013 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Director, Alphatec Holdings, Inc. (2018 - 2025); Director, Sonacare Medicare, LLC (n/k/a Sonablate Corp.) (2014 - 2021) | N/A | None.  |
| **Anne Farlow, Age 60** | Trustee | Since 2024 | Current: Caledonia Investments plc (2022 - Present); Member of Development Committee, Sidney Sussex College, Cambridge (2023 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Chairman, Pershing Square Holdings, Ltd. (2014 - 2024) | N/A | Current: Caledonia Investments plc (2022 - Present)  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and** <br>**Age of Trustee** | **Position(s) Held** <br>**with the** <br>**Company** | **Term of** <br>**Office<sup>(2)</sup> and** <br>**Length of** <br>**Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **Number of** <br>**Portfolio** <br>**Companies in** <br>**Fund Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other** <br>**Directorships Held** <br>**by the Trustee** <br>**During Past** <br>**Five Years**  |
| **Bruce Herring, Age 60** | Trustee | Since 2024 | Current: Board Member, Anchor Health (2019 - Present); Member, Board of Trustees, Babson College (2006 - Present); Member, Board of Trustees, Olin College (2020 - Present); Massachusetts Commission on Judicial Conduct (Member, 2021 - Present; Chair, 2025 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Board Member, Financial Accounting Foundation (2020 – 2024); Board Member, RAW Art Works (2009 - 2025) | N/A | None.  |
| **Lisa Polsky, Age 69** | Trustee | Since 2024 | Current: Trustee for AQR Funds (2025 – Present); Director, HSBC Bank USA, N.A. (2023 - Present); Director, MFA Financial, Inc. (2019 - Present); Director, Vertex Holdco, Inc. (2021 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Member, Advisory Council, ConsenSys Software, Inc. (2020 - 2022); Trustee, Guardian Life's Variable Products Trust (2016 - 2022); Director, Deutsche Bank AG (2016 - 2021) | N/A | Current: Director, MFA Financial, Inc. (2019 - Present)  |
| **Interested Trustee:**<br>|  |  |  |  |  |
| **Nicholas A. Botta, Age 52** | Trustee | Since 2024 | Former: Vice Chairman, PSCM (2024 – 2025); President, PSCM (2017 - 2024); Director, Pershing Square Holdco GP, LLC (2024 – 2025); Director, Pershing Square International, Ltd. (2014 – 2025); Director, Pershing Square Holdings, Ltd. (2012 – 2024); | N/A | None. |

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(1)<br> The business address of each trustee is c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

(2)<br> The Trustees shall be elected at an annual meeting or special meeting in lieu thereof called by the Board for that purpose and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified.

(3)<br> The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies.

The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this prospectus, that each Trustee should serve as a Trustee of the Company.

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References to the qualifications, attributes and skills of Trustees do not constitute the holding out of any Trustee as being an expert under Section 7 of the Securities Act or the rules and regulations of the SEC and shall not impose any greater responsibility or liability on any such person or the Board by reason thereof.

#### Independent Trustees
***Barry Barbash. Mr. Barbash retired from the full-time practice of law in July of 2023. He was, until his retirement, an active practitioner in the asset management area for more than 40 years. He is the former Director of the SEC's Division of Investment Management, a position he held from 1993 to 1998. In his capacity as Director of the Division of Investment Management, Mr. Barbash had principal oversight responsibility for the U.S. mutual fund and closed-end investment company industry, U.S. and non-U.S. investment managers and U.S. based or sponsored private funds, including hedge funds. From 2006 to 2023, Mr. Barbash was a Partner, and then Senior Counsel, in the Asset Management Group of the law firm of Willkie Farr and Gallagher LLP. His practice included advising financial services company clients on a wide range of transactions and regulatory matters. Mr. Barbash was an associate and then a Partner at Willkie Farr and Gallagher LLP prior to his role as Director of the SEC's Division of Investment Management. He was a Partner with the law firm of Shearman & Sterling LLP, now known as A&O Shearman, from 1998 to 2006. Since his retirement from Willkie Farr and Gallagher LLP, Mr. Barbash has served as an investment management consultant and has taught as an adjunct professor of law at two Washington DC-based law schools.***

Mr. Barbash earned an A.B., *summa cum laude* from Bowdoin College and a J.D. from Cornell Law School.

***Evan Bakst. Mr. Bakst has more than 30 years of private equity and public market investing experience. He is the Founder and Managing Partner of Treetop Capital, a fundamental, value-oriented investment firm focused primarily on private and public small to midcap healthcare companies. Before launching Treetop, Mr. Bakst spent seven years (2005-2012) at Tremblant Capital, a long/short equity hedge fund, where he led the global healthcare group and was a member of the Executive, Operating, Investment and Risk Committees. Prior to joining Tremblant, Mr. Bakst was a Principal at JPMorgan Partners, LLC (2000-2005), where he shared the day-to-day responsibility for managing the healthcare buyout practice. Previously, Mr. Bakst was a Managing Director at The Beacon Group and a Consultant at Bain and Company. Mr. Bakst is currently an observer on the Board of Sonablate Corp. and was formerly on the Boards of Accordant Health Services, Alphatec Holdings, Inc., Cadent Holdings, Inc., FundsXpress Inc., Iasis Healthcare, MedQuest Associates, National Surgical Care, Quality Tubing Inc. and ValueOptions.***

Mr. Bakst earned a B.A. in Economics from the University of California, Berkeley, and an M.B.A. from the Harvard Business School.

***Anne Farlow. Ms. Farlow has significant experience with closed end investment companies, initially as a private equity investment professional and latterly as a non-executive board director. She served as the Chairman of the Board and independent director of Pershing Square Holdings, Ltd., a FTSE100 investment company managed by the Manager from its listing on the London stock exchange in 2014, until May 2024. She is a non-executive director of Caledonia Investments plc, an investment trust listed on the London Stock Exchange, and is on the Development Committee of Sidney Sussex College, Cambridge. Since 2005, she has been an active investor in and non-executive director of various unlisted companies. From 2000 to 2005, she was a director of Providence Equity Partners in London, and was one of the partners responsible for investing a $2.8 billion fund in telecom and media companies in Europe. From 1992 to 2000, she was a director of Electra Partners, and was based in London from 1992 to 1996 and Hong Kong from 1996 to 2000. Prior to working in private equity, Ms. Farlow worked as a banker for Morgan Stanley, and as a management consultant for Bain and Company.***

Ms. Farlow graduated from Cambridge University with a MA in engineering in 1986 and a MEng in chemical engineering in 1987. She obtained an MBA from Harvard Business School in 1991.

***Bruce Herring. Mr. Herring was a member of the Financial Accounting Foundation (FAF) Board of Trustees from 2020 to 2024. Mr. Herring retired in 2018 as President of Strategic Advisers, a Fidelity Investments Company with approximately $340 billion in assets under management, capping a career at Fidelity that spanned more than three decades. As President of Strategic Advisers, he oversaw a team of 300 professionals focused on retail and workplace managed account solutions, wealth planning and personal trust offerings and guidance and planning methodologies. Previously, Mr. Herring served as Chief Investment Officer for the Global Asset Allocation division that managed Fidelity's multi-asset class fund and managed account offerings. In his prior role, he was Group Chief Investment Officer of Fidelity's Equity division where he managed international and domestic funds and portfolio***

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management teams. He also oversaw investment offices in London and Hong Kong. Earlier in his career, he was a portfolio manager running sector based, regional non-U.S., and U.S. equity portfolios for fifteen years. He also directed research in Tokyo and the U.S.

Mr. Herring has served since 2006 as a Trustee for his alma mater, Babson College. He has chaired the Affordability Task Force, the Investment Committee (over 10 years), and the Presidential Search Committee. He is a member of the Executive Committee and for 6 years was Vice Chair of the Babson College Board. He has served as a member of the Massachusetts Commission on Judicial Conduct since 2021 and as its Chair since 2025. He also is a member of the Olin College board of trustees and chairs their Investment Committee. From 2009 to 2025, he served as the Board Chair for RAW Art Works, a nonprofit that supports underserved youth on Boston's north shore. Mr. Herring has also served as a member of the Board of Anchor Health and Fitness since 2019.

Mr. Herring graduated from Babson College with a B.S. in Finance and Investment in 1987. He is also a CFA charterholder.

***Lisa Polsky. Ms. Polsky has served on corporate boards since joining Piper Jaffray's board in 2007, where she chaired the Compensation and Audit Committees. She served on the Board of thinkorswim, an on-line broker, which was sold to TD Ameritrade. She is a Qualified Financial Expert who has chaired Audit Committees for Piper and Guardian Variable Products Trust, and currently chairs the Audit Committee for MFA Financial. Ms. Polsky chaired the Risk Committee for Deutsche Bank U.S. and served on the board of Verifone. Ms. Polsky is currently a member of HSBC's North America and U.S. Bank Boards, and MFA Financial's board where she chaired the Nominating & Governance Committee and currently chairs the Audit Committee. Over her career, Ms. Polsky has been on the Board of the Philadelphia Stock Exchange, chaired the Security Industry Association's Risk Committee, as well as serving on the Boards of the Global Assn. of Risk Professionals (GARP), International Assn. of Financial Engineers (IAFE) and the International Swaps and Derivatives Assn (ISDA). In addition to her Board work, Ms. Polsky has been a Senior Advisor to AQR Capital, and served on the Advisory Boards of ConsenSys, a global blockchain and etherium software web 3 company, and Ultra Capital, a sustainable infrastructure fund. Ms. Polsky has also served as a Trustee for AQR Capital mutual funds since November 2025.***

Ms. Polsky spent the first half of her career building and running businesses. She launched Citibank's FX Option business in 1982, expanding it to cover fixed income, precious metals and equity derivatives. At Bankers Trust, Ms. Polsky ran and helped build the hedge fund business, and launched structured products on funds. She joined Morgan Stanley in 1996, becoming the firm's Chief Risk Officer. She helped expand the risk management function across risk types as well as from banking into asset management. In asset management, Ms. Polsky worked to launch a hedge fund platform with Morgan Stanley alumni. She was also a member of Jane Street Capital, a high-frequency trading firm and market-maker in ETFs, focusing on their risk management framework. Ms. Polsky served as the Chief Risk Officer at CIT from 2010-2015, working closely with the Federal Reserve and other regulators, resolving issues under a Written Agreement and building out the governance and risk frameworks necessary to comply with Enhanced Prudential Standards.

She is in the Risk Management Hall of Fame, the Derivative Strategy Hall of Fame and is a Women's Bond Club Merit Award winner. She is a founding member of Women on Wall Street and an angel investor in 100 Women in Hedge Funds. Ms. Polsky received a B.S. degree in International Business & Economics from New York University in 1979.

#### Interested Trustee
***Nicholas A. Botta. Mr. Botta served as the Manager's Vice-Chairman from 2024 to 2025, as a Director of Pershing Square Holdings, Ltd. from 2012 to 2024 and as a director of Pershing Square International, Ltd. from 2014 to 2025. Until March 2017, when Mr. Botta became President of the Manager, he was the Manager's Chief Financial Officer. Mr. Botta also worked as controller and then as Chief Financial Officer of Gotham Partners from 2000 to 2003. From 1997 to 2000, Mr. Botta was a senior auditor at Deloitte & Touche in its securities group. He was also a senior accountant from 1995 to 1997 for Richard A. Eisner & Co., LLP.***

Mr. Botta received his Bachelor of Accounting from Bernard Baruch College in 1996. Mr. Botta is a certified public accountant.

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#### Executive Officers Who Are Not Trustees
Information regarding the Company's executive officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age of** <br>**Officer** | **Position(s) Held with the** <br>**Company** | **Term of Office<sup>(2)</sup>** <br>**and Length of** <br>**Time Served** | **Principal Occupation(s)**<br>**During Past Five Years**  |
| **William A. Ackman, Age 59** | Chief Executive Officer | Since 2024 | **Current: Chief Executive Officer, Pershing Square Capital Management, L.P. (2003 - Present); Chairman, Pershing Square Holdco GP, LLC(3) (2024 - Present); CEO and Chairman, Pershing Square SPARC Holdings, Ltd. (2021 - Present); Executive Chairman, Howard Hughes Holdings Inc. (2025 - present); Managing Member of the General Partner, Table Management, L.P., a family office (2011 - Present); Trustee, Pershing Square Foundation (2012 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Director, Universal Music Group, N.V. (2022 - 2025); Chairman, Howard Hughes Holdings Inc. (formerly Howard Hughes Corporation) (2010 - 2024); Chief Executive Officer and Chairman, Pershing Square Tontine Holdings, Ltd. (2020 - 2022)**  |
| **Ryan Israel, Age 40** | Chief Investment Officer | Since 2024 | **Current: Chief Investment Officer, Pershing Square Capital Management, L.P. (2022 - Present); Director, Pershing Square Holdco GP, LLC(3) (2024 - Present); Chief Investment Officer and Director, Howard Hughes Holdings Inc. (2025 - present)**  |
| **Ben Hakim, Age 50** | President | Since 2024 | **Current: President, Pershing Square Capital Management, L.P. (2024 - Present); Director, Pershing Square Holdco GP, LLC(3) (2025 - Present); Director, Howard Hughes Holdings Inc. (2024 - Present); President, Pershing Square SPARC Holdings, Ltd. (2021 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: President, Pershing Square Tontine Holdings, Ltd. (2020 - 2022); Chief Financial Officer, Pershing Square Tontine Holdings, Ltd. (2020 - 2020)**  |
| **Michael Gonnella, Age 45** | Chief Financial Officer | Since 2024 | **Current: Chief Financial Officer, Pershing Square Capital Management, L.P. (2017 - Present); Chief Financial Officer, Pershing Square SPARC Holdings, Ltd. (2021 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Chief Financial Officer, Pershing Square Tontine Holdings, Ltd. (2020 - 2022)**  |
| **Halit Coussin, Age 54** | Chief Compliance Officer | Since 2024 | **Current: Chief Legal Officer and Chief Compliance Officer, Pershing Square Capital Management, L.P. (2015 - Present); Director, Pershing Square Holdco GP, LLC(3) (2024 - Present); Director, Pershing Square Holdings, Ltd. (2024 - Present)**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age of** <br>**Officer** | **Position(s) Held with the** <br>**Company** | **Term of Office<sup>(2)</sup>** <br>**and Length of** <br>**Time Served** | **Principal Occupation(s)**<br>**During Past Five Years**  |
| **Jessica A. Falzone, Age 36** | Secretary | Since 2024 | **Current: Counsel and Compliance Officer, Pershing Square Capital Management, L.P. (2024 - Present); Corporate Secretary, Pershing Square SPARC Holdings, Ltd. (2025 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Senior Vice President and Counsel, Lazard Asset Management LLC (2023 - 2024); Vice President and Counsel, Lazard Asset Management LLC (2018 - 2023)** |

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(1)<br> The business address of each executive officer is c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

(2)<br> Each officer serves at the pleasure of the Board or until his or her successor is elected or his or her resignation or removal.

(3)<br> Following the Corporate Conversion will become a member of the board of directors of PS Inc.

The following is information concerning the business experience of the Company's executive officers.

***William A. Ackman, Chief Executive Officer. Mr. Ackman has served as the Founder and Chief Executive Officer of the Manager since its founding in 2003 and has also served as the Chairman of the board of directors of PS Holdco 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 Investor 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, Chief Investment Officer. Mr. Israel joined the Manager's investment team in 2009 and has served as Chief Investment Officer of the Manager since August 2022. He has also served as a member of the board of directors of PS Holdco since June 2024. 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.***

***Ben Hakim, President. Mr. Hakim joined the Manager's investment team in 2012 and has served as President of the Manager since May 2024. He has also served as President of SPARC since November 2021, as a member of the HHH Board of Directors since May 2024 and as a member of the PS Holdco board of directors since February 2025. He 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.***

***Michael Gonnella, Chief Financial Officer. Mr. Gonnella has served as the Manager's 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 the Manager in 2005. Prior to his appointment as Chief Financial Officer of the Manager, Mr. Gonnella served as senior controller of the Manager. 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.***

***Halit Coussin, Chief Compliance Officer. Ms. Coussin has served as the Manager's Chief Compliance Officer since 2007, Chief Legal Officer since September 2015 and as a member of the PS Holdco board of directors since June 2024 and a director of PSH since November 2024. Prior to joining the Manager in 2007, Ms. Coussin served as***

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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.

***Jessica A. Falzone, Secretary. Ms. Falzone joined the Manager in 2024 as Counsel and Compliance Officer. She also serves as Corporate Secretary of Pershing Square SPARC Holdings, Ltd. She previously served as Senior Vice President and Counsel at Lazard Asset Management LLC from February 2023 and Vice President and Counsel from March 2018. Prior to joining Lazard, Ms. Falzone was an associate attorney at Schulte Roth & Zabel LLP. Ms. Falzone received her J.D. from University of Pennsylvania Carey Law School in 2014 and her B.A. summa cum laude from Binghamton University in 2011.***

#### Communications with Trustees
Common Shareholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Trustee or any group or committee of the Board, correspondence should be addressed to the Board or any such individual Trustee or group or committee of Trustees by either name or title. All such correspondence should be sent to Pershing Square USA, Ltd., c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

#### Committees of the Board
The Board has established the Audit Committee and may establish additional committees in the future. The Company does not have a nominating committee; such matters are considered by the full Board, including the independent Trustees, or, when applicable, by only the independent Trustees. The Company does not have a compensation committee because the Company's executive officers do not receive any direct compensation from the Company.

#### Audit Committee
The Audit Committee operates pursuant to a charter approved by the Board. The Audit Committee's charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging the Company's independent accountants, reviewing the plans, scope and results of the audit engagement with the Company's independent accountants, approving professional services provided by the Company's independent accountants (including compensation therefore), reviewing the independence of the Company's independent accountants and reviewing the adequacy of the Company's internal controls over financial reporting. The Audit Committee is presently composed of three persons, including Evan Bakst, Bruce Herring and Lisa Polsky. Each of the members of the Audit Committee meets the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Company or of the Manager as defined in Section 2(a)(19) of the 1940 Act. Lisa Polsky serves as the chair of the Audit Committee. The Board has determined that Lisa Polsky qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act.

A copy of the charter of the Audit Committee is available in print to any shareholder who requests it, and it will also be available on the Company's website at www.pershingsquareusa.com (under construction).

#### Staffing
The Company does not currently have any directly compensated full-time paid employees and does not expect to have any such employees. The Company's day-to-day investment operations are managed by the Manager. Services necessary for the Company's business are provided by individuals who are employees of the Manager or the administrator, pursuant to the terms of the Investment Management Agreement and the Administration Agreement, as applicable.

#### Board Leadership Structure
The business and affairs of the Company are managed by the Board. Among other things, the Board sets broad policies for the Company, approves the appointment of the Manager, administrator and executive officers and has oversight of the valuation process used to establish the Company's NAV. The role of the Board, and of any of the individual Trustees, is one of oversight and not of management of the Company's day-to-day affairs. The Company's day-to-day operations are managed by the Manager and the other service providers who have been approved by the Board.

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The Board is currently comprised of six Trustees, five of whom (including the chairman) are not "interested persons" of the Company or of the Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board. Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the independent Trustees if required by applicable law.

Under the Company's Governing Documents, the Board may designate one of the Trustees as chair to preside over meetings of the Board and meetings of shareholders, and to perform such other duties as may be assigned to him or her by the Board. The Board has appointed Barry Barbash to serve in the role of chairman of the Board. The chairman's role is to preside at all meetings of the Board and to act as a liaison with the Manager, counsel and other Trustees generally between meetings. The chairman serves as a key point person for dealings between management and the Board. The chairman also may perform such other functions as may be delegated by the Board from time to time.

The Board reviews its leadership structure periodically as part of its annual self-assessment process and believes that its structure is presently appropriate to enable it to exercise its oversight of the Company.

#### Code of Ethics
The Company and the Manager have each adopted a code of ethics compliant with Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Company, so long as such investments are made in accordance with the code's requirements. The codes of ethics are included as exhibits to the registration statement of which this prospectus forms a part. The codes of ethics are available on the EDGAR database on the SEC's website at *http://www.sec.gov*. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

#### Board's Role in Risk Oversight
The Board expects to perform its risk oversight function primarily through (i) the Audit Committee, which reports to the entire Board and (ii) monitoring by the Company's Chief Compliance Officer in accordance with the Company's compliance policies and procedures.

As described above in more detail under "- *Committees of the Board*," the Audit Committee assists the Board in fulfilling its risk oversight responsibilities. The Audit Committee's risk oversight responsibilities include overseeing the Company's accounting and financial reporting processes, the Company's systems of internal controls regarding finance and accounting and audits of the Company's financial statements and discussing with management the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

The Board will perform its risk oversight responsibilities with the assistance of the Company's Chief Compliance Officer. The Company's Chief Compliance Officer prepares a written report annually discussing the adequacy and effectiveness of the compliance policies and procedures of the Company and certain of its service providers. The Chief Compliance Officer's report, which is reviewed by the Board, addresses at a minimum (i) the operation of the compliance policies and procedures of the Company and certain of its service providers since the last report; (ii) any material changes to such policies and procedures since the last report; (iii) any recommendations for material changes to such policies and procedures as a result of the Chief Compliance Officer's annual review and (iv) any compliance matter that has occurred since the date of the last report about which the Board would reasonably need to know to oversee the Company's compliance activities and risks. In addition, the Chief Compliance Officer meets separately in executive session with the Non-Interested Trustees at least once each year.

The Company believes that the Board's role in risk oversight is effective and appropriate given the extensive regulation to which the Company is already subject as a closed-end investment company registered with the SEC. Specifically, as a closed-end investment company registered with the SEC the Company must comply with certain regulatory requirements that control the levels of risk in the Company's business and operations. For example, the Company's ability to incur indebtedness is limited such that the Company's asset coverage must equal at least 300% immediately after each time it incurs indebtedness. In addition, the Company intends to elect to be treated as a RIC under Subchapter M of the Code. As a RIC the Company must, among other things, meet certain income source and asset diversification requirements. See "*U.S. Federal Income Tax Considerations*."

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The Company believes that the extent of the Board's (and the Audit Committee's) role in risk oversight complements the Board's leadership structure because it allows the Company's Non-Interested Trustees executive sessions with the Chief Compliance Officer, auditor and independent valuation providers and otherwise, to exercise oversight of risk without any conflict that might discourage critical review.

The Board believes that Board roles in risk oversight must be evaluated on a case by case basis and that the existing Board role in risk oversight is appropriate. However, the Board continually re-examines the manner in which the Board administers its oversight function on an ongoing basis to ensure that it continues to meet the Company's needs.

#### Trustee Compensation
The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Manager and who are not otherwise "interested persons" of the Company under the 1940 Act receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. The Trustees do not accrue any pension or retirement benefits as part of Company expenses, nor will they receive any annual benefits upon retirement. The following table sets forth the compensation payable to each independent trustee on an annual basis for the Company's most recently completed Fiscal year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br>**Compensation from**<br>**the Company<sup>(1)(2)</sup>** | **Pension or**<br>**Retirement Benefits**<br>**Accrued as Part of**<br>**Company Expenses** | **Estimated Annual**<br>**Benefits Upon**<br>**Retirement** | **Total**<br>**Compensation from**<br>**the Company and**<br>**Fund Complex<sup>(3)</sup>**<br>**Paid to Trustee**  |
| **Barry Barbash, Trustee and Chairman** | &nbsp;&nbsp;&nbsp;&nbsp;$275000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$275000  |
| **Evan Bakst, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$220000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$220000  |
| **Anne Farlow, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$200000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$200000  |
| **Bruce Herring, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$220000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$220000  |
| **Lisa Polsky, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$240000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$240000 |

---

(1)<br> Compensation shown represents the annual compensation due to each Trustee under his or her compensation arrangements.

(2)<br> The Company does not accrue or propose to pay pension or retirement benefits to Trustees.

(3)<br> The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies.

The Company also reimburses each of the Trustees for all reasonable and authorized business expenses in accordance with the Company's policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.

The Company will not pay compensation to any Trustees who also serve in an executive officer capacity for the Manager or who are otherwise "interested persons" under the 1940 Act.

#### Trustee Common Share Ownership
None of the Trustees own Common Shares as of the date of this prospectus. The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies. Therefore, none of the Trustees own equity securities in funds in the Fund Complex as of the date of this prospectus.

#### Indemnification of Officers and Trustees; Limitations on Liability
The Governing Documents provide that the Company will indemnify its Trustees and officers and may indemnify its employees or agents against liabilities and expenses incurred in connection with litigation in which they may be involved because of their positions with the Company, to the extent permitted by law. However, nothing in the Governing Documents of the Company protects or indemnifies a trustee, officer, employee or agent of the Company against any liability to which such person would otherwise be subject in the event of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.

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The Company has entered into an Indemnification Agreement with each Trustee, which provides that the Company, subject to certain exceptions, shall indemnify and hold harmless such Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding that the Trustee was or is made or is threatened to be made a party to, or is otherwise involved in, by reason of the fact that the Trustee is or was or has agreed to serve as a Trustee, officer, employee or agent of the Company, to the fullest extent permitted by applicable law. The Company shall not be obligated to indemnify a Trustee where, among other circumstances: (i) the Trustee is liable to the Company or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (ii) it is finally determined by a final adjudication of a court, arbitrator or administrative body of competent jurisdiction that (A) the Trustee's conduct material to the matter giving rise to the action was committed in bad faith or was the result of active and deliberate dishonesty, (B) the Trustee received an improper personal benefit in money, property or services, or (C) in case of any criminal action, the Trustee had reasonable cause to believe his or her conduct was unlawful.

#### Non-Resident Trustee
Ms. Farlow resides outside of the United States and all or a significant portion of her assets are located outside the United States. Ms. Farlow does not have an authorized agent in the United States to receive service of process. As a result, it may not be possible for investors to effect service of process within the United States or to enforce against her in U.S. courts judgments obtained in such courts predicated upon the civil liability provisions of the U.S. federal securities laws. It may also not be possible to enforce against Ms. Farlow in foreign courts judgments of U.S. courts predicated upon the civil liability provisions of the U.S. federal securities laws. Further, it is not certain that such courts would enforce, in an original action, liabilities against Ms. Farlow predicated solely on U.S. federal securities laws.

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#### PORTFOLIO MANAGEMENT

#### The Manager
Pershing Square Capital Management, L.P. serves as the Company's investment manager. The Manager's principal office is located at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019, and its telephone number is +1 (212) 813-3700. Subject to the overall supervision of the Board, the Manager will manage the day-to-day operations of, and provide investment advisory and management services to, the Company. See "*Investment Management Agreement*." The Manager is registered with the SEC as an investment adviser under the Advisers Act and with the CFTC as a CPO under the CEA.

Founded in 2003, the Manager is a leading alternative asset manager led by its 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 with an average of 15 years in the industry. The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and HHH, its approach to performance compensation, and employee ownership of the company. The Manager is headquartered in New York City and had 44 employees as of December 31, 2025. As of December 31, 2025, the Manager had $30.7 billion of total assets under management and $20.7 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital. Following the Corporate Conversion, Mr. Ackman will remain the largest indirect shareholder of PS Inc.

Mr. Ackman is principally responsible for the Manager's investment policies and implementation. Mr. Ackman is the Manager's sole portfolio manager as he retains ultimate decision-making authority for all portfolio positions. Mr. Ackman works closely with members of the Manager's investment team, its professionals and the other resources available to the Manager. In 2022, Mr. Ackman appointed Mr. Israel, who joined the Manager in 2009 (and is the longest tenured member of the investment team other than Mr. Ackman), as the Manager's Chief Investment Officer and announced his intentions that Mr. Israel succeed him as having ultimate decision-making authority over the Manager's investment strategy in the event of his (Mr. Ackman's) departure, death or incapacity.

The Manager also acts as the investment manager for its other funds and HHH, and may act as investment adviser for additional funds and other entities in the future. See "*- Entities Managed by the Manager*" and "*Conflicts of Interest*."

On May 31, 2024, in the Strategic Investment, the Manager sold a 10% interest in its business for $1.05 billion to a consortium of strategic investors, including institutions, family offices, and alternative asset management industry leaders and in connection with the Strategic Investment completed an internal reorganization of its ownership structure pursuant to which PS Holdco became the parent company of the Manager.

On May 5, 2025, PS Holdco completed the Howard Hughes Transaction pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that the Manager 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. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business.

As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH. In addition, although the Manager does not anticipate that the Howard Hughes Transaction will disrupt the operation of its other funds, including the Company, the Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

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In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each purchaser of Common Shares in this offering, for no additional consideration, 20 shares of PS Inc. Common Stock for every 100 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described under "*Underwriting*." Similarly, PS Inc. will deliver to each purchaser of Common Shares in the Combined Private Placement, for no additional consideration, 30 shares of PS Inc. Common Stock for every 100 Common Shares purchased in the Combined Private Placement.

The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the PS Inc. IPO, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Exchange Act. The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely sell each security separately.

Immediately prior to the effectiveness of the PS Inc. registration statement on Form S-1 related to the PS Inc. IPO, in the Corporate Conversion, PS Holdco, which is the existing parent company of the Manager, will convert into a Nevada corporation by means of a statutory conversion and change its name to "Pershing Square Inc."

#### Board of Directors of PS Inc.
Concurrent with the closing of the Strategic Investment, PS Holdco established a majority-independent Board of Directors at its general partner, Pershing Square Holdco GP, LLC, consisting of five independent directors and four affiliates of the Manager. Pershing Square Holdco GP, LLC currently indirectly owns 100% of the voting securities of the Manager. Following the Corporate Conversion, the Board of Directors of Pershing Square Holdco GP, LLC will become the Board of Directors of PS Inc. The independent directors are Kerry Murphy Healey, President Emerita of Babson College; Orion Hindawi, Executive Chairman of Tanium; Marco Kheirallah, partner at Lumina Capital; Nicholas M. Lamotte, Executive Chairman of Consulta; and David Coppel Calvo, Chief Commercial Officer, Vice President of Investment and Board Member of Grupo Coppel. The affiliate directors are William A. Ackman, Chairman and CEO of the Manager; Ryan Israel, Chief Investment Officer of the Manager; Ben Hakim, President of the Manager, and Halit Coussin, Chief Legal Officer and Chief Compliance Officer of the Manager.

The following is information concerning the business experience of the independent directors of PS Inc.:

#### Kerry Murphy Healey
Kerry Murphy Healey has served as a member of the PS Holdco 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 70<sup>th</sup> 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.

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#### Orion Hindawi
Orion Hindawi has served as a member of the PS Holdco 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
Marco Kheirallah has served as a member of the PS Holdco 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
Nicholas M. Lamotte has served as a member of the PS Holdco board of directors since June 2024. Mr. Lamotte is the Executive Chairman of Consulta Limited, a value-oriented investment firm. Mr. Lamotte was appointed Executive Chairman of Consulta Limited in 2024, having served in various roles at Consulta Limited since 2008, including Chief Executive Officer and Chairman of the Board. Prior to joining Consulta Limited, Mr. Lamotte was an analyst at Halcyon Asset Management from 2006 to 2008 and an analyst at The Goldman Sachs Group, Inc. from 2005 to 2006. Mr. Lamotte received a Bachelor of Arts from Brown University, where he graduated *magna cum laude* and was elected to Phi Beta Kappa. Mr. Lamotte has completed the Owner/President Management program at Harvard Business School and has endowed the Nicholas M. Lamotte Scholarship for Business, Entrepreneurship and Organizations at Brown University.

#### David Coppel Calvo
David Coppel Calvo has served as a member of the PS Holdco board of directors since January 2025. Mr. 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).

#### Investment Team
Mr. Ackman, Mr. Israel and the other members of the PSCM investment team bring significant investment expertise as well as broad industry networks that encompass a wide array of sectors, industry participants, and intermediaries. Mr. Ackman, 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. The Manager believes that each member of the investment team has complementary skills and experience relevant to its strategy, as well as a track record of working together and providing creative solutions for complex transactions, which the Manager believes represents an important competitive advantage.

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The investment team has experience in:

&nbsp;&nbsp;&nbsp;&nbsp;• sourcing, structuring, and executing on a wide range of investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• providing constructive strategic and operational guidance to management teams and boards of directors, to drive long-term shareholder value creation;

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging insights from their substantial investment, financial, operational oversight and governance experience to help optimize the financial condition, operating performance and strategy of a company; and

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging their extensive network of relationships to augment or complement the senior management team or board of directors of a company.

The investment team is also supported by 26 professionals who focus on all operational aspects of fund management, including finance, legal and compliance, technology and investor relations.

#### William A. Ackman
William A. Ackman, age 59, has served as the Founder and Chief Executive Officer of the Manager since its founding in 2003 and has also served as the Chairman of the board of directors of PS Holdco since June 2024. Prior to founding PSCM, Mr. Ackman co-founded and co-managed 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 Investor 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
Ryan Israel, age 40, joined the Manager's investment team in 2009 and has served as Chief Investment Officer of the Manager since August 2022. He has also served as a member of the board of directors of PS Holdco since June 2024. 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.

#### Ben Hakim
Ben Hakim, age 50, joined the Manager's investment team in 2012 and has served as President of the Manager since May 2024. He has also served as President of SPARC since November 2021, as a member of the HHH Board of Directors since May 2024 and as a member of the PS Holdco board of directors since February 2025. He 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.

#### Anthony Massaro
Anthony Massaro, age 38, joined the Manager's investment team in 2013. He is also a director of Seaport Entertainment Group Inc. Mr. Massaro was previously a private equity associate at Apollo Global Management, where he focused on leveraged buyout and distressed debt investments across a wide range of industries. Prior to Apollo, he was an analyst at Goldman Sachs in the Natural Resources group. Mr. Massaro 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 2009.

#### Charles Korn
Charles Korn, age 37, joined the Manager's investment team in 2014. Mr. Korn was previously a private equity associate at KKR, where he focused on media, communications and industrials. Prior to KKR, he was an analyst at

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Goldman Sachs in the Technology, Media and Telecom group. Mr. Korn received a degree in Honors Business Administration from The Richard Ivey School of Business at The University of Western Ontario, where he graduated with highest distinction as an Ivey Scholar in 2010.

#### Bharath Alamanda
Bharath Alamanda, age 33, joined the Manager's investment team in 2017. Mr. Alamanda was previously a private equity associate at KKR, where he focused on financial services. Prior to KKR, he was an analyst at Goldman Sachs in the Technology, Media and Telecom Group. Mr. Alamanda received his Bachelor of Science in Engineering from Princeton University, where he graduated *summa cum laude* and phi beta kappa in 2013.

#### Feroz Qayyum
Feroz Qayyum, age 34, joined the Manager's investment team in 2017. Mr. Qayyum was previously a private equity associate at Hellman & Friedman, where he evaluated and oversaw investments across a wide range of industries. Prior to Hellman & Friedman, he was an analyst in the Mergers & Acquisitions group at Evercore. Mr. Qayyum received a degree in Honors Business Administration from The Richard Ivey School of Business at The University of Western Ontario, where he graduated with highest distinction as an Ivey Scholar in 2013.

#### Sonal Khosla
Sonal Khosla, age 27, joined the Manager's investment team in 2025. Ms. Khosla was previously a private equity associate and analyst at KKR, where she focused on industrials. Ms. Khosla received her Bachelor of Science from the Wharton School at the University of Pennsylvania, where she graduated *summa cum laude* in 2020.

#### Jordan Aguiar-Lucander
Jordan Aguiar-Lucander, age 26, joined the Manager's investment team in 2026. Mr. Aguiar-Lucander was previously a private equity senior associate and analyst at Silver Lake, where he focused on technology and technology-enabled investments. Mr. Aguiar-Lucander received his Bachelor of Arts in Mathematics and Economics from Harvard College, where he graduated *cum laude* in 2021.

#### Compensation of the Investment Team
The Manager's financial arrangements with its investment team members, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on its employees. Certain of the Manager's personnel, including most of the members of the investment team, hold indirect profit interests in PS Holdco through PS Partner Group, LLC (and will continue to hold such indirect profit interests in PS Inc. following the Corporate Conversion) and additionally are entitled to receive incentive compensation through holding interests in PS CompCo, LLC, which receives proceeds from the Manager based on the performance of certain advised funds. The senior members of the investment team are thus principally compensated based on the overall performance of the funds and other entities managed by the Manager, rather than the performance of any individual position, which encourages teamwork and aligns their interests with investors.

Personnel who do not participate in the profits of the Manager receive a base salary and are eligible to receive additional compensation in the form of an annual bonus, as determined by the Manager.

#### Common Shares Owned by Mr. Ackman
Mr. Ackman does not own Common Shares as of the date of this prospectus. As of December 31, 2025, the Manager owned 318,320 Common Shares. Upon the completion of the Pershing Square Investment, the Manager will have an aggregate investment in the Company of $150 million, comprised of (i) $100 million of Common Shares and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares.

#### Other Accounts Managed by Mr. Ackman
Mr. Ackman, as the Company's portfolio manager, also manages the Affiliated Funds and certain other accounts, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of registered investment companies, other pooled investment vehicles and other accounts managed by Mr. Ackman; (ii) the total assets of such registered investment companies, pooled investment vehicles and accounts; and (iii) the number and total assets of such registered companies, pooled investment vehicles and accounts that are subject to an advisory fee based on performance.

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| | | | |
|:---|:---|:---|:---|
|  | **Assets of** <br>**Accounts** | **Number of** <br>**Accounts** <br>**Subject to a** <br>**Performance** <br>**Fee** | **Assets Subject** <br>**to a** <br>**Performance** <br>**Fee**  |
| **Type of Account**<br>|  |  |  |
| Registered investment companies<br>&nbsp;&nbsp;&nbsp;&nbsp;1<sup>(1)</sup> | <sup>(1)</sup> |  | —  |
| Other pooled investment vehicles<br>&nbsp;&nbsp;&nbsp;&nbsp;3<sup>(2)</sup> | $20.6 billion | 3 | $15.9 billion  |
| Other accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;1<sup>(3)</sup> | $10.0 billion |  |  |

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(1) Refers to the Company. As of December 31, 2025, the Company, which has not commenced investment operations, had total assets of $3.8 million (including deferred offering costs) and net assets of $465,588. 

(2)<br> Refers to the Affiliated Funds

(3) Refers to HHH. For purposes of this table, HHH is deemed an "other account." Pursuant to the terms of the Services Agreement, the Manager provides certain services to HHH, which includes investment advisory services. In exchange for such investment advisory and other services provided to HHH, the Manager is entitled to (i) a quarterly base management fee of $3,750,000 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 Services Agreement, in each case, subject to annual adjustments for inflation. 

#### Investment Management Agreement
Under the terms of the Investment Management Agreement, the Manager is responsible for providing investment advisory services to the Company. As compensation for its services, the Company pays the Manager the Management Fee, which is payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis). After an initial two-year term, the Board will review on an annual basis the Investment Management Agreement to determine whether to continue the Investment Management Agreement.

The Manager bears all of its own costs incurred in providing investment advisory services to the Company and pays the compensation of all officers and Trustees of the Company who are its affiliates. As described below, however, the Company bears all other expenses incurred in the business and operation of the Company. Expenses borne directly by the Company include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;• the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;• the cost of calculating the Company's NAV, including the cost of any third-party pricing or valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with investment research and due diligence including fees and expenses relating to newswire, quotation equipment and services, market data services, third-party providers of research, publications, periodicals, subscriptions and database services, data processing and computer software expenses, due diligence, providers of specialized data and/or analysis related to companies, sectors or asset classes in which the Company has made or intends to make an investment;

&nbsp;&nbsp;&nbsp;&nbsp;• accounting, auditing, entity-level taxes imposed on or with respect to the Company and tax preparation fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• professional fees and expenses (including fees and expenses of investment bankers, appraisers, public and government relations firms and other consultants and experts);

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses (including travel and lodging expenses) associated with corporate engagement campaigns, such as fees and expenses related to event hosting and production, public presentations, production, preparation and dissemination of any letters or other communications with respect to plans and proposals regarding the management, ownership, business and capital structure of any portfolio company or prospective investment, creating and maintaining informational websites and engaging in online campaigns including via social media, public relations, public affairs and government relations, forensic and other analyses and investigations, proxy contests, solicitations and tender offers and compensation, indemnification and expenses of any nominees proposed by the Manager as directors or executives of portfolio companies; and all related expenses (such as all costs incurred in connection with identifying and recruiting directors to serve on the board of a portfolio company, proxy solicitors, public relations and other relevant documents, the negotiation of side letters and other related costs);

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&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses (including travel and lodging expenses) relating to unaffiliated advisers, consultants and finders and/or introducers relating to investments and/or prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;• website development and maintenance, media, marketing, printing and postage expenses, brokerage fees and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses relating to short sales (including dividend and stock borrowing expenses);

&nbsp;&nbsp;&nbsp;&nbsp;• clearing and settlement charges, custodial fees, bank service fees, margin and other interest expense and transaction fees, filing and registration fees (e.g., "blue sky" and corporate filing fees and expenses), insurance fees and expenses, initial offering and organizational expenses and payments for custody of the Company's assets and for the performance of administrative services, and other Company fees and expenses as approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses related to the operations of the company and the listing and trading of its securities on the NYSE or any national securities exchange, including the fees and expenses of Trustees not also serving in an executive officer capacity for the Company or the Manager, fees and expenses related to corporate brokers, rating agencies assigning credit ratings to the Company's securities and the costs of maintenance of the Company's website and communications with shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;• legal expenses (including those expenses associated with attending, and preparing for Board meetings, as applicable, and generally serving as counsel to the Company or the independent Trustees of the Company, indemnification expenses and fees, expenses, fines, penalties, damages or settlements relating to or arising out of regulatory or similar investigations, inquiries and "sweeps" and pending, threatened and future litigation arising out of the Company's investments);

&nbsp;&nbsp;&nbsp;&nbsp;• underwriting costs and any costs and expenses associated with or related to due diligence performed with respect to the Company's offering of its securities, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

&nbsp;&nbsp;&nbsp;&nbsp;• costs incident to payment or dividends or distributions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with the Company's share repurchase program, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;• any fees, expenses and other costs related to any settlement, litigation, proceeding, arbitration and investigation (collectively, "litigation") and/or threatened litigation arising out of or in connection with current and past investments (including litigation alleging violations of laws, regulations, breach of contract or tort), subject to applicable limitations on indemnification as set forth in the 1940 Act and the Company's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses relating to regulatory and self-regulatory organization filings and compliance pertaining to the Company's business and activities, investments or prospective investments including Hart-Scott-Rodino Act, Exchange Act filings and other similar filings, including fees and expenses incurred as a result of failing to make such filings;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses related to the organization of the Company, including fees and expenses related to the Company's formation, legal fees and professional and other fees related to the recruitment of the Company's Trustees who are not "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred in the formation, maintenance and liquidation of any special purpose vehicles formed to effect or facilitate the acquisition of any investment;

&nbsp;&nbsp;&nbsp;&nbsp;• wind-up and liquidation fees and expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;• other fees and expenses similar in type and nature to the fees and expenses described above.

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The Company will also bear its allocable cost of expenses incurred by the Manager that are attributable to or incurred for the account of the Company. See "- *Allocation of Expenses.*"

The Manager has not assumed any responsibility to the Company other than to render the services described in the Investment Management Agreement, and it will not be responsible for any action of the Board in declining to follow the Manager's advice or recommendations. Pursuant to the Investment Management Agreement, the Manager and certain related persons will not be liable to the Company for their acts under the Investment Management Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company has agreed to indemnify, defend and protect the Manager and certain related persons with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of the Manager's duties or obligations under the Investment Management Agreement or otherwise as the investment manager for the Company, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement. These protections may lead the Manager to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.

The Investment Management Agreement also grants the Company a royalty-free license to use the name "Pershing Square USA, Ltd" for so long as the Manager or one of its affiliates remains the Company's investment manager.

The Investment Management Agreement was approved by the Board on October 7, 2025 and by the sole Common Shareholder of the Company as of October 8, 2025 and became effective on October 8, 2025. The Investment Management Agreement will continue in effect for a period of two years from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (i) the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Company (as such term is defined in the 1940 Act) and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement may be terminated as a whole at any time by the Company, without the payment of any penalty, upon the vote of a majority of the Board or a majority of the outstanding voting securities of the Company or by the Manager, on 60 days' written notice by either party to the other which can be waived by the non-terminating party. The Investment Management Agreement will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act and the rules thereunder).

A discussion regarding the basis for approvals by the Board of the Investment Management Agreement will be available in the Company's reports to shareholders covering the annual or semi-annual period during which such approval took place.

#### Administration Agreement
State Street serves as administrator to the Company. State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. For its services as the Company's administrator, the Company pays State Street (i) a fee for fund accounting services, payable quarterly, at an annual rate equal to 4.5 basis points of the first $500 million in NAV, 3.0 basis points of the next $500 million in NAV, 1.5 basis points of the next $500 million in NAV and 0.25 basis points of NAV above $1.5 billion, based on NAV on the last business day of the quarter, (ii) fees for fund administration services, payable quarterly, of $120,000 per year and (iii) fees for additional services as applicable.

The Company will bear all other costs and expenses of its operations, administration and transactions.

#### Entities Managed by the Manager
The Manager currently serves as the investment manager to each of the Affiliated Funds (PSH, PSLP and PSIL), which the Manager refers to as its "core funds." The Affiliated Funds all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions. Certain of the existing investors in PSLP and PSIL have agreed to redeem an aggregate of $335 million of their interests in such funds (determined based on net asset value as of February 28, 2026) and apply eligible net proceeds from such redemption to acquire Common Shares and receive shares of PS Inc. Common Stock in the Combined Private Placement. The

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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 this offering, and therefore the amount set forth above will fluctuate as a result of any subsequent changes in net asset value of such funds until the redemption date.

Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds.

The Manager may, from time to time, serve as the investment adviser or management company for additional funds or products which may invest alongside the Affiliated Funds. The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates as discussed further below in "*Conflicts of Interest* — *Other Activities*".

The Manager also formed SPARC, a Delaware corporation, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SPARC filed its Form S-1 Registration Statement (the "SPARC Registration Statement") with the SEC on November 26, 2021 and on September 29, 2023 the SPARC Registration Statement was declared effective by the SEC. As described in the SPARC Registration Statement, SPARC distributed, at no cost, subscription warrants to purchase SPARC shares at a future date (such subscription warrants, "SPARs"). SPARs are a novel security with unique features. SPARC intends that, at the time during which a SPAR holder may elect to exercise its SPARs, the SPARs will be quoted on the OTCQX marketplace of the OTC Markets Group or other quotation service. The Affiliated Funds wholly own Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), a Delaware limited liability company, and thus are the only source of funding for SPARC Sponsor. SPARC Sponsor is an affiliate of the Manager. The Manager is a nonmember manager of SPARC Sponsor and SPARC Sponsor is the sponsor entity for SPARC. SPARC will not raise capital from public investors until after SPARC has entered into a definitive agreement for a business combination and distributed to SPAR holders a prospectus included in a post-effective amendment to the SPARC Registration Statement that provides comprehensive disclosure of the proposed business combination. A business combination with one or more target businesses will only take place if and after such post-effective amendment to the SPARC Registration Statement has been declared effective by the SEC. There can be no assurance that a business combination with one or more target businesses by SPARC will be ultimately effected on the above outlined terms or at all. Subject at all times to the limitations of Section 17 of the 1940 Act and the SEC's rules promulgated thereunder, the Company may invest in securities issued by SPARC in connection with or after its business combination with one or more target businesses but will not directly or indirectly acquire securities issued by SPARC or enter into any commitments or transactions to acquire any such securities prior to such time, except to the extent permitted by the 1940 Act.

On May 5, 2025, PS Holdco completed the Howard Hughes Transaction pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that the Manager 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. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business. As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH.

The Manager expects that HHH will own controlling stakes in a diverse portfolio of operating companies with the expectation of holding each position for the long term. The Manager does not anticipate that HHH will concentrate such positions in any one or group of industries or sectors.

The Manager provides investment management services to the Affiliated Funds pursuant to investment management agreements under which the Manager earns management and performance fees based on each such

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Affiliated Fund's net asset value. The Manager provides certain services, including investment advisory services, pursuant to the Services Agreement with HHH under which the Manager is entitled to (i) a quarterly base management fee of $3,750,000 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 Services Agreement, in each case, subject to annual adjustments for inflation. In addition to investment advisory services, the Manager also provides HHH with other services, including corporate development, transaction execution and capital markets advisory services.

#### Allocation of Expenses
When determining the allocation of fees and expenses, the Manager endeavors to allocate such fees and expenses on a fair and equitable basis and only charges expenses to, and allocates expenses among, the funds and other entities it manages to the extent permitted under such entity's governing documents and applicable law. However, such determinations are inherently subjective and may give rise to conflicts of interest (i) between the entities managed by the Manager, on the one hand, and the Manager, who might otherwise bear such fees and expenses, on the other hand and (ii) among such entities. The Manager's conflicts committee generally reviews guidelines for allocations of fees and expenses used by the Manager.

In order to allocate fees and expenses, the Manager first determines whether such fees and expenses are attributable to the entities it manages and, therefore, are to be borne by such entities or whether such fees and expenses are attributable to the Manager and, therefore, are to be borne by the Manager. In certain circumstances, the Manager may determine that an expense is to be shared by the Manager and the entities it manages.

With respect to fees and expenses determined to be attributable to the entities managed by the Manager (as opposed to fees and expenses attributable to the Manager), generally, each of the entities will bear its own operating and other fees and expenses. If any fees and expenses are incurred for the account of more than one of the entities managed by the Manager, the Manager will allocate such fees and expenses among such entities as described below or in such other manner as the Manager considers fair and equitable. Certain fees and expenses allocated to more than one entity may be allocated on a pro rata basis based on the month-end net asset value of each participating entity (such as fees and expenses for certain regulatory filings) or based on each entity's month-end pro rata share of an investment (such as where an expense has been incurred in connection with a particular investment that is in the entity's portfolio at such time). Where appropriate, other fees and expenses may be divided equally among such entities regardless of their relative net asset values. Expenses related to portfolio investments that a fund used to hold but which are no longer in their portfolio are generally allocated among all participating funds pro rata based on the month-end net asset value of each fund preceding the payment date of the relevant invoice, and to the extent the expense has been previously accrued for, the accrual will be reduced by the invoice amount. A fund will not be responsible for such expenses related to investments it did not hold.

In accordance with accounting guidelines, certain expenses may be accrued for prior to receiving an invoice, in which case the expenses will be reflected on the books of the applicable fund as expenses payable and will generally be allocated among the funds based on net asset value or share of the relevant investment, as applicable, at the time of the accrual. Where permitted by accounting guidelines, certain expenses (such as expenses incurred in connection with a bond issuance or organizational expenses) may be amortized, in which case the expense will be incurred throughout the life of the bond or the entity, as applicable.

#### CONFLICTS OF INTEREST

#### The Manager's Allocation Policies
Inherent conflicts of interest arise from the fact that the Manager provides investment advisory services to the entities it manages, including the Company, its other funds, and HHH. The Manager may face conflicts of interest when allocating investment opportunities among the Company and the other entities it manages, in particular as the Manager and its affiliates may earn incentive allocation or other forms of performance compensation on the gains of its other funds that charge an incentive allocation or performance fee, whereas the Manager is not entitled to any incentive allocation or any other form of performance fee from the Company.

Furthermore, the portfolio strategies employed by the Manager for the other entities it manages could conflict with the transactions and strategies employed for the Company and may affect the prices and availability of the securities, financial instruments and assets in which the Company invests. Conversely, participation in specific

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investment opportunities may be appropriate, at times, for the Company and the other entities managed by the Manager. Regulation and other factors may affect how, whether and when the Manager rebalances investment positions.

#### Allocation Policy
It is the policy of the Manager to allocate new investment opportunities fairly and equitably over time among the funds and other entities it manages. This means that a proposed investment opportunity will generally be allocated among those funds or such other entities for which participation in the investment opportunity is considered appropriate by the Manager, taking into account, among other considerations: (i) the risk-reward profile of the proposed investment opportunity in light of a fund or such other entity's investment objectives (whether such objectives are considered solely in connection with the specific investment opportunity or in the context of such fund or other entity's overall holdings); (ii) the potential for the proposed investment to create an imbalance in a fund or other entity's investment portfolio; (iii) cash balances, liquidity requirements of the fund or other entity or anticipated cash flows (including as a result of actual or anticipated subscriptions redemptions or withdrawals, as applicable, and tax distributions); (iv) tax considerations; (v) regulatory restrictions or requirements (including diversification requirements) that would or could limit a fund or other entity's ability to participate in the proposed investment opportunity (including, in the case of the Company, restrictions or requirements applicable under the 1940 Act or the Code); (vi) any need to re-size risk in the fund or other entity's investment portfolio; and (vii) any other considerations of a similar nature. In particular, only the Company is subject to the requirements and restrictions of the 1940 Act.

The Manager expects to allocate investment opportunities among the Company and the Affiliated Funds on a proportionate basis pursuant to policies that are intended to result in the Company and the Affiliated Funds generally holding similar securities or other financial instruments relative to their respective adjusted net asset values (which means with respect to any core fund the net asset value plus any accrued (but not crystallized) performance fee/allocation and the amount of any outstanding long-term debt, including the current portion thereof). The considerations described above, however, may result in allocations among the Company and Affiliated Funds being made on a different basis. Similarly, as a result of the considerations described above, the Company or an Affiliated Fund may increase its exposure to an existing investment position, while the Company or some or all of the Affiliated Funds may not participate in such increase. The allocation of investment opportunities may, in particular, take into account cash balances or cash requirements in the Company and Affiliated Funds, including, for example, as a result of actual or anticipated subscriptions or redemptions in the Affiliated Funds.

For purposes of its allocation policy, the Manager may determine to treat more than one security and/or financial instrument as one single investment opportunity, if, among other things, the relevant securities or financial instruments are deemed by the Manager to provide similar exposure to an investment.

The Company and the Affiliated Funds, on the one hand, and HHH, on the other hand, generally pursue their respective primary investment objectives through different investment strategies. The Company and Affiliated Funds' primary investment strategy typically involves the purchase of large minority stakes, whereas HHH's primary investment strategy, in connection with becoming a diversified holding company, will typically involve the acquisition of controlling ownership of high-quality, durable growth public and private operating companies.

In addition to its control-oriented investment strategy, HHH has announced the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that the Manager will be engaged as investment manager for Vantage and its insurance company subsidiaries. The Manager intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. The Manager plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common equity of public companies in a manner consistent with the investment strategy of the Manager's core funds. Accordingly, the Manager believes its strategy for managing Vantage's insurance company subsidiaries' assets will be highly synergistic to its core funds investment strategy and its own cash management practices.

Each of the Company, HHH and the Affiliated Funds may consider a broad range of investment opportunities as part of their investment strategies. The Manager will retain the discretion to allocate investment opportunities among the entities it manages, including allocating a controlling position to the Company or to the Affiliated 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 the entities it manages, including those under

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the Services Agreement with HHH. In certain circumstances, a potential investment target may be attractive as both an investment by HHH and an investment by the Company and/or the Affiliated Funds. Pursuant to the Services Agreement with HHH, the Manager shall provide a preferential right to HHH with respect to opportunities to acquire controlling stakes in any private operating company (including a take-private transaction of a public operating company) that the Manager may identify from time to time, provided that any such investment is consistent with the financial resources of HHH and such investment is suitable for HHH as determined by the Manager in good faith. This preferential right does not apply to opportunities to acquire a private company in connection with efforts to publicly list such private company through an initial public offering, acquisition by a publicly listed special purpose acquisition company or other similar means. In addition, it is possible that both HHH and the Company and/or Affiliated Funds invest in the same asymmetric investments such as opportunistic hedges utilized to protect against specific macroeconomic risks and/or to capitalize on market volatility.

In the event the Manager determines that an investment opportunity should be allocated to both HHH and one or more of the Company and Affiliated Funds, the Manager will determine the appropriate target size of such investment opportunity as a percentage of each of the Company and/or participating Affiliated Funds', as applicable, adjusted net asset value, and will separately determine (after obtaining HHH's approval) the appropriate target size of the new investment opportunity for HHH. Once the target size of a new investment is determined for the Company and/or each participating Affiliated Fund, as applicable, and for HHH, the Manager will allocate trades in proportion to such target size.

#### Portfolio Companies
The Manager may pursue active corporate engagement with respect to an investment. In doing so, the Manager may cause the Company, either alone or otherwise, to accumulate a significant position in the securities of a portfolio company, and may secure the appointment of persons selected by the Manager to the portfolio company's management team or board of directors. In doing so, the Manager may acquire fiduciary duties to the portfolio company and to the portfolio company's other shareholders. Such fiduciary duties may require such individuals to take actions that are in the best interests of the company or its shareholders, members, unitholders, partners or other owners. Accordingly, the Manager may have a conflict of interest between the fiduciary duties (if any) that it owes to such portfolio company(ies) and its (their) shareholders, on the one hand, and those it owes to the Company and the Common Shareholders, on the other hand. In addition, in the event that Mr. Ackman or any other members of the Manager join a portfolio company's management team or board of directors, and material non-public information is obtained with respect to such company or the Company becomes subject to trading restrictions pursuant to the internal trading policies of such company or as a result of applicable law or regulations, the Company may be prohibited for a period of time from purchasing or selling the securities of such company, and as a result be prevented from increasing its exposure (or maintaining its relative ownership stake, in the case that additional securities are issued by such company) to an investment position which appreciates or divesting from or exiting an investment position which decreases in value. Any such restrictions may have a material adverse effect on the Company and the value of any investment in the Company.

#### Special Purpose Vehicles
The Manager has in the past established and may in the future establish special purpose vehicles to make investments in one or more securities or financial instruments. This may be the case, for example, where the Manager proposes to acquire a large position in an issuer without causing the funds it manages to become overly exposed to that issuer.

Each special purpose vehicle is likely to be different and allocation of each such opportunity will be dependent upon the facts and circumstances specific to that unique situation (such as, strategy, industry, size, and projected timeline of the investment). As a general matter, the Manager, in allocating such opportunities to potential co-investors, expects to take into account various facts and circumstances including, but not limited to, whether a certain investor adds strategic value, industry expertise or other similar synergies, whether a potential investor has expressed an interest in evaluating such opportunities, whether the investor has the ability to review the co-investment opportunity and provide capital within the time frame required under the circumstances, whether a potential investor has a history of participating in co-investment opportunities with the Manager, the size of the potential investor's interest to be held in the investment, whether the potential investor has demonstrated a long-term and/or continuing commitment to the potential success of the Manager and its funds, and such other factors that the Manager deems relevant under the circumstances. In addition, given their specific purposes, such special purpose

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vehicles may be allocated more or less than their pro-rata share of certain securities and financial instruments or may accumulate securities and financial instruments at a faster or slower rate than the Company. Conversely, upon a determination to wind-up a special purpose vehicle, such vehicle may divest its securities and financial instruments at a faster or slower rate than the Company or may do so at a time when the Company is purchasing such securities and financial instruments.

#### Other Activities
The Manager is not restricted from forming additional investment funds, entering into other investment advisory relationships, exercising investment responsibility, engaging in other business (or non-business) activities or directly or indirectly purchasing, selling, holding or otherwise dealing with any securities for the account of any such other business or for other entities (including, without limitation, for or on behalf of entities that invest or may invest in other entities it manages). These activities may be in competition with the Company or involve substantial time and resources of the Manager. In particular, there are challenges and risks inherent in the Howard Hughes Transaction. The Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

The Manager has agreed with PSH that it will offset the variable performance fee payable by PSH to the Manager in an amount equal to 20% of any management fees the Manager earns from funds it manages that invest in public securities that do not have performance fees, which includes the Company. Although the officers and employees of the Manager will devote as much time to the Company as the Manager deems appropriate, the officers and employees may have conflicts in allocating their time and services among the Company and the other existing or any future entities they manage.

Subject to the limitations of the 1940 Act, the Manager may, at its sole discretion, offer co-investment opportunities to third parties, including, without limitation, certain shareholders and other funds. Co-investment opportunities may be made available through limited partnerships, limited liability companies or other entities formed to make such investments. The Manager may earn management fees and/or performance-based compensation (which may or may not be different from the fees and/or compensation charged to or received from us) in respect of such co-investments.

The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates. As a result of these restrictions, the Company may be prohibited from buying or selling any security directly from or to any pooled investment vehicle managed by the Manager or any of its affiliated persons, including HHH. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same portfolio company (whether at the same or different times), including controlling interests. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. These limitations may limit the scope of investment opportunities that would otherwise be available to the Company and that are available to the other entities managed by the Manager, which are not regulated under the 1940 Act.

Mr. Ackman oversees the management of his family office, the mandate of which is to invest in investment funds as well as direct real estate, private equity, venture capital and/or other private investments for the benefit of Mr. Ackman, members of his immediate family and certain employees of the family office. While day-to-day management of the family office has been delegated to its employees, Mr. Ackman retains oversight and ultimate control over the operation of the family office. The Company does not expect that Mr. Ackman's oversight role will affect his ability to fulfill his obligations to the Manager or otherwise interfere with the operations of the Manager. The Company does not directly invest in real estate properties, venture capital or private investments of the kind in which the family office invests. There can be no assurance, however, that investments for the family office would not also be appropriate for the Company or would not affect, adversely or otherwise, the Company's investments. Mr. Ackman and the employees of the family office are subject to the Insider Trading Policies and Code of Ethics which are further described below. See "*- Officers and Employees of the Manager May Have Access to Non-Public Information*."

#### Portfolio Transactions
Subject to policies established by the Board, the Manager is responsible for placing purchase and sale orders and the allocation of brokerage commissions on behalf of the Company. Transactions in equity securities are in most

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cases effected on U.S. stock exchanges and involve the payment of negotiated brokerage commissions. In general, there may be no stated commission in the case of securities traded in over-the-counter markets, but the prices of those securities may include undisclosed commissions or mark-ups. Principal transactions are not entered into with affiliates of the Company. The Company has no obligations to deal with any broker or group of brokers in executing transactions in portfolio securities. In executing transactions, the Manager seeks to obtain the best price and execution for the Company, taking into account such factors as price, size of order, difficulty of execution and operational facilities of the firm involved and the firm's risk in positioning a block of securities. While the Manager generally seeks reasonably competitive commission rates, the Company does not necessarily pay the lowest commission available.

Subject to obtaining the best price and execution, brokers who provide supplemental research, market and statistical information to the Manager may receive orders for transactions by the Company. The term "research, market and statistical information" includes advice as to the value of securities, and advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities, and furnishing analyses and reports concerning issues, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. Information so received will be in addition to and not in lieu of the services required to be performed by the Manager under the Investment Management Agreement, and the expenses of the Manager will not necessarily be reduced as a result of the receipt of such supplemental information. Such information may be useful to the Manager in providing services to entities other than the Company, and not all such information is used by the Manager in connection with the Company. Conversely, such information provided to the Manager by brokers and dealers through whom other entities managed by the Manager effect securities transactions may be useful to the Manager in providing services to the Company.

#### Officers and Employees of the Manager May Have Access to Non-Public Information
The Manager has adopted a code of ethics (the "Code of Ethics") covering partners, employees and certain affiliates of the Manager ("Access Persons") that governs personal securities trading and is designed to ensure compliance with applicable statutes and regulatory requirements and to prevent transactions suspected of being in conflict with the Company's best interests or the best interests of other entities managed by the Manager. Among other restrictions, the Code of Ethics generally prohibits personal securities trading of Access Persons that anticipates or competes with the Company's trading activity or would result from exposure to material non-public information.

Access Persons may from time to time come into possession of material non-public or other confidential information about public companies that, if disclosed, might affect an investor's decision to buy, sell or hold a security. Under applicable law and the Manager's internal policies (the "Insider Trading Policies"), Access Persons would be prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any person, regardless of whether such person is an entity managed by the Manager. Accordingly, Access Persons are prohibited from communicating such material non-public or other confidential information, and such Access Persons will have no responsibility or liability for failing to disclose such information to shareholders or other entities managed by the Manager as a result of following the Code of Ethics and the Insider Trading Policies of the Manager.

Subject to the applicable requirements of the Code of Ethics, certain Access Persons may trade in securities for their own accounts. In addition, certain Access Persons may purchase or sell securities or engage in transactions at the same time as the Company and, therefore, may potentially affect prices or available opportunities. Any such trading by Access Persons, however, will be subject to required pre-clearance by the Manager's Chief Compliance Officer and must be in accordance with the Manager's compliance manual.

#### Relationship with Service Providers
Certain of the Company's service providers have different divisions with separate relationships with the Company and/or with the Manager and its partners and/or employees (in their individual capacities). The existence of multiple relationships with these different divisions or the same division of the Company's service providers may give rise to conflicts of interest with respect to the Company or the Manager.

#### Conflicts Committee
The Manager has established a Conflicts Committee that is responsible for (i) identifying potential conflicts of interest that may arise in its business and considering ways to address and mitigate them; (ii) considering new or

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potential conflicts that have not previously been addressed or that are otherwise not addressed in the Manager's standard policies; and (iii) reviewing at least annually the adequacy of disclosure to investors regarding potential conflicts of interest and the effectiveness of existing policies designed to address potential conflicts. The Conflicts Committee comprises the Manager's Portfolio Manager, Mr. Ackman, the President, Chief Compliance Officer, Chief Financial Officer and Head of Investor Relations, along with two affiliates of the Manager. See "*Portfolio Management - The Manager*." In the context of its oversight duty, the Board is also kept regularly informed of the policies, reviews and decisions of the Manager's Conflicts Committee.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
A shareholder who beneficially owns more than 25% of the outstanding voting securities of the Company may be deemed to be a "control person" of the Company for purposes of the 1940 Act. As of the date of this prospectus, the Company does not know of any persons, other than the Manager, who own of record or beneficially, 5% or more of the Common Shares as of that date.

#### Pershing Square Investment
An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares, at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act. The Manager has also agreed with the Company that it and its affiliates will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions.

#### Registration Rights Agreement
In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement with the Manager, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager or its affiliates in the Pershing Square Investment and any other equity securities of the Company purchased by the Manager or its affiliates on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The parties to the Registration Rights Agreement (which would include any affiliate of the Manager's acquiring securities in the Pershing Square Investment and any permitted transferees) will be entitled to make up to 10 demand registrations that the Company register these securities and will have certain "piggyback rights" with respect to other registration statements filed by the Company. The Company will bear the cost of registering these securities.

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#### NET ASSET VALUE
The Company will determine its NAV daily, as of the close of regular trading on the NYSE (generally, 4:00 p.m. Eastern Time). The Company will determine its NAV by dividing the value of the Company's securities, cash and other assets (including interest accrued but not collected) less all its liabilities (including accrued expenses, the liquidation preference of any outstanding preferred shares and dividends payable) by the total number of Common Shares outstanding.

On a weekly basis, the Company will report its NAV, which is calculated as of the close of business on each Tuesday and posted on the following day that is a business day in New York. In the event that Tuesday is not a business day in New York, the Company will report the close-of-business NAV as of the business day immediately preceding that Tuesday. In addition, on a monthly basis, the Company will report its end-of-month NAV which is calculated as of the close of business on the last day of the month and posted on the following day that is a business day in New York. For weeks that include a month-end NAV report, the Company will report only the month-end NAV and not report the Tuesday (weekly) NAV. Following completion of the combined offering, the Company's NAV information will be reported on its website (www.pershingsquareusa.com (under construction)) in order to satisfy the conditions for exemption from account statement distribution under CFTC Rule 4.12(c)(3).

The Company's portfolio investments are valued based upon market quotations or, if market quotations are not readily available, at fair value as determined in good faith under valuation policies and procedures overseen by the Board. These valuation policies and procedures include pricing methodologies for determining the fair value of certain types of securities and other assets held by the Company that do not have quoted market prices, and authorize the use of other pricing sources, such as bid and ask prices supplied by independent brokers and evaluated prices supplied by independent pricing services.

Exchange-traded options, futures and options on futures are valued at the settlement price determined by the exchange.

The Board has designated the Manager as the "valuation designee" pursuant to Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Company may use fair value pricing determined by the Valuation Designee for (i) securities and other investments (except for interests in investment funds) for which market quotations are not readily available at the valuation date on a particular business day (including any security or other investment for which there is a lapse in the provision of prices by any reliable pricing source for a period of seven business days), (ii) securities and other investments for which, in the judgment of the Valuation Designee, the market prices or values available do not represent the fair value of the instrument, (iii) securities and other investments (other than interests in investment funds) determined to be illiquid, and (iv) investment fund interests, in the unlikely event that an investment fund does not report a value to the Valuation Designee on a timely basis at the end of the investment fund's fiscal period.

Different valuation methods may result in differing values for the same investment. The fair value of a portfolio investment that the Company uses to determine its NAV may differ from the investment's quoted or published price. Fair value pricing procedures are designed to result in prices for the Company's securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable. There is no assurance, however, that fair value pricing will accurately reflect the market value of an investment.

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#### DISTRIBUTIONS
The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. Such treatment requires that the Company must, among other things, derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company will be subject to tax on any undistributed taxable income or gains, including net capital gain.

Dividends, if any, are expected to be declared and paid annually. Payments will vary in amount, depending on investment income received and expenses of operation as well as reinvestment activity. The Company is not a suitable investment for any investor who requires regular dividend income.

The Company reserves the right to change its dividend distribution policy at the discretion of the Board.

To the extent that any portion of the Company's distributions are considered a return of capital to shareholders for U.S. federal income tax purposes, such portion would not be considered dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such shareholders invested. Although such return of capital distributions are not currently taxable to shareholders, such distributions will have the effect of lowering a shareholder's tax basis in such shares, and could result in a higher tax liability when the shares are sold, even if they have not increased in value, or in fact, have lost value. If the total distributions made in any tax year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) and as return of capital thereafter.

Each year, a statement on Form 1099-DIV (or Form 1099-B, as applicable) identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to shareholders subject to IRS reporting. Company ordinary distributions may exceed the Company's earnings, especially during the period before the Company has substantially invested the proceeds from this offering.

As discussed above and under "*U.S. Federal Income Tax Considerations*," to qualify for and maintain RIC tax treatment, the Company is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain. The Code imposes a 4% nondeductible excise tax on the Company to the extent the Company does not distribute by the end of any calendar year at least the sum of (i) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (iii) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Company paid no U.S. federal income tax. For purposes of the excise tax, amounts of investment company taxable income and net capital gain that were not distributed and on which the Company paid U.S. federal income tax for a tax year ending in the relevant calendar year are deemed distributed in such calendar year. The Company can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Company issues senior securities, the Company will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Company's borrowings. Any such limitations would adversely impact the Company's ability to make distributions to shareholders.

Before investing you may want to consult your tax advisor.

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#### DIVIDEND REINVESTMENT PLAN
The Company has adopted a dividend reinvestment plan that provides for reinvestment of cash dividends and other cash distributions ("Cash Dividends") on behalf of record holders of Common Shares, unless a Common Shareholder elects to receive cash as provided below. As a result, if the Board authorizes, and the Company declares, a Cash Dividend, the Common Shareholders who have not "opted out" of the dividend reinvestment plan will have Cash Dividends automatically reinvested in additional Common Shares, rather than receiving the Cash Dividends. In this way, a Common Shareholder can maintain an undiluted investment while still allowing the Company to pay out the required distributable income. Other than through the dividend reinvestment plan, the Company has no current plan to issue additional Common Shares following the completion of the combined transaction.

In the case of Common Shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the administrator will administer the plan on the basis of the number of Common Shares certified from time to time by the record shareholder and held for the account of beneficial owners who participate in the plan. Beneficial owners should contact their bank, broker or other nominee for more information.

No action will be required on the part of Common Shareholders to have Cash Dividends reinvested in Common Shares. Common Shareholders may elect to receive an entire Cash Dividend by notifying State Street, the administrator, in writing or by telephone so that such notice is received by the administrator by 1:00 p.m. Eastern time on the record date for such Cash Dividend. The administrator will set up an account for Common Shares acquired through the plan for Common Shareholders who have not elected to receive Cash Dividends in cash and hold such Common Shares in non-certificated form.

The Common Shares are acquired by the administrator for a participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Company ("Newly Issued Shares") or (ii) by purchase of outstanding Common Shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on a Cash Dividend payment date, the Company's NAV is equal to or less than the market price per Common Share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the administrator will invest the Cash Dividend amount in Newly Issued Shares on behalf of the Common Shareholder. The number of Newly Issued Shares to be credited to the Common Shareholder's account will be determined by dividing the dollar amount of the Cash Dividend by the Company's NAV on the date the shares are issued, unless the Company's NAV is less than 95% of the then current market price per Common Share, in which case the dollar amount of the Cash Dividend will be divided by 95% of the then current market price per Common Share on the NYSE. If on the Cash Dividend payment date the Company's NAV is greater than the market price per Common Share on the NYSE, the plan administrator will invest the Cash Dividend amount in Common Shares acquired on behalf of the participant in Open-Market Purchases.

The administrator's service fee, if any, and expenses for administering the plan will be paid for by the Company. There will be no brokerage charges to Common Shareholders with respect to Common Shares issued directly by the Company as a result of dividends or other distributions payable either in Common Shares or in cash. However, each participant will pay a pro-rata share of brokerage commissions incurred with respect to the administrator's Open-Market Purchases in connection with the reinvestment of Cash Dividends.

Common Shareholders who receive dividends and other distributions in the form of Common Shares are subject to the same federal, state and local tax consequences as are Common Shareholders who elect to receive their dividends or other distributions in cash. A Common Shareholder's basis for determining gain or loss upon the sale of Common Shares received in a dividend or other distribution from the Company will be equal to the total dollar amount of the dividend or other distribution payable to the Common Shareholder. Any Common Shares received in a distribution will have a new holding period for tax purposes commencing on the day following the day on which the Common Shares are credited to the U.S. Common Shareholder's account.

Participants may terminate their accounts under the plan by writing to the administrator at State Street Corp - Transfer Agency, 1 Heritage Dr. North Quincy, MA 02171 or by calling the administrator at 617 985-9686. Such termination will be effective immediately if the participant's notice is received by the administrator at least 10 days prior to any dividend or other distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or other distribution.

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The plan may be terminated by the Company upon notice in writing mailed to each participant at least 30 days prior to the effectiveness thereof and at least 30 days prior to any record date for the payment of any Cash Dividend by the Company. Additional information about the plan may be obtained by contacting the administrator by mail at State Street Corp - Transfer Agency, 1 Heritage Dr. North Quincy, MA 02171 or by telephone at 617-985-9686.

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#### DESCRIPTION OF CAPITAL STRUCTURE
The following is a brief description of the terms of the Company's Common Shares and the Series A Preferred Shares. This description does not purport to be complete and is qualified by reference to the Company's Governing Documents and the Statement of Preferences of the Series A Preferred Shares (the "Series A Statement of Preferences"), each of which are filed as exhibits to the registration statement of which this prospectus forms a part.

#### Common Shares
The Company is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated November 28, 2023 (as amended by the Certificate of Amendment, dated February 6, 2024). Pursuant to the Declaration of Trust, the Company is authorized to issue an unlimited number of Common Shares. Each Common Share, when issued and paid for in accordance with the terms of this offering, will be validly issued, fully paid and non-assessable. All Common Shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights.

*Listing. The Company intends to list the Common Shares on the NYSE under the symbol "PSUS."* 

*Voting Rights. Together with the holders of any outstanding preferred shares, holders of the Common Shares will vote as a single class to elect the Board and on additional matters with respect to which the 1940 Act mandates a vote by the Company's outstanding voting securities. Holders of preferred shares will have a right to elect two of the Company's Trustees, and will have certain other voting rights. See "Anti-Takeover and Other Provisions in the Company's Governing Documents."* 

The presence in person or by proxy of shareholders entitled to cast a majority of the votes entitled to be cast at a meeting of the Company's shareholders constitutes a quorum at the meeting, unless applicable law or the Governing Documents requires a separate vote of one or more classes of the Company's shares, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by each such class on such a matter will constitute a quorum.

The Declaration of Trust provides that Trustees shall be elected by the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote thereon, voting together as a single class; provided that in the event that the 1940 Act requires any Trustee to be elected by the holders of preferred shares, such Trustees to be elected solely by the holders of preferred shares shall be elected by the affirmative vote of a majority of the preferred shares present in person or represented by proxy and entitled to vote thereon, voting as a separate class, and the remaining Trustees shall be elected by the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote, voting together as a single class.

With respect to all other matters, the Declaration of Trust provides that unless the Declaration of Trust, the Bylaws or a resolution of the Board specifying a greater or a lesser vote requirement for the transaction of any item of business, the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote thereon shall be the act of the shareholders with respect to such matter and where a separate vote of one or more classes or series of shares is required on any matter, the affirmative vote of a majority of the shares of such class or series of shares present in person or represented by proxy and entitled to vote thereon shall be the act of the shareholders of such class or series with respect to such matter.

Under the rules of the NYSE currently applicable to listed companies, the Company will be required to hold an annual meeting of shareholders in each fiscal year.

*Issuance of Additional Common Shares. The provisions of the 1940 Act generally require that the public offering price (less underwriting discounts and commissions) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company's common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its common shareholders. The Company may, from time to time, seek the consent of Common Shareholders to permit the issuance and sale by the Company of Common Shares at a price below the Company's then-current NAV, subject to certain conditions. If such consent is obtained, the Company may, contemporaneous with and in no event more than one year following the receipt of such consent, sell Common Shares at price below NAV in accordance with any conditions adopted in connection with the giving of such consent. Additional information regarding any consent of Common Shareholders obtained by the Company and the applicable conditions imposed on the issuance and sale by the Company of Common Shares at a price below NAV will be disclosed in the prospectus relating to any such offering of* 

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Common Shares at a price below NAV. Until such consent of Common Shareholders, if any, is obtained, the Company may not sell Common Shares at a price below NAV. Because the Management Fee is based upon the Company's NAV, the Manager's interests in recommending the issuance and sale of Common Shares at a price below NAV may conflict with the interests of the Company and its Common Shareholders. Other than through its dividend reinvestment plan, the Company has no current plan to issue additional Common Shares following the completion of the combined transaction.

#### Preferred Shares
The Company's Governing Documents provide that the Board may authorize and issue preferred shares with rights as determined by the Board, by action of the Board without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Under the 1940 Act, the Company may not issue preferred shares if, immediately after issuance, the Company would have asset coverage (as defined in the 1940 Act) of less than 200% as further described below. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares as further described below.

Issuance of preferred shares constitutes leverage and could entail special risks to the Common Shareholders. See "*Risk Factors - Leverage Risk*."

***Series A Preferred Shares. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. The issuance of the Series A Preferred Shares to the Manager was approved by the Board including the Trustees who are not "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. See "Use of Leverage - Derivative Transactions" for more information. Set forth below is a general summary of the terms of the Series A Preferred Shares as set forth in the Series A Statement of Preferences.***

*Dividends. Dividends on the Series A Preferred Shares will accumulate at an annual rate of 7.50% of the liquidation preference of $50.00 per share, will be cumulative from the date of original issuance and will be payable quarterly on March 1, June 1, September 1, and December 1 in each year, following the initial issuance.* 

*Liquidation Preference. In the event of any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of the Series A Preferred Shares shall be entitled to receive out of the assets of the Company available for distribution to shareholders, after satisfying claims and obligations of the Company pursuant to Delaware law but before any distribution or payment shall be made in respect of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to liquidation payments, an amount per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share, plus an amount equal to all unpaid dividends and distributions accumulated to and including the date fixed for such distribution or payment (whether or not earned or declared by the Company, but excluding interest thereon), and such holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.* 

If, upon any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the assets of the Company available for distribution among the holders of all outstanding Series A Preferred Shares, and any other outstanding class or series of preferred shares of the Company ranking on a parity with the Series A Preferred Shares as to payment upon liquidation, shall be insufficient to permit the payment in full to such holders of Series A Preferred Shares of the liquidation preference on the Series A Preferred Shares plus accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect to such other preferred shares, then such available assets shall be distributed among the holders of Series A Preferred Shares and such other preferred shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. Unless and until the liquidation preference plus accumulated and unpaid dividends and distributions have been paid in full to the holders of Series A Preferred Shares, no dividends or distributions will be made to holders of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to liquidation.

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*Holder Redemption Right. Commencing on the date that is the ten (10) year anniversary of the completion of the combined offering, the Series A Preferred Shares may be redeemed by the holder thereof, in whole or in part, for cash at the per-share liquidation preference thereof, plus an amount equal to any accumulated but unpaid dividends and distributions (whether or not earned or declared) to the date fixed for redemption (the "Redemption Price").* 

*Preemptive, Exchange or Conversion Rights. The Series A Preferred Shares will have no preemptive, exchange or conversion rights.* 

*Voting Rights. The 1940 Act requires that the holders of any preferred shares, which includes the Series A Preferred Shares, voting separately as a single class, have the right to elect at least two Trustees at all times. The remaining Trustees will be elected by holders of Common Shares and preferred shares, voting together as a single class. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any preferred shares, including the Series A Preferred Shares, have the right to elect a majority of the Trustees at any time two years' dividends on any preferred shares are unpaid. The 1940 Act also requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (1) adopt any plan of reorganization (as such term is used in the 1940 Act) within the meaning of Section 18(a)(2)(D) of the 1940 Act that would adversely affect the preferred shares and (2) take any action requiring a vote of security holders under Section 13(a) of the 1940 Act, including, among other things, changes in the Company's sub-classification as a closed-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights, the Company's ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Holders of preferred shares, including Series A Preferred Shares, will have equal voting rights with holders of Common Shares (one vote per share, unless otherwise required by the 1940 Act) and will vote together with holders of Common Shares as a single class.* 

*Restrictions on Dividends and Other Distributions for the Series A Preferred Shares. So long as any Series A Preferred Shares are outstanding, the Company may not pay any dividend or distribution (other than a dividend or distribution paid in Common Shares or, subject to compliance with the 1940 Act, in options, warrants or rights to subscribe for or purchase Common Shares or other shares, if any, ranking junior to the Series A Preferred Shares as to dividends and distributions and upon liquidation) in respect of the Common Shares or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares (except by conversion into or exchange for shares of the Company ranking junior to the Series A Preferred Shares as to the payment of dividends or distributions and the distribution of assets upon liquidation), unless, in each case: (1) the Company has declared and paid (or provided to the relevant dividend paying agent) all cumulative dividends and distributions on the Series A Preferred Shares due on or prior to the date of such Common Shares dividend or distribution; (2) the Company has redeemed the full number of Series A Preferred Shares to be redeemed pursuant to any mandatory redemption provision in Series A Statement of Preferences; and (3) after making the dividend, distribution, redemption or other acquisition of Common Shares, the Company meets applicable asset coverage requirements described below under "1940 Act Limitations."* 

*1940 Act Limitations. Under the 1940 Act, the Company may not issue preferred shares, declare any dividend (except a dividend payable in Common Shares) or any other distribution on the Common Shares or purchase any Common Shares unless, immediately after such issuance, dividend, distribution or purchase, it has an "asset coverage" of at least 200% of the liquidation value of the outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the value of the Company's total assets). For these purposes, "asset coverage" means the ratio of (i) total assets less all liabilities and indebtedness not represented by "senior securities" to (ii) the amount of "senior securities representing indebtedness" plus the "involuntary liquidation preference" of the preferred shares. "Senior security" generally means any bond, note, or similar security evidencing indebtedness and any class of shares having priority over any other class as to distribution of assets or payment of dividends. "Senior security representing indebtedness" means any "senior security" other than equity shares. The "involuntary liquidation preference" of the preferred shares is the amount that holders of preferred shares would be entitled to receive in the event of an involuntary liquidation of the Company in preference to the Common Shares.* 

*Asset Coverage Mandatory Redemption. The Company may, at its option, consistent with its Governing Documents and the 1940 Act, and in certain circumstances will be required to, mandatorily redeem the Series A Preferred Shares, at the Redemption Price, in the event that the Company fails to maintain the asset coverage requirements specified under the 1940 Act on a quarterly valuation date and such failure is not cured on or before 60 days following such failure.* 

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The number of Series A Preferred Shares that will be redeemed in the case of a mandatory redemption will equal the minimum number of outstanding Series A Preferred Shares, the redemption of which, if such redemption had occurred immediately prior to the opening of business on the applicable cure date, would have resulted in the relevant asset coverage requirement having been met or, if the required asset coverage cannot be so restored, all of the Series A Preferred Shares. In the event that Series A Preferred Shares are redeemed due to a failure to satisfy the 1940 Act asset coverage requirements, the Company may, but is not required to, redeem a sufficient number of preferred shares so that the Company's assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that is, 220% asset coverage).

If the Company does not have funds legally available for the redemption of, or is otherwise unable to redeem, all the Series A Preferred Shares to be redeemed on any redemption date, the Company will redeem on such redemption date that number of Series A Preferred Shares for which it has legally available funds, or is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis of the redemption price of such shares, and the remainder of those shares to be redeemed will be redeemed on the earliest practicable date on which the Company will have funds legally available for the redemption of, or is otherwise able to redeem, such Series A Preferred Shares upon written notice of redemption.

If fewer than all Series A Preferred Shares are to be redeemed, such redemption will be made as among the holders of that series *pro rata* in accordance with the respective number of Series A Preferred Shares held by each such holder on the record date for such redemption. If fewer than all Series A Preferred Shares held by any holder are to be redeemed, the notice of redemption mailed to such holder will specify the number of shares to be redeemed from such holder, which may be expressed as a percentage of shares held on the applicable record date.

*Optional Redemption by the Company. The Series A Preferred Shares are not subject to optional redemption by the Company unless such redemption is necessary, in the judgment of the Board, to maintain the Company's status as a RIC under the Code, in which case the Company may redeem the Series A Preferred Shares, in whole or in part, upon not less than thirty (30) nor more than sixty (60) days' prior notice, for cash at the Redemption Price.* 

#### Access to Records
Any shareholder will have access to the books and records of the Company as described in Section 3819 of the DSTA.

#### Registration Rights
In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager or its affiliates in the Pershing Square Investment and any other equity securities of the Company purchased by the Manager or its affiliates on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The parties to the Registration Rights Agreement (which would include any affiliate of the Manager's acquiring securities in the Pershing Square Investment and any permitted transferees) will be entitled to make up to 10 demand registrations that the Company register these securities and will have certain "piggyback rights" with respect to other registration statements filed by the Company. The Company will bear the cost of registering these securities.

#### Reports to Shareholders
The Company will also produce both annual and semi-annual reports that will contain important information about the Company. For a free copy of the Company's annual or semi-annual report (following the Company's completion of an annual or semi-annual period, as applicable) or to request other information or ask questions about the Company, please write to the Company at IR@persq.com or call 212-813-3700 or visit the Company's website at www.pershingsquareusa.com (under construction). This reference to the website does not incorporate the contents of the website into this prospectus.

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#### Provisions in Conflict with Law or Regulation
The Company's Declaration of Trust provides that, if the Board determines, with the advice of counsel, that any provision of the Declaration of Trust is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

#### Enforcement of Judgments Rendered by Foreign Courts
Federal and state courts in the United States will recognize judgments entered by courts outside of the United States subject to limited exceptions. Although the law varies from state to state, the majority of states, including Delaware, have adopted, in whole or in part, the Uniform Foreign-Country Money Judgments Recognition Act (the "Judgments Recognition Act"). The Judgments Recognition Act permits the recognition of money judgments entered by foreign countries provided they are final, conclusive and enforceable where rendered. The Judgments Recognition Act contains several exceptions to recognition, including but not limited to foreign judgments rendered under a judicial system that does not provide impartial tribunals or procedures compatible with the requirements of due process of law, and foreign judgments entered in a court without personal jurisdiction over the defendant. Generally, judgments that do not fall under these exceptions may be recognized without consideration of the underlying merits, and once recognized, the judgment creditor may avail itself of various judgment enforcement mechanisms in the state of recognition.

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#### ANTI-TAKEOVER AND OTHER PROVISIONS IN THE COMPANY'S GOVERNING DOCUMENTS
The Company's Governing Documents include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of the Board. These provisions, however, have the advantage of potentially requiring persons seeking control of the Company to negotiate with the Company's management regarding the price to be paid and facilitating the continuity of the Company's investment objective and policies.

Any of the Trustees may be removed by action taken by two-thirds of the remaining Trustees. In addition, for cause only, and not without cause, a Trustee may be removed by action taken by a majority of the remaining Trustees, followed by the affirmative vote of the holders of not less seventy-five percent (75%) of the outstanding shares then entitled to vote in an election of such Trustee at a meeting that has been called for such purpose. "Cause" shall require (i) a final judicial determination by a court of competent jurisdiction that a Trustee has committed any action relating to the performance of his or her duties as a Trustee of the Company that constitutes gross negligence, fraud or willful misconduct, or (ii) that a Trustee has been indicated or convicted in a court of competent jurisdiction of a felony for (A) a crime involving fraud, moral turpitude or violence; or (B) an intentional or material violation of applicable securities or regulatory laws.

The Declaration of Trust requires a vote by a majority of the Trustees followed by the holders of at least seventy-five percent (75%) of the Common Shares and, if issued, preferred shares, voting together as a single class, except as described below, to authorize:

(1)<br> a conversion of the Company from a closed-end company to an open-end company; or

(2)<br> a merger or consolidation of the Company with any corporation, association, trust or other organization or a sale, lease or exchange of all or substantially all of the property owned or held by or for the account of the Company or the Trustees in such capacity.

*unless such transaction has already been authorized by the affirmative vote of two-thirds of the total number of Trustees fixed in accordance with the Company's Governing Documents and two-thirds of the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act, in which case the affirmative vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act), voting together as a single class shall be required.* 

In the case of the conversion of the Company to an open-end company, or if it is the case that any of the foregoing transactions constitute a plan of reorganization (as such term is used in the 1940 Act) within the meaning of Section 18(a)(2)(D) of the 1940 Act which adversely affects the preferred shares, approval, adoption or authorization of the action in question will also require the affirmative vote of the holders of at least two-thirds of the preferred shares outstanding at the time, voting as a separate class, unless such transaction has already been authorized by the affirmative vote of two-thirds of the total number of Trustees fixed in accordance with the Company's Governing Documents and two-thirds of the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act, in which case the affirmative vote of the holders of at least a majority of the Company's preferred shares outstanding at the time, voting as a separate class, would be required.

Approval of shareholders would not be required, however, for any transaction, whether deemed a merger, consolidation, reorganization or otherwise whereby the Company issues shares in connection with the acquisition of assets (including those subject to liabilities) from any other investment company or similar entity.

The overall effect of the provisions described above is to render more difficult the accomplishment of a merger or the assumption of control by a third party. They provide, however, the advantage of potentially requiring persons seeking control of the Company to negotiate with the Board regarding the price to be paid and facilitating the continuity of the Company's investment objective and policies. The voting requirements set forth above are in excess of those required under the DSTA, which does not provide an enumerated threshold for many of the matters discussed in this section of the prospectus.

The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Company and its Common Shareholders.

The Company is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in the DSTA Control Share Statute. The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Company.

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The DSTA Control Share Statute defines "control beneficial interests" (referred to as "control shares" herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the DSTA or the Company's Governing Documents with respect to the control shares acquired in the control share acquisition, except to the extent approved by the Company's shareholders by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Company insiders).

The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well as those of his, her or its "associates." These thresholds are:

&nbsp;&nbsp;&nbsp;&nbsp;• 10% or more, but less than 15% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 15% or more, but less than 20% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 20% or more, but less than 25% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 25% or more, but less than 30% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 30% or more, but less than a majority of all voting power; or

&nbsp;&nbsp;&nbsp;&nbsp;• a majority or more of all voting power.

Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (*i.e.*, the control shares) until approved by a vote of shareholders, as described above, or otherwise exempted by the Board. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.

Under the DSTA Control Share Statute, an acquiring person's "associates" are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.

Voting power is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of the Company in the election of the Company's Trustees (either generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, Company preferred shares acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.

The DSTA Control Share Statute requires shareholders to disclose to the Company any control share acquisition within ten (10) days of such acquisition, and also permits the Company to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Company within 10 days of receiving a request therefor from the Company any information that the Company's Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

The DSTA Control Share Statute does not provide that the Company can generally "opt out" of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Board, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute further provides that the Board is under no obligation to grant any such exemptions. The Board believes that the application of the DSTA Control Share Statute to the Company is in the best interests of the Company and its Common Shareholders and the Board has not exempted any acquisitions or classes of acquisitions for purposes of the DSTA Control Share Statute.

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance. Some uncertainty around the general application under the 1940 Act of state control share statutes

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exists as a result of recent federal and state court decisions that have held that certain control share bylaws and the opting in to certain state control share statutes are inconsistent with the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial intermediaries.

The Company's Bylaws provide that, with respect to an annual meeting of shareholders, the nomination of individuals for election as Trustees and the proposal of other business to be considered by the shareholders may be made only (1) pursuant to the Company's notice of the meeting given by or at the direction of the Board or any duly authorized committee thereof, (2) otherwise by or at the direction of the Board or (3) by any one or more shareholders who (i) are each at the time the required notice is delivered to the Secretary of the Company and on the record date for the determination of shareholders entitled to notice of and to vote at such annual meeting of shareholders, (ii) are each entitled to make nominations or proposals and to vote at the meeting and (iii) comply with the advance notice procedures set forth in the Bylaws. To be timely, a shareholder's notice shall set forth all required information and must be delivered to the Secretary of the Company at its principal executive offices not later than the close of business on the one hundred twentieth (120<sup>th</sup>) day, nor earlier than the close of business on the one hundred fiftieth (150<sup>th</sup>) day, prior to the anniversary date of the preceding year's annual meeting. In the event, however, that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date, notice by the shareholder must be so delivered not earlier than the close of business on the one hundred fiftieth (150<sup>th</sup>) day prior to such annual meeting and not later than the close of business on the later of the one hundred twentieth (120<sup>th</sup>) day prior to such annual meeting or the tenth (10<sup>th</sup>) day following the day on which public announcement of the date of such meeting is first made by the Company. The foregoing does not affect any right of a shareholder to request inclusion of a proposal pursuant to Rule 14a-8 of the Exchange Act.

The Company's Bylaws provide that, with respect to an annual meeting of shareholders, the nomination of individuals for election as Trustees and the proposal of other business to be considered by the shareholders must satisfy a series of requirements relating to, among other things, (i) the shareholder giving notice and the beneficial owners, if any, on whose behalf the nomination is made, (ii) as to each person the shareholder proposes to nominate for election as Trustee, potential conflicts of interest or relationships and fitness to be a Trustee of a closed-end investment company, and (iii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made.

The purpose of requiring shareholders to give the Company advance notice of nominations and other business at annual meetings of shareholders is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting annual meetings of shareholders. Although the Governing Documents do not give the Board any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action at annual meetings of shareholders that satisfy the requirements of the Governing Documents, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Company and its shareholders.

The Company's Governing Documents provide that a special meeting of shareholders may be called at any time only by a majority of the Trustees or the Chief Executive Officer and will be limited to the purposes for any such special meeting set forth in the notice thereof or otherwise at the direction of the Board. Shareholders will not be entitled to make nominations or other proposals at any special meeting of shareholders.

The Declaration of Trust also contains provisions regarding derivative and direct claims of shareholders. Under the Declaration of Trust, shareholders of the Company may not bring a derivative action to enforce the rights of the Company unless certain conditions are met, including that, prior to the commencement of such derivative action, the complaining shareholders have made a written demand to the Board requesting that the Board cause the Company to file the action itself. The Declaration of Trust details information, certifications, undertakings, and acknowledgments that must be included in the demand and requires at least 10% of the shareholders of the Company to join in

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bringing any derivative action. Within 30 calendar days after the receipt of a shareholder demand submitted in accordance with the requirements of Delaware law and the Declaration of Trust, the independent Trustees will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Company. If the demand for derivative action has been considered by the Board, and a majority of the independent Trustees, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Company (or class, as applicable), the complaining shareholders shall be barred from commencing the derivative action.

The Declaration of Trust further provides that a group of shareholders may not bring or maintain a direct action or claim for monetary damages against the Company or the Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act (excepting rights of action permitted under Section 36(b) of the 1940 Act), nor shall any single shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to bring such an action, unless shareholders who hold at least 10% of the outstanding shares of the Company have obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Company at the Company's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the group of shareholders or shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days of its receipt by the Company. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Company or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made in their business judgment and shall be binding on all shareholders.

These provisions in the Declaration of Trust regarding derivative and direct claims of shareholders do not apply to claims made under the U.S. federal securities laws.

The Declaration of Trust also includes an exclusive forum provision which states that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative suit, action or proceeding brought on behalf of the Company, (ii) any suit, action or proceeding asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the Company to the Company or the shareholders, (iii) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company arising pursuant to any provision of the DSTA, the Declaration of Trust or the Bylaws, or federal law, or (iv) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such suit, action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. These exclusive forum provisions may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find convenient or favorable. Further, the enforceability of an exclusive forum provision is questionable. These exclusive forum provisions do not apply to any claims, suits, actions or proceedings asserted under the U.S. federal securities laws.

The Declaration of Trust provides that the Board may, subject to certain exceptions, amend the Declaration of Trust without any vote of the shareholders to make any change that does not adversely affect the relative rights or preferences of any class or series of shares. The affirmative vote of seventy-five percent (75%) of the shareholders is however required for amendments to certain provisions of the Declaration of Trust, including provisions relating to the election and removal of Trustees, approval requirements for a merger of the Company, conversion of the Company to an open-end company, and changes to the amendment provisions of the Declaration of Trust. In addition, shareholders have no authority to adopt, amend or repeal the Bylaws. Under the Declaration of Trust and the Bylaws, the Trustees have the exclusive power to amend or repeal the Bylaws or adopt new Bylaws at any time, provided that the Trustees shall not adopt Bylaws which are in conflict with the Declaration of Trust. Action by the Trustees with respect to the Bylaws requires an affirmative vote of a majority of the Trustees.

The Company's Governing Documents will be on file with the SEC prior to the completion of the combined offering. See "*Additional Information*."

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#### CLOSED-END INVESTMENT COMPANY STRUCTURE
Closed-end investment companies differ from open-end investment companies (commonly referred to as mutual funds) in that closed-end investment companies generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end investment companies generally can stay more fully invested in securities consistent with the closed-end investment company's investment objective and policies. In addition, in comparison to open-end investment companies, closed-end investment companies have greater flexibility in their ability to make certain types of investments, including investments in illiquid securities.

However, shares of closed-end investment companies listed for trading on a securities exchange frequently trade at a discount from net asset value but in some cases trade at a premium. The market price may be affected by trading volume of the shares, general market and economic conditions and other factors beyond the control of the closed-end investment company. The foregoing factors may result in the market price of the Common Shares being greater than, less than or equal to NAV. The Board has reviewed the structure of the Company in light of its investment objective and policies and has determined that the closed-end structure is in the best interests of the shareholders. The Company reserves the right, at any time to merge or reorganize with another company, liquidate or convert into an open-end company, in each case subject to applicable approvals by shareholders and the Board as required by law and the Company's Governing Documents.

In the event of conversion to an open-end company, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market system. Shareholders of an open-end company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at net asset value, less any applicable redemption charge, as might be in effect at the time of a redemption. The Company would expect to pay all such redemption requests in cash but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Company were converted to an open-end company, it is likely that new Common Shares would be sold at NAV plus a sales load.

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#### REPURCHASE OF COMMON SHARES
Because the Company is a closed-end investment company, the Common Shareholders will not have the right to cause the Company to redeem their Common Shares. Instead, the Common Shares will trade in the open market at a price that will be a function of several factors, including NAV, relative demand for and supply of such shares in the market, general market and economic conditions and other factors. Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company may purchase at market prices from time to time the Common Shares in the open market but is under no obligation to do so.

Notwithstanding the foregoing, at any time if the Company has preferred shares outstanding, the Company may not purchase, redeem or otherwise acquire any of its Common Shares unless (i) all accrued preferred shares dividends have been paid and (ii) at the time of such purchase, redemption or acquisition, the Company has an asset coverage of at least 200% after deducting the amount of such purchase, redemption or acquisition, as applicable. Similarly, if the Company has outstanding indebtedness, the Company may not purchase, redeem or acquire its capital stock unless the Company has an asset coverage of at least 300% after deducting the amount of such purchase, redemption or acquisition, as applicable. See "*Use of Leverage*." Any service fees incurred in connection with any tender offer made by the Company will be borne by the Company and will not reduce the stated consideration to be paid to tendering shareholders.

Subject to its investment restrictions, the Company may borrow to finance the repurchase of the Common Shares or to make a tender offer for those shares. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Company in anticipation of share repurchases or tenders will reduce the Company's net income. Any share repurchase, tender offer or borrowing approved by the Board would have to comply with the Exchange Act, the 1940 Act, and the rules and regulations thereunder.

The Board will review periodically the trading range and activity of the Company's shares with respect to its NAV and the Board may take certain actions to seek to reduce or eliminate any such discount. Such actions may include open market repurchases or tender offers for the Common Shares at NAV. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to NAV.

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#### U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a summary of certain U.S. federal income tax considerations affecting the Company and the ownership and disposition of the Common Shares. This discussion assumes you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investments) and is applicable only to holders who purchase Common Shares in this offering. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the IRS, possibly with retroactive effect.

This discussion does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including the alternative minimum tax, the Medicare tax on certain investment income, state and local taxes and the different consequences that may apply if you are subject to special rules that apply to certain types of investors, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• banks, financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;• S corporations;

&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• RICs;

&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;• expatriates or former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;• taxpayers subject to mark-to-market accounting rules;

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding Common Shares as part of a "straddle," hedge, integrated transaction or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. holders (as defined below) whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the Company's Common Shares by vote or value;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired the Company's Common Shares pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;

&nbsp;&nbsp;&nbsp;&nbsp;• accrual-method taxpayers who are required under Section 451(b) of the Code to recognize income for U.S. federal income tax purposes no later than when such income is taken into account in applicable financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations or passive foreign investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities.

This discussion also does not consider the tax treatment of entities treated as partnerships or other pass-through entities for U.S. federal income tax purposes or persons who hold Common Shares through such entities. If a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of the Company's securities, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partner and the partnership. If you are a partner of a partnership holding Common Shares, we urge you to consult your own tax advisors.

**The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their own tax advisers to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Company.** 

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#### Taxation of the Company
The Company intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. Accordingly, the Company must, among other things, meet certain income, asset diversification and distribution requirements.

(i) The Company must derive in each taxable year at least 90% of its gross income from the following sources: (i) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies; and (ii) interests in "qualified publicly traded partnerships" (as defined in the Code). Generally, a qualified publicly traded partnership includes a partnership the interests of which are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof). 

(ii) The Company must diversify its holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the market value of the Company's total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Company's total assets and not more than 10% of the outstanding voting securities of such issuer and (ii) not more than 25% of the market value of the Company's total assets is invested in the securities (other than U.S. government securities and the securities of other RICs) of (a) any one issuer, (b) any two or more issuers that the Company controls and that are determined to be engaged in the same business or similar or related trades or businesses or (c) any one or more "qualified publicly traded partnerships" (as defined in the Code). These asset diversification requirements are subject to certain special and complex measurement rules. For example, the Company generally will not fail to satisfy the asset diversification requirements solely as a result of a change in value with respect to assets held by the Company as of the end of a prior quarter. 

(iii) The Company must distribute in each taxable year at least 90% of its investment company taxable income (generally, its ordinary income and the excess of any net short-term capital gain over net long-term capital loss). 

As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net realized capital gains. The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. The Company will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its Common Shareholders.

The Company will either distribute or retain for reinvestment all or part of its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). If any such gain is retained, the Company will be subject to a corporate income tax on such retained amount, including any amount designated as undistributed capital gain pursuant to the following sentence. In that event, the Company expects to designate the retained amount as undistributed capital gain in a notice to its Common Shareholders, each of whom, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Company against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase its basis in its Common Shares by the amount of undistributed capital gain included in such Common Shareholder's gross income net of the tax deemed paid by the shareholder under clause (ii).

The Code imposes a 4% nondeductible excise tax on the Company to the extent the Company does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections but not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year and (iii) any income or gains realized, but not distributed, and on which the Company paid no federal income tax, in preceding years. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be decreased to reflect any over-distribution from the previous year and amounts of investment company taxable income and net capital gain realized, but not distributed, and on which the Company paid U.S. federal income tax for a tax year ending in the relevant calendar year are deemed

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distributed in such calendar year for purposes of the excise tax. While the Company intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Company's taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Company will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement.

Certain of the Company's investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gains or "qualified dividend income" into higher-taxed short-term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Company to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not be "qualified" income for purposes of the 90% gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character of distributions to Common Shareholders. The Company intends to structure and monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Company as a RIC (which may adversely affect the net after-tax return to the Company).

If for any taxable year the Company does not qualify as a RIC, all of its taxable income (including its net capital gain) will be subject to tax at regular corporate rates without any deduction for distributions to Common Shareholders. The Company could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC.

#### Taxation of Common Shareholders

#### Purchase Price Allocation and Basis
While not free from doubt, your acquisition pursuant to the combined offering of (1) Common Shares and (2) shares of PS Inc. 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 Common Shares and such shares of PS Inc. 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 Common Shares and shares of PS Inc. 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 Common Shares and the shares of PS Inc. 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 Common Shares will be your tax basis in such Common Shares and the portion of the purchase price allocated to the shares of PS Inc. Common Stock that you receive will be your tax basis in such shares of PS. Inc. Common Stock. We believe that one reasonable method for determining fair market value is to use the volume weighted average trading prices of the Common Shares and shares of PS Inc. Common Stock on the first day of trading of the Common Shares and the PS Inc. Common Stock on the New York Stock Exchange. We intend, promptly following the completion of the first day of trading of the Common Shares and the PS Inc. Common Stock on the New York Stock Exchange, 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 Common Shares and shares of PS Inc. 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 Common Shares and shares of PS Inc. 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 Common Shares and shares of PS Inc. Common Stock pursuant to the formula discussed herein may differ from the allocation of the proceeds of the offering to the Company. 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 Common Shares or shares of PS Inc. 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.

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**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 Common Shares and the purchase price allocation between Common Shares and shares of PS Inc. 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, the Company, or PS Inc. 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 Common Shares and shares of PS Inc. Common Stock.** 

#### U.S. Holders
This section applies to you if you are a "U.S. holder." A U.S. holder is a beneficial owner of Common Shares who or that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) 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 includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (ii) that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.

*Distributions. Distributions paid to you by the Company from its net capital gain, which is the excess of net long-term capital gain over net short-term capital loss, if any, that the Company properly reports as capital gains dividends ("capital gain dividends") are taxable as long-term capital gains, regardless of how long you have held your Common Shares. All other dividends paid to you by the Company (including dividends from short-term capital gains) from its current or accumulated earnings and profits as determined for U.S. federal income tax purposes ("ordinary income dividends") are generally subject to tax as ordinary income.* 

In the case of corporate shareholders, properly reported ordinary income dividends paid by the Company generally will be eligible for the dividends received deduction to the extent that the Company's income consists of dividend income from U.S. corporations and certain holding period requirements are satisfied. If you are a non-corporate shareholder (including a shareholder who is an individual), any properly reported ordinary income dividend that you receive from the Company generally will be eligible for taxation at reduced maximum rates to the extent that (i) the ordinary income dividend is attributable to "qualified dividend income" (*i.e.*, generally dividends paid by U.S. corporations and certain foreign corporations) received by the Company, (ii) the Company satisfies certain holding period and other requirements with respect to the stock on which such qualified dividend income was paid and (iii) you satisfy certain holding period and other requirements with respect to your Common Shares. Qualified dividend income eligible for these special rules is not actually treated as capital gains, however, and thus will not be included in the computation of your net capital gain and generally cannot be used to offset any capital losses. In general, you may include as qualified dividend income only that portion of the dividends that may be and are so reported by the Company as qualified dividend income. Dividend income from passive foreign investment companies and, in general, dividend income from REITs is not eligible for the reduced rate for qualified dividend income and is taxed as ordinary income. There can be no assurance as to what portion of the Company's distributions will qualify for favorable treatment as qualified dividend income.

Distributions of earnings from dividends paid by certain "qualified foreign corporations" can also qualify for the lower federal income tax rates on qualifying dividends. A shareholder will also have to satisfy a more than 60-day holding period as well as other requirements with respect to any distributions of qualifying dividends in order to obtain the benefit of the lower tax rate. Distributions of earnings from non-qualifying dividends, interest income, other types of ordinary income and short-term capital gains will be taxed at the ordinary income tax rate

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applicable to the taxpayer. Tax-deferred retirement accounts generally do not incur a tax liability with respect to a Company's dividends or other distributions unless you are taking a distribution or making a withdrawal.

Any distributions you receive that are in excess of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated as a tax-free return of capital to the extent of your adjusted tax basis in your Common Shares, and thereafter as capital gain from the sale of Common Shares. The amount of any Company distribution that is treated as a tax-free return of capital will reduce your adjusted tax basis in your Common Shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Common Shares.

It is possible the Company may decide to retain some or all of its net capital gains, and to designate the retained amount as a "deemed distribution." In that case, among other consequences, the Company will pay corporate-level tax on the retained amount, you will be required to include your share of the deemed distribution in income as if it had actually been distributed to you, and you will be entitled to claim a credit or refund equal to your allocable share of the corporate-level tax the Company pays on the retained capital gain. The amount of the deemed distribution net of such tax will be added to your cost basis for your Common Shares.

Since the Company expects to pay tax on any retained capital gains at its regular corporate capital gain tax rate, and since that rate may be in excess of the maximum rate currently payable by non-corporate U.S. holders on long-term capital gains, the amount of tax that non-corporate U.S. holders will be treated as having paid may exceed the tax they owe on the capital gain dividend. If applicable, such excess generally may be claimed as a credit or refund against your other U.S. federal income tax obligations. If you are not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return, you would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes the Company paid. In order to utilize the deemed distribution approach, the Company must provide written notice to its shareholders prior to the expiration of 60 days after the close of the relevant tax year.

Dividends and other taxable distributions are taxable to you even if they are reinvested in additional Common Shares. Dividends and other distributions paid by the Company are generally treated as received by you at the time the dividend or distribution is made. If, however, the Company pays you a dividend in January that was declared in the previous October, November or December and you were the Common Shareholder of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Company and received by you on December 31 of the year in which the dividend was declared.

Under the dividend reinvestment plan, U.S. holders who have not "opted out" of the Company's dividend reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving cash distributions. Any distributions reinvested under the plan will nevertheless remain taxable to U.S. holders. A U.S. holder will have an adjusted basis in the additional Common Shares purchased through the plan equal to the amount of the reinvested distribution. The additional Common Shares will have a new holding period commencing on the day following the day on which such Common Shares are credited to the U.S. holder's account.

The Company (or the applicable withholding agent) will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Company.

*Sale of Common Shares. The sale or other disposition of Common Shares (including upon the liquidation of the Company) will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have held such Common Shares for more than one year. The amount of the gain or loss will be measured by the difference between your adjusted tax basis in your Common Shares and the amount of proceeds received in exchange for such Common Shares. Any loss upon the sale or other disposition of Common Shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain) by you with respect to such Common Shares. Any loss you recognize on a sale or other disposition of Common Shares will be disallowed if you acquire other Common Shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the Common Shares. In such case, your tax basis in the Common Shares acquired will be adjusted to reflect the disallowed loss.* 

Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at reduced maximum rates.

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#### Non-U.S. Holders
This section applies to you if you are a "Non-U.S. holder." A Non-U.S. holder is a beneficial owner of Common Shares who is not a U.S. holder (as defined above). Whether an investment in the Common Shares is appropriate for a Non-U.S. holder will depend on your particular circumstances. Non-U.S. holders should consult their tax advisors before investing in the Common Shares.

Distributions of the Company's "investment company taxable income" to Non-U.S. holders (including interest income and realized net short-term gains in excess of realized long-term capital losses, which generally would be free of federal withholding tax if paid to Non-U.S. holders directly) will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent such distributions do not exceed the Company's current and accumulated earnings and profits unless an applicable exception applies. If such distributions are income effectively connected (or treated as effectively connected) with a U.S. trade or business ("ECI") of the Non-U.S. holder (and, if a treaty applies, are attributable to a U.S. permanent establishment of the Non-U.S. holder), the Company will not be required to withhold U.S. federal tax if the Non-U.S. holder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. holders. Special certification requirements apply to a Non-U.S. holder that is a non-U.S. partnership or non-U.S. trust, and such entities are urged to consult their own tax advisers.

U.S.-source withholding taxes are not generally imposed on dividends paid by RICs to the extent the dividends are reported as "interest-related dividends" or "short-term capital gain dividends." Interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. withholding tax at the source if they had been received directly by a non-U.S. person, and that satisfy certain other requirements. No assurances can be given as to whether any of the Company's distributions will be reported as eligible for this exemption from withholding tax. In addition, Non-U.S. holders should be aware that U.S. withholding rules require the Company (or its withholding agent) to withhold on distributions in the absence of certainty as to whether such distributions are eligible for the exemption from withholding tax. Since amounts designated as interest-related dividends may be reduced to the extent such amounts exceed the Company's "qualified net interest income" for the taxable year in which such dividend is distributed, the Company will generally not be certain that the entire amount of mid-year distributions of interest-related dividends is, in fact, properly treated as such. Accordingly, such distributions to Non-U.S. holders may be subject to over-withholding by the Company (or its withholding agent).

Actual or deemed distributions of the Company's net capital gains to a Non-U.S. holder, and gains realized by a Non-U.S. holder upon the sale of its Common Shares (including upon a liquidation of the Company), will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are ECI of the Non-U.S. holder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder) or, in the case of an individual, the Non-U.S. holder was present in the United States for 183 days or more during the taxable year and certain other conditions are met. If the Company distributes its net capital gains in the form of deemed rather than actual distributions, a Non-U.S. holder will be entitled to a U.S. federal income tax credit or tax refund equal to the allocable share of the corporate-level tax the Company pays on the capital gains deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. holder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

If any actual or deemed distributions of the Company's net capital gains, or any gains realized upon the sale or redemption of its Common Shares, are ECI of the Non-U.S. holder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder), such amounts will be subject to U.S. income tax, on a net-income basis, in the same manner, and at the graduated rates applicable to, a U.S. holder. For a corporate Non-U.S. holder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale or redemption of the Common Shares that are ECI (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder), may under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

#### Non-U.S. holders should consult their own tax advisers with respect to the U.S. federal income tax consequences of an investment in the Common Shares.
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#### FATCA
Under legislation commonly referred to as the "Foreign Account Tax Compliance Act" (or "FATCA"), the applicable withholding agent generally will be required to withhold 30% of any payment of dividends on the Common Shares paid to (i) a non-U.S. financial institution (whether such financial institution is the beneficial owner or an intermediary) unless such non-U.S. financial institution agrees to verify, report and disclose its U.S. account holders and meets certain other specified requirements or (ii) a non-financial non-U.S. entity (whether such entity is the beneficial owner or an intermediary) unless such entity certifies that it does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each U.S. owner and such entity meets certain other specified requirements. If payments of this withholding tax are made, Non-U.S. holders that are otherwise eligible for an exemption from, or reduction in, withholding of U.S. federal income.

Taxes with respect to such interest or dividends will be required to seek a credit or refund from the IRS to obtain the benefit of such exemption or reduction. The Company will not pay any additional amounts in respect of any amounts withheld. This withholding may be applied to reduce any future distributions to which you may be entitled.

#### Foreign Taxation
Income earned and gain realized by the Company from sources within a foreign country may be subject to withholding and other taxes imposed by that country. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes.

The imposition of such taxes will reduce the amount of dividends and distributions paid to the Company's shareholders. If more than 50% of the value of a Company's total assets at the close of its taxable year consists of securities of foreign corporations, that Company will be eligible and may elect to treat a proportionate amount of certain foreign taxes paid by it as a distribution to each shareholder which would generally permit each shareholder either (1) to credit this amount (subject to applicable limitations) or (2) to deduct this amount for purposes of computing its U.S. federal income tax liability. The Company will notify you if it makes this election.

Furthermore, the amount of the foreign tax credit that is available may be limited to the extent that dividends from a foreign corporation qualify for the lower tax rate on "qualifying dividends."

#### Backup Withholding and Information Reporting
Backup withholding may apply to distributions on the Common Shares with respect to certain U.S. holders. Such U.S. holders generally will be subject to backup withholding unless such U.S. holders provide their correct taxpayer identification number and certain other information, certified under penalties of perjury, to the dividend paying agent, or otherwise establishes an exemption from backup withholding. Any amount withheld under backup withholding is allowed as a credit against such U.S. holder's U.S. federal income tax liability, provided the proper information is provided to the IRS. Generally, the Company must report to the IRS and to Non-U.S. holders the amount of interest and dividends paid to the Non-U.S. holders and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such dividend payments and any withholding may also be made available to the tax authorities in the country in which the holder resides under the provisions of an applicable treaty or agreement. In general, a Non-U.S. holder will not be subject to backup withholding with respect to payments of dividends if (a) the Non-U.S. holder provides its name and address, and certifies, under penalties of perjury, to the applicable withholding agent that it is not a U.S. person (which certification may be made on an IRS W-8BEN or W-8BEN-E (or successor form)) or (b) the Non-U.S. holder holds the Common Shares through certain foreign intermediaries or certain foreign partnerships, and satisfies the certification requirements of applicable Treasury regulations. A Non-U.S. holder will be subject to information reporting and, depending on the circumstances, backup withholding with respect to the proceeds of the sale or other disposition (including a redemption) of the Common Shares within the United States or conducted through certain U.S.-related payors, unless the payor of the proceeds receives the statement described above or the Non-U.S. holder otherwise establishes an exemption. Backup withholding is not an additional tax. Any amounts withheld from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.

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#### THE SELLING SHAREHOLDER
On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. This prospectus relates to the foregoing distribution of such Common Shares. PS Inc. is a co-registrant on the registration statement of which this prospectus forms a part and will also be an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act. Therefore, it will be subject to the prospectus delivery and liability provisions under the Securities Act. This prospectus describes all material relationships between the Company and PS Inc.

The following table sets forth (i) the number and percentage of the outstanding Common Shares that PS Inc. beneficially owned before this offering, (ii) the number of Common Shares to be purchased by PS Inc. and resold in this offering by PS Inc. and (iii) the number and percentage of the outstanding Common Shares that will be beneficially owned by PS Inc. after this offering. The number of Common Shares outstanding upon completion of this offering will be [ ] (assuming the Underwriters do not exercise their option to purchase additional Common Shares from the Company as described in this prospectus).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** <br>**Prior to this Offering<sup>(1)</sup>** | **Shares Beneficially Owned** <br>**Prior to this Offering<sup>(1)</sup>** | **Shares to be** <br>**Purchased** <br>**and** <br>**Resold in this** <br>**Offering** | **Shares Beneficially** <br>**Owned after this** <br>**Offering<sup>(2)</sup>**  | **Shares Beneficially** <br>**Owned after this** <br>**Offering<sup>(2)</sup>**  |
|  | **Number** | **Percent** | **Number** | **Number** | **Percent**  |
| **Selling Shareholder:**<br>|  |  |  |  |  |
| Pershing Square Inc. | &nbsp;&nbsp;&nbsp;&nbsp;[•] | &nbsp;&nbsp;&nbsp;&nbsp;100% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[•] | &nbsp;&nbsp;&nbsp;[•] | &nbsp;&nbsp;&nbsp;[•]% |

---

(1)<br> Purchased by the Manager in the Initial Manager Investment in order to fund the Company's initial operating expenses.

(2)<br> Includes the [•] Common Shares purchased by the Manager in the Pershing Square Investment.

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#### UNDERWRITING
The Underwriters named below, 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 severally agreed, subject to the terms and conditions of an underwriting agreement with PS Inc., the Manager and the Company (the "Underwriting Agreement"), to purchase from PS Inc., as the selling shareholder, the number of Common Shares set forth opposite their respective names. The Underwriters are committed to purchase and pay for all such Common Shares (other than those covered by the over-allotment option described below) if any are purchased.

---

| | |
|:---|:---|
| **Underwriter** | **Number** <br>**of** <br>**Shares**  |
| Citigroup Global Markets Inc. |  |
| &nbsp;&nbsp;UBS Securities LLC |  |
| BofA Securities, Inc. |  |
| Jefferies LLC |  |
| Wells Fargo Securities, LLC |  |
| [•] |  |
| Total |  |

---

If an Underwriter fails to purchase the Common Shares it has agreed to purchase, the Underwriting Agreement provides that one or more substitute underwriters may be found, the purchase commitments of the remaining Underwriters may be increased or the Underwriting Agreement may be terminated.

The Underwriters have been granted an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional [ ] Common Shares solely to cover over-allotments, if any, at the initial offering price. The Underwriters may exercise such option solely for the purpose of covering over-allotments incurred in the sale of the Common Shares offered hereby. 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 Common Shares proportionate to such Underwriter's initial commitment.

The Underwriting Agreement provides that the obligations of the Underwriters to purchase the Common Shares included in this offering are subject to approval of certain legal matters by counsel and certain other conditions.

The Company has agreed to pay a sales load to the Underwriters in amount equal to $1.00 per Common Share with respect to Common Shares sold to institutional investors and $1.25 per Common Share with respect to shares sold to retail investors (2.0% and 2.5% of the public offering price per Common Share, respectively), which, assuming no exercise of the Underwriters' option to purchase additional Common Shares, will amount to an aggregate sales load of $(% of the public offering price per Common Share), or $ in total, assuming full exercise of the Underwriters' option to purchase additional Common Shares and the same proportion of Common Shares sold to institutional and retail investors, respectively. The aggregate sales load will be borne by all Common Shareholders. The Company will bear all of its costs associated with this offering.

In addition, a structuring fee of $10 million (in the aggregate) will be paid by the Company to Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc, Jefferies LLC and Wells Fargo Securities, LLC for structuring the combined offering.

The Company estimates that the total expenses of this offering, including registration, filing and listing fees, printing and legal and accounting expenses, but excluding the sales load, will be approximately $. PS Inc. has also agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with this offering the combined transaction.

The Company has also agreed to reimburse the Underwriters for expenses relating to the clearance of this offering with the Financial Industry Regulatory Authority, Inc. in an amount of up to $.

Each of the underwriters in this offering is acting as an underwriter in the PS Inc. IPO. The Underwriters have separately entered into an underwriting agreement in respect of the PS Inc. IPO with PS Inc. (the "PS Inc.

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Underwriting Agreement"). The delivery of the PS Inc. Common Stock to the Underwriters under the PS Inc. Underwriting Agreement is conditioned upon the completion of this offering and the Underwriters are committed to acquire all shares of the PS Inc. Common Stock offered in the PS Inc. IPO, if they purchase any Common Shares.

The Representatives have advised the Company and PS Inc. that the Underwriters may pay up to $[ ] per Common Share from the sales load to selected dealers who sell Common Shares and that such dealers may reallow a concession of up to $[ ] per Common Share to certain other dealers who sell Common Shares in connection with the sale of Common Shares.

Investors must pay for any Common Shares purchased on or before .

Prior to the combined offering, there has been no public or private market for the Common Shares of the Company. There can be no assurance that the price at which the Common Shares sell after the combined offering will not be lower than the price at which they are sold by the Underwriters or that an active trading market in the Common Shares will develop and continue after the combined offering.

The Company intends to list the Common Shares on the NYSE under the symbol "PSUS."

In connection with the requirements for listing the Common Shares on the NYSE, the Underwriters have undertaken to sell lots of 100 or more Common Shares to a minimum of 400 beneficial owners in the United States. The minimum investment requirement is 100 Common Shares ($5,000.00).

The Underwriters have informed the Company and PS Inc. that they do not intend sales to discretionary accounts to exceed five percent of the total number of Common Shares offered by them.

The Company, the Manager and PS Inc., severally and not jointly, have each agreed to indemnify the Underwriters and their controlling persons for 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, gross negligence or reckless disregard of applicable obligations and duties.

The Company and PS Inc. have agreed not to offer, sell or register with the SEC any additional equity securities of the Company, other than issuances and sales (1) of the Common Shares offered hereby or (2) pursuant to the Company's dividend reinvestment plan, for a period of 180 days after the date of the Underwriting Agreement without the prior written consent of the Representatives.

An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired by it or its affiliates as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined transaction, subject to certain exceptions. The Company will not pay any sales load with respect to Common Shares acquired by the Manager in connection with the Pershing Square Investment.

In connection with the combined offering, the Company has secured commitments from the private placement investors, which are a group 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%), to acquire Common Shares in the Combined Private Placement, and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 30 shares of PS Inc. Common Stock for every 100 Common Shares purchased in the Combined Private Placement. The Combined Private Placement will include the purchase of an aggregate of 55.6 million Common Shares and the delivery of an aggregate of 16.7 million shares of PS Inc. Common Stock, and including the proceeds to be received in respect of the $100 million common shares investment made by the Manager and its affiliates (as further described in this prospectus), represents aggregate proceeds to be received by the Company of $2.8 billion. The agreements with the private placement investors provide that the Combined Private Placement will be settled concurrently with, and will be

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contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. Certain of the Underwriters are also acting as placement agents in the Combined Private Placement and are expected to receive aggregate placement fees of approximately $40.3 million in connection with the Combined Private Placement.

The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).

Certain investors, including PS Inc., employees of PS Inc. and the Manager and their affiliates, who have indicated an interest in purchasing Common Shares in this offering have agreed that for a period of 180 days from the date of this prospectus, such party will not, without the prior written consent of the Representatives, on behalf of the Underwriters, offer, pledge, sell, contract to sell or otherwise dispose of or agree to sell or otherwise dispose of, directly or indirectly, or hedge any Common Shares or any securities convertible into or exchangeable for Common Shares, provided, however, that such party may sell or otherwise dispose of Common Shares pursuant to certain limited exceptions. The Representatives in their sole discretion may release any of the securities subject to these lock-up agreements at any time.

In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. The Underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers in respect of the Common Shares sold in this offering for their account may be reclaimed by the syndicate if such Common Shares are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. These transactions may be effected on the NYSE or otherwise. To close a covered short position, the Underwriters purchase Common Shares in the open market or exercise the Underwriters' option to purchase additional Common Shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of Common Shares available for purchase in the open market as compared to the price at which they may purchase Common Shares through the Underwriters' option to purchase additional Common Shares. The exercise of the Underwriters' option to purchase additional Common Shares will include the delivery of a corresponding number of shares of PS Inc. Common Stock. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to make corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV. To the extent the Underwriters generate a net profit from purchasing Common Shares at prices below the public offering price to close out any syndicate short position, the Underwriters have agreed to pay any such net profit to the Company.

Solely for the purpose of facilitating the delivery of the Common Shares and the PS Inc. Common Stock, the public offering price of $50.00 may be reflected as a public offering price of $49.99 for the Common Shares and $0.01 for the PS Inc. Common Stock. However, all of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc.

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A prospectus in electronic format may be made available on websites maintained by one or more Underwriters or selected dealers, if any, participating in this offering. The Representatives may agree to allocate a number of Common Shares 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.

Other than in the United States, no action has been taken by the Company 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 sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale 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 combined 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.

[[ ] is not a broker-dealer registered with the U.S. Securities and Exchange Commission, or SEC, and therefore may not make sales of any Common Shares in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations. To the extent that [ ] intends to sell the Common Shares in the United States, it will do so only through [ ] or one or more U.S. registered broker-dealers, or otherwise as permitted by applicable U.S. law.]

The Company and PS Inc. anticipate that from time to time certain of the Underwriters may act as brokers or dealers in connection with the execution of the Company's portfolio transactions after they have ceased to be Underwriters and, subject to certain restrictions, may act as brokers while they are Underwriters. Certain Underwriters have performed investment banking and advisory services for the Manager and its 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 the Manager and its affiliates in the ordinary course of business.

Total underwriting compensation determined in accordance with Financial Industry Regulatory Authority, Inc. ("FINRA") rules is summarized as follows. The Company has agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with this offering in an amount of $[•], which amount will not exceed % of the total public offering price of the Common Shares offered hereby [if the over-allotment option is not exercised]. The sum of all compensation to the Underwriters in connection with this offering, including the sales load, all forms of additional payments to the Underwriters, if any, and the reimbursement by the Company of certain expenses of the Underwriters, will not exceed [ ]% of the total public offering price of the Common Shares offered hereby if the over-allotment option is not exercised.

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, 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.

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#### NOTICE TO INVESTORS

#### 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 Common Shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the Common Shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any Common Shares 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 Common Shares, an investor represents and warrants that it is an exempt investor.

As any offer of Common Shares 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 Common Shares you undertake to us that you will not, for a period of 12 months from the date of issue of the Common Shares, offer, transfer, assign or otherwise alienate those Common Shares 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 Shareholders in Bahrain
This prospectus and the Common Shares 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 the Common Shares 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 the Common Shares 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 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 Barbados
The Common Shares have not been and will not be registered or approved by the Financial Services Commission of Barbados (the "<u>FSC</u>") 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 Common Shares in Barbados.

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#### **TABLE OF CONTENTS**

#### 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 Company 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.

#### 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 Common Shares 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 Common Shares will not be directly or indirectly offered or sold 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 Common Shares should consult with their own counsel as to the applicability of these registration requirements or any exemption therefrom. Without prejudice to the above, the sale and solicitation of Common Shares 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 Investors Located in the British Virgin Islands
This prospectus and the Common Shares 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 the Common Shares or the adequacy of this prospectus. This prospectus does not constitute, and there will not be, an offering of the Common Shares to the public in the BVI. The Common Shares are not being offered or sold, and no invitation to subscribe for the Common Shares 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 the Common Shares, or otherwise to promote the Company.

Notwithstanding the foregoing, the Common Shares 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.

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#### **TABLE OF CONTENTS**

#### For Prospective Shareholders in Canada
No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Common Shares. 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 Common Shares and any representation to the contrary is an offence. The offer and sale of the Common Shares 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 Common Shares 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 Common Shares 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 Common Shares will be offered and there currently is no public market for any of the Common Shares in Canada, and one may never develop.

*Representations of purchasers* 

Each Canadian investor who purchases the Common Shares will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable that:

A. Where required by law, the investor is purchasing the Common Shares as principal, or is deemed to be purchasing 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 purchaser for which the investor is acting as agent, is entitled under applicable Canadian securities laws to purchase the Common Shares 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 purchase or hold the Common Shares as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in section 1.1 of NI 45-106.

*Rights of action for damages or rescission* 

Securities legislation in certain of the Canadian provinces provides certain purchasers of securities pursuant to an offering document (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45-501 *Ontario prospectus and registration exemptions* and in Multilateral Instrument 45-107 *Listing Representation and Statutory Rights of Action Disclosure Exemptions*, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering document (such as this prospectus), or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation," as defined in the applicable securities legislation. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislation and are subject to limitations and defenses 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.

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#### **TABLE OF CONTENTS**
*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 Shareholders in China
The Common Shares may not be marketed, offered or sold 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 Common Shares, may be supplied to the public in the PRC or used in connection with any offer for the subscription or sale of the Common Shares to the public in the PRC.

The Common Shares may only be marketed, offered or sold 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![](ny20064799x1_characters1.jpg)<br>

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

, 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 Common Shares 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![](ny20064799x1_characters1.jpg)<br>

, 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 Shareholders in the European Economic Area
For the purposes of Directive 2011/61/EU of the European Parliament and the (European) Commission on Alternative Investment Fund Managers (the "Directive"), the Company will constitute a non-EU AIF whose AIFM is the management company, itself a non-EU AIFM (as each of the foregoing terms is defined in the directive). As of the date hereof, each member state of the European Economic Area ("EEA") has adopted domestic legislation implementing the directive into its national law. Under the Directive, "marketing" (as defined in the Directive) to or with any investor domiciled or with a registered office in the EEA will be restricted by such laws and no such marketing will take place except as permitted by such laws.

Unless stated otherwise below, the Common Shares 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.

#### AIFMD Supplement
The below contains information for investors and prospective investors required by (i) Directive 2011/61/EU of the European Parliament and the Council of the European Union on alternative investment fund managers (the "AIFMD") and any implementing legislation and regulations thereunder, including, without limitation, Commission Delegated Regulation (EU) No 231/2013 supplementing the AIFMD with regard to exemptions, general operating conditions, depositaries, leverage, transparency, supervision and other applicable regulations implementing the

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#### **TABLE OF CONTENTS**
AIFMD and (ii) the Alternative Investment Company Managers (Amendment Etc.) EU Exit Regulations 2019, the Alternative Investment Company Managers Regulations 2013 and the relevant provisions of the U.K. Financial Conduct Authority's handbook of rules and guidance (the "FCA Handbook"), in each case as may be altered, amended, added to or cancelled from time to time (together, the "AIFMD Rules"). This AIFMD Supplement has not been prepared, and should not be relied upon, for any other purpose.

The contents of this AIFMD Supplement should not be considered legal, tax or financial advice and prospective investors should consult with their own counsel and advisers as to all matters concerning an investment in the Company.

**LOCATION OF DISCLOSURES AND OTHER RESPONSES REQUIRED BY ARTICLE 23 OF THE AIFMD AND THE UK'S FINANCIAL CONDUCT AUTHORITY HANDBOOK, INVESTMENT FUNDS SOURCEBOOK, FUND RULE 3.2.2** 

Set out below is information required to be disclosed by Article 23 of AIFMD or, in the case of the United Kingdom, FUND Rule 3.2.2 of the United Kingdom Financial Conduct Authority's Handbook of rules and guidance. References are to the relevant page and section of this Prospectus.

(a) **Investment strategy and objectives of the AIF** 

For a description of the Company's investment strategy, see "*Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies"* starting on page [32](#tIOS).

For a description of the Company's investment objective, see *Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies"* starting on page [32](#tIOS).

(b) **If the AIF is a feeder AIF, information on where the master AIF is established** 

Not applicable.

(c) **If the AIF is a fund of funds, information on where the underlying funds are established** 

Not applicable.

(d) **Types of assets in which the AIF may invest** 

For a description of the types of assets in which the Company may invest, see *"Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies*" starting on page [32](#tIOS).

(e) **Investment techniques that the AIF, or the AIFM on behalf of the AIF, may employ and all associated risks.** 

For a description of the investment techniques that the Manager may employ on behalf of the Company, see *"Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies*" starting on page [32](#tIOS).

For a description of the associated risks, see "*Risk Factors*" starting on page [48](#tRF) - "*No Investment History*"; "*Non-Diversified Status and Concentration*"; "*Market and Investment Risk*"; "*Private Offering Risks*"; "*Closed-End Fund: Liquidity Risks*"; "*Equity Securities Risk*"; "*Decision-Making Authority Risk*"; "*Market and Selection Risk*"; "*Valuation Risk*"; "*Reliance on the Manager Risk*"; "*Conflicts of Interest Risk*"; "*Corporate Engagement Risk*"; "*Dividend Risk*"; "*Restricted and Illiquid Investments Risk*"; "*Derivatives Risk*"'; "*Counterparty Risk*"; "*Swaps Risk*"; "*Futures Risk*"; "*Options Risk*"; "*Currency Risk*"; "*Leverage Risk*"; "*Liquidity Risk*"; "*Correlation Risk*"; "*Index Risk*"; "*Hedging Risk*"; "*Regulatory Risk*"; "*Convertible Securities Risk*"; "*Warrants and Rights Risk*"; "*Debt Securities Risk*"; "*Corporate Debt Risk*"; "*Distressed Securities Risk*"; "*New Issues Risk*"; "*Small-Cap and Mid-Cap Company Risk*"; "*Issuer Specific Risk*"; "*Credit Risk*"; "*Non-U.S. Securities Risk*"; "*Leverage Risk*"; "*Event Risk*"; "*Defensive Investing Risk*"; "*When-Issued, Forward Commitment and Delayed Delivery Transactions Risk*"; "*Securities Lending Risk*"; "*Dilution Risk*"; "*Market Disruption and Geopolitical Risk and Recent Market Conditions*"; "*Legal, Tax and Regulatory Risks*"; "*Subsidiary Risk*"; "*Execution Risk*"; "*Reliance on Third-Party Service Providers Risk*"; "*Cybersecurity Risk*"; "*Climate Change Risk*"; "*Risks Related to Environmental, Social and Governance Matters*"; "*Securities Act Liability*"; "*Large Investor Risk*"; "*Forum Selection Clause Risk*"; "*Anti-Takeover Provisions Risk*".

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(f) **Any applicable investment restrictions** 

For a description of certain investment restrictions applicable to the Company, see "*Investment Objective, Strategy, and Policies – Investment Restrictions*" starting on page [42](#tIR). The Company's portfolio positions may also be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code.

(g) **Circumstances in which the AIF may use leverage** 

See "*Prospectus Summary*" starting on page [1](#tPS) and "*Use of Leverage"* starting on page [44](#tUOL).

(h) **Types and sources of leverage permitted and the associated risks** 

See "*Use of Leverage*" starting on page [44](#tUOL).

For a description of the associated risks, see "*Prospectus Summary* - *Selected Risk Considerations – Leverage Risk*" starting on page [23](#tLRK); "*Risk Factors – Leverage Risk*" on page [62](#tLR), "*Use of Leverage – Borrowings"* on page [45](#tBOR), *"Use of Leverage – Derivative Transactions*" on page [46](#tDT) and "*Description of Capital Structure – Preferred Shares*" on page [101](#tPSS).

(i) **Restrictions on the use of leverage and collateral and asset re-use arrangements** 

For a description on the restrictions of the Company's use of leverage see "*Use of Leverage*" starting on page [44](#tUOL).

For restrictions on re-use see "*Dividend Reinvestment Plan*" starting on page [98](#tDRP).

For restrictions on the use of collateral, see "*Investment Objective, Strategy and Policies – Investment Restrictions"* on page [42](#tIR).

(j) **Maximum level of leverage which the AIFM is entitled to employ on behalf of the AIF** 

The Company will be subject to the leverage limits applicable under the 1940 Act as well as the VaR leverage limits set forth in Rule 18f-4, see "*Prospectus Summary – Use of Leverage*" starting on page [16](#tUL) and "*Use of Leverage*" starting on page [44](#tUOL).

(k) **Procedures by which the AIF may change its investment strategy or investment policy, or both** 

The investment strategy and policies of the Company (aside from the fundamental investment restrictions listed in "*Investment Objective, Strategy and Policies – Investment Restrictions - Fundamental Investment Restrictions"* on page [42](#tFIR)) may be changed by the Board without prior approval at any time – see "*Investment Objective, Strategy and Policies – Investment Restrictions - Non-Fundamental Investment Restrictions*" on page [43](#tNFI).

(l) **Main legal implications of the contractual relationship entered into for the purpose of investment** 

Once invested, the investor will be a Common Shareholder in the Company. The main legal implications of the contractual relationship entered into by an investor are specified within "*Description of Capital Structure – Common Shares*" beginning on page [100](#tCS).

(m) **For additional information on the main legal implications of the contractual relationship entered into for the purpose of investments, prospective investors must also review the Partnership Agreements and the related Subscription Agreements. Identity of the AIFM, the AIF's depositaries, auditor and any other service providers, their duties and investors' rights** 

The Company is not a partnership and does not have partnership agreements or subscription agreements. The rights of Common Shareholders are governed by the Declaration of Trust and the Bylaws. See "*Description of Capital Structure*" on page [100](#tDCS) and "*Anti-Takeover and Other Provisions in the Company's Governing Documents*" on page [105](#tATO).

For the identity of the Manager, see "*Prospectus Summary – The Manager*" on page [13](#tTM).

For the identity of Administrator, see "*Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent*" on page [139](#tCAT) and "*Portfolio Management* – *Administration Agreement*" on page [87](#tAAG).

For the identity of Legal Counsel, see "*Legal Matters*" on page [139](#tLM).

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For a discussion of the Company's Audit Committee, see "*Management of the Company – Committees of the Board – Audit Committee*" on page [76](#tACE).

For the identity of the Auditor, see "*Independent Registered Public Accounting Firm*" on page [139](#tIRP).

(n) **How the AIFM complies with the requirements relating to professional liability risk** 

The professional liability coverage provisions of the AIFM Directive do not apply to the Manager because the Company is a "non-EU AIF" and the Manager is a "non-EU AIFM" for purposes of the AIFM Directive. However, to cover potential liability risks resulting from activities that the Manager may carry out, the Manager has key man insurance and directors and officers/errors and omissions insurance. The Manager also has general liability, property and umbrella insurance.

(o) **AIFM management functions delegated by the AIFM** 

The Manager has not delegated any management function.

(p) **Safe-keeping function delegated by the Depositary** 

Not applicable.

(q) **The identity of each delegate appointed** 

Not applicable.

(r) **Any conflicts of interest that may arise from such delegations** 

Not applicable.

(s) **Valuation procedure and of the pricing methodology for valuing assets, including the methods used in valuing any hard-to-value assets** 

For the valuation procedures used by the Company, see "*Net Asset Value*" on page [96](#tNAV).

For risks and considerations related to valuing the Company, see "*Risk Factors – Valuation Risk*" starting on page [51](#tVR).

(t) **Liquidity risk management, including the redemption rights of investors in normal and exceptional circumstances, and the existing redemption arrangements with investors** 

For liquidity, see "*Prospectus Summary – Our Competitive Strengths*" on page [8](#tOCS), "*Prospectus Summary – Selected Risk Considerations*" starting on page [19](#tSRC), "*Investment Objective, Strategy and Policies – Favorable Structural Features*" on page [38](#tFSF), "*Risk Factors - Closed-End Investment Company; Liquidity Risks*" on page [50](#tCEI), and "*Risk Factors – Restricted and Illiquid Investments Risk*" on page [55](#tRII).

For redemption, see "*Prospectus Summary – Selected Risk Considerations*" on page [19](#tSRC), "*Risk Factors – Closed-End Investment Company; Liquidity Risks*" on page [50](#tCEI), "*Closed-End Investment Company Structure*" on page [109](#tCEIC) and "*Repurchase of Common Shares*" on page [110](#tRCS).

(u) **All fees, charges and expenses, and the maximum amounts directly or indirectly borne by investors** 

See "*Prospectus Summary – Our Competitive Strengths*" on page [8](#tOCS), "*Summary of Company Expenses*" on page [28](#tSCE), "*Investment Objective, Strategy and Policies – Our Competitive Strengths – Favorable Structural Features"* on page [38](#tFSF), "*Portfolio Management*" starting on page [80](#tPM), and "*Repurchase of Common Shares"* on page [110](#tRCS).

(v) **Fair treatment of investors** 

See "*Prospectus Summary* - *Selected Risk Considerations* - *Conflicts of Interest Risk*" on page [26](#tCIR), "*Risk Factors* - *Conflicts of Interest Risk*" on page [53](#tCOI) and "*Conflicts of Interest*" on page [89](#tCI).

(w) **Investors who obtain preferential treatment or the right to obtain preferential treatment** 

The Company has not entered into side letters or other similar agreements granting preferential rights.

(x) **Procedure and conditions for the issue and sale of units or shares** 

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For a description of the offering of the Common Shares, see "*Prospectus Summary*" starting on page [1](#tPS), "*Use of Proceeds*" on page [31](#tUOP), "*The Selling Shareholder*" on page [118](#tSS) and "*Underwriting*" starting on page [119](#tUW).

(y) **Availability of latest net asset value of the AIF and per unit or share of the AIF** 

See "*Net Asset Value*" on pages [96](#tNAV)-[96](#tNAV1) and "*Description of Capital Structure – Access to Records*" on page [103](#tATR).

(z) **Availability of the latest annual report** 

The Company has not commenced investment operations, and therefore there is no annual report currently available. For access to future records, see "*Description of Capital Structure – Reports to Shareholders*" on page [103](#tRTSS).

(aa) **Availability of any historical performance information on the AIF** 

The Company has not, as of the date of this Prospectus, made any investments.

(bb) **Identity of prime brokers, description of material arrangements with prime brokers and management of conflicts, transfer and re-use of AIF assets and any transfer of liability to the prime broker** 

(cc) The Company has not appointed a prime broker. The Company's assets are held by State Street as Custodian, see "*Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent*" on page [139](#tCAT). 

(dd) **Availability of periodic and regular information** 

See "*Net Asset Value*" on pages [96](#tNAV)-[96](#tNAV1) and "*Description of Capital Structure – Reports to Shareholders"* on page [103](#tRTSS).

(ee) **Sustainable Finance Disclosure Regulation** 

This disclosure provides the sustainability-related information required under Article 6(1) and Article 4(1)(b) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (as amended, the "SFDR") as at March 10, 2021.

In accordance with the SFDR, for the purposes of this disclosure, "sustainability risk" means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment, and "sustainability factors" means environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.

*The manner in which the Manager integrates sustainability risks into its investment decisions* 

The Manager has adopted a two-part approach to the integration of sustainability risks into its investment decisions: (i) investment selection and (ii) stewardship.

The Manager believes that good corporate governance, including the management of sustainability risks by a portfolio company's management, mitigates risk and creates long-term value for shareholders. The most important criterion in the Manager's investment selection process is its view of the long-term quality of a business, which is informed by, among other things, its assessment of the long-term impact of the company on all of its stakeholders and society at large, and how its management and board manage sustainability risks. Assessing the sustainability risks of a potential investment is a critical component of the Manager's investment selection process.

The Manager is a fundamental value investor that utilizes an active approach to stewardship. Its strategy is to make investments in high quality, durable growth businesses over which it often has substantial influence. The Manager employs that influence in a manner that is intended to create long-term value for investors. In many instances, the Manager has identified companies with excellent governance and significant engagement on ESG issues, including environmental stewardship programs, community engagement, and diversity and inclusion initiatives. In other instances, the Manager believes that engagement with the management of certain investee companies to improve their ESG practices can improve long-term shareholder value.

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*The results of the Manager's assessment of the likely impacts of sustainability risks on the returns of the Company and statement on consideration of adverse impacts* 

The Manager believes that the likely impact of sustainability risks on the Company's returns are limited in light of its approach to investment selection. The Manager assesses the impacts of sustainability risks on the long-term success of each of its portfolio companies by seeking to deeply understand the business and the industry in which it operates. This due diligence process enables the Manager to avoid making investments where it concludes that the sustainability risks associated with core business products or services do not align with its investment principles.

The Manager's assessment of sustainability risks and factors is limited, however, by the availability and quality of available data. Data addressing sustainability factors is not always disclosed by investee companies, may not otherwise be available and/or may be incomplete or inaccurate. Furthermore, most of the available information on a company's sustainability factors is generally based on historical data, which may not fully reflect the future performance of that company, or the sustainability risks it is exposed to. While the Manager seeks to incorporate all appropriate information into its investment decision-making process, there can be no assurance that such policies and methodologies will capture all relevant information on sustainability risks and factors with respect to investee companies. The Manager does not take into consideration the adverse impacts of its investment decisions in respect of the Company on a defined set of sustainability factors within the meaning of SFDR, as the Company does not have a sustainability focus and because the Manager does not believe incorporating the limited and mixed quality of data available in respect of such adverse impacts into its investment decision making process to be consistent with the investment objectives of the Company.

(ff) **EU Taxonomy Regulation Statement** 

The following statement is made pursuant to Article 7 of Regulation (EU) 2020/852 (the "Taxonomy Regulation"): The investments underlying the Company do not take into account the EU criteria for environmentally sustainable economic activities.

#### For Prospective Shareholders in the Netherlands
The Common Shares have not been and will not be offered, sold, 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 combined offering does not require PSCM or the Company to have a license pursuant to the WFT. In accordance with the NPPR, PSCM is subject to certain reporting requirements vis-à-vis the Netherlands Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*).

#### For Prospective Shareholders 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 Common Shares 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

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to whom this report may otherwise be lawfully made to or directed at, <u>provided</u>, that such persons are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000, all such persons together being referred to as relevant persons. The investments and investment activity to which this communication relates are available to, and will only be engaged in with, relevant persons. No other person should act or rely on it.

#### For Prospective Shareholders 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 Common Shares. 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 Common Shares, 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 Common Shares which are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" (as such term is defined in the Securities and Futures Ordinance of Hong Kong (cap. 571) (the "SFO") and the subsidiary legislation made thereunder) or in circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinances of Hong Kong (Cap. 32) (the "CWMPO") or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CWMPO. The offer of the Common Shares is personal to the person to whom this prospectus has been delivered by or on behalf of the Company, and a subscription for Common Shares 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 Investors Located in India
This prospectus and the Common Shares 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 the Common Shares 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 Common Shares 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 the Common Shares and has obtained, and will maintain, any required approvals or consents.

#### For Prospective Shareholders in Indonesia
This prospectus and the Common Shares 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 Common Shares 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

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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 Shareholders in Israel
The Common Shares 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 Common Shares will only be offered and sold 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"). Neither the Company nor the Manager is a licensed investment marketer under the Investment Advisor Law and neither the Company nor the Manager maintains insurance as required under such law. The Company and the Manager may be deemed to be providing investment marketing services but are not investment advisors for purposes of Israeli law. Any investment marketing which may be deemed provided under Israeli law in connection with an investment in the Company is deemed provided on a one time only basis and neither the Company nor the Manager will provide any ongoing investment marketing or investment advisory services to the investor. If any recipient in Israel of a copy of this prospectus is not qualified as described above, such recipient should promptly return this prospectus to the Company. By retaining a copy of this prospectus you are hereby confirming that you qualify as both a Sophisticated Investor and Qualified Customer, fully understand the ramifications thereof and agree to be treated as such by the Company.

#### For Prospective Shareholders in Mexico
The Common Shares 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 sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico, except that the Common Shares may be offered and sold 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 Common Shares from time to time, must rely on their own examination of the terms of the combined offering and the Common Shares, including the merits and risks involved.

#### For Prospective Shareholders in Japan
No public offering of the Common Shares 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 combined offering of the Common Shares 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 Common Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan unless they are offered or sold 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 combined offering of the Common Shares 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 Shareholders 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 Common Shares 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 sale, or invitation for subscription or purchase, of the Common Shares may not be circulated or distributed, nor may the Common Shares be offered or sold, 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, (ii) to a relevant person including an accredited investor under Section 305(1) of the SFA, or (iii) 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 Common Shares, or interests in those shares, may not be offered or sold or transferred to any person in Singapore other than to an institutional investor or accredited investor as defined in Section 4A of the SFA, to a relevant person as defined in Section 305(5) of the SFA, or as permitted in writing by the Company or the Manager and in accordance with the conditions of any other applicable provision of the SFA.

Where the Common Shares are subscribed for or purchased under Section 305 of the SFA by a relevant person which is:

(a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or 

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(b)<br> a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Common Shares or interests pursuant to an offer made under Section 305 except:

(1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of units in a collective investment scheme, securities, securities-based derivatives contracts or other assets, and further for corporations, in accordance with the conditions specified in Section 275(1A) of the SFA; 

(2)<br> where no consideration is or will be given for the transfer;

(3)<br> where the transfer is by operation of law; or

(4)<br> as specified in Section 305A(5) of the SFA.

You should therefore ensure that your own transfer arrangements comply with the applicable restrictions under the SFA. You should seek legal advice to ensure compliance with the above restrictions.

#### For Prospective Investors Located in South Africa
This prospectus and the Common Shares 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 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). Banque Heritage SA, with its registered office at 61 Route de Chêne, 1208 Geneva, Switzerland has been appointed as representative and paying agent of the Company in Switzerland (the "Representative" and the "Paying Agent"). Accordingly, the Common Shares 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) and article 5 (high-net-worth retail clients and private investment structures created for them if they declare that they wish to be treated as professional clients) or to 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. The prospectus as well as the annual reports may be obtained free of charge from the representative. In respect of the Common Shares offered in Switzerland, the place of performance is the registered office of the Representative. The place of jurisdiction is at the registered office of the Representative or at the registered office or place of residence of the investor.

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#### 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 Common Shares 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 Common Shares.

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 Common Shares 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 Common Shares. 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 purchasers should conduct their own due diligence on the financial product.

This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase the Common Shares 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 Common Shares 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 Common Shares have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "Authorities"). The Authorities assume no liability for any investment that the named addressee makes as an exempt Professional Investor. The document is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

#### For Prospective Shareholders in Jersey
Consent under the Control of Borrowing (Jersey) Order 1958 has not been obtained for the circulation of this prospectus. Accordingly, the offer that is the subject of this prospectus may only be made in Jersey where the offer is not an offer to the public or the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom or Guernsey as the case may be. By accepting this offer each prospective investor in Jersey represents and warrants that he or she is in possession of sufficient information to be able to make a reasonable evaluation of the offer.

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#### For Prospective Shareholders 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 sale, 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 sold, 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 Investors 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. Subscription documents will not be executed in, and subscription monies 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.

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 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:

(i)<br> Date of commencement of the offer: as set forth on the cover page of this prospectus. The offer of the Common Shares is subject to NCG 336.

(ii)<br> 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 Common Shares are not subject to the oversight of the CMF.

(iii)<br> Since the Common Shares are not registered in Chile, there is no obligation to provide public information regarding the Common Shares in Chile.

(iv)<br> The Common Shares shall not be subject to public offering in Chile unless registered with the relevant securities registry kept by the CMF.

#### For Prospective Shareholders in Colombia
The Common Shares 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 Common Shares may not be publicly offered or sold in Colombia. However, the Common Shares 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 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 Common Shares from time to time, must rely on their own examination of the terms of the private placement and the Common Shares, including the merits and risks involved.

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#### For Prospective Shareholders in Kuwait
This prospectus is not for general circulation to the public in Kuwait. The Common Shares 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 Common Shares 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 Common Shares is being made in Kuwait, and no agreement relating to the sale of the Common Shares will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the Common Shares in Kuwait.

#### For Prospective Shareholders in Peru
The Common Shares 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 Common Shares and, therefore, the disclosure obligations set forth therein will not be applicable to the Company and PS Inc., before or after their acquisition by prospective investors. Offering materials relating to the offering of the Common Shares 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 Common Shares cannot be offered or sold in Peru, except if: (i) such Common Shares 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 Common Shares to determine their ability to invest in the Common Shares.

No offer or invitation to subscribe for or sell the Common Shares 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 the Common Shares to determine their ability to invest in them.

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#### PROXY VOTING
In accordance with SEC requirements, the Manager has adopted Proxy Voting Policies and Procedures (the "Proxy Policies") to address how the Manager will vote proxies that it receives for its funds' investments. The Proxy Policies seek to ensure that the Manager votes proxies (or similar instruments) in the best interests of its funds and ahead of the Manager's interests, including when there may be conflicts of interest in voting proxies. The Manager does not anticipate any conflicts of interest between the Manager and its funds in terms of proxy voting. If the Manager, however, encounters an identifiable conflict of interest with respect to a particular vote, with sufficient time before a vote, the Manager's Chief Compliance Officer or conflicts committee will determine how to vote the proxy consistent with the best interests of the fund (or HHH, if applicable) and in a manner not affected by the conflict of interest. The conflicts committee may opt for a voting procedure by which guidance is sought from outside legal counsel on matters involving a conflict of interest. Clients (including Common Shareholders) may not direct the Manager's proxy voting but may obtain a copy of the Proxy Policies and/or information regarding how the Manager voted proxies for particular portfolio companies by contacting the Manager.

#### CUSTODIAN, ADMINISTRATOR, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
The Company has engaged State Street, whose principal business address is One Congress Street, Boston, Massachusetts 02114, to serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. State Street serves as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Company's assets in compliance with the 1940 Act.

For its services as the Company's administrator, the Company pays State Street (i) a fee for fund accounting services, payable quarterly, at an annual rate equal to 4.5 basis points of the first $500 million in net asset value, 3.0 basis points of the next $500 million in net asset value, 1.5 basis points of the next $500 million in net asset value and 0.25 basis points of net asset value above $1.5 billion, based on net asset value on the last business day of the quarter, (ii) fees for fund administration services, payable quarterly, of $120,000 per year and (iii) fees for additional services as applicable.

State Street also serves as transfer agent and dividend disbursing agent with respect to the Common Shares and acts as the administrator of the Company's dividend reinvestment plan.

#### LEGAL MATTERS
The validity of the Common Shares offered hereby will be passed upon for the Company by Richards, Layton & Finger, P.A. Certain other legal matters will be passed upon by Sullivan & Cromwell LLP as counsel to the Company in connection with the offering of the Common Shares. Certain legal matters will be passed on for the Underwriters by Skadden, Arps, Slate, Meagher & Flom LLP.

#### FISCAL YEAR
For accounting purposes, the Company's fiscal year is the 12-month period ending on December 31. For tax purposes, the Company has adopted the 12-month period ending December 31 of each year as its taxable year.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP has been engaged as the Company's Independent Registered Public Accounting Firm and provides auditing services to the Company. Ernst & Young LLP's principal business address is One Manhattan West, New York, NY 10001.

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#### ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the Common Shares offered by this prospectus. The registration statement contains additional information about us and the Common Shares being offered by this prospectus.

The Company is subject to the informational requirements of the Exchange Act and the 1940 Act and is required to file reports, proxy statements and other information with the SEC. The SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by us with the SEC, which are available on the SEC's website at *http://www.sec.gov.* Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549. Following the completion of the combined offering, Mr. Ackman, the Chief Executive Officer of the Manager, intends to use his X (formerly Twitter) account (@BillAckman) as a means of publicly disseminating current information about the Company 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.pershingsquareusa.com (under construction)), as well as the Company's press releases and investor presentations and events. Information included in Mr. Ackman's X account or on the Company's website is not a part of or incorporated by reference into this prospectus.

As required by FUND Rule 3.2 (Investor Information) of the United Kingdom Financial Conduct Authority's Handbook of Rules and Guidance and European Union Regulation 2015/2365 of the European Parliament and of the Council of November 25, 2015 on transparency of securities financing transactions and of reuse and amending European Union Regulation 648/2012 (the "SFTR"), where applicable the Manager will make available to any investor at the principal place of business of the Manager (or such other means as is determined by the Manager) any information required by the SFTR, including the use of securities financing transactions by the Company and total return swaps in accordance with the provisions of instruments used. With respect to any such securities financing transactions and total return swaps and should the Company enter into such transactions, the information provided will include the rationale for their use, the type of assets that can be subject to them, the maximum and expected proportion of assets under management subject to them, criteria to select counterparties, acceptable collateral, valuation methodology and information on safekeeping of assets and collateral.

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#### PRIVACY NOTICE

#### Introduction
Your privacy is very important to us.

This notice (this "Privacy Notice") is provided by Pershing Square USA, Ltd., and sets forth the Company's policies for the collection, use, storage, sharing, disclosure (collectively, "processing") and protection of nonpublic personal information and personal data (together, "personal information") relating to current, prospective and former investors in the Company.

References to "you" or an "investor" in this Privacy Notice mean any investor who is an individual, or any individual connected with an investor who is a legal person, as applicable.

#### Who to Contact About This Privacy Notice
This Privacy Notice is being provided in accordance with the applicable requirements under the privacy and data protection laws that apply in the jurisdictions where the Company operates (collectively, the "Data Protection Laws"). The Company is considered to be a data controller in respect of any personal information it holds about you for the purposes of certain Data Protection Laws. This means that the Company determines the purposes and the means of the processing of your personal information.

Please contact Investor Relations by calling +1 (212) 813-3700 or by writing to the following address: ir@persq.com, for any questions about this Privacy Notice or requests with regards to the personal data we hold.

#### The Types of Personal Information the Company May Hold
The categories of personal information the Company may collect include names, residential or business addresses or other contact details, account details, information about assets, transactions, or investment activities or other personal information, as specified under the applicable Data Protection Laws.

#### How the Company Collects Personal Information
The Company may collect personal information about you through (i) information provided directly to the Company by you, or another person on your behalf; (ii) information you provide to the Company in correspondence and conversations with the Company's representatives; and (iii) information that the Company obtains, directly or indirectly, in relation to any transactions between you and the Company, such as when you purchase securities from the Company.

The Company may also receive your personal information from third parties or other sources, such as the Company's affiliates, publicly accessible databases or registers, tax authorities, governmental agencies and supervisory authorities, or other publicly accessible sources.

#### How the Company May Use Personal Information
The Company may process your personal information for the purposes of administering the relationship between you and the Company (including processing your transactions, communications and reporting), marketing of the Company's products and services, monitoring and analyzing the Company's activities, and complying with applicable legal or regulatory requirements (including, as may be applicable, anti-money laundering, fraud prevention, tax reporting, sanctions compliance, or responding to requests for information from supervisory authorities, or law enforcement agencies).

Where legally required, the Company will use one of the permitted grounds under the applicable Data Protection Laws to process your personal information. Such grounds include, for example, circumstances where:

(i)<br> processing is necessary to perform the Company's obligations in providing a financial product or service to you;

(ii)<br> the Company is required to comply with a legal or regulatory obligation applicable to it; or

(iii) the Company, or a third party on the Company's behalf, has determined that it is necessary for our legitimate interests to collect and use your personal information, such as if we believe that you have a reasonable expectation for us or a third party to collect or use your personal information for such purpose. 

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#### What Are the Consequences of Failing to Provide Personal Information
Where personal information is required to satisfy a statutory obligation (including compliance with applicable anti-money laundering or sanctions requirements) or a contractual requirement, failure to provide such information may result in the Company not being able to provide services to you. Where there is suspicion of unlawful activity, failure to provide personal information may result in the submission of a report to the relevant law enforcement agency or supervisory authority.

#### How the Company May Share Personal Information
The Company may disclose information about you to its affiliates, service providers, or other third parties to accept your investment, administer and maintain your account(s), or otherwise perform its contractual obligations, or as may otherwise be permitted or required by law. The Company may also need to share your personal information with regulatory, tax or law enforcement authorities to comply with applicable legal or regulatory requirements, respond to court orders, or in the context of litigation, government, regulatory or self-regulatory organization requirements or requests for information, administrative proceedings, or investigations. The Company will also release information about you if you direct us to do so.

It may also be necessary, under anti-money laundering and similar laws, to disclose information about you to facilitate the establishment of trading relationships for the Company with the Company's prime brokers, custodians, executing brokers or other trading counterparties.

The Company may also disclose information about you, or your transactions and experiences with the Company, including to its affiliates or service providers for the Company's everyday business purposes, such as administration of its business, record-keeping, maintaining security of its information technology systems, reporting and monitoring of its activities, investor relations activities, and compliance with applicable legal and regulatory requirements.

#### Retention Periods and Security Measures
The Company will not retain personal information for longer than is necessary in relation to the purpose for which it is collected, subject to the applicable Data Protection Laws. Personal information will be retained for the duration of your investment in the Company and for a minimum of five years after a withdrawal of your investment, or liquidation of the Company. The Company may retain personal information for a longer period for the purpose of marketing its products and services or compliance with applicable law. From time to time, the Company will review the purpose for which personal information has been collected and decide whether to retain it or to delete if it no longer serves any purpose to the Company.

To protect your personal information from unauthorized access and use, the Company applies organizational and technical security measures in accordance with applicable Data Protection Laws. These measures include computer safeguards and secured files and buildings.

#### Additional Information under the U.S. Gramm-Leach-Bliley Act 1999 (Reg S-P) and Fair Credit Reporting Act (Reg S-AM)
For purposes of U.S. federal law, this Privacy Notice applies to current and former investors who are individuals or Individual Retirement Accounts. The Company is providing this additional information under U.S. federal law.

The Company may disclose information about its investors, prospective investors or former investors to affiliates (i.e., financial and non-financial companies related by common ownership or control) or non-affiliates (i.e., financial or non-financial companies not related by common ownership or control) for the Company's everyday business purposes, such as to process your transactions, maintain your account(s) or respond to court orders and legal investigations. Thus, it may be necessary or appropriate, under anti-money laundering and similar laws, to disclose information about the Company's investors in order to accept subscriptions from them. The Company will also release information about you if you direct us to do so.

The Company does not share your information with non-affiliates for them to market their own services to you. The Company may disclose information you provide to us to companies that perform marketing services on our behalf, such as any placement agent retained by the Company.

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The Company will notify you of any material personal data breaches affecting you in accordance with the requirements of applicable Data Protection Laws.

#### Additional Information for Individual Investors in Europe
As an individual investor, you may have certain rights under the EU General Data Protection Regulation and the same as it forms part of the law of the United Kingdom (together, "GDPR") or the Swiss Federal Act on Data Protection (as revised) ("FADP"), each to the extent applicable, in relation to the Company's processing of your personal data and any processing carried out on your behalf. Subject to applicable law, these rights may include: (i) the right to request access to your personal data; (ii) the right to request rectification of your personal data; (iii) the right to request erasure of your personal data (the "right to be forgotten"); (iv) the right to restrict the Company's processing or use of your personal data; (v) the right to object to the Company's processing or use where it has considered this to be necessary for its legitimate interests (such as in the case of the Company's marketing activities); (vi) where relevant, the right to request the portability of your personal data; (vii) if your consent to processing has been obtained, the right to withdraw your consent at any time; and (viii) the right to lodge a complaint with a supervisory authority. Please note that the right to be forgotten that applies in certain circumstances under GDPR is not likely to be available in respect of the personal data the Company holds, given the purpose for which we collect such data, as described above.

Due to the international nature of the Company's business, your personal data may be transferred to jurisdictions that are not considered to offer equivalent protection to personal data as under the GDPR or FADP ("Third Countries"). The Company will take steps reasonably necessary to ensure that your personal data is treated securely and in accordance with this Privacy Notice and applicable Data Protection Laws when it is processed in, or otherwise accessed from, Third Countries - which may include entering into appropriate contractual undertakings with service providers who process personal data on our behalf in such Third Countries. The Company may also be required to transfer your personal data to its regulators or government agencies in Third Countries in cases where such transfers are necessary in the context of administrative proceedings, such as requests for information, examinations or investigations, or to other relevant parties in Third Countries where it is necessary for the purposes of establishing, bringing, or defending legal claims, or for another legitimate business purpose, such as compliance with our legal or regulatory obligations under foreign law.

If you require further information about these protective measures, you can request it using the contact details provided above.

#### Complaining to Supervisory Authorities
Subject to applicable Data Protection Law, you may have the right to lodge a complaint with a supervisory authority such as the Information Commissioner's Office in the United Kingdom or a data protection authority in a member state of the European Economic Area of your usual residence or place of work or of the place of the alleged breach if you consider that the processing of your personal data carried out by the Company, the Company's administrator or any other service provider to the Company, has breached applicable Data Protection Law.

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#### INDEX TO FINANCIAL STATEMENTS

---

| | |
|:---|:---|
| **Pershing Square USA, Ltd.**<br>**Audited Financial Statements** | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#tARIR) | [F-2](#tARIR) |
| [Statement of Assets and Liabilities as of September 30, 2025](#tASAL) | [F-3](#tASAL) |
| [Schedule of Investments as of September 30, 2025](#tASOI) | [F-4](#tASOI) |
| [Statements of Operations for the period from November 28, 2023 (inception) to September 30, 2025](#tASOP) | [F-5](#tASOP) |
| [Notes to the Financial Statements](#tANUF) | [F-6](#tANUF) |

---

---

| | |
|:---|:---|
| **Pershing Square USA, Ltd.**<br>**Unaudited Financial Statements** | **Page**  |
| [Statement of Assets and Liabilities (unaudited) as of December 31, 2025](#tUSAL) | [F-11](#tUSAL) |
| &nbsp;&nbsp;[Schedule of Investments (unaudited) as of December 31, 2025](#tUSOI) | [F-12](#tUSOI) |
| [Statement of Operations (unaudited) for the three months ended December 31, 2025](#tUSOP) | [F-13](#tUSOP) |
| [Notes to the Unaudited Financial Statements](#tUNUF) | [F-14](#tUNUF) |

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F-1<br>

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#### **TABLE OF CONTENTS**

#### Report of Independent Registered Public Accounting Firm
To the Shareholder and Board of Directors (Trustees) of Pershing Square USA, Ltd.

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pershing Square USA, Ltd. (the "Company"), including the schedule of investments, as of September 30, 2025 and the related statements of operations for the period from January 1, 2025 through September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025, and the results of its operations for the period from January 1, 2025 through September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. 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 audit 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 Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audit, 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 Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit 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 procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodians and brokers. Our audit 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 audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP<br>

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

We have served as the auditor of the Company since 2024.<br>

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

New York, NY <br>

October 28, 2025

F-2<br>

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#### **TABLE OF CONTENTS**

#### Statement of Assets and Liabilities<br>

#### As of September 30, 2025

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18331  |
| Investments in securities, at fair value (cost $2,163,055) | &nbsp;&nbsp;&nbsp;&nbsp;2163055  |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;1674292  |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10368  |
| &nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;3866046 |
| **Liabilities**<br>|  |
| Legal fees payable | &nbsp;&nbsp;&nbsp;&nbsp;1290219  |
| Deferred offering costs payable | &nbsp;&nbsp;&nbsp;&nbsp;1253881  |
| Trustee compensation payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288750  |
| &nbsp;&nbsp;Accounting fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37500  |
| Consulting fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9587  |
| Other expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3579  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;2883516  |
| **Net assets** | $982530  |
| **Net assets consist of:**<br>|  |
| &nbsp;&nbsp;Common shares, unlimited shares authorized, 318,320 shares issued and outstanding | $15916000  |
| Accumulated earnings/(loss) | &nbsp;&nbsp;(14933470)  |
| **Net assets** | $982530  |
| **Net asset value per share** | $3.09 |

---

See accompanying notes to the Financial Statements.<br>

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#### **TABLE OF CONTENTS**

#### Schedule of Investments <br>

#### As of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value**  |
| **Short-Term Investments – 220.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds Treasury Trust Fund, 4.00%<sup>(i)</sup> | 2142790 | $2142790  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, 4.00%<sup>(i)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20265  |
| **Total Short-Term Investments (cost $2,163,055)** |  | &nbsp;&nbsp;&nbsp;2163055  |
| **Total Investments – 220.2% (cost $2,163,055)** |  | &nbsp;&nbsp;&nbsp;2163055  |
| Other assets less liabilities – (120.2)% |  | &nbsp;&nbsp;(1180525)  |
| **Net Assets – 100.0%** |  | $982530 |

---

(i)<br> Represents the 7-day effective yield as of September 30, 2025.

See accompanying notes to the Financial Statements.<br>

F-4<br>

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#### **TABLE OF CONTENTS**

#### Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
|  | **For the period from** <br>**January 1, 2025** <br>**to September 30, 2025** | **For the year ended** <br>**December 31, 2024** | **For the period from** <br>**November 28, 2023** <br>(inception) to <br>**December 31, 2023**  |
| **Investment income**<br>|  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;$85302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—  |
| **Expenses**<br>|  |  |  |
| Trustee compensation expense | &nbsp;&nbsp;&nbsp;&nbsp;866250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;173723 | &nbsp;&nbsp;&nbsp;&nbsp;9255307 | &nbsp;&nbsp;&nbsp;&nbsp;52203  |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Consulting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp;3389980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;(1213620) | &nbsp;&nbsp;(13771182) | &nbsp;&nbsp;&nbsp;&nbsp;(52203)  |
| Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1128318) | &nbsp;&nbsp;(13752949) | &nbsp;&nbsp;&nbsp;&nbsp;(52203)  |
| Net change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(1128318) | &nbsp;&nbsp;$(13752949) | &nbsp;&nbsp;&nbsp;&nbsp;$(52203) |

---

See accompanying notes to the Financial Statements.<br>

F-5<br>

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#### **TABLE OF CONTENTS**

#### Notes to the Financial Statements<br>

#### As of September 30, 2025
1. **ORGANIZATION** 

Pershing Square USA, Ltd. (the "Company" or "PSUS"), a Delaware statutory trust, is a closed-end investment company registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Investment Manager"). The Company was formed on November 28, 2023.

The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company will seek to achieve its investment objective by acquiring long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which PSCM believes they have underperformed their potential and/or when PSCM believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their business. Large minority stakes will be accumulated over time and will vary in size depending on the size of the portfolio company. The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. PSCM looks 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. PSCM pursues a long-term investment strategy and does not typically engage in short-term trading in the shares of the portfolio companies in which it invests.

PSCM, a Delaware limited partnership, is registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. The Company's Board of Trustees (the "Board") has overall responsibility for monitoring and overseeing the Company's management and operations. Subject to the overall supervision of the Board, the Investment Manager manages the Company's day-to-day operations and provides the Company with investment advisory and management services.

The Company has no operations to date other than matters relating to its organization and the sale and issuance of the Company's common shares of beneficial interest (the "Common Shares"). The Investment Manager has purchased 318,320 Common Shares for a total purchase price of $15,916,000 or $50.00 per share. The Company intends to raise additional capital through the issuance of the Common Shares in an initial public offering (the "PSUS IPO"). The Common Shares are expected to be listed on the New York Stock Exchange, subject to notice of issuance, under the symbol "PSUS."

In recognition of the importance of the PSUS IPO to PSCM's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in the PSUS IPO, Pershing Square Inc., the prospective parent company of PSCM ("PSI") intends to deliver to each investor who purchases Common Shares in the PSUS IPO, for no additional consideration, a quantity of PSI common stock (the "PSI Common Stock") to be determined at a future date. The PSUS IPO and the initial public offering of the PSI Common Stock (the "PSI IPO") are component parts of a single offering, which is referred to as the "combined offering." Following the combined offering, the PSI Common Stock will be listed on the NYSE under the symbol "PS" and PSI will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. The Common Shares and the PSI Common Stock will each trade separately on the NYSE, and investors may freely sell each security separately.

Board of Trustees

The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Investment Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

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#### **TABLE OF CONTENTS**
2. **SIGNIFICANT ACCOUNTING POLICIES** 

Basis of Presentation

The Company's financial statements and the following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States Dollars. Such policies are consistently followed by the Company in the preparation of its financial statements.

Management has determined that the Company is an investment company in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. The Company applies the specialized accounting guidance outlined therein.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurement

Investments in money market funds are carried at the fund's net asset value per share, which approximates fair value.

The Company considers all investments with a maturity of three months or less at the time of purchase to be short-term investments. As of September 30, 2025, short-term investments of $2,163,055, as presented in the statement of assets and liabilities and schedule of investments, were comprised of two money market funds which are invested in U.S. Treasury obligations.

Interest Income

Interest income related to cash and short-term investments is recognized when earned.

Offering Costs

Offering costs consist of fees related to underwriting, legal, regulatory filings, printing, and other costs for services directly related to the Company's offering of the Common Shares and the preparation and filing of the registration statement. On August 1, 2024, the Company postponed its initial plans for an initial public offering for more than 90 days and, as a result, offering costs incurred by the Company from November 28, 2023 (inception) to August 1, 2024 (the date on which the Company withdrew its registration statement on Form N-2) were expensed. Offering costs incurred subsequent to August 1, 2024, in anticipation of a future offering, were deferred and recorded as assets. As of September 30, 2025, total offering costs incurred amounted to $1,674,292, consisting solely of legal fees, and are presented in the statement of assets and liabilities as deferred offering costs. Upon the issuance of the Common Shares in the PSUS IPO, total deferred offering costs will be charged to capital.

Prior to May 31, 2024, the Investment Manager paid certain of the Company's expenses which were later reimbursed by the Company (further discussed in Note 6) as the Company did not have sufficient capital.

Organizational Expenses

The Company is responsible for the costs of its formation and organization and recognizes these expenses when incurred. These expenses are categorized as professional fees or other expenses based on the definitions herein. Prior to May 31, 2024, the Investment Manager paid certain of the Company's organizational expenses which were later reimbursed by the Company (further discussed in Note 6) as the Company did not have sufficient capital.

Professional Fees

Professional fees include, but are not limited to, expenses relating to accounting, investment valuation, administrative services, auditing and tax preparation expenses, legal fees and expenses, fees of investment bankers, advisers, appraisers, public and government relations firms and other consultants and experts, and investment-related fees and expenses including research but excluding investment transaction costs. Since the Company's inception, professional fees consist of accounting fees, consulting fees and legal fees as presented separately in the statements of operations.

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Other Expenses

Other expenses include, but are not limited to, printing and postage expenses, bank service fees, insurance expenses, listing-related fees and expenses relating to corporate engagement, certain regulatory registrations in connection with the Company's business and investment activities.

Filing Fees

Filing fees include, but are not limited to, regulatory fees prior to August 1, 2024 related to the Company's filing of its registration statement on Form N-2 and other filings with the SEC and the Financial Industry Regulatory Authority including with respect to the Company's withdrawal of its registration statement, printer expenses for Edgar filings and investment-related filings fees.

Taxation

As of September 30, 2025, the Company is a Delaware statutory trust with a single beneficial owner, PSCM, and is disregarded for U.S. federal income tax purposes. The Company intends to elect to be treated and to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income taxes to the extent that it distributes its investment company taxable income and net realized capital gains. No federal income tax provision is required as the Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. The Company plans to file U.S. federal and applicable state and local tax returns.

The Company accounts for income taxes under ASC 740, *Income Taxes*, which provides guidance related to the evaluation of uncertain tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. Tax positions not deemed to meet a "more likely than not" threshold would be recorded as a tax expense in the current year. The Company would account for interest and penalties, if any, as a component of tax expense. The Company has evaluated its tax positions and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Company's U.S. federal tax returns are subject to examination for a period of three years after they are filed.

3. **INVESTMENT MANAGER AND ADMINISTRATOR AGREEMENTS** 

Investment Manager

The Investment Manager is the investment adviser to the Company pursuant to the Investment Management Agreement ("IMA") and is responsible for the management of the Company and the administration of the affairs of the Company to the extent requested by the Company's Board.

As compensation for its services, the Investment Manager will receive a quarterly management fee payable in advance on the first business day of each fiscal quarter in an amount equal to 0.50% (2.0% per annum) based on the Company's net asset value ("NAV") on the last day of the previous fiscal quarter (the "Management Fee"). No Management Fee will be charged until the completion of the PSUS IPO. The Investment Manager will not be entitled to an incentive allocation or any other form of performance fee pursuant to the IMA.

Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company ("State Street") will serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street will provide certain administrative services necessary for the operation of the Company, including maintaining certain Company books and records, providing accounting and tax services, and preparing certain regulatory filings. State Street will also serve as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, State Street holds the Company's assets in compliance with the 1940 Act. Additionally, State Street will serve as transfer agent and dividend disbursing agent with respect to the Common Shares and as administrator of the Company's dividend reinvestment plan. State Street will receive fees for these services following the completion of the PSUS IPO.

F-8<br>

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4. **CONCENTRATION OF CREDIT RISK** 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held in accounts at financial institutions, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000, and short-term investments at financial institutions. The Company has not experienced losses on these financial instruments and management believes the Company is not exposed to a significant credit risk.

5. **SHARE CAPITAL** 

The Company is authorized to issue an unlimited number of Common Shares and intends to offer Common Shares at $50.00 per share at the PSUS IPO. All holders of Common Shares will have equal rights as it relates to dividend distributions, assets and voting privileges. Holders of Common Shares will have no conversion, preemptive or other subscription rights. As of September 30, 2025, 318,320 Common Shares were issued and outstanding, held solely by the Investment Manager.

The Company is authorized to issue preferred shares subject to the Board's approval and without prior approval of the holders of Common Shares. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares. As of September 30, 2025, no preferred shares were issued and outstanding.

6. **RELATED PARTY TRANSACTIONS** 

Common Shares Held by the Investment Manager

The Investment Manager is the sole shareholder of the Company as of September 30, 2025 and made its initial contribution on February 15, 2024. For the year ended December 31, 2024, the Investment Manager contributed aggregate capital of $13,816,000 to the Company in exchange for 276,320 Common Shares at $50.00 per share. For the period from January 1, 2025 to September 30, 2025, the Investment Manager contributed capital of $2,100,000 to the Company in exchange for 42,000 Common Shares at $50.00 per share. Currently, the Investment Manager is the Company's only source of funding through the Company's issuance and sale of Common Shares to the Investment Manager.

Trustee Compensation

The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Investment Manager and who are not otherwise "interested persons" of the Company under the 1940 Act receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. On June 19, 2024, the Trustees were appointed to the Board. For the year ended December 31, 2024, Trustee compensation expense totaled $615,369 as presented in the statements of operations. For the period from January 1, 2025 to September 30, 2025, Trustee compensation expense totaled $866,250 as presented in the statements of operations, of which $288,750 was payable, as presented in the statement of assets and liabilities.

The Company also reimburses each of the Trustees for reasonable and authorized business expenses in accordance with the Company's policies, including reimbursement of out-of-pocket expenses incurred in connection with attending board or committee meetings.

Reimbursement to the Investment Manager

The Investment Manager agreed to pay certain of the Company's expenses until the Company had sufficient capital. The Company fully repaid the Investment Manager on May 31, 2024 for a total of $1,023,559. For the period from November 28, 2023 (inception) to December 31, 2023, the Investment Manager paid an aggregate amount of $618,515 and for the period from January 1, 2024 to May 31, 2024, the Investment Manager paid an aggregate amount of $405,044. The Company intends to pay for its outstanding payables and ongoing costs from its capital and no further reimbursement is expected to be necessary.

7. **GUARANTEES** 

The Company may enter into contracts that contain a variety of indemnification obligations. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior material claims or losses pursuant to these contracts and expects the risk of material loss to be remote.

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8. **COMMITMENTS AND CONTINGENCIES** 

As of September 30, 2025, no commitments or contingencies existed.

9. **SUBSEQUENT EVENTS** 

The Investment Manager has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any additional subsequent events that necessitated disclosures and/or adjustments.

F-10<br>

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#### <br>

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

#### Statement of Assets and Liabilities (Unaudited) <br>

#### As of December 31, 2025

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3209  |
| Investments in securities, at fair value (cost $593,710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593710  |
| Deferred offering costs | &nbsp;&nbsp;&nbsp;&nbsp;3152939  |
| &nbsp;&nbsp;Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090  |
| &nbsp;&nbsp;**Total assets** | &nbsp;&nbsp;&nbsp;&nbsp;3752948  |
| **Liabilities**<br>|  |
| Deferred offering costs payable | &nbsp;&nbsp;&nbsp;&nbsp;1640381  |
| Professional fees payable | &nbsp;&nbsp;&nbsp;&nbsp;1335830  |
| Trustee compensation payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288750  |
| Other expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22399  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp;3287360  |
| **Net assets** | $465588  |
| **Net assets consist of:**<br>|  |
| &nbsp;&nbsp;Common shares, unlimited shares authorized, 318,320 shares issued and outstanding | $15916000  |
| Accumulated earnings/(loss) | &nbsp;&nbsp;(15450412)  |
| **Net assets** | $465588  |
| **Net asset value per share** | $1.46 |

---

See accompanying notes to the unaudited Financial Statements. <br>

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#### **TABLE OF CONTENTS**

#### <br>

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

#### Schedule of Investments (Unaudited) <br>

#### As of December 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value**  |
| **Short-Term Investments – 127.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds Treasury Trust Fund, 3.62%<sup>(i)</sup> | 573192 | $573192  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, 3.61%<sup>(i)</sup> | &nbsp;&nbsp;20518 | &nbsp;&nbsp;&nbsp;&nbsp;20518  |
| **Total Short-Term Investments (cost $593,710)** |  | &nbsp;&nbsp;&nbsp;593710  |
| **Total Investments – 127.5% (cost $593,710)** |  | &nbsp;&nbsp;&nbsp;593710  |
| Other assets less liabilities – (27.5)% |  | &nbsp;&nbsp;(128122)  |
| **Net Assets – 100.0%** |  | $465588 |

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(i)<br> Represents the 7-day effective yield as of December 31, 2025.

See accompanying notes to the unaudited Financial Statements. <br>

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#### **TABLE OF CONTENTS**

#### <br>

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

#### Statement of Operations (Unaudited)

---

| | |
|:---|:---|
|  | **For the three** <br>**months ended**<br>**December 31, 2025**  |
| **Investment income**<br>|  |
| &nbsp;&nbsp;Interest income | &nbsp;&nbsp;&nbsp;&nbsp;$13498  |
| **Expenses**<br>|  |
| Trustee compensation expense | &nbsp;&nbsp;&nbsp;&nbsp;288750  |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;180751  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;60937  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;(530438)  |
| Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;(516940)  |
| Net change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(516940) |

---

See accompanying notes to the unaudited Financial Statements. <br>

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#### **TABLE OF CONTENTS**

#### Notes to the Unaudited Financial Statements <br>

#### As of December 31, 2025
1. **ORGANIZATION** 

Pershing Square USA, Ltd. (the "Company" or "PSUS"), a Delaware statutory trust, is a closed-end investment company registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Investment Manager"). The Company was formed on November 28, 2023.

The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which PSCM believes they have underperformed their potential and/or when PSCM believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the three primary investment funds for which PSCM serves as investment manager (the "core funds"), will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and PSCM's assessment of potential for loss versus opportunity for gain. Generally, PSCM seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). By working with management teams and boards of directors, PSCM seeks to assist portfolio companies in creating substantial long-term value. PSCM may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

PSCM, a Delaware limited partnership, is registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. The Company's Board of Trustees (the "Board") has overall responsibility for monitoring and overseeing the Company's management and operations. Subject to the overall supervision of the Board, the Investment Manager manages the Company's day-to-day operations and provides the Company with investment advisory and management services.

The Company has no operations to date other than matters relating to its organization and the sale and issuance of the Company's common shares of beneficial interest (the "Common Shares"). The Investment Manager has purchased 318,320 Common Shares for a total purchase price of $15,916,000 or $50.00 per share. The Company intends to raise additional capital through the issuance of the Common Shares in an initial public offering (the "PSUS IPO"). The Common Shares are expected to be listed on the New York Stock Exchange, subject to notice of issuance, under the symbol "PSUS."

In recognition of the importance of the PSUS IPO to PSCM's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in the PSUS IPO, Pershing Square Inc., the prospective parent company of PSCM ("PS Inc.") will deliver to each initial investor in the PSUS IPO, for no additional consideration, 20 shares of common stock of PS Inc. (the "PS Inc. Common Stock") for every 100 Common Shares purchased in the PSUS IPO.

The PSUS IPO and the initial public offering of the PS Inc. Common Stock (the "PS Inc. IPO") are component parts of a single offering, which is referred to as the "combined offering." Following the combined offering, the PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE.

In connection with the combined offering, certain qualified investors (the "private placement investors") have been offered the opportunity to acquire Common 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. PS Inc. will deliver to each private placement investor, for no additional consideration, 30 shares of PS Inc. Common Stock for every 100 Common Shares purchased in the PSUS Private Placement (the "PS Private

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#### **TABLE OF CONTENTS**
Placement" and together with the PSUS Private Placement, the "Combined Private Placement"). The agreements with the private placement investors provide that the Combined Private Placement will be completed substantially concurrently with, and its completion will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.

Board of Trustees

The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Investment Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

2. **SIGNIFICANT ACCOUNTING POLICIES** 

Basis of Presentation

The Company's financial statements and the following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States Dollars. Such policies are consistently followed by the Company in the preparation of its financial statements.

Management has determined that the Company is an investment company in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. The Company applies the specialized accounting guidance outlined therein.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurement

Investments in money market funds are carried at the fund's net asset value per share, which approximates fair value.

The Company considers all investments with a maturity of three months or less at the time of purchase to be short-term investments. As of December 31, 2025, short-term investments of $593,710, as presented in the statement of assets and liabilities and schedule of investments, were comprised of two money market funds which are invested in U.S. Treasury obligations.

Interest Income

Interest income related to cash and short-term investments is recognized when earned.

Offering Costs

Offering costs consist of fees related to underwriting, legal, regulatory filings, printing, and other costs for services directly related to the Company's offering of the Common Shares and the preparation and filing of the registration statement. On August 1, 2024, the Company postponed its initial plans for an initial public offering for more than 90 days and, as a result, offering costs incurred by the Company from November 28, 2023 (inception) to August 1, 2024 (the date on which the Company withdrew its registration statement on Form N-2) were expensed. Offering costs incurred subsequent to August 1, 2024, in anticipation of a future offering, were deferred and recorded as assets. As of December 31, 2025, total offering costs incurred amounted to $3,152,939, consisting solely of legal fees, and are presented in the statement of assets and liabilities as deferred offering costs. Upon the issuance of the Common Shares in the PSUS IPO and the PSUS Private Placement, total deferred offering costs will be charged to capital.

Organizational Expenses

The Company is responsible for the costs of its formation and organization and recognizes these expenses when incurred. These expenses are categorized as professional fees or other expenses based on the definitions herein.

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Professional Fees

Professional fees include, but are not limited to, expenses relating to accounting, investment valuation, administrative services, auditing and tax preparation expenses, legal fees and expenses, fees of investment bankers, advisers, appraisers, public and government relations firms and other consultants and experts, and investment-related fees and expenses including research but excluding investment transaction costs. Since the Company's inception, professional fees consist of accounting fees, consulting fees and legal fees and are presented separately in the statement of operations.

Other Expenses

Other expenses include, but are not limited to, printing and postage expenses, bank service fees, insurance expenses, listing-related fees and expenses relating to corporate engagement, certain regulatory registrations in connection with the Company's business and investment activities.

Income Taxes

As of December 31, 2025, the Company is a Delaware statutory trust with a single beneficial owner, PSCM. The Company intends to elect to be treated and to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income taxes to the extent that it distributes its investment company taxable income and net realized capital gains. No federal income tax provision is required as the Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. The Company plans to file U.S. federal and applicable state and local tax returns.

The Company accounts for income taxes under ASC 740, *Income Taxes*, which provides guidance related to the evaluation of uncertain tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. Tax positions not deemed to meet a "more likely than not" threshold would be recorded as a tax expense in the current year. The Company would account for interest and penalties, if any, as a component of tax expense. The Company has evaluated its tax positions and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Company's U.S. federal tax returns are subject to examination for a period of three years after they are filed.

3. **INVESTMENT MANAGER AND ADMINISTRATOR AGREEMENTS** 

Investment Manager

The Investment Manager is the investment adviser to the Company pursuant to the Investment Management Agreement ("IMA") and is responsible for the management of the Company and the administration of the affairs of the Company to the extent requested by the Company's Board.

As compensation for its services, the Investment Manager will receive a quarterly management fee payable in advance on the first business day of each fiscal quarter in an amount equal to 0.50% (2.0% per annum) based on the Company's net asset value ("NAV") on the last day of the previous fiscal quarter (the "Management Fee"). No Management Fee will be charged until the completion of the PSUS IPO. The Investment Manager will not be entitled to an incentive allocation or any other form of performance fee pursuant to the IMA.

Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company ("State Street") will serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street will provide certain administrative services necessary for the operation of the Company, including maintaining certain Company books and records, providing accounting and tax services, and preparing certain regulatory filings. State Street will also serve as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, State Street holds the Company's assets in compliance with the 1940 Act. Additionally, State Street will serve as transfer agent and dividend disbursing agent with respect to the Common Shares and as administrator of the Company's dividend reinvestment plan. State Street will receive fees for these services following the completion of the PSUS IPO.

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4. **CONCENTRATION OF CREDIT RISK** 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held in accounts at financial institutions, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000, and short-term investments at financial institutions. The Company has not experienced losses on these financial instruments and management believes the Company is not exposed to a significant credit risk.

5. **SHARE CAPITAL** 

The Company is authorized to issue an unlimited number of Common Shares and intends to offer Common Shares at $50.00 per share at the PSUS IPO and the PSUS Private Placement. All holders of Common Shares will have equal rights as it relates to dividend distributions, assets and voting privileges. Holders of Common Shares will have no conversion, preemptive or other subscription rights. As of December 31, 2025, 318,320 Common Shares were issued and outstanding, held solely by the Investment Manager.

The Company is authorized to issue preferred shares subject to the Board's approval and without prior approval of the holders of Common Shares. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares. As of December 31, 2025, no preferred shares were issued and outstanding.

6. **RELATED PARTY TRANSACTIONS** 

Common Shares Held by the Investment Manager

The Investment Manager is the sole shareholder of the Company as of December 31, 2025 and made its initial contribution on February 15, 2024. Since the initial contribution, the Investment Manager has contributed aggregate capital of $15,916,000 to the Company in exchange for 318,320 Common Shares at $50.00 per share. For the three months ended December 31, 2025, the Investment Manager made no additional contributions to the Company. Currently, the Investment Manager is the Company's only source of funding through the Company's issuance and sale of Common Shares to the Investment Manager.

Trustee Compensation

The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Investment Manager and who are not otherwise "interested persons" of the Company under the 1940 Act receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. On June 19, 2024, the Trustees were appointed to the Board. For the three months ended December 31, 2025, Trustee compensation expense totaled $288,750 as presented in the statement of operations all of which was payable as presented in the statement of assets and liabilities.

The Company also reimburses each of the Trustees for reasonable and authorized business expenses in accordance with the Company's policies, including reimbursement of out-of-pocket expenses incurred in connection with attending board or committee meetings.

7. **GUARANTEES** 

The Company may enter into contracts that contain a variety of indemnification obligations. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior material claims or losses pursuant to these contracts and expects the risk of material loss to be remote.

8. **COMMITMENTS AND CONTINGENCIES** 

As of December 31, 2025, no commitments or contingencies existed.

9. **SUBSEQUENT EVENTS** 

The Investment Manager has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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#### APPENDIX A – SUPPLEMENTAL PERFORMANCE INFORMATION OF THE AFFILIATED FUNDS
The Company is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The performance information presented below is for: (i) Pershing Square Holdings, Ltd. ("PSH"), a Guernsey-registered closed-ended investment company; (ii) Pershing Square, L.P. ("PSLP"), a private investment fund organized as a Delaware limited partnership; and (iii) Pershing Square International, Ltd. ("PSIL"), a Cayman Islands exempted company, which operates as a private investment fund (collectively, the "Affiliated Funds"), each of which is currently managed by the Manager, which has managed each Affiliated Fund since its respective inception.

The supplemental performance information presented below illustrates the past performance of all funds managed by the Manager with investment objectives, policies and strategies that are substantially similar to the investment objectives, policies and strategies of the Company. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal or exceed those of any Affiliated Fund, or that the Company will be able to implement its investment strategy or achieve its investment objective. The Company's investments may be made under different economic conditions and may include different underlying investments than those of the Affiliated Funds. See "Risk Factors" beginning on page [48](#tRF) of the prospectus for more information.

The supplemental performance information presented below is not the performance record of the Company and should not be considered a substitute for the Company's own performance. Past returns are not indicative of future performance.

The tables and graphs below set forth (i) under the heading "Composite Returns," the historical composite weighted-average Net Returns (as defined below) of PSH, PSLP and PSINTL on an annual (with respect to the 1-Year period) and annualized basis (with respect to all other periods) and on a cumulative basis for the specified periods ending December 31, 2025 (weighted based on each Affiliated Fund's respective beginning-of-month assets under management), (ii) under the heading "Annualized Returns," the historical net annual (with respect to the 1-Year period) and annualized (with respect to all other periods) total returns of each of the Affiliated Funds for the specified periods ending December 31, 2025, (iii) under the heading "Cumulative Returns," the (a) cumulative return and (b) annualized return an investor would have earned as of December 31, 2025 if such investor invested in PSLP at its January 1, 2004 inception and converted its investment to PSH at its launch on December 31, 2012 (the "Conversion Date") and (iv) under the heading "Annual Returns," the historical net annual returns of each of the Affiliated Funds since their respective inceptions for the calendar years indicated.

The columns titled "PSH Net Return," "PSLP Net Return," and "PSIL Net Return" show the returns of PSH, PSLP and PSIL, respectively, after performance fees, management fees and other expenses incurred by each fund and are based on net amounts invested after deduction of any applicable sales load but before any taxes or tax withholding incurred by investors ("Net Returns"). The columns titled "Illustrative PSH Net Return," "Illustrative PSLP Net Return," and "Illustrative PSIL Net Return" show hypothetical net returns an investor in the applicable Affiliated Fund would have earned if such Affiliated Fund had paid only a 2.0% management fee (and did not pay any performance fees or incentive allocation), which is equivalent to the management fee that will be charged to the Company, after other expenses and any applicable sales load but before any taxes or tax withholding incurred by investors. These illustrative net returns are not actual returns and should not be considered a substitute for the Company's own performance. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal the illustrative net returns set forth herein.

In the case of the graphs shown under the heading "Cumulative Returns," the line showing PSH/PSLP Net Return shows the cumulative Net Returns assuming an investor invested in PSLP up to the Conversion Date and converted its investment in PSLP to PSH from and after the Conversion Date. The line showing PSH/PSLP Illustrative Net Return shows the hypothetical cumulative net returns an investor would have earned in PSLP up to the Conversion Date and PSH from and after the Conversion Date if such investor had paid only a 2.0% management fee, which is equivalent to the management fee that will be charged by the Manager to the Company, and did not pay any incentive fees. These illustrative net returns are not actual returns and should not be considered a substitute for the Company's own performance. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal the illustrative net returns set forth herein.

A-1<br>

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#### **TABLE OF CONTENTS**
None of the Affiliated Funds are registered under the 1940 Act, 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 any or all of the Affiliated Funds 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.

#### Composite Returns

#### As of December 31, 2025 (Annualized)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;&nbsp;20.7% | 17.9% | 21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;&nbsp;14.1% | 14.4% | 12.7% | &nbsp;&nbsp;6.6%  |
| **10-Year** | &nbsp;&nbsp;&nbsp;15.7% | 14.8% | 12.7% | &nbsp;&nbsp;4.7% |

---

#### As of December 31, 2025 (Cumulative)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World**<br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year** | &nbsp;&nbsp;20.7% | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;93.0% | &nbsp;&nbsp;96.0% | &nbsp;&nbsp;81.5% | 37.7%  |
| **10-Year** | &nbsp;&nbsp;329.0% | 297.8% | 231.9% | 59.1% |

---

#### Annualized Returns

#### As of December 31, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| &nbsp;&nbsp;**1-Year (Annual)** | &nbsp;&nbsp;20.9% | 18.3% | 17.9% | 17.9% | 21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;14.1% | 11.9% | 11.0% | 14.4% | 12.7% | &nbsp;&nbsp;6.6%  |
| **10-Year** | &nbsp;&nbsp;15.5% | 13.3% | 12.7% | 14.8% | 12.7% | &nbsp;&nbsp;4.7% |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;&nbsp;24.1% | 18.3% | &nbsp;&nbsp;&nbsp;22.2% | 17.9% | &nbsp;&nbsp;&nbsp;21.7% | 17.9% | 21.6% | 10.1%  |
| **2-Year** | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;&nbsp;17.6% | 13.1% | &nbsp;&nbsp;&nbsp;15.8% | 13.1% | &nbsp;&nbsp;&nbsp;15.8% | 21.4% | 20.4% | &nbsp;&nbsp;8.9%  |
| **3-Year** | &nbsp;&nbsp;18.9% | &nbsp;&nbsp;&nbsp;21.2% | 15.6% | &nbsp;&nbsp;&nbsp;18.2% | 15.6% | &nbsp;&nbsp;&nbsp;18.1% | 23.0% | 21.7% | &nbsp;&nbsp;8.2%  |
| **4-Year** | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;&nbsp;12.6% | &nbsp;&nbsp;9.3% | &nbsp;&nbsp;&nbsp;11.0% | &nbsp;&nbsp;9.1% | &nbsp;&nbsp;&nbsp;10.7% | 11.1% | 10.4% | &nbsp;&nbsp;5.3%  |
| **5-Year** | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;&nbsp;16.1% | 11.9% | &nbsp;&nbsp;&nbsp;14.2% | 11.0% | &nbsp;&nbsp;&nbsp;13.1% | 14.4% | 12.7% | &nbsp;&nbsp;6.6%  |
| **6-Year** | &nbsp;&nbsp;21.9% | &nbsp;&nbsp;&nbsp;25.1% | 18.3% | &nbsp;&nbsp;&nbsp;21.9% | 17.4% | &nbsp;&nbsp;&nbsp;20.8% | 15.1% | 13.3% | &nbsp;&nbsp;6.3%  |
| **7-Year** | &nbsp;&nbsp;26.3% | &nbsp;&nbsp;&nbsp;29.2% | 21.7% | &nbsp;&nbsp;&nbsp;25.0% | 20.7% | &nbsp;&nbsp;&nbsp;23.7% | 17.3% | 15.3% | &nbsp;&nbsp;6.9%  |
| **8-Year** | &nbsp;&nbsp;22.6% | &nbsp;&nbsp;&nbsp;24.9% | 18.6% | &nbsp;&nbsp;&nbsp;21.2% | 18.1% | &nbsp;&nbsp;&nbsp;20.6% | 14.3% | 12.1% | &nbsp;&nbsp;4.7%  |
| **9-Year** | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;&nbsp;21.2% | 16.1% | &nbsp;&nbsp;&nbsp;18.4% | 15.6% | &nbsp;&nbsp;&nbsp;17.7% | 15.1% | 13.3% | &nbsp;&nbsp;5.3%  |
| **10-Year** | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;&nbsp;17.2% | 13.3% | &nbsp;&nbsp;&nbsp;15.2% | 12.7% | &nbsp;&nbsp;&nbsp;14.5% | 14.8% | 12.7% | &nbsp;&nbsp;4.7% |

---

A-2<br>

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#### **TABLE OF CONTENTS**

#### Since PSH Inception (December 31, 2012)

#### As of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 13.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4% |

---

#### Since PSLP Inception (January 1, 2004)

#### As of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP Net**<br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 15.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### Since PSIL Inception (January 1, 2005)

#### As of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSIL Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 13.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### Since PSLP Inception (January 1, 2004) and converted to PSH on the Conversion Date (Cumulative Returns)

#### As of December 31, 2025
![](ny20064799x1_linechart0x1.jpg)<br>

(1)<br> Represents net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012.

(2) Represents hypothetical net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012, assuming PSLP and PSH only paid a 2.0% management fee (assumed to be accrued monthly throughout the year) and did not pay any performance fees. 

A-3<br>

------

#### **TABLE OF CONTENTS**

#### Since PSLP Inception (January 1, 2004) and converted to PSH on the Conversion Date (Annualized Return)

#### As of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP/PSH Net** <br>**Return** | **Illustrative** <br>**PSLP/PSH Net** <br>**Return** | **S&P 500** | **MSCI World Index** | **HFRX Equity Hedge** <br>**Index**  |
| 16.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### Annual Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP Net** <br>**Return** | **PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **2004** |  | 42.59% |  | 10.9% | 15.2% | &nbsp;&nbsp;&nbsp;2.2%  |
| **2005** |  | 39.93% | 36.18% | &nbsp;&nbsp;&nbsp;4.9% | 10.0% | &nbsp;&nbsp;&nbsp;4.2%  |
| **2006** |  | 22.54% | 22.48% | 15.8% | 20.7% | &nbsp;&nbsp;&nbsp;9.2%  |
| **2007** |  | 22.01% | 22.33% | &nbsp;&nbsp;&nbsp;5.6% | &nbsp;&nbsp;&nbsp;9.6% | &nbsp;&nbsp;&nbsp;3.2%  |
| **2008** |  | -12.96% | -11.86% | -37.0% | -40.3% | -25.5%  |
| **2009** |  | 40.59% | 41.21% | 26.4% | 30.8% | 13.1%  |
| **2010** |  | 29.67% | 21.68% | 15.1% | 12.3% | &nbsp;&nbsp;&nbsp;8.9%  |
| **2011** |  | &nbsp;&nbsp;-1.12% | &nbsp;&nbsp;-2.01% | &nbsp;&nbsp;&nbsp;2.1% | &nbsp;&nbsp;-5.0% | -19.1%  |
| **2012** |  | 13.25% | 12.36% | 16.0% | 16.5% | &nbsp;&nbsp;&nbsp;4.8%  |
| **2013** | &nbsp;&nbsp;&nbsp;9.57% | &nbsp;&nbsp;&nbsp;9.69% | &nbsp;&nbsp;&nbsp;9.30% | 32.4% | 27.4% | 11.1%  |
| **2014** | 40.39% | 36.93% | 36.96% | 13.7% | &nbsp;&nbsp;&nbsp;5.5% | &nbsp;&nbsp;&nbsp;1.4%  |
| **2015** | -20.53% | -16.21% | -16.49% | &nbsp;&nbsp;&nbsp;1.4% | &nbsp;&nbsp;-0.3% | &nbsp;&nbsp;-2.3%  |
| **2016** | -13.46% | &nbsp;&nbsp;-9.60% | -10.11% | 12.0% | &nbsp;&nbsp;&nbsp;8.1% | &nbsp;&nbsp;&nbsp;0.1%  |
| **2017** | &nbsp;&nbsp;-4.01% | &nbsp;&nbsp;-1.58% | &nbsp;&nbsp;-3.18% | 21.8% | 23.1% | 10.0%  |
| **2018** | &nbsp;&nbsp;-0.65% | &nbsp;&nbsp;-1.21% | &nbsp;&nbsp;&nbsp;1.76% | &nbsp;&nbsp;-4.4% | &nbsp;&nbsp;-8.2% | &nbsp;&nbsp;-9.4%  |
| **2019** | 58.07% | 44.14% | 42.78% | 31.5% | 28.4% | 10.7%  |
| **2020** | 70.23% | 56.56% | 55.09% | 18.4% | 16.5% | &nbsp;&nbsp;&nbsp;4.6%  |
| **2021** | 26.91% | 22.89% | 19.04% | 28.7% | 22.4% | 12.1%  |
| **2022** | &nbsp;&nbsp;-8.83% | &nbsp;&nbsp;-7.81% | &nbsp;&nbsp;-8.37% | -18.1% | -17.7% | &nbsp;&nbsp;-3.2%  |
| **2023** | 26.65% | 20.81% | 20.65% | 26.3% | 24.4% | &nbsp;&nbsp;&nbsp;6.9%  |
| **2024** | 10.24% | &nbsp;&nbsp;&nbsp;8.24% | &nbsp;&nbsp;&nbsp;8.60% | 25.0% | 19.2% | &nbsp;&nbsp;&nbsp;7.8%  |
| **2025** | 20.90% | 18.28% | 17.87% | 17.9% | 21.6% | 10.1% |

---

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 MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index captures large and mid-capitalization representation across 23 developed markets countries.

The HFRX Equity Hedge Index is constructed and maintained by Hedge Fund Research, Inc. The HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process.

These indices do not reflect any fees, expenses or sales loads. It is not possible to invest directly in an index. The volatility of the indices presented may be materially different from that of the performance of the Company and/or the Affiliated Funds. In addition, the indices employ different guidelines and criteria than the Company and the Affiliated Funds; as a result, the holdings in the Company and the Affiliated Funds differ significantly from the securities that comprise the indices. The indices allow for comparison of the Affiliated Funds' performance with that of well-known, appropriate and widely recognized indices; the indices are not intended to be reflective or indicative of the Affiliated Funds' or the Company's past or future performance.

A-4<br>

------

#### **TABLE OF CONTENTS**

#### APPENDIX B – PUBLIC COMPANY ENGAGEMENTS OF THE MANAGER
The list below reflects all of the long position portfolio companies and short positions of the Affiliated Funds (along with the year of initial investment) from the inception of PSLP on January 1, 2004 through December 31, 2025, in respect of which (a) the Manager or any Affiliated Fund, as applicable, has designated a representative to the board, filed a Schedule 13D, Form 4 or a similar filing pursuant to the applicable law of another jurisdiction or has made a filing or notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; or (b) the Manager has publicly recommended changes to the company's strategy in an investment-specific white paper, letter or presentation. Past performance is not necessarily indicative of future results. There can be no assurance that the Manager will be able to identify and make investments that are consistent with the Company's investment objective or generate attractive returns for the Common Shareholders. This information is not intended to represent the anticipated portfolio composition of the Company or any anticipated portfolio holding. See "*Risk Factors*" beginning on page [48](#tRF) of this prospectus for more information.

---

| | |
|:---|:---|
| **Long Positions** |  |
| Wendy's International, Inc. | 2004  |
| Sears Roebuck & Co. | 2004  |
| Plains Resources Inc. | 2004  |
| Atlantic Realty Trust, Inc. | 2004  |
| Sizeler Property Investors, Inc. | 2004  |
| McDonald's Corporation | 2005  |
| Sears Canada Inc. | 2005  |
| &nbsp;&nbsp;Borders Group, Inc. | 2006  |
| Ceridian Corporation | 2006  |
| Target Corporation | 2007  |
| General Growth Properties, Inc. | 2008  |
| Longs Drug Stores Corporation | 2008  |
| EMC Corporation | 2008  |
| &nbsp;&nbsp;Landry's Restaurants, Inc. | 2009  |
| The Howard Hughes Corporation\* | 2010  |
| Fortune Brands Home & Security Inc. | 2010  |
| Beam Inc. | 2010  |
| Alexander & Baldwin, Inc. | 2010  |
| J.C. Penney Company, Inc. | 2010  |
| Canadian Pacific Railway Limited | 2011  |
| Justice Holdings Ltd. | 2011  |
| The Procter & Gamble Company | 2012  |
| Burger King Worldwide Inc. (now known as Restaurant Brands International Inc.)\*\* | 2012  |
| Platform Specialty Products Corporation | 2013  |
| Air Products & Chemicals, Inc. | 2013  |
| Federal National Mortgage Association | 2013  |
| Federal Home Loan Mortgage Corporation | 2013  |
| Zoetis Inc. | 2014  |
| Allergan, Inc. | 2014  |
| Valeant Pharmaceuticals International, Inc. | 2015  |
| Nomad Foods Ltd. | 2015  |
| Mondelez International, Inc. | 2015  |
| Chipotle Mexican Grill, Inc. | 2016  |
| &nbsp;&nbsp;Automatic Data Processing, Inc. | 2017  |
| Starbucks Corporation | 2018  |
| United Technologies Corporation | 2018  |
| &nbsp;&nbsp;Lowe's Companies Inc. | 2018  |
| Hilton Worldwide Holdings Inc. | 2018  |

---

B-1<br>

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Long Positions** |  |
| Agilent Technologies Inc. | 2019  |
| Starbucks Corporation | 2020  |
| Pershing Square Tontine Holdings, Ltd. | 2020  |
| Universal Music Group N.V. | 2021  |
| Canadian Pacific Kansas City Limited | 2021  |
| Alphabet Inc. | 2023  |
| Pershing Square SPARC Holdings, Ltd. | 2023  |
| Seaport Entertainment Group Inc. | 2024  |
| Brookfield Corporation | 2024  |
| Nike Inc. | 2024  |
| Hertz Global Holdings, Inc. | 2024 |

---

---

| | |
|:---|:---|
| **Short Positions** |  |
| MBIA Inc. | 2004  |
| The Ambac Financial Group, Inc. | 2005  |
| Federal National Mortgage Association | 2007  |
| Federal Home Loan Mortgage Corporation | 2007  |
| Financial Securities Assurance | 2007  |
| Herbalife Ltd. | 2012 |

---

\*<br> Now Howard Hughes Holdings Inc.

\*\* The original investment was made in Justice Delaware Holding, Inc., (a predecessor to Burger King Worldwide Inc.). Represents the year of initial investment. In 2020, the Manager (and its affiliated reporting persons) filed an initial Schedule 13D after previously filing a Schedule 13G with respect to the investment when it (along with its affiliated reporting persons) ceased to be eligible to file a Schedule 13G by virtue of the exemption under Section 13(d)(6)(B) of the Exchange Act. 

B-2<br>

------

### Shares <br>

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

### Pershing Square USA, Ltd.

#### Common Shares<br>

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

#### $50.00 per share <br>

#### Prospectus

#### Citigroup <br>

#### UBS Investment Bank <br>

#### BofA Securities <br>

#### Jefferies <br>

#### Wells Fargo Securities <br>

#### [•]
Until (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

#### **TABLE OF CONTENTS**

#### PART C: OTHER INFORMATION

---

| | |
|:---|:---|
| **Item 25.**<br>| **Financial Statements and Exhibits**  |

---

---

| | |
|:---|:---|
| 1. | Financial Statements  |
|  | The Company's (a) audited statement of assets and liabilities as of September 30, 2025 and statements of operations for the period from (i) November 28, 2023 (inception) to December 31, 2023, (ii) for the year ended December 31, 2024 and (iii) for the period from January 1, 2025 to September 30, 2025 and the notes thereto and report of independent registered public accountants thereon indicating that the Company has met the net worth requirements of Section 14(a) of the 1940 Act and (b) unaudited statement of assets and liabilities as of December 31, 2025 and statement of operations for the period from October 1, 2025 to December 31, 2025 and the notes thereto are included in Part A.  |
| 2. | Exhibits:  |
|  | (a)(1) [Certificate of Trust, dated November 28, 2023(\*)](ny20064799x1_ex-a1.htm)  |
|  | (a)(2) [Certificate of Amendment, dated February 6, 2024(\*)](ny20064799x1_ex-a2.htm)  |
|  | (a)(3) [Second Amended and Restated Agreement and Declaration of Trust of the Company, dated as of July 29, 2024(\*)](ny20064799x1_ex-a3.htm)  |
|  | (a)(4) [Form of Statement of Preferences with respect to the Company's 7.50% Series A Cumulative Preferred Shares(\*)](ny20064799x1_ex-a4.htm)  |
|  | (b) [By-Laws of the Company, dated as of July 15, 2024(\*)](ny20064799x1_ex-b.htm)  |
|  | (c) Not Applicable  |
|  | (d) Not Applicable  |
|  | (e) [Form of Dividend Reinvestment Plan of the Company(\*)](ny20064799x1_ex-e.htm)  |
|  | (f) Not Applicable  |
|  | (g) [Form of Investment Management Agreement, between the Company and Pershing Square Capital Management, L.P. (the "Manager")(\*)](ny20064799x1_ex-g.htm)  |
|  | (h) Form of Underwriting Agreement(+)  |
|  | (i) Not Applicable  |
|  | (j) [Form of Custody Agreement between the Company and State Street Bank and Trust Company(\*)](ny20064799x1_ex-j.htm)  |
|  | (k)(1) [Form of Administration Agreement between the Company and State Street Bank and Trust Company(\*)](ny20064799x1_ex-k1.htm)  |
|  | (k)(2) [Form of Transfer Agency and Service Agreement between the Company and State Street Bank and Trust Company(\*)](ny20064799x1_ex-k2.htm)  |
|  | (k)(3) [Form of Common Shares Subscription Agreement, by and between the Company and the Manager(\*)(+)](ny20064799x1_ex-k3.htm)  |
|  | (k)(4) Form of Share Issuance Agreement, by and between the Company and PS Inc.(+)  |
|  | (k)(5) [Form of Preferred Shares Subscription Agreement, by and between the Company and the Manager(\*)](ny20064799x1_ex-k5.htm)  |
|  | (k)(6) Form of Registration Rights Agreement, by and between the Company and the Manager(+)  |
|  | (l) Opinion and Consent of Richards, Layton & Finger, P.A.(+)  |
|  | (m) Not Applicable  |
|  | (n) [Consent of Independent Registered Public Accounting Firm(\*)](ny20064799x1_ex-n.htm)  |
|  | (o) Not Applicable  |
|  | (p)(1) [Subscription Agreement, dated as of May 21, 2024, by and between the Company and the Manager(\*)](ny20064799x1_ex-p1.htm)  |
|  | (p)(2) [Subscription Agreement, dated as of May 22, 2024, by and between the Company and the Manager(\*)](ny20064799x1_ex-p2.htm)  |
|  | (p)(3) [Subscription Agreement, dated as of May 31, 2024, by and between the Company and the Manager(\*)](ny20064799x1_ex-p3.htm)  |
|  | (p)(4) [Subscription Agreement, dated as of July 16, 2024, by and between the Company and the Manager(\*)](ny20064799x1_ex-p4.htm)  |

---

C-1<br>

------

#### **TABLE OF CONTENTS**

---

| |
|:---|
| (q) Not Applicable  |
| (r)(1) [Code of Ethics of Registrant(\*)](ny20064799x1_ex-r1.htm)  |
| (r)(2) [Code of Ethics of the Manager(\*)](ny20064799x1_ex-r2.htm)  |
| (s) [Filing fee table(\*)](ny20064799x1_ex107.htm)  |
| (t) Prospectus of Pershing Square Inc.(+)  |
| (u) [Form of Combined Private Placement Subscription Agreement(\*)](ny20064799x1_ex-u.htm) |

---

(\*)<br> Filed herewith.

(+)<br> To be filed by subsequent amendment.

---

| | |
|:---|:---|
| **Item 26.**<br>| **Marketing Arrangements**  |

---

Reference is made to Exhibit (h) to this Registration Statement to be filed by amendment.

---

| | |
|:---|:---|
| **Item 27.**<br>| **Other Expenses of Issuance and Distribution**  |

---

The following table sets forth the estimated expenses expected to be incurred in connection with the issuance and distribution of the securities being registered pursuant to this Registration Statement:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Legal Fees and Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•]  |
| Independent Registered Public Accounting Firm Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•]  |
| New York Stock Exchange Listing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•]  |
| FINRA Fees | $225500  |
| Securities and Exchange Commission Filing Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•]  |
| Miscellaneous | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•]  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$[•] |

---

---

| | |
|:---|:---|
| **Item 28.**<br>| **Persons Controlled by or under Common Control with Registrant**  |

---

None.

---

| | |
|:---|:---|
| **Item 29.**<br>| **Number of Holders of Securities**  |

---

As of [•], the number of record holders of each class of securities of the Company was as follows:

---

| | |
|:---|:---|
| **Title of Class** | **Number of** <br>**Record** <br>**Holders**  |
| &nbsp;&nbsp;Common shares of beneficial interest, no par value | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

As of [•], the number of record holders of each class of securities of PS Inc. was as follows:

---

| | |
|:---|:---|
| **Title of Class** | **Number of** <br>**Record** <br>**Holders**  |
| Common stock, par value $0.001 | &nbsp;&nbsp;&nbsp;&nbsp;[•] |

---

---

| | |
|:---|:---|
| **Item 30.**<br>| **Indemnification**  |

---

#### Indemnification Under Governing Documents
*The Company* 

The Company's Second Amended and Restated Agreement and Declaration of Trust, dated as of July 29, 2024, and as amended through the date hereof (the "Declaration of Trust") and the Registrant's By-Laws (the "Bylaws" and together with the Declaration of Trust, the "Governing Documents") provide that the Company will indemnify its Trustees and officers and may indemnify its employees or agents against liabilities and expenses incurred in connection with litigation in which they may be involved because of their positions with the Company, to the extent

C-2<br>

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#### **TABLE OF CONTENTS**
permitted by law. However, nothing in the Governing Documents of the Registrant protects or indemnifies a trustee, officer, employee or agent of the Company against any liability to which such person would otherwise be subject in the event of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.

The Company has entered into an Indemnification Agreement with each Trustee, which provides that the Company, subject to certain exceptions, shall indemnify and hold harmless such Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding that the Trustee was or is made or is threatened to be made a party to, or is otherwise involved in, by reason of the fact that the Trustee is or was or has agreed to serve as a Trustee, officer, employee or agent of the Company, to the fullest extent permitted by applicable law. The Company shall not be obligated to indemnify a Trustee where, among other circumstances: (i) the Trustee is liable to the Company or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (ii) it is finally determined by a final adjudication of a court, arbitrator or administrative body of competent jurisdiction that (A) the Trustee's conduct material to the matter giving rise to the action was committed in bad faith or was the result of active and deliberate dishonesty, (B) the Trustee received an improper personal benefit in money, property or services, or (C) in case of any criminal action, the Trustee had reasonable cause to believe his or her conduct was unlawful.

*PS Inc.* 

Following the Corporate Conversion, PS Inc. will be 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 shareholders 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 director, officer, employee or agent is proper in the circumstances. Such determination must be made (1) by the shareholders, (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

C-3<br>

------

expenses may be entitled under the corporation's articles of incorporation, or any bylaw, agreement, vote of shareholders 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.

PS Inc.'s governing documents provide that to the fullest extent permitted under Nevada law and other applicable law, it shall indemnify its directors and officers in their respective capacities as such and in any and all other capacities in which any of them serves at PS Inc.'s request. PS Inc. also intends to enter into indemnification agreements with its directors and executive officers. These agreements will require PS Inc., 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 PS Inc., 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.

#### Other Indemnification
The Company has agreed to indemnify and hold harmless the Manager and certain related persons with respect to all costs, charges, expenses, losses, damages or liabilities arising from or in connection with, or concerning, the conduct of the Registrant's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Manager under the Investment Management Agreement, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement.

The Company, PS Inc. and the Manager have each agreed to indemnify the underwriters of this offering (the "Underwriters") and their controlling persons for 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, gross negligence or reckless disregard of applicable obligations and duties. In addition, the Underwriters have also agreed to indemnify the Company, PS Inc. and the Manager against certain liabilities.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the Registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants 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 Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

---

| | |
|:---|:---|
| **Item 31.**<br>| **Business and Other Connections of the Manager**  |

---

The Manager, a limited partnership organized under the laws of Delaware, acts as investment manager to the Company. The Company is fulfilling the requirement of this Item 31 to provide information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Manager or those officers, directors and partners during the past two years, by incorporating by reference the information contained in the Form ADV of the Manager filed with the commission pursuant to the Advisers Act of 1940 (Commission File No. 801-63688).

---

| | |
|:---|:---|
| **Item 32.**<br>| **Location of Accounts and Records**  |

---

The accounts and records of the Registrants are maintained at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, NY 10019 and, in the case of the Company in part at the offices of State Street. The Company's securities are held under a custody

C-4<br>

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#### **TABLE OF CONTENTS**
agreement by State Street. The address of the Company's custodian is One Congress Street, Suite 1, Boston, MA 02114. State Street will also act as the Company's transfer agent, distribution paying agent and registrar. The principal business address of the Company's transfer agent is One Heritage Drive, North Quincy, MA 02171.

---

| | |
|:---|:---|
| **Item 33.**<br>| **Management Services**  |

---

Not Applicable.

---

| | |
|:---|:---|
| **Item 34.**<br>| **Undertakings**  |

---

1. The Registrants undertake to suspend the offering of Common Shares until the prospectus is amended, if subsequent to the effective date of this registration statement, its net asset value declines more than ten percent from its net asset value as of the later of the effective date of the registration statement or its net asset value increases to an amount greater than its net proceeds as stated in the prospectus. 

2.<br> Not Applicable.

3.<br> Not Applicable.

4.<br> (a)<br>

---

| | |
|:---|:---|
| For the purposes of determining any liability under the Securities Act of 1933, the information omitted  | from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrants under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the 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 the securities at that time shall be deemed to be the initial bona fide offering thereof. 

5.<br> Not Applicable.

6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the Registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants 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 Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. 

7.<br> The Registrants undertake to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

C-5<br>

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 9th day of March, 2026.

---

| | |
|:---|:---|
| Pershing Square USA, Ltd.  | Pershing Square USA, Ltd.  |
| By: | /s/ William A. Ackman |
|  | Chief Executive Officer |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints William A. Ackman, Michael Gonnella, Halit Coussin and Jessica Falzone, and any one or more of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement on Form N-2 and any registration statement (including exhibits thereto and other documents in connection therewith) filed by the Registrant and the Co-Registrant under Securities and Exchange Commission Rule 462(b) of the Securities Act of 1933, as amended (the "Securities Act"), which relates to this Registration Statement, and to file the same under the Securities Act or the Investment Company Act of 1940, as amended (the "1940 Act"), or otherwise, with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act and the 1940 Act, this Registration Statement has been signed below by the following persons in the capacities set forth below on March 9, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ William A. Ackman | Chief Executive Officer<br>(Principal Executive Officer) |
| William A. Ackman  | Chief Executive Officer<br>(Principal Executive Officer) |
| /s/ Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| /s/ Barry P. Barbash | Chairman of the Board  |
| Barry P. Barbash | Chairman of the Board  |
| /s/ Evan Bakst | Trustee  |
| Evan Bakst  | Trustee  |
| /s/ Nicholas A. Botta | Trustee  |
| Nicholas A. Botta  | Trustee  |
| /s/ Anne Farlow | Trustee  |
| Anne Farlow  | Trustee  |
| /s/ Bruce Herring | Trustee  |
| Bruce Herring  | Trustee  |
| /s/ Lisa Polsky | Trustee  |
| Lisa Polsky | Trustee  |

---

C-6<br>

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#### **TABLE OF CONTENTS**

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Co-Registrant has caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 9th day of March, 2026.

---

| | |
|:---|:---|
|  | 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 |

---

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears immediately below constitutes and appoints William A. Ackman, Ryan Israel, Halit Coussin, Michael Gonnella and Ben Hakim and any one or more of them, his or her true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement on Form N-2 and any registration statement (including exhibits thereto and other documents in connection therewith) filed by Pershing Square USA, Ltd. and the Co-Registrant under Securities and Exchange Commission Rule 462(b) of the Securities Act of 1933, as amended (the "Securities Act"), which relates to this Registration Statement, and to file the same under the Securities Act or the Investment Company Act of 1940, as amended (the "1940 Act"), or otherwise, with all exhibits thereto and other documents in connection therewith with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act and the 1940 Act, this Registration Statement has been signed below by the following persons in the capacities set forth below on March 9, 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)  |
| /s/ Ryan Israel | Director  |
| Ryan Israel  | Director  |
| /s/ Halit Coussin | Director  |
| Halit Coussin  | Director  |
| /s/ Ben Hakim | Director  |
| Ben Hakim  | Director  |
| /s/ Kerry Murphy Healey | Director  |
| Kerry Murphy Healey  | Director  |
| /s/ Orion Hindawi | Director  |
| Orion Hindawi  | Director  |
| /s/ Marco Kheirallah | Director  |
| Marco Kheirallah  | Director  |

---

C-7<br>

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Signature** | **Title**  |
| /s/ Nicholas M. Lamotte | Director  |
| Nicholas M. Lamotte  | Director  |
| /s/ David Coppel Calvo | Director  |
| David Coppel Calvo  | Director  |
| /s/ Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |

---

C-8<br>

------

#### EXHIBIT LIST

---

| | |
|:---|:---|
| [(a)(1)](ny20064799x1_ex-a1.htm)  | Certificate of Trust, dated November 28, 2023  |
| [(a)(2)](ny20064799x1_ex-a2.htm)  | Certificate of Amendment, dated February 6, 2024  |
| [(a)(3)](ny20064799x1_ex-a3.htm) | Second Amended and Restated Agreement and Declaration of Trust of the Company, dated as of July 29, 2024  |
| [(a)(4)](ny20064799x1_ex-a4.htm)  | Form of Statement of Preferences with respect to the Company's 7.50% Series A Cumulative Preferred Shares  |
| [(b)](ny20064799x1_ex-b.htm) | By-Laws of the Company, dated as of July 15, 2024  |
| [(e)](ny20064799x1_ex-e.htm) | Form of Dividend Reinvestment Plan of the Company  |
| [(g)](ny20064799x1_ex-g.htm) | Form of Investment Management Agreement, between the Company and the Manager  |
| [(j)](ny20064799x1_ex-j.htm) | Form of Custody Agreement between the Company and State Street Bank and Trust Company  |
| [(k)(1)](ny20064799x1_ex-k1.htm) | Form of Administration Agreement between the Company and State Street Bank and Trust Company  |
| [(k)(2)](ny20064799x1_ex-k2.htm)  | Form of Transfer Agency and Service Agreement between the Company and State Street Bank and Trust Company  |
| [(k)(3)](ny20064799x1_ex-k3.htm) | Form of Common Shares Subscription Agreement, by and between the Company and the Manager  |
| [(k)(5)](ny20064799x1_ex-k5.htm)  | Form of Preferred Shares Subscription Agreement, by and between the Company and the Manager  |
| [(n)](ny20064799x1_ex-n.htm) | Consent of Independent Registered Public Accounting Firm  |
| [(p)(1)](ny20064799x1_ex-p1.htm) | Subscription Agreement, dated as of May 21, 2024, by and between the Company and the Manager  |
| [(p)(2)](ny20064799x1_ex-p2.htm) | Subscription Agreement, dated as of May 22, 2024, by and between the Company and the Manager  |
| [(p)(3)](ny20064799x1_ex-p3.htm) | Subscription Agreement, dated as of May 31, 2024, by and between the Company and the Manager  |
| [(p)(4)](ny20064799x1_ex-p4.htm) | Subscription Agreement, dated as of July 16, 2024, by and between the Company and the Manager  |
| [(r)(1)](ny20064799x1_ex-r1.htm) | Code of Ethics of the Company  |
| [(r)(2)](ny20064799x1_ex-r2.htm) | Code of Ethics of the Manager |
| [(s)](ny20064799x1_ex107.htm) | Filing fee table  |
| [(u)](ny20064799x1_ex-u.htm) | Form of Combined Private Placement Subscription Agreement |

---

## Ex-99.(A)(1)

#### Exhibit (a)(1)

#### STATE of DELAWARE <br>

#### CERTIFICATE of TRUST
This Certificate of Trust is filed in accordance with the provisions of the Delaware Statutory Trust Act (Title 12 of the Delaware Code, Section 3801 et. seq.) and sets forth the following:

&nbsp;&nbsp;&nbsp;&nbsp;• **First:** The name of the trust is

<u>SPSU, Ltd.</u>

&nbsp;&nbsp;&nbsp;&nbsp;• **Second:** The name and address of the Registered Agent in the State of Delaware is

Corporation Service Company <br>

251 Little Falls Drive, <br>

Wilmington, Delaware 19808

&nbsp;&nbsp;&nbsp;&nbsp;• **Third:** The Statutory Trust is or will become prior to or within 180 days following the first issuance of beneficial interests, a registered investment company under the Investment Company Act of 1940, as amended (15 U.S.C. §§ 80a-1 et seq).

&nbsp;&nbsp;&nbsp;&nbsp;• **Fourth:** (Insert any other information the trustees determine to include therein.)

---

| | |
|:---|:---|
| By: | /s/ William G. Farrar  |
|  | Trustee(s)  |
| Name: | William G. Farrar  |
|  | Typed or Printed |

---

## Ex-99.(A)(2)

#### Exhibit (a)(2)

#### CERTIFICATE OF AMENDMENT <br>

#### TO <br>

#### CERTIFICATE OF TRUST <br>

#### OF <br>

#### SPSU, LTD.
Pursuant to Title 12, Section 3810(b) of the Delaware Statutory Trust Act (the "Act"), the undersigned Trustee executed this Certificate of Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Name</u>. The name of the trust is SPSU, Ltd. (the "Trust").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendment of Certificate</u>. The Certificate of Trust of the Trust is hereby amended as follows:

The first Article of the Certificate of Trust is hereby amended to read as follows: "FIRST: The name of the statutory trust formed hereby is Pershing Square USA, Ltd."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Effective Date</u>. This Certificate of Amendment shall be effective upon filing.

IN WITNESS WHEREOF, the undersigned trustee of the Trust has executed this Certificate of Amendment in accordance with Section 3811(a)(2) of the Act.

---

| | |
|:---|:---|
| By: | /s/ Nicholas A. Botta  |
| Name: | Nicholas A. Botta  |
| Title: | Trustee |

---

## Ex-99.(A)(3)

#### **TABLE OF CONTENTS**

#### Exhibit (a)(3)

#### PERSHING SQUARE USA, LTD.<br>

#### SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST <br>
Dated as of July 29, 2024

------

#### **TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page**  |
| [ARTICLE I THE COMPANY](#tARI1) | [ARTICLE I THE COMPANY](#tARI1) | [1](#tARI1) |
| [1.1.](#tARI2) | [Name](#tARI2) | [1](#tARI2) |
| [1.2.](#tARI3) | [Definitions](#tARI3) | [1](#tARI3) |
| [ARTICLE II TRUSTEES](#tARII1) | [ARTICLE II TRUSTEES](#tARII1) | [2](#tARII1) |
| [2.1.](#tARII2) | [Number and Qualification](#tARII2) | [2](#tARII2) |
| [2.2.](#tARII3) | [Term and Election](#tARII3) | [2](#tARII3) |
| [2.3.](#tARII4) | [Resignation and Removal](#tARII4) | [2](#tARII4) |
| [2.4.](#tARII5) | [Vacancies](#tARII5) | [3](#tARII5) |
| [2.5.](#tARII6) | [Meetings](#tARII6) | [3](#tARII6) |
| [2.6.](#tARII7) | [Trustee Action by Written Consent](#tARII7) | [3](#tARII7) |
| [2.7.](#tARII8) | [Officers and Chairperson](#tARII8) | [4](#tARII8) |
| [ARTICLE III POWERS AND DUTIES OF TRUSTEES](#tARIII1) | [ARTICLE III POWERS AND DUTIES OF TRUSTEES](#tARIII1) | [4](#tARIII1) |
| [3.1.](#tARIII2) | [Fiduciary Duty](#tARIII2) | [4](#tARIII2) |
| [3.2.](#tARIII3) | [Limitation of Liability](#tARIII3) | [4](#tARIII3) |
| [3.3.](#tARIII4) | [Certain Rights of Trustees, Officers, Employees and Agents](#tARIII4) | [4](#tARIII4) |
| [3.4.](#tARIII5) | [Investments](#tARIII5) | [4](#tARIII5) |
| [3.5.](#tARIII6) | [Legal Title](#tARIII6) | [4](#tARIII6) |
| [3.6.](#tARIII7) | [Issuance and Repurchase of Shares](#tARIII7) | [5](#tARIII7) |
| [3.7.](#tARIII8) | [Borrow Money or Utilize Leverage](#tARIII8) | [5](#tARIII8) |
| [3.8.](#tARIII9) | [Delegation; Committees](#tARIII9) | [5](#tARIII9) |
| [3.9.](#tARIII10) | [Collection and Payment](#tARIII10) | [5](#tARIII10) |
| [3.10.](#tARIII11) | [Expenses](#tARIII11) | [5](#tARIII11) |
| [3.11.](#tARIII12) | [By-Laws](#tARIII12) | [6](#tARIII12) |
| [3.12.](#tARIII13) | [No Bond Required](#tARIII13) | [6](#tARIII13) |
| [3.13.](#tARIII14) | [Miscellaneous Powers](#tARIII14) | [6](#tARIII14) |
| [3.14.](#tARIII15) | [Further Powers](#tARIII15) | [6](#tARIII15) |
| [ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS](#tARIV1) | [ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS](#tARIV1) | [6](#tARIV1) |
| [4.1.](#tARIV2) | [Advisory and Management Arrangements](#tARIV2) | [6](#tARIV2) |
| [4.2.](#tARIV3) | [Distribution Arrangements](#tARIV3) | [6](#tARIV3) |
| [4.3.](#tARIV4) | [Parties to Contract](#tARIV4) | [7](#tARIV4) |
| [ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION](#tARV1) | [ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION](#tARV1) | [7](#tARV1) |
| [5.1.](#tARV2) | [No Personal Liability of Shareholders, Trustees, etc.](#tARV2) | [7](#tARV2) |
| [5.2.](#tARV3) | [Mandatory Indemnification](#tARV3) | [7](#tARV3) |

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#### **TABLE OF CONTENTS**<br>
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| | | |
|:---|:---|:---|
|  |  | **Page**  |
| [5.3.](#tARV4) | [No Duty of Investigation; Notice in Company Instruments, etc.](#tARV4) | [8](#tARV4) |
| [5.4.](#tARV5) | [Trustee's Good Faith Action, Reliance on Experts, etc.](#tARV5) | [9](#tARV5) |
| [ARTICLE VI SHARES OF BENEFICIAL INTEREST](#tARVI1) | [ARTICLE VI SHARES OF BENEFICIAL INTEREST](#tARVI1) | [9](#tARVI1) |
| [6.1.](#tARVI2) | [Beneficial Interest](#tARVI2) | [9](#tARVI2) |
| [6.2.](#tARVI3) | [Other Securities](#tARVI3) | [9](#tARVI3) |
| [6.3.](#tARVI4) | [Rights of Shareholders](#tARVI4) | [10](#tARVI4) |
| [6.4.](#tARVI5) | [Trust Only](#tARVI5) | [10](#tARVI5) |
| [6.5.](#tARVI6) | [Issuance of Shares](#tARVI6) | [10](#tARVI6) |
| [6.6.](#tARVI7) | [Register of Shares](#tARVI7) | [10](#tARVI7) |
| [6.7.](#tARVI8) | [Transfer Agent and Registrar](#tARVI8) | [10](#tARVI8) |
| [6.8.](#tARVI9) | [Transfer of Shares](#tARVI9) | [10](#tARVI9) |
| [6.9.](#tARVI10) | [Notices](#tARVI10) | [11](#tARVI10) |
| [ARTICLE VII CUSTODIANS](#tARVII1) | [ARTICLE VII CUSTODIANS](#tARVII1) | [11](#tARVII1) |
| [7.1.](#tARVII2) | [Appointment and Duties](#tARVII2) | [11](#tARVII2) |
| [7.2.](#tARVII3) | [Central Certificate System](#tARVII3) | [11](#tARVII3) |
| [ARTICLE VIII REDEMPTION](#tARVIII1) | [ARTICLE VIII REDEMPTION](#tARVIII1) | [11](#tARVIII1) |
| [8.1.](#tARVIII2) | [Redemptions](#tARVIII2) | [11](#tARVIII2) |
| [8.2.](#tARVIII3) | [Disclosure of Holding](#tARVIII3) | [11](#tARVIII3) |
| [ARTICLE IX DETERMINATION OF NET ASSET VALUE; NET INCOME; DISTRIBUTIONS](#tARIX1) | [ARTICLE IX DETERMINATION OF NET ASSET VALUE; NET INCOME; DISTRIBUTIONS](#tARIX1) | [12](#tARIX1) |
| [9.1.](#tARIX2) | [Net Asset Value](#tARIX2) | [12](#tARIX2) |
| [9.2.](#tARIX3) | [Distributions to Shareholders](#tARIX3) | [12](#tARIX3) |
| [9.3.](#tARIX4) | [Power to Modify Foregoing Procedures](#tARIX4) | [12](#tARIX4) |
| [ARTICLE X SHAREHOLDERS](#tARX1) | [ARTICLE X SHAREHOLDERS](#tARX1) | [12](#tARX1) |
| [10.1.](#tARX2) | [Meetings of Shareholders](#tARX2) | [12](#tARX2) |
| [10.2.](#tARX3) | [Voting](#tARX3) | [12](#tARX3) |
| [10.3.](#tARX4) | [Notice of Meeting and Record Date](#tARX4) | [13](#tARX4) |
| [10.4.](#tARX5) | [Quorum and Required Vote](#tARX5) | [13](#tARX5) |
| [10.5.](#tARX6) | [Proxies, etc.](#tARX6) | [13](#tARX6) |
| [10.6.](#tARX7) | [Inspection of Records](#tARX7) | [14](#tARX7) |
| [ARTICLE XI TERM OF EXISTENCE; TERMINATION OF COMPANY; AMENDMENT; MERGERS, ETC.](#tARXI1) | [ARTICLE XI TERM OF EXISTENCE; TERMINATION OF COMPANY; AMENDMENT; MERGERS, ETC.](#tARXI1) | [14](#tARXI1) |
| [11.1.](#tARXI2) | [Duration](#tARXI2) | [14](#tARXI2) |
| [11.2.](#tARXI3) | [Termination](#tARXI3) | [14](#tARXI3) |

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#### **TABLE OF CONTENTS**

#### **TABLE OF CONTENTS**<br>
(continued)

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| | | |
|:---|:---|:---|
|  |  | **Page**  |
| [11.3.](#tARXI4) | [Amendment Procedure](#tARXI4) | [15](#tARXI4) |
| [11.4.](#tARXI5) | [Merger, Consolidation and Sale of Assets](#tARXI5) | [16](#tARXI5) |
| [11.5.](#tARXI6) | [Subsidiaries](#tARXI6) | [16](#tARXI6) |
| [11.6.](#tARXI7) | [Conversion](#tARXI7) | [16](#tARXI7) |
| [11.7.](#tARXI8) | [Absence of Appraisal or Dissenters' Rights](#tARXI8) | [17](#tARXI8) |
| [ARTICLE XII MISCELLANEOUS](#tARXII1) | [ARTICLE XII MISCELLANEOUS](#tARXII1) | [17](#tARXII1) |
| [12.1.](#tARXII2) | [Filing](#tARXII2) | [17](#tARXII2) |
| [12.2.](#tARXII3) | [Resident Agent](#tARXII3) | [17](#tARXII3) |
| [12.3.](#tARXII4) | [Derivative Actions](#tARXII4) | [17](#tARXII4) |
| [12.4.](#tARXII5) | [Governing Law](#tARXII5) | [18](#tARXII5) |
| [12.5.](#tARXII6) | [Direct Claims](#tARXII6) | [18](#tARXII6) |
| [12.6.](#tARXII7) | [Choice of Forum](#tARXII7) | [19](#tARXII7) |
| [12.7.](#tARXII8) | [Counterparts](#tARXII8) | [19](#tARXII8) |
| [12.8.](#tARXII9) | [Reliance by Third Parties](#tARXII9) | [19](#tARXII9) |
| [12.9.](#tARXII10) | [Delivery by Electronic Transmission or Otherwise](#tARXII10) | [19](#tARXII10) |
| [12.10.](#tARXII11) | [Provisions in Conflict with Law or Regulation](#tARXII11) | [19](#tARXII11) |

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#### **TABLE OF CONTENTS**

#### PERSHING SQUARE USA, LTD. <br>

#### SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST
SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 29<sup>th</sup> day of July, 2024, by the Trustees hereunder, and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.

WHEREAS, this Company has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, this Company is authorized to issue an unlimited number of its shares of beneficial interest, all in accordance with the provisions hereinafter set forth;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS, the Company previously adopted a Declaration of Trust, dated November 28, 2023;

WHEREAS the Company previously adopted an Amended and Restated Agreement and Declaration of Trust, dated July 15, 2024, and the parties hereto desire to amend and restate such Amended and Restated Agreement and Declaration of Trust and that this Second Amended and Restated Agreement and Declaration of Trust shall constitute the governing instrument of the Company;

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets that the Company now possesses or may hereafter acquire from time to time in any manner as Trustees hereunder IN TRUST and manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Company as hereinafter set forth.

#### ARTICLE I<br>

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

#### THE COMPANY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. <u>Name</u>. This Company shall be known as "Pershing Square USA, Ltd." and the Trustees shall conduct the business of the Company under that name or any other name or names as they may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

The "1940 Act" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

"By-Laws" shall mean the By-Laws of the Company as amended from time to time by the Trustees.

"Code" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"Commission" shall mean the Securities and Exchange Commission.

"Company" shall mean the trust established by this Declaration, as amended from time to time, inclusive of each such amendment.

"Company Property" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Company or the Trustees in such capacity.

"Declaration" shall mean this Second Amended and Restated Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"Delaware General Corporation Law" means the Delaware General Corporation Law, 8 Del. C.ss.100, et. seq., as amended from time to time.

"Delaware Statutory Trust Statute" shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C.ss.3801, et. seq., as such Act may be amended from time to time.

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#### **TABLE OF CONTENTS**
"Fundamental Policies" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Company filed with the Commission and designated as fundamental policies therein or as otherwise adopted by the Trustees and the Shareholders in accordance with the requirements of the 1940 Act, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

"Interested Person" shall mean any person that is an "interested person" of the Company as defined in Section 2(a)(19) of the 1940 Act.

"Majority Shareholder Vote" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Company with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

"Person" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments, agencies and political subdivisions thereof.

"Prospectus" shall mean the Prospectus of the Company, if any, as in effect from time to time under the Securities Act of 1933, as amended.

"Shareholders" shall mean as of any particular time the holders of record of outstanding Shares of the Company, at such time.

"Shares" shall mean the transferable units of beneficial interest into which the beneficial interest in the Company shall be divided from time to time and includes fractions of Shares as well as whole Shares. In addition, Shares also means any preferred shares or preferred units of beneficial interest which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

"Trustees" shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

#### ARTICLE II <br>

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

#### TRUSTEES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Number and Qualification</u>. Prior to a public offering of Shares there may be a sole Trustee. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office; provided that the number of Trustees shall be no less than two (2) or more than fifteen (15). No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. An individual nominated as a Trustee shall be at least twenty-one (21) years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Term and Election</u>. Except as provided in Section 2.4 of this Article, the Trustees shall be elected at an annual meeting of Shareholders or special meeting in lieu thereof called by the Board of Trustees for that purpose and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee. The Trustees may determine by resolution those Trustees, if any, that shall be elected by Shareholders of a particular class of securities of the Company (e.g., by a class of preferred securities issued by the Company) prior to the initial offering of such class of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3. <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered, mailed or transmitted to the Trustees, the Chairperson, if any, the Chief Executive Officer or the Secretary, and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided that the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) by action taken by two-thirds of the remaining Trustees. In addition, for cause only, and not without cause, a Trustee may be removed by action taken by a majority of the remaining Trustees, followed

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#### **TABLE OF CONTENTS**
by the affirmative vote of the holders of not less than seventy-five percent (75%) of the outstanding Shares then entitled to vote in an election of such Trustee at a meeting that has been called for such purpose. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Company or the remaining Trustees any Company Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. "Cause" shall require (i) a final judicial determination by a court of competent jurisdiction that a Trustee has committed any action relating to the performance of his or her duties as a Trustee that constitutes gross negligence, fraud or willful misconduct or (ii) that a Trustee has been indicted or convicted in a court of competent jurisdiction of a felony for (A) a crime involving fraud, moral turpitude or violence or (B) an intentional or material violation of applicable securities or regulatory laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5. <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, or the Chief Executive Officer or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws or by resolution of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or in writing not less than twenty-four (24) hours before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be a majority of the, but not less than two, Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (provided that a quorum is present).

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be a majority of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (provided that a quorum is present).

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act. For any committee of the Trustees composed of one Trustee, a quorum shall be one.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting; provided however, this does not apply to any action of the Trustees that the 1940 Act requires to take place in person at a meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6. <u>Trustee Action by Written Consent</u>. Except as required under the 1940 Act, any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as

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the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7. <u>Officers and Chairperson</u>. The Trustees shall elect a Chief Executive Officer, a Chief Financial Officer, a Chief Compliance Officer and a Secretary, who shall serve at the pleasure of the Trustees or until their successors are elected. The Chief Executive Officer and the Chief Financial Officer may, but need not, be a Trustee. The Trustees may elect a Chairperson of the Board, who shall be a Trustee and who shall serve at the pleasure of the Trustees or until a successor is elected. The Trustees may elect or appoint or may authorize the Chairperson of the Board, if any, or the Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The Chairperson is not an officer of the Company.

#### ARTICLE III <br>

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

#### POWERS AND DUTIES OF TRUSTEES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. <u>Fiduciary Duty</u>. The Trustees shall owe to the Company and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Statute, this Declaration or the By-Laws provide a different standard than what would be applied by default, in which case the express terms of the Delaware Statutory Trust Statute, this Declaration or the By-Laws shall control. The Trustees shall have exclusive power over the Company Property and over the business and affairs of the Company to the same extent as if the Trustees were the sole owners of the Company Property and business in their own right, but with such powers of delegation as permitted by this Declaration, and shall have the power to engage in any activity not prohibited by Delaware law. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Company. Any determination as to what is in the best interests of the Company made by the Board of Trustees in good faith shall be conclusive. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. <u>Limitation of Liability</u>. A Trustee or any officer, agent or employee of the Company shall have no liability to the Company or the Shareholders except for his or her own willful misfeasance (within the meaning of Section 17(h) of the 1940 Act), bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office, and shall not be liable for errors of judgment or mistakes of fact or law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3. <u>Certain Rights of Trustees, Officers, Employees and Agents</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Company. Any Trustee, officer, agent or employee of the Company, in his or her personal capacity or in a capacity as an affiliate, agent or employee of any other person, or otherwise, may have business interests and engage in business activities similar to or in addition to those of or relating to the Company, subject to the adoption of any policies relating to such interests and activities adopted by the Trustees and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4. <u>Investments</u>. The Trustees shall have power to: (a) manage, conduct, operate and carry on the business of an investment company; and (b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments, including pursuant to Section 4.1 of this Declaration. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5. <u>Legal Title</u>. Legal title to all the Company Property shall be vested in the Company as a separate legal entity under the Delaware Statutory Trust Statute, provided that the Trustees shall have power to cause legal title to any Company Property to be held by or in the name of one or more of the Trustees, or in the name of the Company, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine,

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provided that the interest of the Company therein is appropriately protected. No creditor of any Trustee shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, any Company Property with respect to any claim against, or obligation of, such Trustee in its individual capacity and not related to the Company.

To the extent title to the Company Property has been vested in the name of one or more Trustees, the right, title and interest of the Trustees in the Company Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Company Property, and the right, title and interest of such Trustee in the Company Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6. <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property, whether capital or surplus or otherwise, to the full extent now or hereafter permitted for trusts under the Delaware Statutory Trust Statute. The Trustees shall consult with any investment adviser to the Company in advance of their exercise of any of the foregoing powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7. <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Company, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Company, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. The Trustees shall consult with any investment adviser to the Company in advance of their exercise of any of the foregoing powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8. <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Company and the Company Property, to delegate from time to time to such of their number or to officers, employees or agents of the Company the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Company or the names of the Trustees or otherwise as the Trustees may deem to be desirable, expedient or necessary in order to effect the purpose hereof. The Trustees may, to the extent that they determine it necessary, desirable and appropriate, designate committees with such powers as the Trustees deem appropriate, each of which shall consist of at least one Trustee, which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time, except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9. <u>Collection and Payment</u>. The Trustees shall have the power to collect all property due to the Company; to pay all claims, including taxes, against the Company Property or the Company, the Trustees or any officer, employee or agent of the Company; to prosecute, defend, compromise or abandon any claims relating to the Company Property or the Company, or the Trustees or any officer, employee or agent of the Company; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Company; and to enter into releases, agreements and other instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10. <u>Expenses</u>. The Trustees shall have the power to incur and pay out of the assets or income of the Company any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Company, and to pay reasonable compensation from the funds of the Company to themselves as Trustees.

The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable reimbursement for expenses reasonably incurred by themselves on behalf of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11. <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Company; provided that the Trustees shall not adopt By-Laws which are in conflict with this Declaration. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote or consent of a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12. <u>No Bond Required</u>. No Trustee shall be obligated to give any bond or other security for the performance of any of his or her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13. <u>Miscellaneous Powers</u>. The Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Company; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Company Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Company against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Company would have the power to indemnify such Person against such liability; (d) to the extent permitted by law, indemnify any Person with whom the Company has dealings, including, without limitation, any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (e) guarantee indebtedness or contractual obligations of others; (f) determine and change the fiscal year of the Company and the method in which its accounts shall be kept; and (g) adopt a seal for the Company, but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14. <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Company and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Company although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Company made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Company Property.

#### ARTICLE IV <br>

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

#### ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1. <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Company as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect investment transactions with respect to the assets on behalf of the Company to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2. <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, placement agents and/or other distribution agents to sell Shares or other securities of the Company. The Trustees may in their discretion from time to time enter into one or more contracts providing for the sale of securities of the Company, whereby the Company may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; such contract may also provide for the repurchase or sale of securities of the Company by such other party

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#### **TABLE OF CONTENTS**
as principal or as agent of the Company and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons who are not registered securities dealers to further the purposes of the distribution or repurchase of securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3. <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Company may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Company under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom; provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

#### ARTICLE V <br>

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

#### LIMITATIONS OF LIABILITY AND INDEMNIFICATION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1. <u>No Personal Liability of Shareholders, Trustees, etc.</u> Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Company shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Company or its Shareholders for any action or inaction as Trustee hereunder that results solely from his or her own bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; subject to the foregoing exception, all such Persons shall look solely to the Company Property for satisfaction of claims of any nature arising in connection with the affairs of the Company. If any Shareholder, Trustee or officer, as such, of the Company is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he or she shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Company existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company hereby agrees to indemnify, to the extent permitted by law, each person who at any time serves as a Trustee or officer of the Company (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he or she may be or may have been involved as a party or otherwise or with which he or she may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his or her having acted in any such capacity; provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his or her position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct"). The termination of any proceeding by judgment, order, settlement, conviction or upon a plea of *nolo contendere* or its equivalent shall not, of itself, create a presumption that the person engaged in disabling conduct. Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Company and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No

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amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Company or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder, or (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by law, the Company shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Company receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Company unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Company shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees or, if a majority vote of such quorum so directs, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Company, any statute, agreement, vote of shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled. For the avoidance of doubt, to the extent the Company enters into a written agreement with any Trustee or officer of the Company to indemnify such Trustee or officer of the Company, any indemnification of such Trustee or officer of the Company by the Company shall be governed by the terms of such written agreement, including with respect to determinations required, applicable presumptions and the burden of proof with respect to such Trustee's or officer of the Company's entitlement to indemnification and/or advancement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Company shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Company or serving in any capacity at the request of the Company to the full extent corporations organized under the Delaware General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons; provided that such indemnification has been approved by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3. <u>No Duty of Investigation; Notice in Company Instruments, etc.</u> No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Company shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Company, and every other act or thing whatsoever executed in connection with the Company shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Company. The Trustees may maintain insurance for the protection of the Company Property and the Company's Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4. <u>Trustee's Good Faith Action, Reliance on Experts, etc.</u> The exercise in good faith by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may rely in good faith upon advice of counsel or other experts with respect to the meaning and operation of this Declaration and their duties as Trustees hereunder and shall be under no liability for any act or omission in accordance with such advice; provided that the Trustees shall be under no liability for failing to follow such advice. A Trustee shall be fully protected in relying in good faith upon the records of the Company and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Company, or by any other Person as to matters the Trustee believes in good faith are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Company or any series or class of Shares, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Company or any series or class of Shares or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Company might properly be paid. The appointment, designation or identification of a Trustee as a Chairperson of the Board of Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

#### ARTICLE VI <br>

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

#### SHARES OF BENEFICIAL INTEREST
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1. <u>Beneficial Interest</u>. The beneficial interest in the Company shall be divided into Shares, of no par value per Share (or such other amount as the Trustees shall determine). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Company and each series and class authorized hereunder is unlimited. The Company is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Company shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Company and of any or all series or classes, as the context may require. All provisions herein relating to the Company shall apply equally to each series of the Company and each class, except as the context otherwise requires. All Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Company. Shares held in the Company's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2. <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other securities of the Company as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. Notwithstanding any other provision of this Declaration, to the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under the Company's governing instrument. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of the Company's governing instrument (prior to giving effect to such

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supplement or amendment) with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Any such supplement or amendment shall be filed as is necessary. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and to sell such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3. <u>Rights of Shareholders</u>. The Shares shall be personal property given only the rights in this Declaration specifically set forth. The ownership of the Company Property of every description and the right to conduct any business herein before described are vested exclusively in the Company, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Company nor can they be called upon to share or assume any losses of the Company or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified in this Section 6.3, in Section 11.4 or as specified by the Trustees when creating the Shares, as in preferred shares). Ownership of Shares shall not make any Shareholder a third-party beneficiary of any contract entered into by the Company or any class or series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4. <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5. <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares, including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6. <u>Register of Shares</u>. A register shall be kept at the offices of the Company or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who the holders of the Shares of the applicable class or series of Shares are and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him or her as herein provided, until he or she has given his or her address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7. <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8. <u>Transfer of Shares</u>. Shares shall be transferable on the records of the Company only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Company of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery, the transfer shall be recorded on the applicable register of the Company. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Company shall be affected by any notice of the proposed transfer. Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of

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any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Company, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Company shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9. <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his or her last known address as recorded on the applicable register of the Company or as contemplated by Section 12.9.

#### ARTICLE VII <br>

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

#### CUSTODIANS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Company. Any custodian shall have authority as agent of the Company as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Company and the 1940 Act, including, without limitation, authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to hold the securities owned by the Company and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to receive any receipt for any moneys due to the Company and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if authorized by the Trustees, to keep the books and accounts of the Company and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if authorized to do so by the Trustees, to compute the net income or net asset value of the Company;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees; provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2. <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Company in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934 (the "Exchange Act"), or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities; provided that all such deposits shall be subject to withdrawal only upon the order of the Company.

#### ARTICLE VIII <br>

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

#### REDEMPTION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. <u>Redemptions</u>. The Shares of the Company are not redeemable by the holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2. <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Company shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Company as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority, or as the Trustees may otherwise decide, and ownership of Shares may be disclosed by the Company if so required by applicable law or as the Trustees may otherwise decide.

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#### ARTICLE IX <br>

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

#### DETERMINATION OF NET ASSET VALUE; NET INCOME; DISTRIBUTIONS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1. <u>Net Asset Value</u>. The net asset value of each outstanding Share of the Company shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Prospectus or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Prospectus or as may otherwise be determined by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including, without limitation, any type of obligations of the Company or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of Shares or series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 9.2 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Company or to meet obligations of the Company, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power, in their discretion, to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Company to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3. <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Company's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Company to comply with any provision of the 1940 Act, or any securities exchange or association registered under the Exchange Act, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

#### ARTICLE X <br>

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

#### SHAREHOLDERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1. <u>Meetings of Shareholders</u>. Annual or special meetings of Shareholders may be called from time to time for the purpose of taking action upon any matter requiring the vote of the Shareholders as herein provided, or upon any other matter deemed by the Trustees to be necessary or desirable. The Company may, but shall not be required to, hold annual meetings of holders of any class or series of Shares. A special meeting of Shareholders may be called at any time only by a majority of the Trustees or the Chief Executive Officer. Subject to Section 1.10 of the By-Laws, any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees; provided that no power to vote on any matter is granted to Shareholders under the Declaration solely because the Delaware Statutory Trust Statute shall require a vote on such matter in the absence of a contrary provision in the Declaration, and any power

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#### **TABLE OF CONTENTS**
to vote on such matter is expressly denied under the Declaration unless otherwise required by this Declaration. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. There shall be no cumulative voting in the election or removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. <u>Notice of Meeting and Record Date</u>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees to each Shareholder of record entitled to vote thereat at its registered address, mailed or transmitted at least 10 days and not more than 120 days before the commencement of the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 180 days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 120 nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4. <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of a majority of the outstanding Shares of the Company on the applicable record date present in person or represented by proxy shall constitute a quorum at any meeting of the Shareholders for purposes of conducting business on which a vote of all Shareholders of the Company is being taken. The holders of a majority of the outstanding Shares of a class or classes on the applicable record date present in person or represented by proxy shall constitute a quorum at any meeting of the Shareholders of such class or classes for purposes of conducting business on which a vote of Shareholders of such class or classes is being taken. The holders of a majority of the outstanding Shares of a series or series on the applicable record date present in person or represented by proxy shall constitute a quorum at any meeting of the Shareholders of such series or series for purposes of conducting business on which a vote of Shareholders of such series or series is being taken. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Trustees shall be elected by the affirmative vote of a majority of the Shares of the Company present in person or represented by proxy and entitled to vote, voting together as a single class; provided that in the event that the 1940 Act requires any Trustee to be elected by the holders of preferred shares, such Trustees to be elected solely by the holders of preferred shares shall be elected by the affirmative vote of a majority of the preferred shares present in person or represented by proxy and entitled to vote, voting as a separate class, and the remaining Trustees shall be elected by the affirmative vote of a majority of the Shares of the Company present in person or represented by proxy and entitled to vote, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to all other matters, subject to any provision of applicable law, this Declaration, the By-Laws or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote thereon shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy and entitled to vote thereon shall be the act of the Shareholders of such class or series with respect to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5. <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy; provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Company as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the

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Company. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share (subject to Section 1.10 of the By-Laws), but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. Proxies may be given by an electronic, telephonic, computerized or other alternative to the execution of a written instrument authorizing the proxy to act obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder. A proxy shall be deemed executed by a Shareholder if the Shareholder's name is placed on the proxy (whether by manual signature, typewriting, telegraphic transmission or by electronic, telephonic, computerized or other alternative to the execution of a written instrument or otherwise) by the Shareholder or the Shareholder's attorney in fact. A valid proxy shall continue in full force and effect unless (i) revoked by the person executing it before the vote pursuant to that proxy is taken, (a) by a writing delivered to the Company stating that the proxy is revoked, or (b) by a subsequent proxy executed by such person, (c) by attendance at the meeting and voting in person by the person executing that proxy, or (d) pursuant to telephone or electronically transmitted instructions obtained pursuant to procedures reasonably designed to verify that such instructions have been authorized by such Shareholder; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Company before the vote pursuant to that proxy is counted. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he or she may vote by his or her guardian or such other person appointed or having such control, and such vote may be given in person or by proxy (subject to Section 1.10 of the By-Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6. <u>Inspection of Records</u>. The records of the Company shall be open to inspection by Shareholders to the extent permitted by Section 3819 of the Delaware Statutory Trust Statute but subject to such reasonable regulation as the Trustees may determine.

#### ARTICLE XI <br>

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

#### TERM OF EXISTENCE; TERMINATION OF COMPANY; AMENDMENT; MERGERS, ETC.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1. <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2(a) hereof, the Company created hereby shall have perpetual existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company may be dissolved, after the affirmative vote or consent of two-thirds of the total number Trustees then in office, followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the outstanding Shares on the record date, voting as a single class except to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon dissolution of the Company, the Company shall carry on no business except for the purpose of winding up its affairs, and all powers of the Trustees under this Declaration shall continue until such affairs have been wound up. Without limiting the foregoing, the Trustees shall (in accordance with Section 3808 of the Delaware Statutory Trust Statute) have the power to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fulfill or discharge the contracts of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Collect its assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sell, convey, assign, exchange, merge where the Company is not the survivor, transfer or otherwise dispose of all or any part of the remaining Company Property to one or more Persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Pay or make reasonable provision (including through the use of a liquidating trust) to pay all claims and obligations of the Company, including all contingent, conditional or unmatured claims and obligations known to the Company, and all claims and obligations which are known to the Company, but

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for which the identity of the claimant is unknown, and claims and obligations that have not been made known to the Company or that have not arisen but that, based on the facts known to the Company, are likely to arise or to become known to the Company within 10 years after the date of dissolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Do all other acts appropriate to liquidate its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there are sufficient assets held with respect to the Company, such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to the Company, such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including, without limitation, cash, securities or any combination thereof) held with respect to the Company shall be distributed to the Shareholders of the Company ratably according to the number of Shares of the Company held of record by the several Shareholders on the date for such dissolution distribution, subject to any then-existing preferential rights of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On completion of the distribution of the remaining assets and upon the winding up of the Company in accordance with Section 3808 of the Delaware Statutory Trust Statute and its termination, any one (1) Trustee shall execute, and cause to be filed, a certificate of cancellation with the office of the Secretary of State of the State of Delaware in accordance with the provisions of Section 3810 of the Delaware Statutory Trust Statute, whereupon the Company shall terminate and the Trustees and the Company shall be discharged from all further liabilities and duties hereunder with respect thereto. The Trustees shall not be personally liable to the claimants of the dissolved Company by reason of the Trustees' actions in winding up the Company's affairs if the Trustees complied with Section 3808(e) of the Delaware Statutory Trust Statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3. <u>Amendment Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as required by applicable law or this Declaration, the Trustees may amend this Declaration without any vote of Shareholders, including to change the name of the Company or any class or series, to make any change that does not adversely affect the relative rights or preferences of any class or series of Shares or to conform this Declaration to the requirements of the 1940 Act or any other applicable law, but the Trustees shall not be liable for failing to do so. If a vote of Shareholders is required by applicable law or this Declaration, or if the Trustees determine to submit an amendment to a vote of Shareholders, this Declaration may be amended, after the affirmative vote or consent of a majority of the Trustees then in office, by the affirmative vote set forth in Section 10.4(c). Notwithstanding the preceding sentence, Section 2.2, Section 2.3, Section 3.11, Section 11.1, Section 11.2, this Section 11.3, Section 11.4, Section 11.5 and Section 11.6 of this Declaration may only be amended after the affirmative vote or consent of a majority of the Trustees then in office, followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the affected Shares outstanding on the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Company or to permit assessments upon Shareholders. For the avoidance of doubt, nothing in this Section 11.3 shall limit the authority of the Trustees to amend or supplement this Declaration in connection with the authorization and issuance of other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Company or at such other time designated by the Board of Trustees.

Notwithstanding any other provision hereof, until such time as a Registration Statement under the Securities Act of 1933, as amended, covering the first public offering of Shares of the Company shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote or consent of a majority of the Trustees or by an instrument signed by a majority of the Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4. <u>Merger, Consolidation and Sale of Assets</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The affirmative vote or consent of a majority of the total number of Trustees then in office, followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares outstanding on the record date, shall be required to approve any merger or consolidation with any other corporation, association, trust or other organization or the sale, lease or exchange of all or substantially all of the Company Property or the property, including its good will, unless such transaction has already been authorized by the affirmative vote or consent of two-thirds of the total number of Trustees then in office and two-thirds of the Trustees who are not Interested Persons, in which case approval by a Majority Shareholder Vote shall be required, provided that if it is the case that any of the foregoing transactions constitute a plan of reorganization (as such term is used in the 1940 Act) within the meaning of Section 18(a)(2)(D) of the 1940 Act which adversely affects the preferred shares, approval, adoption or authorization of the action in question will also require the affirmative vote of the holders of not less than sixty-six and two-thirds percent (66-2/3%) of the preferred shares voting as a separate class; provided, however, that such separate class vote shall be a majority vote if the action in question has previously been approved by two-thirds of the total number of Trustees then in office and two-thirds of the Trustees who are not Interested Persons, and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware. Nothing contained herein shall be construed as requiring the approval of Shareholders for any transaction, whether deemed a merger, consolidation, reorganization or otherwise, whereby the Company issues Shares in connection with the acquisition of assets (including those subject to liabilities) from any other investment company or similar entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding paragraph (a) of this Section, if such action has been approved by two-thirds of the total number of Trustees then in office and two-thirds of the Trustees who are not Interested Persons, the Company may merge or consolidate with, or may sell, lease or exchange all or substantially all of the Company Property or the property, including its good will, to, any other corporation, association, trust or other organization that is, or will be immediately after giving effect to such transaction, registered as an investment company under the 1940 Act (or a series thereof) and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no Fundamental Policy of the Company is materially different from a Fundamental Policy of such registered investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no advisory agreement between the Company and any investment adviser thereof is materially different from an advisory contract between such registered investment company and any investment adviser thereof, except for the identity of the investment companies as a party to the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Trustees who are not Interested Persons and who were elected by Shareholders will comprise a majority of the trustees or directors (or members of a similar governing body) of such registered investment company who are not "interested persons" (as defined in the 1940 Act) of such registered investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such registered investment company has provisions in its governing documents substantially equivalent to Section 10.4, Section 11.1, Section 11.2, Section 11.3, Section 11.4, Section 11.5 and Section 11.6 of this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5. <u>Subsidiaries</u>. Without approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over any or all of the Company Property or to carry on any business in which the Company shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Company Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Company holds or is about to acquire shares or any other interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6. <u>Conversion</u>. The affirmative vote or consent of a majority of the total number of Trustees then in office, followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares outstanding on the record date, and the affirmative vote of the holders of sixty-six and two-thirds percent (66-2/3%) of any preferred shares outstanding, voting as a separate class, shall be required to approve, adopt or authorize an

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amendment to this Declaration that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by the affirmative vote or consent of two-thirds of the total number of the Trustees then in office and two-thirds of the Trustees who are not Interested Persons, in which case approval by a Majority Shareholder Vote and the affirmative vote of the holders of at least a majority of the Company's preferred shares outstanding at the time, voting as a separate class, shall be required. Upon the adoption of a proposal to convert the Company from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion of the Company's outstanding Shares entitled to vote, the Company shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Company and any national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7. <u>Absence of Appraisal or Dissenters' Rights</u>. No Shareholder shall be entitled to, as a matter of right, an appraisal by the Delaware Court of Chancery or otherwise of the fair value of the Shareholders' Shares or to any other relief as a dissenting Shareholder in respect of any proposal or action involving the Company.

#### ARTICLE XII <br>

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

#### MISCELLANEOUS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1. <u>Filing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required by law or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by an authorized officer stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Company's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by an authorized officer and shall, upon insertion in the Company's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trustees hereby authorize and direct a Certificate of Trust to be executed and filed with the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Statutory Trust Statute.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2. <u>Resident Agent</u>. The Company shall maintain a resident agent in the State of Delaware, which agent shall initially be The Corporation Service Company, 251 Little Falls Drive, Wilmington, Delaware 19808. The Trustees may designate a successor resident agent; provided, however, that such appointment shall not become effective until written notice thereof is delivered to the office of the Secretary of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3. <u>Derivative Actions</u>. In addition to all suits, claims or other actions (collectively, "claims") that under applicable law must be brought as derivative claims, each Shareholder of the Company agrees that any claim that affects all Shareholders of the Company equally, that is, proportionately based on their number of outstanding Shares in the Company, must be brought as a derivative claim subject to this Section 12.3 irrespective of whether such claim involves a violation of the Shareholders' rights under this Declaration or any other alleged violation of contractual or individual rights that might otherwise give rise to a direct claim. Notwithstanding the foregoing, however, this Section 12.3 shall not apply to any claims asserted under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholders of the Company may not bring a derivative action to enforce the rights of the Company, as applicable, unless each of the following conditions is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each complaining Shareholder was a Shareholder of the Company at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each complaining Shareholder was a Shareholder of the Company as of the time the demand required by subparagraph (iii) below was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to the commencement of such derivative action, the complaining Shareholders have made a written demand to the Board of Trustees requesting that they cause the Company to file the action itself. In order to warrant consideration, any such written demand must include at least the following:

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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;(1) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the rights of the Company and an explanation of why the complaining Shareholders believe that to be the case;

&nbsp;&nbsp;&nbsp;&nbsp;&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) a certification that the requirements of sub-paragraphs (i) and (ii) have been met, as well as information reasonably designed to allow the Trustees to verify that certification; 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;(4) a certification that each complaining Shareholder will be a Shareholder of the Company as of the commencement of the derivative action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) At least 10% of the Shareholders of the Company must join in bringing the derivative action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A copy of the derivative complaint must be served on the Company, assuming the requirements of sub-paragraphs (i)-(iv) above have already been met and the derivative action has not been barred in accordance with paragraph (b)(ii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Demands for derivative action submitted in accordance with the requirements above will be considered by those Trustees who are not Interested Persons. Within 30 calendar days of the receipt of such demand by the Board of Trustees, those Trustees who are not Interested Persons will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Company. Trustees that are not deemed to be Interested Persons are deemed independent for all purposes, including for the purpose of approving or dismissing a demand for derivative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the demand for derivative action has not been considered within 30 calendar days of the receipt of such demand by the Board of Trustees, a decision has not been communicated to the complaining Shareholders within the time permitted by sub-paragraph (ii) below, and sub-paragraphs (i)-(iv) of paragraph (a) above have been met, the complaining Shareholders shall not be barred by this Declaration from commencing a derivative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the demand for derivative action has been considered by the Board of Trustees, and a majority of those Trustees who are not deemed to be Interested Persons, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Company, the complaining Shareholders shall be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board of Trustees determine that such a suit should be maintained, then the appropriate officers of the Company shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Board of Trustees, or the appropriate officers of the Company, shall inform the complaining Shareholders of any decision reached under this sub-paragraph (ii) in writing within five business days of such decision having been reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4. <u>Governing Law</u>. This Declaration is executed by the Trustees in accordance with and under the laws of the State of Delaware and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State; provided that such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers. Subject to Section 12.6 of this Declaration, all disputes arising under this Declaration shall be brought in the Delaware Court of Chancery unless otherwise required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5. <u>Direct Claims</u>. No group of Shareholders shall have the right to bring or maintain a direct action or claim for monetary damages against the Company or the Trustees predicated upon an express or implied right of action under this Declaration or applicable law, nor shall any single Shareholder who is similarly situated to one or more other Shareholders with respect to the alleged injury have the right to bring such an action, unless Shareholders who hold at least ten percent (10%) of the outstanding Shares of the Company have obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed or transmitted to the Secretary of the Company at the Company's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the group of Shareholders or Shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days of its receipt by the Company. In their sole discretion,

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the Trustees may submit the matter to a vote of Shareholders of the Company or series or class of Shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of Shareholders, shall be made in their business judgment and shall be binding on all Shareholders. Notwithstanding the foregoing, however, this Section 12.5 shall not apply to any claims asserted under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6. <u>Choice of Forum</u>. In accordance with Section 3804(e) of the Delaware Statutory Trust Statute, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative suit, action or proceeding brought on behalf of the Company, (ii) any suit, action or proceeding asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the Company to the Company or the Shareholders, (iii) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company arising pursuant to any provision of the Delaware Statutory Trust Statute, this Declaration or the By-Laws, or federal law, or (iv) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such suit, action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. Failure to enforce the foregoing provisions would cause the Company irreparable harm and the Company shall be entitled to equitable relief, including injunctive relief and specific performance, to enforce the foregoing provisions. Any person or entity purchasing or otherwise acquiring any interest in Shares of the Company shall be deemed to have notice of and consented to the provisions of this Section 12.6. Notwithstanding the foregoing, however, this Section 12.6 shall not apply to any claims, suits, actions or proceedings asserted under the U.S. federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7. <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8. <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Company, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Company, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Company, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9. <u>Delivery by Electronic Transmission or Otherwise</u>. Any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Statute), including via the internet, or in any other manner permitted by applicable law. Notice directed to a Shareholder by electronic mail or other form of legally permissible electronic transmission shall be transmitted to any address at which the Shareholder receives electronic mail or other electronic transmissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

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**IN WITNESS WHEREOF, the undersigned, being the Trustees of Pershing Square USA, Ltd., have executed this Second Amended and Restated Agreement and Declaration of Trust as of the date first written above.** 

---

| |
|:---|
| /s/ Barry P. Barbash |
| Barry P. Barbash  |
| /s/ Evan Bakst  |
| Evan Bakst  |
| /s/ Nicholas A. Botta  |
| Nicholas A. Botta  |
| /s/ Anne Farlow |
| Anne Farlow  |
| /s/ Bruce Herring |
| Bruce Herring  |
| /s/ Lisa Polsky |
| Lisa Polsky |

---

[*Signature Page to Second Amended and Restated Agreement and Declaration of Trust*]

## Ex-99.(A)(4)

#### Exhibit (a)(4)

#### PERSHING SQUARE USA, LTD.<br>

#### FORM OF STATEMENT OF PREFERENCES<br>

#### OF<br>

#### 7.50% SERIES A CUMULATIVE PREFERRED SHARES
Pershing Square USA, Ltd., a Delaware statutory trust (the "**Company**"), hereby certifies that:

**FIRST: The Board of Trustees of the Company (the "Board of Trustees"), at a meeting duly convened and held on June 26, 2024, pursuant to authority expressly vested in it by Section 6.2 of the Declaration of Trust, adopted resolutions approving the designation and issuance by the Company of up to 1,000,000 shares of the Company's 7.50% Series A Cumulative Preferred Shares.** 

**SECOND: The terms, rights, preferences, privileges, limitations and restrictions of the 7.50% Series A Cumulative Preferred Shares, no par value per share, as set by the Board of Trustees, are as follows:** 

#### DESIGNATION
**THIRD: Series A Preferred Shares: A series of 1,000,000 preferred shares, no par value per share, liquidation preference $50.00 per share, is hereby designated as the Company's "7.50% Series A Cumulative Preferred Shares" (the "Series A Preferred Shares"). Each share of Series A Preferred Shares may be issued on a date to be determined by the Board of Trustees; and has such other terms, rights, preferences, privileges, limitations and restrictions, in addition to those required by applicable law or set forth in the Governing Documents applicable to Preferred Shares of the Company, as are set forth in this Statement of Preferences. The Series A Preferred Shares shall constitute a separate series of Preferred Shares.** 

**FOURTH: This Statement of Preferences sets forth the terms, rights, preferences, privileges, limitations and restrictions of the holders of the Series A Preferred Shares and the provisions set forth herein shall operate either as additions to or modifications of the rights, preferences, privileges, limitations and restrictions of the Holders of the Series A Preferred Shares under the Declaration of Trust, as the context may require. To the extent the provisions set forth herein conflict with the provisions of the Declaration of Trust with respect to any such terms, rights, preferences, privileges, limitations and restrictions, this Statement of Preferences shall control. Except as contemplated by the immediately preceding sentence, the Declaration of Trust shall control as to the Company generally and the terms, rights, preferences, privileges, limitations and restrictions of the other shareholders of the Company.** 

#### PART I <br>

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

#### DEFINITIONS
Unless the context or use indicates another or different meaning or intent, each of the following terms when used in this Statement of Preferences shall have the meaning ascribed to it below, whether such term is used in the singular or plural and regardless of tense:

"**1940 Act**" means the Investment Company Act of 1940, as amended, or any successor statute.

"**Asset Coverage**" means asset coverage, as determined in accordance with Section 18(h) of the 1940 Act, of at least 200% with respect to all Outstanding senior securities of the Company which are stock, including all Outstanding Series A Preferred Shares (or such other asset coverage as may in the future be specified in or under the 1940 Act as the minimum asset coverage for senior securities which are stock of a closed-end investment company as a condition of declaring dividends on its common stock), determined on the basis of values calculated as of a time within 48 hours (not including Sundays or holidays) next preceding the time of such determination, to the extent that the provisions of Section 18 of the 1940 Act apply to such Outstanding senior securities of the Company which are stock (including the Outstanding Series A Preferred Shares).

"**Business Day**" means any day other than Saturday, Sunday or other day on which commercial banks in The City of New York are authorized or required by law to remain closed.

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"**By-Laws**" means the By-Laws of the Company as amended from time to time.

"**Company Notice of Redemption**" shall have the meaning set forth in paragraph 4(d)(i) of Part II hereof.

"**Common Shares**" means the common shares of beneficial interest, no par value per share, of the Company.

"**Cure Date**" shall have the meaning set forth in paragraph 4(a) of Part II hereof.

"**Date of Original Issue**" means [•], 2024 and for the purposes of this Statement of Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Declaration of Trust**" means the Amended and Restated Agreement and Declaration of Trust of the Company, dated as of [•], 2024, as amended, supplemented or restated from time to time (including by this Statement of Preferences or by way of any other supplement or Statement of Preferences authorizing or creating a class of Shares (as defined in the Governing Documents) in the Company).

"**Deposit Assets**" means (i) cash, (ii)(A) demand or time deposits in, and banker's acceptances and certificates of deposit of (A) a depository institution or trust company incorporated under the laws of the United States of America or any state thereof or the District of Columbia or (B) a United States branch office or agency of a foreign depository institution (provided that such branch office or agency is subject to banking regulation under the laws of the United States, any state thereof or the District of Columbia); and (iii) U.S. Government Obligations and U.S. Government Securities. Each Deposit Asset shall be deemed to have a value equal to its principal or face amount payable at maturity plus any interest payable thereon after delivery of such Deposit Asset but only if payable on or prior to the applicable payment date in advance of which the relevant deposit is made.

"**Dividend Payment Date**" means with respect to the Series A Preferred Shares, any date on which dividends and distributions declared by the Board of Trustees thereon are payable pursuant to the provisions of paragraph 2(a) of Part II of this Statement of Preferences and shall for the purposes of this Statement of Preferences have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Dividend Period**" shall have the meaning set forth in paragraph 2(a) of Part II hereof, and for the purposes of this Statement of Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Dividend-Disbursing Agent**" means, with respect to the Series A Preferred Shares, State Street Bank and Trust Company and its successors or any other dividend-disbursing agent appointed by the Company with respect to the Series A Preferred Shares.

"**Governing Documents**" means the Declaration of Trust and the By-Laws.

"**Holder Notice of Redemption**" shall have the meaning set forth in paragraph 4(d)(ii) of Part II hereof.

"**Holder Redemption Date**" means the date that is the ten year anniversary of the completion of the initial public offering of the Common Shares pursuant to an effective registration statement under the Securities Act of 1933, as amended.

"**Liquidation Preference**" shall, with respect to the Series A Preferred Shares, have the meaning set forth in paragraph 3(a) of Part II hereof, and for the purposes of this Statement of Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Outstanding**" means, as of any date, Preferred Shares theretofore issued by the Company except (a) any such Preferred Share theretofore cancelled by the Company or delivered to the Company for cancellation; (b) any such Preferred Share as to which a notice of redemption shall have been given and for whose payment at the redemption thereof Deposit Assets in the necessary amount are held by the Company in trust for, or have been irrevocably deposited with the relevant disbursing agent for payment to, the holder of such share pursuant to the Statement of Preferences with respect thereto; and (c) any such Preferred Share in exchange for or in lieu of which other Preferred Shares have been issued and delivered. Notwithstanding the foregoing, for purposes of voting rights (including the determination of the number of shares required to constitute a quorum), any Preferred Shares as to which any subsidiary of the Company is the holder will be disregarded and deemed not Outstanding.

"**Person**" means and includes an individual, a partnership, the Company, a trust, a corporation, a limited liability company, an unincorporated association, a joint venture or other entity or a government or any agency or political subdivision thereof.

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"**Preferred Shares**" means the preferred shares, no par value per share, of the Company, and includes the Series A Preferred Shares.

"**Record Date**" shall have the meaning set forth in paragraph 2(a) of Part II hereof, and for the purposes of this Statement of Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Redemption Price**" has the meaning set forth in paragraph 4(a)(ii) of Part II hereof, and for the purposes of this Statement of Preferences shall have a correlative meaning with respect to any other class or series of Preferred Shares.

"**Series A Asset Coverage Cure Date**" means, with respect to the failure by the Company to maintain Asset Coverage (as required by paragraph 6(a) of Part II hereof) as of the last Business Day of each March, June, September and December of each year, 60 days following such Business Day.

"**U.S. Government Obligations**" means direct obligations of the United States or by its agencies or instrumentalities that are entitled to the full faith and credit of the United States and that, other than United States Treasury Bills, provide for the periodic payment of interest and the full payment of principal at maturity or call for redemption.

"**U.S. Government Securities**" mean securities that are direct obligations of, and obligations the timely payment of principal and interest on which is fully guaranteed by, the United States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the United States and in the form of conventional bills, bonds and notes.

"**Voting Period**" shall have the meaning set forth in paragraph 5(b) of Part II hereof.

#### PART II <br>

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

#### Series A Preferred Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Number of Shares; Ranking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The number of authorized Shares (as defined in the Declaration of Trust) constituting the Series A Preferred Shares to be issued is 1,000,000. No fractional Series A Preferred Shares shall be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Series A Preferred Shares which at any time have been redeemed or purchased by the Company shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Series A Preferred Shares shall rank on a parity with any other series of Preferred Shares as to the payment of dividends and liquidation preference to which such Shares are entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No holder of Series A Preferred Shares shall have, solely by reason of being such a holder, any preemptive or other right to acquire, purchase or subscribe for any Preferred Shares or Common Shares or other securities of the Company which it may hereafter issue or sell.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Dividends and Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of Series A Preferred Shares shall be entitled to receive, when, as and if declared by, or under authority granted by, the Board of Trustees, out of funds legally available therefor, cumulative cash dividends and distributions, calculated separately for each Dividend Period at the rate of 7.50% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months) of the Liquidation Preference on the Series A Preferred Shares and no more, and payable quarterly on March 1, June 1, September 1, and December 1 in each year (each, a "**Dividend Payment Date**") commencing on September 1, 2024 (or, if any such day is not a Business Day, then on the next succeeding Business Day) to holders of record of Series A Preferred Shares as they appear on the stock register of the Company at the close of business on the fifth preceding Business Day (each, a "**Record Date**") in preference to dividends and distributions on Common Shares and any other capital shares of the Company ranking junior to the Series A Preferred Shares in payment of dividends and distributions. Dividends and distributions on Series A Preferred Shares that were originally issued on the Date of Original Issue shall accumulate from the Date of Original Issue. Dividends and distributions on all other Series A Preferred Shares shall accumulate from (i) the date on which such shares are originally issued if such date is a Dividend Payment Date, (ii) the immediately preceding

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Dividend Payment Date if the date on which such shares are originally issued is other than a Dividend Payment Date and is on or before a Record Date or (iii) the immediately following Dividend Payment Date if the date on which such shares are originally issued is during the period between a Record Date and a Dividend Payment Date. Each period beginning on and including a Dividend Payment Date (or the Date of Original Issue, in the case of the first dividend period after issuance of such shares) and ending on but excluding the next succeeding Dividend Payment Date is referred to herein as a "**Dividend Period**." Dividends and distributions on account of arrears for any past Dividend Period or in connection with the redemption of Series A Preferred Shares may be declared and paid at any time, without reference to any Dividend Payment Date, to holders of record on such date not exceeding 30 days preceding the payment date thereof as shall be fixed by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) No full dividends and distributions shall be declared or paid on Series A Preferred Shares for any Dividend Period or part thereof unless full cumulative dividends and distributions due through the most recent Dividend Payment Dates therefor for all series of Preferred Shares of the Company ranking on a parity with the Series A Preferred Shares as to the payment of dividends and distributions have been or contemporaneously are declared and paid through the most recent Dividend Payment Dates therefor. If full cumulative dividends and distributions due have not been paid on all such Outstanding Preferred Shares, any dividends and distributions being paid on such Preferred Shares (including the Series A Preferred Shares) will be paid as nearly pro rata as possible in proportion to the respective amounts of dividends and distributions accumulated but unpaid on each such series of Preferred Shares on the relevant Dividend Payment Date. No holders of Series A Preferred Shares shall be entitled to any dividends and distributions, whether payable in cash, property or shares, in excess of full cumulative dividends and distributions as provided in this paragraph 2(b)(i) on Series A Preferred Shares. No interest or sum of money in lieu of interest shall be payable in respect of any dividend payments on any Series A Preferred Shares that may be in arrears.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) For so long as Series A Preferred Shares are Outstanding, the Company shall not pay any dividend or other distribution (other than a dividend or distribution paid in Common Shares, or, subject to compliance with the 1940 Act, options, warrants or rights to subscribe for or purchase Common Shares or other shares, if any, ranking junior to the Series A Preferred Shares as to dividends and distributions and upon liquidation) in respect of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to the payment of dividends and distributions and upon liquidation, or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to the payment of dividends and distributions and upon liquidation (except, subject to compliance with the 1940 Act, by conversion into or exchange for shares of the Company ranking junior to the Series A Preferred Shares as to dividends and distributions and upon liquidation), unless, in each case, (A) immediately thereafter, the Company shall have Asset Coverage, (B) all cumulative dividends and distributions on all Series A Preferred Shares due on or prior to the date of the transaction have been declared and paid (or shall have been declared and sufficient funds for the payment thereof deposited with the applicable Dividend-Disbursing Agent) and (C) the Company has redeemed the full number of Series A Preferred Shares to be redeemed mandatorily pursuant to any provision contained herein for mandatory redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any dividend payment made on the Series A Preferred Shares shall first be credited against the dividends and distributions accumulated with respect to the earliest Dividend Period for which dividends and distributions have not been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not later than the Business Day immediately preceding each Dividend Payment Date, the Company shall deposit with the Dividend-Disbursing Agent Deposit Assets having an initial combined value sufficient to pay the dividends and distributions that are payable on such Dividend Payment Date, which Deposit Assets shall mature on or prior to such Dividend Payment Date. The Company may direct the Dividend-Disbursing Agent with respect to the investment of any such Deposit Assets, provided that such investment consists exclusively of Deposit Assets and provided further that the proceeds of any such investment will be available at the opening of business on such Dividend Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Liquidation Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of Series A Preferred Shares shall be entitled to receive out of the assets of the Company available for distribution to shareholders, after satisfying claims and obligations of the Company pursuant to Delaware law but before any distribution or payment shall be made in respect of the Common Shares or any other

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shares of the Company ranking junior to the Series A Preferred Shares as to liquidation payments, a liquidation distribution in the amount of $50.00 per share (the "**Liquidation Preference**"), plus an amount equal to all unpaid dividends and distributions accumulated to and including the date fixed for such distribution or payment (whether or not earned or declared by the Company, but excluding interest thereon), and such holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, upon any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the assets of the Company available for distribution among the holders of all Outstanding Series A Preferred Shares, and any other Outstanding class or series of Preferred Shares of the Company ranking on a parity with the Series A Preferred Shares as to payment upon liquidation, shall be insufficient to permit the payment in full to such holders of Series A Preferred Shares of the Liquidation Preference plus accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect to such other Preferred Shares, then such available assets shall be distributed among the holders of Series A Preferred Shares and such other Preferred Shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. Unless and until the Liquidation Preference plus accumulated and unpaid dividends and distributions have been paid in full to the holders of Series A Preferred Shares, no dividends or distributions will be made to holders of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to liquidation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Redemptions.

The Series A Preferred Shares shall be redeemed by the Company as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Mandatory Redemption</u>.

If the Company is required to redeem the Series A Preferred Shares pursuant to paragraph 6(b) of Part II hereof, then the Company shall, to the extent permitted by the 1940 Act and Delaware law, by the close of business on such Series A Asset Coverage Cure Date (a "**Cure Date**"), fix a redemption date no later than ten Business Days following such Cure Date and proceed to redeem shares as set forth in paragraph 4(d) hereof. On such redemption date, the Company shall redeem, out of funds legally available therefor, the number of Preferred Shares, which, to the extent permitted by the 1940 Act and Delaware law, at the option of the Company may include any proportion of Series A Preferred Shares or any other series of Preferred Shares, equal to the minimum number of shares the redemption of which, if such redemption had occurred immediately prior to the opening of business on such Cure Date, would have resulted in the Company having Asset Coverage immediately prior to the opening of business on such Cure Date or, if Asset Coverage cannot be so restored, all of the Outstanding Series A Preferred Shares, at a price equal to $50.00 per share plus accumulated but unpaid dividends and distributions (whether or not earned or declared by the Company) to, but not including, the date of redemption (the "**Redemption Price**"). In the event that Preferred Shares are redeemed pursuant to paragraph 6(b) of Part II hereof, the Company may, but is not required to, redeem a sufficient number of Series A Preferred Shares pursuant to this paragraph 4(a) which, when aggregated with other Preferred Shares redeemed by the Company, permits the Company to have with respect to the Preferred Shares (including the Series A Preferred Shares) remaining Outstanding after such redemption Asset Coverage of as much as 220%. In the event that all of the Series A Preferred Shares then Outstanding are required to be redeemed pursuant to paragraph 6 of Part II hereof, the Company shall redeem such shares at the Redemption Price and proceed to do so as set forth in paragraph 4(d) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Optional Redemption</u>.

The Company may redeem all or any part of the issued and Outstanding Series A Preferred Shares, upon not less than 30 nor more than 60 days' prior notice, at the Redemption Price, if such redemption is necessary, in the judgment of the Board of Trustees, to maintain the Company's status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Holder Redemption</u>.

The Company will accept for redemption, at the Redemption Price, all or any part of the issued and Outstanding Series A Preferred Shares, on any date on or after the Holder Redemption Date, that shall have properly submitted for redemption in accordance with the procedures set forth herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Procedures for Mandatory and Optional Redemptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Company shall determine or be required to redeem Series A Preferred Shares pursuant to paragraph 4(a) or 4(b), it shall mail a written notice of redemption ("**Company Notice of Redemption**") with respect to such redemption to each holder of the shares to be redeemed. The Company Notice of Redemption shall be sent by first-class mail, postage prepaid, to each such holder's address as the same appears on the stock register of the Company on the close of business on such date as the Board of Trustees or its delegatee may determine, which date shall not be earlier than the second Business Day prior to the date upon which such Company Notice of Redemption is mailed to the holders of Series A Preferred Shares. Each such Company Notice of Redemption shall state: (A) the redemption date as established by the Board of Trustees or its delegatee; (B) the number of Series A Preferred Shares to be redeemed; (C) the Redemption Price (specifying the amount of accumulated dividends to be included therein); (D) the place or places where the certificate(s), if any, for such Series A Preferred Shares (properly endorsed or assigned for transfer, if the Board of Trustees or its delegatee shall so require and the Company Notice of Redemption shall so state) are to be surrendered for payment in respect of such redemption; (E) that dividends and distributions on the shares to be redeemed will cease to accrue on such redemption date and (F) the provisions of this paragraph 4 under which such redemption is made. In the case of any redemption pursuant to paragraph 4(a) or 4(b) hereof, if fewer than all Series A Preferred Shares held by any holder are to be redeemed, the Company Notice of Redemption mailed to such holder also shall specify the number or percentage of shares to be redeemed from such holder. No defect in the Company Notice of Redemption or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of a holder of Series A Preferred Shares determines to request redemption of all or any part of such Series A Preferred Shares pursuant to paragraph 4(c), then not less than ten Business Days prior to the date that such Series A Preferred Shares are to be redeemed, the holder of such Series A Preferred Shares to be redeemed shall mail a written notice of redemption (a "**Holder Notice of Redemption**") to the Company with respect to such redemption stating: (A) the redemption date and (B) the number of Series A Preferred Shares to be redeemed. Upon receipt of a Holder Notice of Redemption, the Company (A) may request such additional information from the holder as may be reasonably necessary in order to effect the requested redemption and (B) shall specify the place or places where the certificate(s), if any, for such Series A Preferred Shares (properly endorsed or assigned for transfer, if the Board of Trustees or its delegatee shall so require) are to be surrendered for payment in respect of such redemption. No defect in the Holder Notice of Redemption or the mailing thereof shall affect the validity of the redemption proceedings, except as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If the Company shall give a Company Notice of Redemption or a holder of Series A Preferred Shares shall deliver a Holder Notice of Redemption, then by the close of business on the Business Day preceding the redemption date specified in the Company Notice of Redemption (so long as any conditions precedent to such redemption have been met) or Holder Notice of Redemption, as applicable, or, if the Dividend-Disbursing Agent so agrees, another date not later than the redemption date, the Company shall (A) deposit with the Dividend-Disbursing Agent Deposit Assets that shall mature on or prior to such redemption date having an initial combined value sufficient to effect the redemption of the Series A Preferred Shares to be redeemed and (B) give the Dividend-Disbursing Agent irrevocable instructions and authority to pay the Redemption Price to the holders of the Series A Preferred Shares called or requested for redemption on the redemption date. The Company may direct the Dividend-Disbursing Agent with respect to the investment of any Deposit Assets so deposited provided that the proceeds of any such investment will be available at the opening of business on such redemption date. Upon the date of such deposit (unless the Company shall default in making payment of the Redemption Price), all rights of the holders of the Series A Preferred Shares so called or requested for redemption shall cease and terminate except the right of the holders thereof to receive the Redemption Price thereof and such shares shall no longer be deemed Outstanding for any purpose. The Company shall be entitled to receive, promptly after the date fixed for redemption, any cash in excess of the aggregate Redemption Price of the Series A Preferred Shares called for redemption on such date and any remaining Deposit Assets. Any assets so deposited that are unclaimed at the end of two years from such redemption date shall, to the extent permitted by law, be repaid to the Company, after which the holders of the Series A Preferred Shares so called or requested for redemption shall look only to the Company for payment of the Redemption Price thereof. The Company shall be entitled to receive, from time to time after the date fixed for redemption, any interest on the Deposit Assets so deposited.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) On or after the redemption date, each holder of Series A Preferred Shares that are subject to redemption shall surrender the certificate, if any, evidencing such shares to the Company at the place designated in the Company Notice of Redemption or as may be designated by the Company in accordance with paragraph 4(d)(ii) and shall then be entitled to receive the cash Redemption Price, without interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the case of any redemption of less than all of the Series A Preferred Shares pursuant to paragraph 4(a) or 4(b), such redemption shall be made pro rata from each holder of Series A Preferred Shares in accordance with the respective number of shares held by each such holder on the record date for such redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Notwithstanding the other provisions of this paragraph 4, the Company shall not redeem Series A Preferred Shares unless all accumulated and unpaid dividends and distributions on all Outstanding Series A Preferred Shares and other Preferred Shares ranking on a parity with the Series A Preferred Shares with respect to dividends and distributions for all applicable past Dividend Periods (whether or not earned or declared by the Company) shall have been or are contemporaneously paid or declared and Deposit Assets for the payment of such dividends and distributions shall have been deposited with the Dividend-Disbursing Agent as set forth in paragraph 2(c) of Part II hereof, provided, however, that the foregoing shall not prevent the purchase or acquisition of Outstanding Preferred Shares pursuant to the successful completion of an otherwise lawful purchase or exchange offer made on the same terms to holders of all Outstanding Series A Preferred Shares.

If the Company shall not have funds legally available for the redemption of, or is otherwise unable to redeem, all the Series A Preferred Shares or other Preferred Shares designated to be redeemed on any redemption date, the Company shall redeem on such redemption date the number of Series A Preferred Shares and other Preferred Shares so designated as it shall have legally available funds, or is otherwise able, to redeem ratably on the basis of the Redemption Price from each holder whose shares are to be redeemed, and the remainder of the Series A Preferred Shares and other Preferred Shares designated to be redeemed shall be redeemed on the earliest practicable date on which the Company shall have funds legally available for the redemption of, or is otherwise able to redeem, such shares upon notice of redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Voting Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>.

In any matter submitted to a vote of the holders of Shares, unless otherwise provided in the Governing Documents or a resolution of the Board of Trustees, each holder of Series A Preferred Shares shall be entitled to one vote for each Series A Preferred Share held and the holders of the Outstanding Preferred Shares, including Series A Preferred Shares, and the Common Shares shall vote together as a single class; provided, however, that at any meeting of the shareholders of the Company held for the election of trustees, the holders of the Outstanding Preferred Shares, including Series A Preferred Shares, shall be entitled, as a class, to the exclusion of the holders of all other securities and classes of capital shares of the Company, to elect a number of trustees, such that following any election of trustees by the holders of the Outstanding Preferred Shares, including Series A Preferred Shares, at the meeting of the shareholders, the Company's Board of Trustees shall contain two trustees elected by the holders of the Outstanding Preferred Shares, including the Series A Preferred Shares. Subject to paragraph 5(b) of Part II hereof, the holders of the outstanding Common Shares of the Company together with the holders of Outstanding Preferred Shares, including the Series A Preferred Shares, voting as a single class, shall elect the balance of the trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Right to Elect Majority of Board of Trustees</u>.

During any period in which any one or more of the conditions described below shall exist (such period being referred to herein as a "**Voting Period**"), the number and/or composition of trustees constituting the Board of Trustees shall be adjusted as necessary to permit the holders of Outstanding Preferred Shares, including the Series A Preferred Shares, voting separately as one class (to the exclusion of the holders of all other securities and classes of capital shares of the Company) to elect the number of trustees that would constitute a simple majority of the Board of Trustees as so adjusted (including, if applicable, any of the trustees that may be elected exclusively by the holders of Preferred Shares pursuant to paragraph 5(a) above). To the fullest extent permitted by applicable law and the terms of the Declaration of Trust, the Company and the Board of Trustees shall take all necessary actions, including effecting the removal of trustees or amendment of the Declaration of Trust, to effect an adjustment of the number and/or composition of trustees as described in the preceding sentence. A Voting Period shall commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if at any time accumulated dividends and distributions (whether or not earned or declared, and whether or not funds are then legally available in an amount sufficient therefor) on the Outstanding Series A Preferred

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Shares equal to at least two full years' dividends and distributions shall be due and unpaid and sufficient cash or specified securities shall not have been deposited with the Dividend-Disbursing Agent for the payment of such accumulated dividends and distributions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at any time holders of any other Preferred Shares are entitled to elect a majority of the trustees of the Company under the 1940 Act or Statement of Preferences creating such shares.

Upon the termination of a Voting Period, the voting rights described in this paragraph 5(b) shall cease, subject always, however, to the reverting of such voting rights in the holders of Preferred Shares upon the further occurrence of any of the events described in this paragraph 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Right to Vote with Respect to Certain Other Matters</u>.

So long as any Series A Preferred Shares are Outstanding, the Company shall not amend, alter or repeal the provisions of this Statement of Preferences (or any other statement of preferences in respect of Preferred Shares) so as to adversely affect the rights and preferences herein, without the affirmative vote of the holders of a majority of the Outstanding Preferred Shares at the time and present (including at a virtual meeting) and voting on such matter, voting separately as one class. To the extent permitted under the 1940 Act, in the event that more than one series of Preferred Shares are Outstanding, the Company shall not effect any of the actions set forth in the preceding sentence which in the aggregate adversely affects the rights and preferences set forth in the Statement of Preferences for a series of Preferred Shares differently than such rights and preferences for any other series of Preferred Shares without the affirmative vote of the holders of at least a majority of the Outstanding Preferred Shares and present (including at a virtual meeting) and voting on such matter of each series adversely affected (each such adversely affected series voting separately as a class to the extent its rights are affected differently). The holders of the Series A Preferred Shares shall not be entitled to vote on any matter that affects the rights or interests of only one or more other series of Preferred Shares. An increase in the number of authorized Preferred Shares pursuant to the Governing Documents or the issuance of additional shares of any series of Preferred Shares (including Series A Preferred Shares) pursuant to the Governing Documents shall not be considered to adversely affect the rights and preferences of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As soon as practicable after the accrual of any right of the holders of Preferred Shares to elect additional trustees as described in paragraph 5(b) above, the Company shall call a special meeting of such holders and instruct the Dividend-Disbursing Agent to mail a notice of such special meeting to such holders, such meeting to be held not less than ten nor more than 30 days after the date of mailing of such notice. If the Company fails to send such notice to the Dividend-Disbursing Agent or if the Company does not call such a special meeting, it may be called by any such holder on like notice. The record date for determining the holders entitled to notice of and to vote at such special meeting shall be the close of business on the day on which such notice is mailed or such other date as the Board of Trustees shall determine. At any such special meeting and at each meeting held during a Voting Period, such holders of Preferred Shares, voting together as a class (to the exclusion of the holders of all other securities and classes of capital shares of the Company), shall be entitled to elect the number of trustees prescribed in paragraph 5(b) above on a one-vote-per-share basis. At any such meeting, or adjournment thereof in the absence of a quorum, a majority of such holders present in person or by proxy shall have the power to adjourn the meeting without notice, other than by an announcement at the meeting, to a date not more than 120 days after the original record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms of office of all persons who are trustees of the Company at the time of a special meeting of holders of Preferred Shares to elect additional trustees as described in paragraph 5(b) above and who remain trustees following such meeting shall continue, notwithstanding the election by the holders of Preferred Shares at such meeting of the additional trustees to be elected pursuant to paragraph 5(b) above. The persons so elected

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by the holders of Preferred Shares (including, if applicable, any of the trustees that may be elected exclusively by the holders of Preferred Shares pursuant to paragraph 5(a) above) and the remaining incumbent trustees elected by the holders of the Common Shares and Preferred Shares shall constitute the duly elected trustees of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon the expiration of a Voting Period, the terms of office of the additional trustees elected by the holders of Preferred Shares pursuant to paragraph 5(b) above shall expire at the earliest time permitted by law, and the remaining trustees shall constitute the trustees of the Company and the voting rights of such holders of Preferred Shares, including Series A Preferred Shares, to elect additional trustees pursuant to paragraph 5(b) above shall cease, subject to the provisions of the last sentence of paragraph 5(b). Upon the expiration of the terms of the trustees elected by the holders of Preferred Shares pursuant to paragraph 5(b) above, the number of trustees shall be automatically reduced to the number of trustees on the Board immediately preceding such Voting Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Exclusive Remedy</u>.

Unless otherwise required by law, the holders of Series A Preferred Shares shall not have any rights or preferences other than those specifically set forth herein. The holders of Series A Preferred Shares shall have no preemptive rights or rights to cumulative voting. In the event that the Company fails to pay any dividends and distributions on the Series A Preferred Shares or fails to complete any voluntary or mandatory redemption, the exclusive remedy of the holders shall be the right to vote for trustees pursuant to the provisions of this paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Asset Coverage Test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Determination of Compliance</u>.

For so long as any Series A Preferred Shares are Outstanding, the Company shall have Asset Coverage as of the last Business Day of each March, June, September and December of each year in which any Series A Preferred Shares are Outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Failure to Meet Asset Coverage</u>.

If the Company fails to have Asset Coverage as provided in paragraph 6(a) hereof and such failure is not cured as of the related Series A Asset Coverage Cure Date, (i) the Company shall give a Company Notice of Redemption as described in paragraph 4 of Part II hereof with respect to the redemption of a sufficient number of Preferred Shares, which at the Company's determination (to the extent permitted by the 1940 Act and Delaware law) may include any proportion of Series A Preferred Shares, to enable it to meet the requirements of paragraph 6(a) above, and, at the Company's discretion, such additional number of Series A Preferred Shares or other Preferred Shares in order that the Company shall have Asset Coverage with respect to the Series A Preferred Shares and any other Preferred Shares remaining Outstanding after such redemption as great as 220%, and (ii) deposit with the Dividend-Disbursing Agent Deposit Assets having an initial combined value sufficient to effect the redemption of the Series A Preferred Shares or other Preferred Shares to be redeemed, as contemplated by paragraph 4 of Part II hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Status of Shares Called for Redemption</u>.

For purposes of determining whether the requirements of paragraph 6(a) hereof are satisfied, (i) no Series A Preferred Share shall be deemed to be Outstanding for purposes of any computation if, prior to or concurrently with such determination, sufficient Deposit Assets to pay the full Redemption Price for such share shall have been deposited in trust with the Dividend-Disbursing Agent (or applicable paying agent) and the requisite Company Notice of Redemption shall have been given, and (ii) such Deposit Assets deposited with the Dividend-Disbursing Agent (or paying agent) shall not be included.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Limitation on Incurrence of Additional Indebtedness and Issuance of Additional Preferred Shares

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) So long as any Series A Preferred Shares are Outstanding, the Company may issue and sell one or more series of a class of senior securities of the Company representing indebtedness under Section 18 of the 1940 Act and/or otherwise create or incur indebtedness, provided that immediately after giving effect to the incurrence of such indebtedness and to its receipt and application of the proceeds thereof, the Company shall have an "asset coverage" for all senior securities representing indebtedness, as defined in Section 18(h) of the 1940 Act, of at least 300% of the amount of all indebtedness of the Company then outstanding and no such additional indebtedness shall have any

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preference or priority over any other indebtedness of the Company upon the distribution of the assets of the Company or in respect of the payment of interest. Any possible liability resulting from lending and/or borrowing portfolio securities, entering into reverse repurchase agreements, entering into futures contracts and writing options, to the extent such transactions are made in accordance with the investment restrictions of the Company then in effect, shall not be considered to be indebtedness limited by this paragraph 7(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) So long as any Series A Preferred Shares are Outstanding, the Company may issue and sell shares of one or more other series of Preferred Shares constituting a series of a class of senior securities of the Company representing stock under Section 18 of the 1940 Act in addition to the Series A Preferred Shares and other Preferred Shares then Outstanding, provided that (i) the Company shall, immediately after giving effect to the issuance of such additional Preferred Shares and to its receipt and application of the proceeds thereof (including, without limitation, to the redemption of Preferred Shares for which a redemption notice has been mailed prior to such issuance), have an "asset coverage" for all senior securities which are stock, as defined in Section 18(h) of the 1940 Act, of at least 200% of the sum of the liquidation preference of the Series A Preferred Shares and all other Preferred Shares of the Company then Outstanding, and (ii) no such additional Preferred Shares shall have any preference or priority over any other Preferred Shares of the Company upon the distribution of the assets of the Company or in respect of the payment of dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Status of Redeemed or Repurchased Series A Preferred Shares

Series A Preferred Shares which at any time have been redeemed or purchased by the Company shall, after such redemption or purchase, have the status of authorized but unissued Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Treatment of Series A Preferred Shares for Tax Purposes

Unless otherwise required by law, the holders of the Series A Preferred Shares shall treat the Series A Preferred Shares as equity of the Company for all U.S. federal, state and local and other income tax purposes.

#### PART III <br>

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

#### ABILITY OF THE BOARD OF TRUSTEES TO MODIFY THE STATEMENT OF PREFERENCES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Modification.

The Board of Trustees or its delegatee, without further action by the shareholders, may amend, alter, add to or repeal any provision of this Statement of Preferences, if the Board of Trustees or its delegatee determines, in good faith, that such amendments or modifications will not in the aggregate adversely affect the special rights, powers and preferences of the holders of any series of the Preferred Shares.

Notwithstanding the provisions of the preceding paragraph, to the extent permitted by law, the Board of Trustees or its delegatee, without the vote of the holders of the Series A Preferred Shares or any other shares of the Company, may amend the provisions of this Statement of Preferences to resolve any inconsistency or ambiguity, to remedy any formal defect or to make any other change to this Statement of Preferences so long as the amendment does not in the aggregate adversely affect the rights and preferences of the Series A Preferred Shares as determined by the Board of Trustees or its delegate in good faith.

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IN WITNESS WHEREOF, Pershing Square USA, Ltd. has caused these presents to be signed in its name and on its behalf by a duly authorized officer, who acknowledges said instrument to be the statutory trust act of the Company, and states that to the best of such officer's knowledge, information and belief under penalty of perjury the matters and facts herein set forth with respect to approval are true in all material respects, all as of [•], 2024.

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| | |
|:---|:---|
| **Pershing Square USA, Ltd.**  | **Pershing Square USA, Ltd.**  |
| By: |  |
|  | Name:  |
|  | Title:  |

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| | |
|:---|:---|
| Attest:  |  |
|  | Name:  |
|  | Title:  |

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[*Signature Page to Statement of Preferences of 7.50% Series A Cumulative Preferred Shares*]

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| | | |
|:---|:---|:---|
| ***Certificate No. [__]*** | 7.50% SERIES A CUMULATIVE PREFERRED SHARES | [#] SHARES |

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#### PERSHING SQUARE USA, LTD. (THE "COMPANY")
ORGANIZED UNDER THE LAWS <br>

OF THE STATE OF DELAWARE

THIS CERTIFIES THAT

#### [ PURCHASER ]
IS THE OWNER OF

#### [# OF SHARES]
FULLY PAID AND NON-ASSESSABLE SHARES OF 7.50% SERIES A CUMULATIVE PREFERRED SHARES, NO PAR VALUE PER SHARE, LIQUIDATION PREFERENCE $50.00 PER SHARE ("SERIES A PREFERRED

SHARES"), OF

PERSHING SQUARE USA, LTD.

TRANSFERABLE ONLY ON THE BOOKS OF THE COMPANY BY THE HOLDER HEREOF IN PERSON OR BY

DULY AUTHORIZED ATTORNEY UPON <br>

SURRENDER OF THIS CERTIFICATE PROPERLY ENDORSED.

THIS CERTIFICATE AND THE SHARES OF SERIES A PREFERRED SHARES REPRESENTED HEREBY ARE ISSUED AND SHALL BE SUBJECT TO THE PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST, THE STATEMENT OF PREFERENCES IN RESPECT OF THE SERIES A PREFERRED SHARES AND ALL AMENDMENTS THERETO.

IN WITNESS WHEREOF, PERSHING SQUARE USA, LTD. HAS CAUSED THIS CERTIFICATE TO BE

EXECUTED IN ITS NAME AND BEHALF BY ITS DULY AUTHORIZED OFFICER.

AS OF THIS [__]TH DAY OF [MONTH], [YEAR]

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| | |
|:---|:---|
| By: |  |
|  | Name:  |
|  | Title:  |

---

------

#### CERTIFICATE No. [__]

#### For

#### ___________ (____________)

#### Shares of

#### Series A Cumulative Preferred Shares, no par value per share, <br>

#### liquidation preference $50 per share ("Series A Preferred Shares")

#### of

#### PERSHING SQUARE USA, LTD. (THE "COMPANY")

#### issued to

#### [ PURCHASER ]

#### [DATE]
THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.

THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO (i) OFFER, SELL, OR OTHERWISE TRANSFER SUCH SECURITY ONLY IF REGISTERED PURSUANT TO THE PROVISIONS OF THE SECURITIES ACT OR, IF AN EXEMPTION FROM REGISTRATION IS AVAILABLE, EXCEPT UNDER CIRCUMSTANCES WHERE NEITHER SUCH REGISTRATION NOR SUCH AN EXEMPTION IS REQUIRED BY LAW, AND (ii) BE SUBJECT TO THE TERMS AND PROVISIONS OF THE PREFERRED SHARES SUBSCRIPTION AGREEMENT DATED AS OF **[ , 2024]** IN RESPECT OF THE RIGHTS AND OBLIGATIONS OF PURCHASERS AND HOLDERS OF THE SECURITIES THEREUNDER.

For value received, ____________________________________ hereby sells, assigns and transfers ___________ (____________) Series A Preferred Shares represented by the within Certificate to:

[*Print or type name and address of assignee*]<br>

and do hereby irrevocably constitute and appoint ____________________________________ attorney to transfer the said shares on the books of the within named Company with full power of substitution in the premises.

<br> Entity Name: [*Second signature block to be included if required*.] <br>

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| | |
|:---|:---|
| By: |  |
|  | Name:  |
|  | Title:  |
|  | Dated:  |

---

The Signature to this assignment must correspond with the name as written upon the face of the Certificate in every particular, without alteration or enlargement or any change whatsoever.

## Ex-99.(B)

#### Exhibit (b)

#### PERSHING SQUARE USA, LTD.<br>

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

#### BY-LAWS
These By-Laws (the "<u>By-Laws</u>"), dated as of July 15, 2024, are made and adopted pursuant to Section 3.11 of the Amended and Restated Agreement and Declaration of Trust of Pershing Square USA, Ltd. (the "<u>Company</u>"), dated as of July 15, 2024, as from time to time amended (hereinafter called the "<u>Declaration</u>").

All words and terms capitalized in these By-Laws and not defined herein shall have the meaning or meanings set forth for such words or terms in the Declaration.

As used in these By-Laws, the following terms shall have the meaning ascribed to them:

"<u>beneficial owner</u>" of a security shall mean any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise (A) has or shares: (1) voting power which includes the power to vote, or to direct the voting of, such security; and/or (2) investment power which includes the power to dispose, or to direct the disposition, of such security or (B) owns, controls or holds with power to vote such security. A Person shall be deemed to be the beneficial owner of shares if that Person has the right to acquire beneficial ownership of such shares at any time whether or not within sixty (60) days. "Beneficially own," "beneficial ownership" and related terms used below shall have correlative meaning.

"<u>By-Laws</u>" shall have the meaning set forth in the Preamble.

"<u>Company</u>" shall have the meaning set forth in the preamble.

"<u>control</u>" shall mean, with respect to a Person, the power to exercise a controlling influence over such Person, which in the case of a company means the power to exercise a controlling influence over the management or policies of such company, unless such power is solely the result of an official position with such company.

"<u>Declaration</u>" shall have the meaning set forth in the Preamble.

"<u>Disclosable Relationship</u>" with respect to another Person means (a) the existence at any time during the current calendar year or at any time within the two most recently completed calendar years of any agreement, arrangement, understanding (whether written or oral) or practice of a Person with such other Person with respect to the Company or Shares, (b) the beneficial ownership of securities of any Person known by such Person to beneficially own Shares, (c) sharing beneficial ownership of any securities with such other Person, (d) being an immediate family member of such other Person, (e) the existence at any time during the current calendar year or at any time within the two most recently completed calendar years of a material business or professional relationship with such other Person or with any Person of which such other Person is a 5% Holder, officer, director, trustee, general partner, manager, managing member or employee or (f) controlling, being controlled by or being under common control with such other Person.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>immediate family member</u>" shall mean any parent, child, spouse, spouse of a parent, spouse of a child, brother or sister (including step and adoptive relationships).

"<u>Proposed Nominee</u>" shall have the meaning set forth in Section 1.6(a)(iv)(A) of these By-Laws.

"<u>Proposed Nominee Associate</u>" of any Proposed Nominee shall mean any Person who has a Disclosable Relationship with such Proposed Nominee.

"<u>public announcement</u>" shall include disclosure in a press release reported by the Dow Jones News Service, Associated Press or other national news service or in a document publicly filed by the Company with the Securities and Exchange Commission pursuant to Section 13, 14 or 15(d) of the Exchange Act.

"<u>Questionnaire</u>" shall mean the Company's form of annual trustee questionnaire, as supplemented from time to time, containing questions intended to, among other things, identify and evaluate potential conflicts of interest,

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obtain information needed to prepare regulatory filings, including registration statements, annual reports and proxy statements, determine whether a Trustee or a trustee nominee is an "interested person" of the Company (as defined in section 2(a)(19) of the Investment Company Act of 1940, the "1940 Act"), update records, and otherwise comply with any applicable laws and regulations.

"<u>Shareholder Associate</u>" of any Shareholder or beneficial owner of Shares shall mean any Person who has a Disclosable Relationship with such Shareholder or beneficial owner.

#### ARTICLE I<br>

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

#### SHAREHOLDER MEETINGS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Chairperson</u>. The Chairperson, if any, shall act as chairperson at all meetings of the Shareholders; in the Chairperson's absence, the Trustee or Trustees present at each meeting may elect a chairperson for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Proxies; Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Shareholders may vote either in person or by duly executed proxy and each full share represented at the meeting shall have one vote, all as provided in Article 10 of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Any purported vote of Shareholders at any meeting of Shareholders that does not meet the requirements of applicable state or federal law may be disregarded as invalid if so determined by the Trustees or the chair of such meeting. In such event, such shares may nevertheless be counted for purposes of determining whether or not a quorum is present at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Any Shareholder directly or indirectly soliciting proxies from other Shareholders in respect of any proposed nomination or any other proposed business properly submitted in accordance with these By-Laws or under applicable law including Rule 14a-8 of the Exchange Act (or any successor provision of law) must use a proxy card color other than white, which shall be reserved for the exclusive use by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Fixing Record Dates</u>. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment or postponement thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date on which distribution of notice of the meeting is commenced or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment or postponement thereof. If Inspectors of Election are not so appointed, the Chairperson, if any, of any meeting of Shareholders may appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. In case any Person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the chairperson of the meeting. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, and shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chairperson, if any, of the meeting the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders for a purpose germane to the meeting, the minutes of the last previous Annual or Special Meeting of Shareholders of the Company and a list of the Shareholders of the Company, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder and shall not be required to contain any other information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Notice of Shareholder Business and Nominations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) *Annual Meetings of Shareholders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election as a Trustee of the Company and the proposal of other business to be considered by the Shareholders may be made at an annual meeting of Shareholders only as set forth in this Section 1.6, and only:

&nbsp;&nbsp;&nbsp;&nbsp;&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) pursuant to the Company's notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized committee thereof,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) otherwise by or at the direction of the Board of Trustees or any duly authorized committee thereof, 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;&nbsp;&nbsp;&nbsp;&nbsp;(c) by any one or more Shareholders of the Company who (i) are each a Shareholder of the Company at the time the notice provided for in this Section 1.6 is delivered to the Secretary of the Company and on the record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting of Shareholders and (ii) comply with the notice procedures set forth in these By-Laws, 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;&nbsp;&nbsp;&nbsp;&nbsp;(d) with respect to business other than a nomination, by a Shareholder that has notified the Company of his, her or its intention to present a proposal at the annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and which proposal has been included in a proxy statement that has been prepared by the Company to solicit proxies for such annual meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For any nominations or other business to be properly brought before an annual meeting by a Shareholder pursuant to clause (c) of paragraph (A) (1) of this Section 1.6, the Shareholder must have given timely notice thereof in proper written form to the Secretary of the Company and any such proposed business (other than the nominations of individuals for election to the Company) must constitute a proper matter for Shareholder action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To be timely, a Shareholder's notice shall be delivered to the Secretary of the Company at the principal executive offices of the Company not later than the close of business on the one hundred twentieth (120th) day, nor earlier than the close of business on the one hundred fiftieth (150th) day, prior to the first anniversary of the preceding year's annual meeting. In the event, however, that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date, notice by the Shareholder must be so delivered not earlier than the close of business on the one hundred fiftieth (150th) day prior to such annual meeting and not later than the close of business on the later of the one hundred twentieth (120th) day prior to such annual meeting or the tenth (10th) day following the day on which public announcement of the date of such meeting is first made by the Company. In no event shall the public announcement or announcement at the meeting of an adjournment or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a Shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To be in proper written form, such Shareholder's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to each individual whom the Shareholder proposes to nominate for election as a Trustee (a "<u>Proposed Nominee</u>") and each Proposed Nominee Associate of such Proposed Nominee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name, age, business address and residence address of such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 principal occupation or employment of such Proposed Nominee during the past five years,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) other directorships, trusteeships or comparable positions held during the past five years,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 class or series and number of Shares which are owned beneficially and of record by such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee,

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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;(v) the name of each nominee holder of Shares owned beneficially but not of record by such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, and the number of such Shares held by each such nominee holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a description of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered into as of the date of the Shareholder's notice by, or on behalf of, such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such Proposed Nominee and each Proposed Nominee Associate of such Proposed Nominee, with respect to Shares 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a description of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee and any Proposed Nominee Associate of such Proposed Nominee related to, and any material interest of such Proposed Nominee Associate in, such nomination, including any anticipated material benefit therefrom to such Proposed Nominee Associate,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a description of all agreements, arrangements, or understandings (whether written or oral) between such Proposed Nominee or any Proposed Nominee Associate of such Proposed Nominee and the nominating Shareholder or any Shareholder Associate of such nominating Shareholder related to such nomination, including with respect to the voting of any matters to come before the Board of Trustees or any anticipated material benefit therefrom to the Proposed Nominee of any Proposed Nominee Associate of such Proposed Nominee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a description of all commercial and professional relationships and transactions between or among such Proposed Nominee or any Proposed Nominee Associate, and any other Person or Persons known to such Proposed Nominee or Proposed Nominee Associate to have a material interest in such nomination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) a representation as to whether such Proposed Nominee is an "interested person" of the Company, as defined under Section 2(a)(19) of the 1940 Act together with information regarding such individual that is sufficient, in the discretion of the Board of Trustees or any committee thereof, to examine such representation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) a representation as to whether such Proposed Nominee meets all applicable legal requirements relevant to service as a Trustee, including, but not limited to, the rules adopted by the principal listing exchange (if any) upon which Shares are listed, Rule 10A-3 under the Exchange Act, Article 2-01 of Regulation S-X under the Exchange Act (17 C.F.R. § 210.2-01) (with respect to the Company's independent registered public accounting firm) and any other criteria established by the 1940 Act related to service as a director/trustee of a management investment company or the permitted composition of the board of directors/trustees of a management investment company,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a representation that the Proposed Nominee satisfies the Trustee qualifications as set out in these By-Laws, 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;(xiii) any other information relating to the Proposed Nominee that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of Trustees in a solicitation subject to Rule 14A under the Exchange Act, whether or not the Shareholder submitting the notice intends to deliver a proxy statement or solicit proxies and whether or not an election contest is involved;

&nbsp;&nbsp;&nbsp;&nbsp;&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) as to any other business that the Shareholder proposes to bring before the annual meeting, a brief description of the business desired to be brought before the annual meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting such business at the annual meeting and any material interest in such business of such Shareholder and the beneficial owner, if any, on whose behalf the proposal is made; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) as to the Shareholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name and address of such Shareholder, as they appear on the Company's books, and of such beneficial owner,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 class or series and number of Shares which are owned beneficially and of record by such Shareholder and such beneficial owner and their respective Shareholder Associates,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of each nominee holder of Shares owned beneficially but not of record by such Shareholder and such beneficial owner and their respective Shareholder Associates, and the number of such Shares held by each such nominee holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a description of any agreement, arrangement or understanding (whether written or oral) with respect to the nomination or proposal between or among such Shareholder and such beneficial owner, any of their respective Shareholder Associates, and any other Person or Persons (including their names) and any material interest of such Person or any Shareholder Associate of such Person, in the matter that is the subject of such notice, including any anticipated material benefit therefrom to such Person, or any Shareholder Associate of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a description of any agreement, arrangement or understanding, whether written or oral (including any derivative or short positions, profit interests, options, warrants, stock appreciation or similar rights, hedging transactions, and borrowed or loaned shares), that has been entered into as of the date of the Shareholder's notice by, or on behalf of, such Shareholder and such beneficial owners or their respective Shareholder Associates, the effect or intent of which is to mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such Shareholder or such beneficial owner or their respective Shareholder Associates, with respect to Shares 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a description of all commercial and professional relationships and transactions between or among such Shareholder and such beneficial owners or their respective Shareholder Associates, and any other Person or Persons known to such Shareholder and such beneficial owners or their respective Shareholders Associate to have a material interest in the matter that is the subject of such notice,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a representation that the Shareholder is a holder of record of Shares of the Company entitled to vote at such annual meeting and intends to appear in person or by proxy at the annual meeting to propose such business or nomination,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a representation whether the Shareholder or the beneficial owner, if any, intends or is part of a group which intends (a) to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Company's outstanding Shares required to approve or adopt the proposal or elect the nominee and/or (b) otherwise to solicit proxies from Shareholders in support of such proposal or nomination, 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;(ix) any other information relating to such Shareholder and such beneficial owner that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such Person with respect to the proposed business to be brought by such Person before the annual meeting pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder, whether or not such Person intends to deliver a proxy statement or solicit proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Company may require any Proposed Nominee and/or any Shareholder of record nominating such Proposed Nominee to furnish such other information as it may reasonably request regarding any such Proposed Nominee and/or any such Shareholder of record nominating such Proposed Nominee, and such other information shall be received by the Secretary at the principal executive offices of the Company not later than seven (7) calendar days after the first request by or on behalf of the Board of Trustees for such other information was sent to such Shareholder of record, group of Shareholders of record or Proposed Nominee. Any request for any such other information that is not answered in a reasonably complete, accurate, diligent

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and good faith manner, or that is not timely received by the Company in accordance with this Section 1.6(A)(5), will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. If the same request for such other information is sent to multiple Persons, then the earliest such date and time on which such request for information was sent shall apply for the purpose of determining compliance with this Section 1.6(A)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Company shall require any Proposed Nominee or any individual nominated by the current Trustees for election as a Trustee to complete and duly execute the Questionnaire; any Questionnaire that is not completed in a reasonably complete, diligent, accurate and good faith manner as determined by the Board of Trustees, or that is not duly executed and received by the Secretary of the Company at the principal executive offices of the Company not later than seven (7) calendar days after the Board of Trustees or its designee first sends the Questionnaire to such Proposed Nominee or any Shareholder(s) of record nominating such Proposed Nominee, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. If the Questionnaire is sent to multiple Persons, then the earliest such date and time on which the Questionnaire was sent shall apply for the purpose of determining compliance with this Section 1.6(A)(6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) A Shareholder providing notice of any nomination or other business proposed to be brought before an annual meeting of shareholders shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to Section 1.6(A)(4) shall be true and correct as of the record date for determining the Shareholders entitled to receive notice of the annual meeting of Shareholders and such update and supplement shall be received by the Secretary at the principal executive offices of the Company not later than seven (7) calendar days after the record date for determining the Shareholders entitled to receive notice of the annual meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) If information submitted pursuant to this Section 1.6 by any Shareholder or Proposed Nominee shall be or become inaccurate in any way, such information shall be deemed not to have been provided in accordance with this Section 1.6. Any such Shareholder or Proposed Nominee shall notify the Company in writing of any inaccuracy or change and update such information to cause it to be complete and accurate, within seven (7) calendar days of becoming aware of such inaccuracy. If a Shareholder or Proposed Nominee fails to provide such written notification and update within such period, the information that was or becomes inaccurate shall be deemed not to have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws. Upon written request by the Secretary of the Company or the Board of Trustees, any such Shareholder or Proposed Nominee shall provide, within seven (7) calendar days of the sending of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Trustees or any authorized officer of the Company, to demonstrate the accuracy of any information submitted by the Shareholder or Proposed Nominee pursuant to this Section 1.6, and (B) a written update of any information (including, if requested by the Company, written confirmation by such Shareholder that it continues to intend to bring such nomination) submitted by the Shareholder or the Proposed Nominee pursuant to this Section 1.6 as of an earlier date. If a Shareholder or Proposed Nominee fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested shall be deemed not to have been provided in accordance with this Section 1.6 and, accordingly, will render the nomination ineffective for failure to satisfy the requirements of these By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) The foregoing notice requirements of this Section 1.6 shall be deemed satisfied by a Shareholder with respect to business other than a nomination if the Shareholder has notified the Company of his, her or its intention to present a proposal at an annual meeting in compliance with Rule 14a-8 promulgated under the Exchange Act (or any successor provision of law) and such Shareholder's proposal has been included in a proxy statement that has been prepared by the Company to solicit proxies for such annual meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Notwithstanding anything in paragraph (A)(3) of this Section 1.6 to the contrary, in the event that the number of Trustees to be elected to the Board of Trustees of the Company is increased effective at the annual meeting and there is no public announcement by the Company naming the nominees for the additional trusteeships at least one hundred (100) days prior to the first anniversary of the preceding year's annual meeting, a Shareholder's notice required by this Section 1.6 shall also be considered timely, but only with respect to nominees for the additional trusteeships, if it shall be delivered to the Secretary of the Company at

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the principal executive offices of the Company not later than the close of business on the tenth (10th) day following the day on which such public announcement is first made by the Company. In no event, however, shall any Shareholder be entitled to nominate more Proposed Nominees under this Section 1.6 than the number of Trustees to be elected at any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) *Special Meetings of Shareholders.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Special meetings of Shareholders shall be called only as contemplated by Section 10.1 of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Company's notice of meeting (or any supplement thereto) given by or at the direction of the Board of Trustees or any duly authorized committee thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) *General*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Only such individuals who are nominated in accordance with the procedures set forth in this Section 1.6 shall be eligible to be elected at an annual or special meeting of Shareholders of the Company to serve as Trustees and only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 1.6. If the chair of an annual or special meeting determines that business was not properly brought before the meeting in accordance with this Section 1.6, the chair shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted at the meeting. Nothing contained in this Section 1.6 of this Article I shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Fund's proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the Shareholders of any class or series of Shares are entitled separately to elect one or more Trustees, only such Persons who are holders of record of such class or series of Shares (i) at the time notice is provided pursuant to this Section 1.6 and (ii) on the record date for the determination of Shareholders entitled to notice of and to vote at such annual meeting of Shareholders shall be entitled to nominate individuals for election as a Trustee by such class or series of Shares voting separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding the foregoing provisions of this Section 1.6, unless otherwise required by law, if the Shareholder (or a qualified representative of the Shareholder) does not appear at the annual meeting of Shareholders of the Company to present a nomination or proposed business, such nomination shall be disregarded and such proposed business shall not be transacted, notwithstanding that proxies in respect of such vote may have been received by the Company. For purposes of this Section 1.6, to be considered a qualified representative of the Shareholder, a Person must be a duly authorized officer, manager or partner of such Shareholder or must be authorized by a writing executed by such Shareholder delivered by such Shareholder to act for such Shareholder as proxy at the meeting of Shareholders and such Person must produce such writing at the meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 1.6, a Shareholder shall also comply with all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 1.6; provided, however, that any references in these By-laws to the Exchange Act or the rules promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this Section 1.6, and compliance with paragraphs (A) and (B) of this Section 1.6 shall be the exclusive means for a Shareholder to make nominations or submit other business (other than, as provided in paragraph 1.6(A)(10), matters brought properly under and in compliance with Rule 14a-8 of the Exchange Act (or any successor provision of law)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) A notice of one or more Shareholders making a nomination pursuant to Section 1.6(A)(1)(c) shall be accompanied by 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;(a) signed statement of each Shareholder giving the notice certifying that (1) all information contained in the notice is true and complete in all respects, (2) the notice complies with this Section 1.6, and (3) such Shareholder will continue to hold all Shares referenced in Section 1.6(A)(1)(c) through and including the time of the annual meeting (including any adjournment or postponement thereof); and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) signed certificate of each Proposed Nominee (1) certifying that the information contained in the notice regarding such Proposed Nominee and any Proposed Nominee Associate is true and complete and complies with this Section 1.6 and (2) consenting to being named in the Shareholder's proxy statement and accompanying proxy card as a nominee and to serving as a Trustee if elected.

&nbsp;&nbsp;&nbsp;&nbsp;&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) All judgments and determinations made by the Board of Trustees or the chairperson of the meeting, as applicable, under this Section 1.6 (including, without limitation, judgments as to whether any matter or thing is satisfactory to the Board of Trustees and determinations as to the propriety of a proposed nomination or a proposal of other business for consideration by Shareholders) shall be final and binding unless determined by a court of competent jurisdiction to have been made in bad faith.

&nbsp;&nbsp;&nbsp;&nbsp;&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) Notwithstanding anything in these By-Laws to the contrary, no business, including nominations, shall be conducted at any annual or special meeting except in accordance with the procedures set forth in this Section 1.6. The chairperson of the annual or special meeting shall, if the facts warrant, determine and declare to the meeting that business was not properly brought before the meeting in accordance with the provisions of this Section 1.6, and, if the chairperson should determine, the chairperson shall so declare to the meeting that any such business not properly brought before the meeting shall not be considered or transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Special Shareholders Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Special meetings of Shareholders may be called in accordance with Section 10.1 of the Declaration. Only such business shall be conducted at a special meeting as shall be specified in the notice of meeting (or any supplement thereto). In fixing a date for any special meeting, the Board of Trustees (or any duly authorized committee thereof) may consider such factors as it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Trustees to call an annual meeting or a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) No business shall be conducted at a special meeting of Shareholders except business brought before any such meeting in accordance with the procedures set forth in this Section 1.7 and in compliance with Section 10.1 of the Declaration. If the chairperson of a special meeting determines that business was not properly brought before such meeting in accordance with the foregoing procedures, the chair shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Nothing contained in this Section 1.7 shall be deemed to affect any rights of Shareholders to request inclusion of proposals in the Company's proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 <u>Conduct of Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Every meeting of Shareholders shall be conducted by the chairperson of the meeting. The Secretary, or, in the Secretary's absence, an Assistant Secretary, or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board of Trustees or, in the absence of such appointment, an individual appointed by the chairperson of the meeting shall act as secretary of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Except as otherwise provided by law, the chairperson of the meeting shall have the power and duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 1.8 (including whether the Shareholder or beneficial owner, if any, on whose behalf the nomination or proposal is made solicited (or is part of a group which solicited) or did not so solicit, as the case may be, proxies in support of such Shareholder's nominee or proposal in compliance with such Shareholder's representation as required by clause (A)(4)(c)(viii) of Section 1.6), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) if any proposed nomination or business was not made or proposed in compliance with Section 1.6, to declare that such nomination shall be disregarded or that such proposed business shall not be transacted; provided, however, that such nomination or such proposed business shall not be presumed to be valid in the absence of such a declaration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Board of Trustees may adopt by resolution such rules and regulations for the conduct of any meeting of the Shareholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Trustees, the chairperson of any meeting of Shareholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Trustees or prescribed by the chairperson of the meeting, may include, without limitation, the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting and the safety of those present; (d) limitations on attendance at and participation in the meeting to Shareholders, their duly authorized and constituted proxies or such other Persons as the chair of the meeting shall determine; (e) restrictions on entry to the meeting after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments by Shareholders; and (g) the extent to which, if any, other participants are permitted to speak.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 <u>Adjourned Meeting</u>. Subject to the requirements of Section 10.3 of the Declaration, any meeting of Shareholders, whether or not a quorum is present, may be adjourned from time to time by: (a) the vote of the majority of the Shares represented at that meeting, either in person or by proxy; or (b) in his or her discretion by the chairperson of the meeting. At any reconvened meeting, any business may be transacted which might have been transacted at the original meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>Meetings by Remote Communications</u>. Notwithstanding anything to the contrary in these By-Laws, the Trustees or a committee of the Board of Trustees or Chief Executive Officer, Vice-President (if any), Chief Financial Officer or Secretary of the Company may determine at any time, including, without limitation, after the calling of any meeting of Shareholders, that any meeting of Shareholders be held solely by means of remote communication or both at a physical location and by means of remote communication. If the Trustees or a committee of the Board of Trustees or the Chief Executive Officer, Vice-President, Chief Financial Officer or Secretary of the Company shall determine that any meeting of Shareholders be held solely by means of remote communication or both at a physical location and by means of remote communication, subject to such guidelines and procedures as the Trustees or such committee or such officer may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Company shall implement such measures as the Board of Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Company.

#### ARTICLE II<br>

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

#### TRUSTEES
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Annual and Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, the Chief Executive Officer, the Secretary or any two Trustees. Regular meetings of the Trustees shall generally be held quarterly and may be held with notice given in accordance with Section 2.5 of the Declaration, except as may be required by the 1940 Act. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Chairperson</u>. The Board of Trustees may elect from among its members a Chairperson of the Board who shall at all times be a trustee of the Company. The Chairperson of the Board shall preside over all meetings of the Board of Trustees and shall have such other responsibilities in furthering the Board's functions as may be prescribed from time to time by resolution of the Board. The Chairperson of the Board, if any, shall, if present, preside at all meetings of the Shareholders and of the Trustees and shall exercise and perform such other powers and duties as may be from time to time assigned by the Trustees. In absence of a chairperson, the Trustees present shall elect one of their number to act as temporary chairperson to preside over a meeting of the Trustees. The Chairperson of the Board, if any, shall be elected by the Board of Trustees to hold office until his or her successor shall have been duly

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elected and shall have qualified, or until his or her death, or until he or she shall have resigned, or have been removed, as herein provided in these By-Laws. Each Trustee, including the Chairperson of the Board, if any, shall have one vote.

The Chairperson of the Board, if any, may resign at any time by giving written notice of resignation to the Board of Trustees. Any such resignation shall take effect at the time specified therein or, if the time when it shall become effective shall not be specified therein, immediately upon its receipt; and, unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective. The Chairperson of the Board, if any, may be removed as Chairperson of the Board of Trustees by the Board of Trustees with or without cause at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Records</u>. The results of all actions taken at a meeting of the Trustees, or by unanimous written consent of the Trustees, shall be recorded by the secretary of the meeting appointed by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Standard of Care</u>. It shall be understood that each Trustee, including the Chairperson of the Board of the Company or any chairperson or member of any committee of the Board created herein or by the Board of Trustees shall have the same level of responsibility to the Company required of his or her being a Trustee, regardless of (a) any other position held with the Company, (b) the Trustee's individual training or expertise and (c) the role performed by the Trustee on behalf of the Company in his or her capacity as Trustee even if such role requires the Trustee to possess specific or unique qualifications under applicable law or regulation. The Chairperson of the Board of the Company or any chairperson or member of any committee of the Board created herein or by the Board of Trustees shall serve in such capacity for the Board of Trustees and does not serve in such capacity as an officer of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Compensation</u>. The Trustees shall have power to pay reasonable compensation from the funds of the Company to themselves as Trustees. The Trustees shall fix the compensation (if any) of all officers of the Company, employees of the Company (if any), and the Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Company. Nothing herein contained shall be construed to preclude any Trustees from serving the Company in any other capacity and receiving compensation therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Indemnification</u>. In accordance with Section 5.2(d) of the Declaration, the rights accruing to any indemnitee under the provisions of Section 5.2 of the Declaration shall not exclude any other right which any person may have or hereafter acquire under the Declaration, these By-Laws, any statute, agreement, vote of stockholders or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled. For the avoidance of doubt, to the extent the Company enters into a written agreement with any Trustee to indemnify such Trustee, any indemnification of such Trustee by the Company shall be governed by the terms of such written agreement, including with respect to determinations required, applicable presumptions and burden of proof with respect to such Trustee's entitlement to indemnification and/or advancement of expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Governance</u>. The Board of Trustees may from time to time require all its members and any Proposed Nominee to agree in writing as to matters of corporate governance, business ethics and confidentiality while such Persons serve as a Trustee, such agreement to be on the terms of, and in a form determined satisfactory by, the Board of Trustees, as amended and supplemented from time to time in the discretion of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Ratification</u>. The Board of Trustees or the Shareholders may ratify any action or inaction by the Company or its officers to the extent that the Board of Trustees or the Shareholders could have originally authorized the matter and, if so ratified, such action or inaction shall have the same force and effect as if originally duly authorized, and such ratification shall be binding upon the Company and its Shareholders. Any action or inaction questioned in any proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting, or otherwise, may be ratified, before or after judgment, by the Board of Trustees or by the Shareholders, and such ratification shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

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#### ARTICLE III<br>

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

#### OFFICERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Officers of the Company</u>. The officers of the Company shall consist of a Chief Executive Officer, a Secretary, a Chief Financial Officer, a Chief Compliance Officer and such other officers or assistant officers as may be elected or authorized by the Trustees, including any Vice Presidents. Any two or more of the offices may be held by the same Person, except that the same Person may not be both Chief Executive Officer and Secretary. No officer of the Company need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Chief Executive Officer, Chief Financial Officer, Secretary, Chief Compliance Officer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Company. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Removal of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chairperson of the Board, Chief Executive Officer, or Secretary, and such resignation shall take effect immediately upon receipt by the Chairperson of the Board, Chief Executive Officer, or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Chief Executive Officer and Vice-Presidents</u>. Subject to such supervisory powers, if any, as may be given by the Trustees to the Chairperson, if any, the Chief Executive Officer shall be the chief executive officer of the Company and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Company and of its employees and shall exercise such general powers of management as are usually vested in the office of Chief Executive Officer or president of a corporation. Subject to the direction of the Trustees, the Chief Executive Officer shall have power in the name and on behalf of the Company to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Company. Unless otherwise directed by the Trustees, the Chief Executive Officer shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Company at any meetings of business organizations in which the Company holds an interest, or to confer such powers upon any other Persons, by executing any proxies duly authorizing such Persons. The Chief Executive Officer shall have such further authorities and duties as the Trustees shall from time to time determine.

In the absence or disability of the Chief Executive Officer, any Vice-President designated by the Trustees shall perform all of the duties of the Chief Executive Officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the Chief Executive Officer. Subject to the direction of the Trustees, and of the Chief Executive Officer, such Vice-President shall have the power in the name and on behalf of the Company to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and the committees of the Board, if any. The Secretary shall be custodian of the seal of the Company, if any, and the Secretary (and any other Person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Company which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Company. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Chief Financial Officer</u>. Except as otherwise directed by the Trustees, the Chief Financial Officer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Company, and shall have and exercise under the supervision of the Trustees and of the Chief Executive Officer

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all powers and duties normally incident to the office. The Chief Financial Officer may endorse for deposit or collection all notes, checks and other instruments payable to the Company or to its order. The Chief Financial Officer shall deposit all funds of the Company in such depositories as the Trustees shall designate. The Chief Financial Officer shall be responsible for such disbursement of the funds of the Company as may be ordered by the Trustees or the Chief Executive Officer. The Chief Financial Officer shall keep accurate account of the books of the Company's transactions which shall be the property of the Company, and which together with all other property of the Company in the Chief Financial Officer's possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the Chief Financial Officer shall be the principal accounting officer of the Company and shall also be the principal financial officer of the Company. The Chief Financial Officer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Company on behalf of such series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Chief Compliance Officer</u>. The Board shall designate a chief compliance officer to the extent required by, and consistent with the requirements of, the 1940 Act. The chief compliance officer, who shall also serve as the anti-money laundering officer and subject to the direction of, and reporting to, the Board, shall be responsible for the oversight of the Company's compliance with the U.S. federal securities laws and other applicable regulatory requirements. The designation, compensation and removal of the chief compliance officer must be approved by the Board, including a majority of the Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the 1940 Act). The chief compliance officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time by the Board or the Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Company. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Company shall have such other duties and authority as may be conferred upon such Person by the Trustees or delegated to such Person by the Chief Executive Officer.

#### ARTICLE IV<br>

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

#### MISCELLANEOUS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Custodians</u>. In accordance with Section 7.1 of the Declaration, the funds of the Company shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Company by its properly authorized officers, agent or agents, as provided in the Declaration or By-laws or as the Trustees may from time to time by resolution provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Seal</u>. The Company is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Company may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Governing Law</u>. These By-Laws and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to the laws of the state of Delaware, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The provisions of these By-Laws are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions are in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable binding laws and regulations, the conflicting provision shall be

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deemed never to have constituted a part of these By-Laws; provided, however, that such determination shall not affect any of the remaining provisions of these By-Laws or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) If any provision of these By-Laws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of these By-Laws in any jurisdiction.

#### ARTICLE V<br>

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

#### STOCK TRANSFERS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.7 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Company as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Transfer of Shares</u>. The Shares of the Company shall be transferable on the books of the Company only upon delivery to the Trustees or a transfer agent of the Company of proper documentation as provided in Section 6.8 of the Declaration. The Company, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of such evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Registered Shareholders</u>. The Company may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other Person.

#### ARTICLE VI<br>

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

#### AMENDMENT OF BY-LAWS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Amendment and Repeal of By-Laws</u>. In accordance with Section 3.11 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

13<br>

## Ex-99.(E)

#### Exhibit (e)

#### FORM OF DIVIDEND REINVESTMENT PLAN <br>

#### OF <br>

#### PERSHING SQUARE USA, LTD. <br>

#### effective as of [ ]
Pershing Square USA, Ltd., a Delaware statutory trust (the "Company"), hereby adopts the following plan (the "Plan") with respect to cash dividends and other cash distributions (collectively, "Cash Dividends") declared by its Board of Trustees (the "Board") on its common shares of beneficial interest, no par value per share (the "Common Shares"):

1. Unless a record holder of Common Shares (a "Common Shareholder") specifically elects to receive cash as set forth below, all Cash Dividends will be automatically reinvested in additional Common Shares, as set forth herein, and no action shall be required on such Common Shareholder's part to have Cash Dividends reinvested in Common Shares. All Common Shareholders are deemed to be participants in the Plan ("Participants") unless they specifically elect not to participate in the Plan by notifying the Plan Administrator pursuant to the instructions in Section 7 hereof. 

2. State Street Bank and Trust Company, as plan agent (the "Plan Administrator"), serves as agent for the Participants of the Company in administering the Plan. The Common Shares are acquired by the Plan Administrator for a Participant's account, depending upon the circumstances described below, either (i) through receipt of additional authorized and unissued Common Shares from the Company ("Newly Issued Shares") or (ii) by purchase of outstanding Common Shares on the open market ("Open-Market Purchases") on the New York Stock Exchange ("NYSE") or elsewhere. If, on a Cash Dividend payment date, the Company's net asset value per Common Share ("NAV") is equal to or less than the market price per Common Share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the Plan Administrator will invest the Cash Dividend amount in Newly Issued Shares on behalf of the Participant. The number of Newly Issued Shares to be credited to the Participant's account will be determined by dividing the dollar amount of the Cash Dividend by the Company's NAV on the date the shares are issued, unless the Company's NAV is less than 95% of the then current market price on the NYSE of a Common Share, in which case the dollar amount of the Cash Dividend will be divided by 95% of the then current market price on the NYSE of a Common Share. If on the Cash Dividend payment date the Company's NAV is greater than the market price on the NYSE of a Common Share (such condition being referred to as "market discount"), the Plan Administrator will invest the Cash Dividend amount in Common Shares acquired on behalf of the Participant in Open-Market Purchases. 

3. A Common Shareholder may, however, elect to receive an entire Cash Dividend in cash. To exercise this option, such Common Shareholder shall notify the Plan Administrator in writing or by telephone (pursuant to the instructions in Section 7 hereof) so that such notice is received by the Plan Administrator no later than 1:00 p.m. Eastern time on the record date for the Cash Dividend involved. Persons who hold their Common Shares through a bank, broker or other nominee and who wish to elect to receive any Cash Dividends in cash must contact their bank, broker or other nominee. 

4. The Plan Administrator will set up a Plan account for Common Shares acquired through the Plan for each Participant. The Plan Administrator may hold each Participant's Common Shares, together with the Common Shares of other Participants, in non-certificated form in the Plan Administrator's name or that of its nominee. In the case of Common Shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder and held for the account of beneficial owners who participate in the Plan. 

5. The Plan Administrator will confirm to each Participant each acquisition made pursuant to the Plan as soon as practicable. Each Participant may from time to time have an undivided fractional interest (computed to three decimal places) in a Common Share and dividends and other distributions on fractional Common Shares will be credited to each Participant's Plan account. 

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6. In the event that the Company makes available to its shareholders rights to purchase additional Common Shares or other securities, the Common Shares or other securities held by the Plan Administrator for each Participant under the Plan will be added to any other Common Shares or other securities held by the Participant (in book-entry or certificated form) in calculating the number of rights to be issued to the Participant. 

7. The Plan Administrator's service fee, if any, and expenses for administering the Plan will be paid for by the Company. There will be no brokerage charges to Common Shareholders with respect to Common Shares issued directly by the Company as a result of dividends or other distributions payable either in Common Shares or in cash. However, each Participant will pay a pro-rata share of brokerage commissions incurred with respect to the Plan Administrator's Open-Market Purchases in connection with the reinvestment of Cash Dividends. 

8. Each Participant may terminate his, her or its account under the Plan by so notifying the Plan Administrator by writing to the Plan Administrator at State Street Corp—Transfer Agency, 1 Heritage Dr. North Quincy, MA 02171 or by calling the Plan Administrator at 617 985-9686. Such termination will be effective immediately if the Participant's notice is received by the Plan Administrator at least 10 days prior to any dividend or other distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or other distribution. The Plan may be terminated by the Company upon notice in writing mailed to each Participant at least 30 days prior to any record date for the payment of any dividend or other distribution by the Company. Persons who hold their Common Shares through a bank, broker or other nominee and who wish to terminate their account under the Plan may do so by notifying their bank, broker or other nominee. 

9. Upon any termination of the Plan by the Company or upon any termination by a Participant of his, her or its account under the Plan, the Plan Administrator will cause full and fractional Common Shares held for the Participant under the Plan to be credited to the Participant in book-entry form with the Company's transfer agent. In advance of such termination, a Participant may instead elect to have the Plan Administrator sell part or all of the Participant's shares and remit the proceeds to the Participant. A sale request that is received before 1:00 p.m. Eastern time, will, subject to market conditions and their factors, generally be sold the same business day. Sales usually take place on a daily basis during trading days on the NYSE, and are generally processed on the day that a sale request is received by the Plan Administrator (if received during a trading day) and no later than five business days of the receipt of that request. Persons who hold their Common Shares through a bank, broker or other nominee and who wish sell part or all of their shares under the Plan may do so by notifying their bank, broker or other nominee. 

10. These terms and conditions may be amended or supplemented, and the Plan may be terminated, by the Company at any time but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by mailing to each Participant appropriate written notice at least 30 days prior to the effective date thereof (and in the case of termination, at least 30 days prior to the record date for the payment of any Cash Dividend by the Company). The amendment or supplement shall be deemed to be accepted by each Participant unless, prior to the effective date thereof, the Plan Administrator receives written notice from the Participant of the termination of such Participant's account under the Plan. Any such amendment may include an appointment by the Plan Administrator, in its place and stead, of a successor agent under these terms and conditions, with full power and authority to perform all or any of the acts to be performed by the Plan Administrator under these terms and conditions. Upon any such appointment of any agent for the purpose of receiving dividends and other distributions, the Company will be authorized to pay to such successor agent, for each Participant's account, all dividends and other distributions payable on Common Shares of the Company held in the Participant's name or under the Plan for retention or application by such successor agent as provided in these terms and conditions. 

11. The Plan Administrator will at all times act in good faith and use its commercially reasonable best efforts to ensure its full and timely performance of all services to be performed by it under this Plan and to comply with applicable law, but assumes no responsibility and shall not be liable for loss or damage due to errors unless such error is caused by the Plan Administrator's negligence, bad faith, or willful misconduct or that of its employees or agents. 

12.<br> These terms and conditions shall be governed by the laws of the State of Delaware, without regard to its conflict of laws rules.

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## Ex-99.(G)

#### Exhibit (g)
<u>INVESTMENT MANAGEMENT AGREEMENT</u> <br>

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

Dated as of July 15, 2024

This Investment Management Agreement (this "<u>Agreement</u>") is made and entered into as of the date set forth above by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Company</u>"), and Pershing Square Capital Management, L.P., a Delaware limited partnership (the "<u>Manager</u>" and, together with the Company, the "<u>Parties</u>"). Capitalized terms used in the preamble and recitals of this Agreement and not otherwise defined therein are defined in Section 1.

<u>R E C I T A L S</u>:

WHEREAS, the Company wishes to appoint the Manager, a registered investment adviser under the Advisers Act, to perform various investment management and advisory services for the Company, a closed-end management investment company registered under the 1940 Act;

WHEREAS, the Manager has agreed to furnish investment management and advisory services to the Company upon the terms and conditions herein set forth; and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act.

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

Section 1. <u>Definitions</u>.

Unless otherwise expressly provided in this Agreement, the following terms used in this Agreement shall have the following meanings:

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| | |
|:---|:---|
| "<u>1940 Act</u>" | means the Investment Company Act of 1940, as amended, including the rules and regulations promulgated thereunder.  |
| "<u>Administrator</u>" | means any firm or firms as the Board may, in its discretion, select for the purpose of maintaining the Company's books and records and performing administrative services (which may include back-office and mid-office services) on behalf of the Company, including tax and accounting functions.  |
| "<u>Advisers Act</u>" | means the Investment Advisers Act of 1940, as amended, including the rules and regulations promulgated thereunder. |
| "<u>Affiliate</u>" | means, with respect to any specified Person:  |
| "<u>Affiliate</u>" | (a) <br>any Person that directly or indirectly controls, is directly or indirectly controlled by or is directly or indirectly under common control with such specified Person; <br>|
| "<u>Affiliate</u>" | (b) <br>any Person that serves as a director or officer (or in any similar capacity) of such specified Person; and <br>|
| "<u>Affiliate</u>" | (c) <br>any Person with respect to which such specified Person serves as a general partner or trustee (or in any similar capacity). <br>|
|  | For purposes of this definition, "<u>control</u>" (including "<u>controlled by</u>" and "<u>under common control with</u>") means the direct or indirect possession of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.  |
| "<u>Agreement</u>" | shall have the meaning set forth in the preamble hereof.  |
| "<u>Board</u>" | means the Board of Trustees of the Company.  |

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| | |
|:---|:---|
| "<u>Business Day</u>" | means any weekday on which banks in New York, New York are open for normal banking business.  |
| "<u>By-Laws</u>" | means the By-Laws of the Company, as amended, supplemented or amended and restated from time to time.  |
| "<u>CFTC</u>" | means the U.S. Commodity Futures Trading Commission or any successor agency.  |
| "<u>Code of Ethics</u>" | shall have the meaning set forth in Section 7(b) hereof.  |
| "<u>Company</u>" | shall have the meaning set forth in the preamble hereof.  |
| "<u>Company Documents</u>" | means the Declaration and the By-Laws.  |
| "<u>Declaration</u>" | means the Amended and Restated Agreement and Declaration of Trust of the Company, as amended, supplemented or amended and restated from time to time.  |
| "<u>Disabling Conduct</u>" | shall have the meaning set forth in Section 11 hereof.  |
| "<u>Disinterested Non-Party Trustees</u>" | shall have the meaning set forth in Section 12(c) hereof.  |
| "<u>Exchange Act</u>" | means the Securities Exchange Act of 1934, as amended.  |
| "<u>GAAP</u>" | means U.S. generally accepted accounting principles.  |
| "<u>Indemnified Losses</u>" | shall have the meaning set forth in Section 12(a).  |
| "<u>Indemnified Party</u>" | means each of the Pershing Square Advisers, and the principals, partners, officers, employees, advisors and legal representatives (*e.g.*, executors, guardians and trustees) of any of them, including Persons formerly serving in such capacities.  |
| "<u>Licensed Name</u>" | shall have the meaning set forth in Section 14 hereof.  |
| "<u>Management Fee</u>" | shall have the meaning set forth in Section 8(a) hereof.  |
| "<u>Manager</u>" | shall have the meaning set forth in the preamble hereof.  |
| "<u>NAV</u>" | means the net asset value as determined by the Company or any of its agents, including the Manager and/or the Administrator, as the case may be.  |
| "<u>Other Accounts</u>" | means other accounts (including investment companies or companies that would be investment companies but for an exception under Section 3(c) of the 1940 Act) to which any Pershing Square Adviser provides investment services from time to time.  |
| "<u>Parties</u>" | shall have the meaning set forth in the preamble hereof.  |
| "<u>Pershing Square Advisers</u>" | means, collectively, the Manager and its Affiliates.  |
| "<u>Person</u>" | means a natural person, partnership, limited liability company, corporation, unincorporated association, joint venture, trust, estate or any other entity or any governmental agency or political subdivision thereof.  |
| "<u>Proceedings</u>" | means claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative, which includes formal and informal inquiries and "sweep" examinations in connection with the Company's investment activity), actual or threatened.  |
| "<u>SEC</u>" | means the U.S. Securities and Exchange Commission.  |

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| | |
|:---|:---|
| "<u>Security</u>" and "<u>Securities</u>" | means interests commonly referred to as securities, other financial instruments of U.S. and non-U.S. entities and other assets, including capital stock; shares of beneficial interest; partnership interests and similar financial instruments; bonds, notes and debentures (whether subordinated, convertible or otherwise); currencies; commodities; physical and intangible assets; interest rate, currency, commodity, equity and other derivative products, including (i) futures contracts (and options thereon) relating to stock indices, currencies, U.S. Government securities and securities of non-U.S. governments, other financial instruments and all other commodities, (ii) swaps, options, swaptions, warrants, caps, collars, floors and forward rate agreements, (iii) spot and forward currency transactions and (iv) agreements relating to or securing such transactions; mortgage-backed obligations issued or collateralized by U.S. Federal agencies (including fixed-rate pass-throughs, adjustable rate mortgages, collateralized mortgage obligations, stripped mortgage-backed securities and REMICs); repurchase and reverse repurchase agreements; loans; structured finance instruments; accounts and notes receivable and payable held by trade or other creditors; trade acceptances; contract and other claims; executory contracts; participations; mutual funds, exchange traded funds and similar financial instruments; money market funds; obligations of the United States or any non-U.S. government, or any country, state, governmental agency or political subdivision thereof; commercial paper; certificates of deposit; bankers' acceptances; choses in action; trust receipts; and any other obligations and instruments or evidences of indebtedness of whatever kind or nature that exist now or are hereafter created; in each case, of any Person, whether or not publicly traded or readily marketable.  |
| "<u>Shareholders</u>" | means the shareholders of the Company.  |
| "<u>Trustees</u>" | means the members of the Company's Board of Trustees. |

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Section 2. <u>Interpretation and Construction</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) common nouns and pronouns and any variation thereof shall be deemed to refer to masculine, feminine, or neuter, singular or plural, as the identity of the Person, Persons or other reference in the context requires;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where specific language is used to clarify by example a general statement contained in this Agreement, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "any" shall mean "one or more";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "including" (and with correlative meaning "include") means including without limiting the generality of any description preceding such term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all references to "funds", "dollars" or "payments" shall mean United States dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The language used in this Agreement has been chosen by the Parties to express their mutual intent, and no rule of construction or interpretation requiring this Agreement to be construed or interpreted against any Party shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise specified in this Agreement, all accounting terms used in this Agreement shall be interpreted and all accounting determinations hereunder shall be made in accordance with GAAP.

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Section 3. <u>Appointment of the Manager</u>. Under the terms of this Agreement and subject to the overall supervision of the Board, the Manager shall manage the day-to-day operations of, and provide investment advisory and management services to, the Company. The Manager undertakes to give the Company the benefit of its best judgment and efforts in rendering its services.

Section 4. <u>Authority and Responsibility of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with its obligations hereunder, subject to the overall supervision of the Board, the Manager shall have the authority for and in the name of the Company, subject to Sections 5 and 7 hereof, to perform any acts as the Manager deems necessary or appropriate in order to act as investment adviser to the Company, including to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide research and analysis and direct the formulation of investment strategies for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) acquire a long position or establish a short position with respect to any Security and make purchases or sales increasing, decreasing or liquidating such position or changing from a long position to a short position or from a short position to a long position, without any limitation as to the frequency of the fluctuation in such positions or as to the frequency of the changes in the nature of such positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchase Securities and hold them for investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) enter into contracts for or in connection with investments in Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) possess, transfer, mortgage, pledge or otherwise deal in, and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to, Securities and other property and funds held or owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) lend, either with or without security, any Securities, funds or other properties of the Company and, from time to time, without limit as to the amount, borrow or raise funds and secure the payment of obligations of the Company by mortgage upon, or pledge or hypothecation of, or guarantee of, all or any part of the property of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) open, maintain and close accounts, including margin and custodial accounts, with brokers and dealers, which power shall include the authority to issue all instructions and authorizations to brokers and dealers regarding the Securities and/or money therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) pay, or authorize the payment and reimbursement of, brokerage commissions that may be in excess of the lowest rates available that are paid to brokers who execute transactions for the account of the Company and who (A) supply, or pay for (or rebate a portion of the Company's brokerage commissions to the Company for payment of) the cost of, brokerage, research or execution services utilized by the Company and/or (B) pay for (or rebate a portion of the Company's brokerage commissions for the payment of) obligations of the Company (as provided in Section 10) or the Company's share of such obligations; <u>provided</u> that the selection of a broker shall be made on the basis of seeking best execution and other relevant considerations, including: confidentiality; price quotes; the size of the transaction and ability to find liquidity; the broker-dealer's promptness of execution; the nature of the market for the financial instrument; the timing of the transaction; the difficulty of execution; the broker-dealer's expertise in the specific financial instrument or sector in which the Company seeks to trade; the extent to which the broker-dealer makes a market in the financial instrument involved or has access to such markets; the broker-dealer's skill in positioning the financial instruments involved; the broker-dealer's financial stability; the broker-dealer's reputation for diligence, fairness and integrity; the quality of service rendered by the broker-dealer in other transactions for the Manager; the quality and usefulness of brokerage and research services and investment ideas presented by the broker-dealer or third parties through the broker-dealer; the broker-dealer's willingness to correct errors; the broker-dealer's ability to accommodate any special execution or order handling requirements that may surround the particular transaction; and other factors deemed appropriate by the Manager. The Manager may, but need not, solicit competitive bids and does not have an obligation to execute trades solely based on the lowest available commission cost or spread;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) open, maintain and close accounts, including custodial accounts, with banks and wire funds, draw checks, or make other orders for the payment of monies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) enter into trades in Securities through a market-maker ("interpositioning") and engage in "step-out" transactions in which the Company pays commissions in respect of a transaction to one broker, whereas the transaction is executed by a different broker;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) allocate investment opportunities among the Company and the Other Accounts in a manner that the Manager believes is fair and reasonable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) provide the Administrator or other service providers to the Company, with such information and instructions as may be necessary to enable such service providers to perform their duties in accordance with the applicable agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) engage attorneys, independent accountants, other service providers and such other Persons as the Manager may deem necessary or advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) authorize any partner, member, employee or other agent of the Pershing Square Advisers or other agent of the Company to act for and on behalf of the Company in all matters incidental to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) in any wind down of the Company's operations, manage, on behalf of the Company, the realization of the Company's assets and the distribution thereof to the Shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) on behalf of the Company, conduct relations with administrators, custodians, depositories, transfer agents, pricing agents, investor support service providers, investor relations providers, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) do any and all acts on behalf of the Company as the Manager may deem necessary or advisable in connection with the maintenance and administration of the Company, and exercise all rights of the Company, with respect to its interest in any Person, including the voting of Securities, participation in arrangements with creditors of the Company, the institution and settlement or compromise of Proceedings and other like or similar matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as this Agreement remains in effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Manager shall have sole authority to make investment decisions for and to determine how to vote any Securities held by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Manager shall have sole responsibility with respect to all matters that, pursuant to the U.S. Commodity Exchange Act and the regulations and interpretations of the CFTC or the staff thereof, as they may be amended or supplemented from time to time, must be performed by a registered "commodity pool operator," including, without limitation, retaining and terminating the Company's commodity trading advisor(s) and its futures commission merchant(s), and the Manager agrees to register as a commodity pool operator with the CFTC as such registration may be required with respect to the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company agrees that it shall not declare or pay any cash or in-kind distributions to the Shareholders, including, without limitation, by way of (interim) dividend or share repurchases, without prior consultation with the Manager; and no distributions to the Shareholders shall be paid in excess of the amounts permitted under applicable law or approved by the Board.

Section 5. <u>Control and Periodic Reports</u>. The activities engaged in by the Manager on behalf of the Company shall be subject to the control of the Board. The Manager shall submit such periodic reports to the Board regarding the Manager's activities hereunder as the Board may reasonably request.

Section 6. <u>Status of the Manager</u>. The Manager shall, for all purposes hereof, be an independent contractor and not an employee of the Company, and nothing in this Agreement shall be construed as making the Company a partner or co-venturer with any of the Pershing Square Advisers or any other Person.

Section 7. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All investments of the Company and other activities undertaken by the Manager on behalf of the Company shall at all times conform to, and be in accordance with, the requirements imposed by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any provisions of applicable law, including the 1940 Act and the Advisers Act and the rules and regulations of the SEC thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any policies adopted by the Board;

<u>provided</u>, <u>however</u>, that in the case of clauses (ii) and (iii) above the Manager shall not be bound by any update of or modification or amendment to the Company Documents or policies of the Board adopted after the date hereof to the extent such update, modification or amendment affects the activities of the Manager hereunder, unless and until the Manager has been informed by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Manager will maintain a written code of ethics (the "<u>Code of Ethics</u>") that complies with the requirements of Rule 17j-1 under the 1940 Act, a copy of which will be provided to the Company, and will institute procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1 under the 1940 Act) from violating its Code of Ethics. The Manager will follow such Code of Ethics in performing its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager will maintain compliance policies and procedures adopted pursuant to Rule 206(4)-7 under the Advisers Act that will satisfy the requirements of Rule 38a-1 under the 1940 Act, a copy of which will be provided to the Company, and follow such compliance policies and procedures in performing its services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Manager will cooperate with the chief compliance officer of the Company in connection with the implementation and operation of the Company's compliance policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act, and will prepare necessary reports and provide the Company's chief compliance officer with access to information reasonably necessary for the Company to comply with Rule 38a-1.

Section 8. <u>Compensation of the Manager</u>. The Company agrees to pay the Manager and the Manager agrees to accept as full compensation for all services rendered by the Manager as such, a quarterly fee (the "<u>Management Fee</u>") each fiscal quarter equal to 0.50% (2.0% per annum) of the NAV of the Company on the last day of the previous fiscal quarter. The Management Fee shall be calculated and paid in advance on the first Business Day of each fiscal quarter. For any period of less than a fiscal quarter during which this Agreement is in effect and the Management Fee is payable to the Manager, the Management Fee shall be prorated for such period based on the proportion such period bears to an assumed fiscal quarter of 91 days.

Section 9. <u>Expenses of the Manager</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Manager shall pay all costs and expenses relating to the general operation of its business, including its administrative expenses, employment expenses, office expenses, rent, and all or any part of the Manager's legal expenses that are not incurred for the benefit of the Company (or, for the avoidance of doubt, the benefit of Other Accounts). The Manager, and not the Company, shall pay the compensation of all officers and Trustees of the Company who are its "affiliated persons" as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All costs and expenses incurred by the Manager on behalf of the Company which are not specifically assumed by the Manager under this Section 9 shall be borne by the Company in accordance with Section 10 hereof.

Section 10. <u>Expenses of the Company</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as provided in Section 9, the Company will bear all other costs, fees and expenses of its operations and transactions, including those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of calculating NAV, including the cost of any third-party pricing or valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) fees and expenses associated with investment research and due diligence, including fees and expenses relating to newswire, quotation equipment and services, market data services, third-party providers of research, publications, periodicals, subscriptions and database services, data processing and computer software expenses, due diligence, providers of specialized data and/or analysis related to companies, sectors or asset classes in which the Company has made or intends to make an investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) accounting, auditing, entity-level taxes imposed on or with respect to the Company and tax preparation fees and expenses;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) professional fees and expenses (including fees and expenses of investment bankers, appraisers, public and government relations firms and other consultants and experts);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses (including travel and lodging expenses) associated with corporate engagement campaigns (both long and short), such as fees and expenses related to event hosting and production, public presentations, production, preparation and dissemination of any letters or other communications with respect to plans and proposals regarding the management, ownership, business and capital structure of any portfolio company or prospective investment, creating and maintaining informational websites and engaging in online campaigns including via social media, public relations, public affairs and government relations, forensic and other analyses and investigations, proxy contests, solicitations and tender offers and compensation, indemnification and expenses of any nominees proposed by the Manager as directors or executives of portfolio companies and all related expenses (such as all costs incurred in connection with identifying and recruiting directors to serve on the board of a portfolio company, proxy solicitors, public relations and other relevant documents, the negotiation of side letters and other related costs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) fees and expenses (including travel and lodging expenses) relating to unaffiliated advisers, consultants and finders and/or introducers relating to investments and/or prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) website development and maintenance, media, marketing printing and postage expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) brokerage fees and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) fees and expenses relating to short sales (including dividend and stock borrowing expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) clearing and settlement charges, custodial fees, bank service fees, margin and other interest expense and transaction fees, filing and registration fees (*e.g.*, "blue sky" and corporate filing fees and expenses), insurance expenses, initial offering and organizational expenses and payments for custody of the Company's assets and for the performance of administrative services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) legal fees and expenses (including those expenses associated with attending, and preparing for Board meetings, as applicable, and generally serving as counsel to the Company or the independent Trustees, indemnification expenses and fees, expenses, fines, penalties, damages or settlements relating to or arising out of regulatory or similar investigations, inquiries and "sweeps" and pending, threatened and future litigation arising out of the Company's investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) underwriting costs and any costs and expenses associated with or related to due diligence performed with respect to the Company's offering of its securities, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) costs incident to payment of dividends or distributions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) costs associated with the Company's share repurchase program, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with the Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) any fees, expenses and other costs related to any Proceeding arising out of or in connection with current and past investments (including Proceedings alleging violations of laws, regulations, breach of contract or tort), subject to applicable limitations on indemnification as set forth in this Agreement, the Company Documents and applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) fees and expenses (including legal fees and expenses) relating to regulatory and self-regulatory organization filings and compliance pertaining to the Company's business and activities, investments or prospective investments, including fees and expenses related to the listing of the Company's securities on the New York Stock Exchange or any other national securities exchange and the Company's required filings and reporting under the Exchange Act, Hart-Scott-Rodino Act, filings and other similar filings, including fees and expenses incurred as a result of failing to make such filings;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses related to the organization of the Company, including fees and expenses related to the Company's formation, legal fees and professional and other fees related to the recruitment of the Company's Trustees who are not "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) fees and expenses incurred in the formation, maintenance and liquidation of any special purpose vehicles formed to effect or facilitate the acquisition of any investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) wind-up and liquidation fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) other fees and expenses similar in type and nature to the fees and expenses described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) other Company fees and expenses as approved by the Board from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any of the expenses listed in Section 10(a) are incurred jointly for the account of the Company and any Other Accounts, such expenses shall be allocated among the Company and such Other Accounts in proportion to the size of the investment made by each to which such expense relates, or in such other manner as the Manager considers fair and equitable.

Section 11. <u>Exculpation</u>. The Indemnified Parties will not be liable for any error of judgment or mistake of law or for any loss suffered by the Company in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder) ("<u>Disabling Conduct</u>").

Section 12. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall indemnify and hold harmless each Indemnified Party against any costs, charges, expenses, losses, damages or liabilities incurred or sustained by such Indemnified Party (collectively, "<u>Indemnified Losses</u>") arising from or in connection with, or concerning, the conduct of the Company's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Pershing Square Advisers hereunder, including any costs, charges, expenses, losses, damages or liabilities incurred by the Indemnified Party in defending (whether successfully or otherwise) any Proceedings arising from or in connection with, or concerning, the Company's business or its affairs or the execution or discharge of the duties, powers, authorities or discretions of the Pershing Square Advisers hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any of the foregoing to the contrary, the provisions of this Section 12 shall not be construed so as to provide for the indemnification of, or advancement of expenses to, an Indemnified Party for any Disabling Conduct, but shall be construed so as to effectuate the provisions of this Section 12 to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company may, but is not required to, make advance payments to or on behalf of any Indemnified Party in connection with the expenses of defending any Proceeding with respect to which indemnification might be sought hereunder if the Company receives a written affirmation of the Indemnified Party's good faith belief that the standard of conduct necessary for indemnification has been met and a written undertaking to reimburse the Company unless it is subsequently determined that such Indemnified Party is entitled to such indemnification and if the Trustees determine that the facts then known to them would not preclude indemnification. In addition, at least one of the following conditions must be met: (i) the Indemnified Party shall provide security for such undertaking, (ii) the Company shall be insured against losses arising by reason of any unlawful advance, or (iii) a majority of a quorum consisting of Trustees who are neither "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the Proceeding ("<u>Disinterested Non-Party Trustees</u>"), or an independent legal counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the Indemnified Party ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All determinations with respect to the standards for indemnification hereunder shall be made (i) by a final decision on the merits by a court or other body before whom the proceeding was brought that such Indemnified Party is not liable or is not liable by reason of Disabling Conduct, or (ii) in the absence of such a decision, by (A) a majority vote of a quorum of the Disinterested Non-Party Trustees, or (B) if such a quorum is not obtainable or, even

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if obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. All determinations that advance payments in connection with the expense of defending any Proceeding shall be authorized and shall be made in accordance with Section 12(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rights accruing to any Indemnified Party under these provisions shall not exclude any other right to which such indemnitee may be lawfully entitled.

Section 13. <u>Activities of the Manager and Others</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Pershing Square Advisers may engage, simultaneously with their investment management activities on behalf of the Company, in other businesses, and may render services similar to those described in this Agreement for other Persons, and shall not by reason of such engaging in other businesses or rendering of services for others be deemed to be acting in conflict with the interests of the Company. The Pershing Square Advisers, in their individual capacities, may be shareholders, directors, employees, agents or officers of the Company (or of any entity in which the Company holds any Securities) but shall not be deemed by reason of such functions to have interests that are in conflict with the interests of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The investment management services of the Manager under this Agreement are not, and are not deemed, exclusive and the Pershing Square Advisers shall be free to render similar services to others. Nothing in this Agreement shall limit or restrict the right of any principal, partner, officer or employee of the Manager to engage in any other business or to devote his or her time and attention in part to any other business.

Section 14. <u>Use of Name</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>License Grant</u>. The Manager hereby grants to the Company, and the Company hereby accepts from the Manager, a fully paid-up, royalty-free, non-exclusive, non-transferable worldwide license to use "Pershing Square" (the "<u>Licensed Name</u>") during the term of this Agreement, solely (i) in connection with the conduct of the Company's business and (ii) as part of the trademark, corporate name or trade name "Pershing Square USA, Ltd." The Company shall have no right to use the Licensed Name standing alone or to use any modification, stylization or derivative of the Licensed Name without prior written consent of the Manager in its sole discretion. All rights not expressly granted to the Company pursuant to this Section 14 shall remain the exclusive property of the Licensed Name owner. Nothing in this Section 14 shall preclude the Manager, its Affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Name whether or not such entity directly or indirectly competes or conflicts with the Company's business in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership</u>. The Company acknowledges and agrees that, as between the parties, the Manager is the sole owner of all right, title, and interest in and to the Licensed Name. The Company agrees not to do anything inconsistent with such ownership, including directly or indirectly challenging, contesting or otherwise disputing the validity or enforceability of, or the Manager's ownership of or right, title or interest in the Licensed Name (and the associated goodwill), including without limitation, arising out of or relating to any third-party claim, allegation, action, demand, proceeding or suit regarding enforcement of this Section 14 of the Agreement or involving any third party. The parties intend that any and all goodwill in the Licensed Name arising from the Company's or any applicable sublicensee's use of the Licensed Name shall inure solely to benefit the Manager. Notwithstanding the foregoing, in the event that the Company is deemed to own any rights to the Licensed Name, the Company hereby irrevocably assigns (or shall cause such sublicensee to assign), without further consideration, such rights to the Manager together with all goodwill associated therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sublicensing</u>. The Company shall not sublicense its rights under this Agreement except to a current or future majority-owned subsidiary of the Company, and then only with the prior written consent of the Manager, <u>provided</u> that (a) no such subsidiary shall use the Licensed Name as part of a name other than the Company name without the prior written consent of the Manager in its sole discretion and (b) any such sublicense shall terminate automatically, with no need for written notice, if (x) such entity ceases to be a majority-owned subsidiary, (y) this Agreement terminates for any reason or (z) the Manager gives notice of such termination. The Company shall be responsible for any such sublicensee's compliance with the provisions of this Agreement, and any breach by a sublicensee of any such provision shall constitute a breach of this Agreement by the Company. Neither the Company nor any of its current or future subsidiaries shall use a new trademark, corporate name, trade name or logo that contains the Licensed Name without the prior written consent of the Manager in its sole discretion, and any resulting license shall be governed by a new agreement between the applicable parties and/or an amendment to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance</u>. In order to preserve the inherent value of the Licensed Name, the Company agrees to use reasonable efforts to ensure that it maintains the quality of the Company's business and the operation thereof equal to the standards prevailing in the operation of the Manager's and the Company's business as of the date of this Agreement. The Company further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by the Manager and communicated to the Company from time to time in writing, or as may be agreed to by the Manager and the Company from time to time in writing. The Company shall notify the Manager promptly after it becomes aware of any actual or threatened infringement, imitation, dilution, misappropriation or other unauthorized use or conduct in derogation of the Licensed Name. The Manager and its Affiliates shall have the sole right to bring any action to remedy the foregoing, and the Company shall cooperate with the Manager in same, at the Manager's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights and license granted to the Company under this Section 14 with respect to the Licensed Name shall cease, and the Company shall immediately discontinue use of the Licensed Name.

Section 15. <u>Limitations on Reference to Manager</u>. The Company shall not distribute or circulate any sales literature, promotional or other material which contains any reference to the Manager without the prior approval of the Manager, and shall submit in draft form all such materials requiring approval of the Manager, allowing sufficient time for review by the Manager and its counsel prior to any deadline for printing or publication. If the Manager ceases to furnish services to the Company, the Company at its expense:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as promptly as practicable, shall take all necessary action to cause the Company Documents to be amended to accomplish a change of name (or change of derivative such as the ticker or trading symbol) to eliminate any reference to the Manager; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) within 60 days after the date as of which the Manager ceases to furnish services to the Company, shall cease to use in any other manner, including use in any sales literature or promotional material, the name of the Manager, except as otherwise required by applicable law, regulations or rules of a self-regulatory organization, including a stock exchange, or for purposes of regulatory filings or reporting as required by applicable law, regulations or rules of a self-regulatory organization, including a stock exchange.

Section 16. <u>Term</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date hereof and remain in effect and, unless sooner terminated with respect to the Company as provided herein, shall continue in effect for a period of two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Company for successive periods of 12 months, <u>provided</u> such continuance is specifically approved at least annually by both:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the vote of a majority of the Trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated (i) by the Company at any time, without the payment of any penalty, upon giving the Manager 60 days' written notice (which notice may be waived by the Manager), <u>provided</u> that such termination by the Company shall be directed or approved by the vote of a majority of the Board or by the vote of a majority of the outstanding voting securities of the Company, or (ii) by the Manager on 60 days' written notice to the Company (which notice may be waived by the Company).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary contained herein, this Agreement will immediately terminate in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be terminated by either Party (i) in case of dissolution or liquidation of the other Party, (ii) if a receiver or provisional liquidator or administrator or similar officer is appointed over any of the assets of the other Party or (iii) if the other Party commits a material breach of its obligations under this Agreement and such breach remains uncured for more than 30 calendar days after notice thereof is delivered to the Party in breach by the non-breaching Party in accordance with this Agreement, at any time by the non-breaching Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As used in this Section 16, the terms "majority of the outstanding voting securities," "interested person" and "assignment" shall have the same meanings of such terms in the 1940 Act.

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Section 17. <u>Choice of Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with the applicable provisions of the 1940 Act.

Section 18. <u>Severability</u>. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

Section 19. <u>Forum</u>. To the fullest extent permitted by law, in the event of any Proceeding arising out of the terms and conditions of this Agreement, the parties hereto irrevocably (i) consent and submit to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the Southern District of New York, (ii) waive any defense based on doctrines of venue or *forum non conveniens*, or similar rules or doctrines, and (iii) agree that all claims in respect of such a Proceeding must be heard and determined exclusively in the Supreme Court, State of New York, New York County or the U.S. District Court for the Southern District of New York and any appellate court thereof. Process in any such Proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court.

Section 20. <u>Notices</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each notice relating to this Agreement shall be in writing and delivered in person, by registered or certified mail, by FedEx or similar overnight courier service, by electronic mail (e-mail) or by facsimile, to the intended recipient as follows:

*If to the Company:* 

Pershing Square USA, Ltd. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 Eleventh Avenue, 9th Floor <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10019 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-mail: legal@persq.com

*If to the Manager:* 

Pershing Square Capital Management, L.P. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 Eleventh Avenue, 9th Floor <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10019 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: Chief Legal Officer <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-mail: legal@persq.com

With an additional copy to:

Sullivan & Cromwell LLP <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 Broad Street <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York 10004-2498 <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attn: William Farrar <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E-mail: farrarw@sullcrom.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any party hereto may designate a new address by notice to that effect given to the other party. Unless otherwise specifically provided in this Agreement, a notice shall be deemed to have been effectively given when delivered personally, if delivered on a Business Day; the next Business Day after personal delivery if delivered personally on a day that is not a Business Day; four Business Days after being deposited in the mail, postage prepaid, return receipt requested, if mailed; on the next Business Day after being deposited for next day delivery with Federal Express, DHL or similar overnight courier; when sent, if e-mailed on a Business Day; the next Business Day following the day on which the e-mail is sent if e-mailed on a day that is not a Business Day; when receipt is acknowledged.

Section 21. <u>Entire Agreement</u>. This Agreement contains all of the terms agreed upon or made by the Parties relating to the subject matter of this Agreement, and supersedes all prior and contemporaneous agreements, negotiations, correspondence, undertakings, communications and public or private disclosures of the Parties, oral or written, respecting such subject matter.

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Section 22. <u>Amendments and Waivers</u>. No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing by the Parties. The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver thereof or deprive that Party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

Section 23. <u>Binding Effect</u>. This Agreement shall be binding upon and inure to the benefit of the Company, the Manager, each Indemnified Party and their respective successors and permitted assigns. Any Person that is not a signatory to this Agreement but is nevertheless conferred any rights or benefits hereunder (*e.g.*, Indemnified Parties other than the Manager) shall be entitled to such rights and benefits as if such Person were a signatory hereto, and the rights and benefits of such Person hereunder may not be impaired without such Person's express written consent. Other than expressly provided for in Section 12 of this Agreement, this Agreement does not and is not intended to confer any rights or remedies upon any person other than the parties to this Agreement; there are no third-party beneficiaries of this Agreement, including but not limited to the shareholders of the Company.

Section 24. <u>Headings</u>. The headings of the Sections of this Agreement are for convenience of reference only, and are not to be considered in construing the terms and provisions of this Agreement. References to "Section" in this Agreement shall be deemed to refer to the indicated Section of this Agreement, unless the context clearly indicates otherwise.

Section 25. <u>Counterparts</u>. This Agreement may be executed through the use of separate signature pages or in any number of counterparts, all of which taken together shall constitute one and the same instrument. Each Party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any court or arbitral panel of competent jurisdiction.

Section 26. <u>Survival</u>. The provisions of Sections 1 and 2, Section 8 (only to the extent that the Management Fee is earned by the Manager upon or prior to termination of this Agreement), Sections 9 to 15 and Sections 17 to 27 shall survive the termination of this Agreement.

Section 27. <u>Waiver of Jury Trial</u>. **EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO THE EXTENT PERMITTED BY LAW IN ANY PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE OF COMPETENT COUNSEL.**

[*Signature pages follow.*]

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date first set forth above.

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| | |
|:---|:---|
| PERSHING SQUARE USA, LTD.  | PERSHING SQUARE USA, LTD.  |
| By: | /s/ Michael Gonnella |
|  | Name: Michael Gonnella <br>Title: Chief Financial Officer  |
| By: | /s/ Halit Coussin  |
|  | Name: Halit Coussin <br>Title: Chief Compliance Officer |

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| | |
|:---|:---|
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P.  | PERSHING SQUARE CAPITAL MANAGEMENT, L.P.  |
| By: PS Management GP, LLC, its general partner | By: PS Management GP, LLC, its general partner |
| By: | /s/ William A. Ackman  |
|  | Name: William A. Ackman <br>Title: Authorized Signatory |

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## Ex-99.(J)

#### Exhibit (j)

#### FORM OF CUSTODY AGREEMENT

#### This Agreement (the "Agreement") is made as of ________ __, 2024 (the "Effective Date") between :
(1) **Each entity identified on <u>Appendix A</u>, whose jurisdiction of formation is identified opposite its name (the "Client"); and** 

(2) **STATE STREET BANK AND TRUST COMPANY, a bank and trust company organized under the laws of The Commonwealth of Massachusetts, U.S.A. (the "Custodian").** 

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|:---|:---|
| **1**<br>| **Definitions and Interpretation**  |

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Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

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| | |
|:---|:---|
| **2**<br>| **Appointment of the Custodian**  |

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The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement.

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| | |
|:---|:---|
| **3**<br>| **Safekeeping Securities**  |

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| | |
|:---|:---|
| 3.1<br>| **Holding Securities. The Custodian will hold Securities delivered or credited to its account under this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through accounts at CSDs. Except pursuant to Proper Instructions or as otherwise agreed in writing, the Client's Securities may not be borrowed, hypothecated, rehypothecated, pledged, reused or otherwise transferred (through securities lending, securities borrowing, repurchase agreement, reverse repurchase agreement or other means) by the Custodian.**  |

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| | |
|:---|:---|
| 3.2<br>| **Client Entitlements and Segregation. The Custodian will take the following steps to reflect the Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian, Subcustodians, and CSDs, in accordance with Local Market Practice:**  |

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| | |
|:---|:---|
| 3.2.1<br>| **Accounts at the Custodian. Open and maintain on the records of the Custodian one or more securities accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account") and credit Securities to them;**  |

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| | |
|:---|:---|
| 3.2.2<br>| **Accounts at the Subcustodians or CSDs. Open and maintain securities accounts at the Subcustodians or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts may be commingled (or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the Client. In addition, the Custodian represents that such accounts will not include any proprietary securities of the Custodian, the Subcustodian or the CSD;**  |

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| | |
|:---|:---|
| 3.2.3<br>| **Physical Securities. Physically segregate bearer Securities from the proprietary assets of the Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's proprietary assets;**  |

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|:---|:---|
| 3.2.4<br>| **Registration Names. Register certificated Securities (other than bearer securities) in the name of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local Market Practice and the laws and regulations applicable to the Custodian; and**  |

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|:---|:---|
| 3.2.5<br>| **Records of Transactions; Reconciliation. Maintain records of the Client's transactions in the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians' standard procedures and Local Market Practice.**  |

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| 3.3<br>| **Securities Interchangeable. Securities of the Client (whether held in separate or commingled accounts) are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.**  |

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| 3.4<br>| **Acceptance of Securities. Except as otherwise agreed in writing with the Client, the Custodian will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally equipped or permitted to hold under any law or regulation.**  |

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| **4**<br>| **Cash**  |

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| 4.1<br>| **Cash Accounts. The Custodian will open and maintain in the name of the Client one or more cash deposit accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity of the Client.**  |

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| 4.2<br>| **Location of Cash Deposits. Cash received for the Client will be deposited with the Custodian, or with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.**  |

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| 4.3<br>| **Cash Records. The Custodian will reflect Cash balances held in all On Book and Off Book Client deposit accounts on its books and records and report the balances to the Client.**  |

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| 4.4<br>| **Banking Relationship. In accepting deposits under this Agreement, the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash) acts as banker and does not hold the money deposited on trust or segregated from its proprietary assets. Accordingly, the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian receives from the Subcustodian.**  |

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| 4.5<br>| **Interest and Charges. Cash Accounts may be interest bearing or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine on a periodic basis:**  |

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| 4.5.1<br>| **the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid or charged to the Client from time to time with respect to a Cash Account; and**  |

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| 4.5.2<br>| **the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will trigger interest charges from time to time for overdrafts,**  |

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in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

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| 4.6<br>| **Overdrafts. The Client must maintain sufficient funds in the Cash Accounts to settle all transactions in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest on the principal overdraft.**  |

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| **5**<br>| **Transaction Settlement**  |

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| 5.1<br>| **Settlement. The Custodian will settle all transactions in accordance with Local Market Practice, which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.**  |

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| 5.2<br>| **Contractual Settlement. In order to facilitate transaction settlement, the Custodian may provisionally credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients at any time.**  |

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| 5.3<br>| **Use of Funds. Where Contractual Settlement applies, the Custodian will credit or debit the appropriate Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.**  |

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| 5.4<br>| **Reversal. The Custodian may reverse any Contractual Settlement credit at any time before actual receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.**  |

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| 5.5<br>| **Secured Liability. To the extent that the Custodian has not received the cash payment associated with a credit, the amount credited remains a Secured Liability under this Agreement.**  |

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| **6**<br>| **Corporate Actions**  |

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| 6.1<br>| **Transmit Information. The Custodian will promptly transmit or make available to the Client all material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians) without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can be verified against at least one additional source.**  |

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| 6.2<br>| **Exercise. The Custodian will process the Client's elections with respect to any voluntary Corporate Action at the direction of the Client, provided that the Custodian has the operational and legal ability to process the client's elections, including on account of the Custodian's actual possession of the relevant Securities, and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.**  |

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| 6.3<br>| **Class Actions. The Custodian will transmit written information received by the Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as a lead plaintiff in a class action.**  |

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| 6.4<br>| **Fractional Positions. Fractional positions resulting from Corporate Actions will be dealt with in accordance with the Client Publications.**  |

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| **7**<br>| **Proxy Servicing**  |

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| 7.1<br>| **Transmit Information. The Custodian will forward to the Client all proxies received by the Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and will share the Client's position and contact information to facilitate such collection and distribution.**  |

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| 7.2<br>| **Voting. The Custodian provides proxy voting services for the markets designated in the Client Publications. The Custodian will cause to be promptly executed all proxies relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, by the registered holder in accordance with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities registered in the name of the Client or a nominee of the Client, and all requirements set out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by the deadline specified in the Custodian's proxy notification.**  |

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| **8**<br>| **Income Collection**  |

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| 8.1<br>| **Monitoring and Crediting. The Custodian will use reasonable efforts to monitor and collect on a timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.**  |

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| 8.2<br>| **Repatriation of Income. The Client is responsible for directing the repatriation of income into the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set out in Section 13 of this Agreement.**  |

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| **9**<br>| **Statements and Reports**  |

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| 9.1<br>| **Contents. The Custodian will make available reports to the Client regarding the Portfolio on a periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These reports will not include net asset value calculations.**  |

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| 9.2<br>| **Cash and Securities Not Held. The Custodian may agree to incorporate information in respect of cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform any other Services in relation to such cash or securities.**  |

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| **10**<br>| **Tax Withholding and Tax Relief**  |

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| 10.1<br>| **Withholding. The Custodian will withhold (or cause to be withheld) the amount of any tax which is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's domicile and entity type in respect of any dividend, interest income or other distribution in relation to any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.**  |

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| 10.2<br>| **Tax Relief. The Custodian will apply for a reduction of withholding tax and refund of any tax paid or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client Publications. The Custodian does not facilitate tax reclaims**  |

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for tax transparent or pass-through (i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

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| 10.3<br>| **Documentation. In order for the Custodian to perform the services in this Section 10, the Client will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating withholding and determining available tax relief, without the need to undertake any further inquiries or verification.**  |

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| 10.4<br>| **Client Responsible for Taxes. The Client will be liable for all taxes, levies or similar obligations which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.**  |

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| 10.5<br>| **No Tax Advice. The Client acknowledges that the Custodian is not, and will not be deemed to be, providing tax advice or tax counsel.**  |

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| **11**<br>| **Physical Safekeeping of Investment Documents**  |

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| 11.1<br>| **Document Safekeeping. The Custodian may agree to provide physical safekeeping for Investment Documents delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation and other requirements as the Custodian may specify from time to time. Investment Documents held in physical safekeeping will be segregated from documents of any other person and marked so as to clearly identify them as property of the Client.**  |

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| 11.2<br>| **No Other Services. The Custodian will not otherwise perform any other Services in relation to such Investment Documents.**  |

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| **12**<br>| **Alternative Asset Servicing**  |

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| 12.1<br>| **Alternative Assets. The Custodian may agree to reflect the Client's Alternative Assets on its books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's interests in Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify from time to time.**  |

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| **13**<br>| **Foreign Exchange**  |

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| 13.1<br>| **Role of Custodian. The role of the Custodian with respect to foreign exchange transactions is limited to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as agent to process the Proper Instructions given by the Client.**  |

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| 13.2<br>| **Role of Counterparties. If the Client enters into any foreign exchange transaction with State Street Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements (including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client Publications.**  |

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| **14**<br>| **Subcustodians**  |

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| 14.1<br>| **Use of Subcustodians. The Custodian is authorized to utilize Subcustodians in connection with its performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.**  |

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| 14.2<br>| **Selection and Monitoring. The Custodian will use reasonable skill, care and diligence in the selection, monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.**  |

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| 14.3<br>| **Special Subcustodians. At the request of the Client, the Custodian may agree to appoint one or more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent practicable.**  |

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| 14.4.<br>| **Provisions Relating to Rule 17f-5**  |

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| 14.4.1<br>| **Delegation. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Customer that it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."**  |

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| 14.4.2<br>| **Exercise of Care as Foreign Custody Manager. The Foreign Custody Manager will exercise such reasonable care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.**  |

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| 14.4.3<br>| **Foreign Custody Arrangements. The Foreign Custody Manager will perform the delegated responsibilities only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list from time to time in its sole discretion upon notice to the Client.**  |

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| 14.4.4<br>| **Scope of Delegated Responsibilities. The Foreign Custody Manager, when placing and maintaining Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate, including if such arrangements have ceased to meet the requirements of Rule 17f-5 under the 1940 Act, and will act in accordance with the Client's Proper Instructions with respect to the disposition of the affected Foreign Assets.**  |

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| 14.4.5<br>| **Reporting Requirements. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end**  |

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of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification of the change.

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| 14.4.6<br>| **Representations of Foreign Custody Manager and Client. The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the Client's Foreign Assets in each Covered Foreign Country.**  |

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| 14.4.7.<br>| **Withdrawal of Acceptance of Delegation as Foreign Custody Manager. Upon reasonable prior written notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.**  |

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| 14.4.8.<br>| **Settlement Practices. The Custodian will provide to each Client the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result in a Client being provided with substantively less information than had been previously provided on Schedule C.**  |

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| **15**<br>| **Central Securities Depositories**  |

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| 15.1<br>| **Use of Central Securities Depositories. The Custodian and its Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications.**  |

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| 15.2<br>| **Rules of Central Securities Depositories. Where the Custodian or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof.**  |

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| 15.3<br>| **Provisions Relating to Rule 17f-4. The Custodian may deposit and maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.**  |

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| 15.4<br>| **Provisions Relating to Rule 17f-7. The Custodian will (i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above.**  |

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| **16**<br>| **Delegation**  |

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| 16.1<br>| **Use of Delegates. The Custodian will have the right, without prior notice to or the consent of the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee schedule, the Custodian will be responsible for the compensation of its Delegates.**  |

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| 16.2<br>| **Provision of Information Regarding Delegates. The Custodian will provide or make available to the Client on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may reasonably request from time to time.**  |

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| 16.3<br>| **Third Parties. Nothing in this Section limits or restricts the Custodian's right to use Affiliates or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement other than the provision of the Services.**  |

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| **17**<br>| **Standard of Care and Liability**  |

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| 17.1<br>| **Standard of Care. The Custodian will at all times exercise the reasonable skill, care and diligence expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under this Agreement.**  |

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| 17.2<br>| **Liability for Losses. Subject to the limitations and exclusions of liability in this Agreement, the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful misconduct, bad faith, or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.**  |

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| 17.3<br>| **Responsibility for Subcustodians. The Custodian will be liable to the Client for the acts and omissions of its Subcustodians as if it had committed such acts and omissions itself; provided that:**  |

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| 17.3.1<br>| **compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing the relevant Services; and**  |

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|:---|:---|
| 17.3.2<br>| **the Custodian will have no liability for Losses resulting from the insolvency or other financial default of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required under Section 14.2.**  |

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|:---|:---|
| 17.4<br>| **Responsibility for Special Subcustodians. Notwithstanding the provisions of Section 17.3 to the contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful misconduct, bad faith or fraud of the Custodian. In the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.**  |

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|:---|:---|
| 17.5<br>| **Responsibility for Delegates. The Custodian will be liable to the Client for the acts and omissions of its Delegates as if it had committed such acts and omissions itself.**  |

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|:---|:---|
| 17.6<br>| **Force Majeure. Neither Party will be in breach of this Agreement or liable for Losses arising by reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity obligations under this Agreement.**  |

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|:---|:---|
| 17.7<br>| **No Liability for Certain Losses. The Custodian will not be liable to the Client for any Losses to the extent they arise from or are caused by:**  |

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|:---|:---|
| 17.7.1<br>| **the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;**  |

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|:---|:---|
| 17.7.2<br>| **a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section 22, subject to the satisfaction of the conditions set out in that Section, as applicable;**  |

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|:---|:---|
| 17.7.3<br>| **the failure of the Client or any person authorized by it to comply with the Client's obligations under this Agreement; or**  |

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|:---|:---|
| 17.7.4<br>| **any other acts and omissions of the Client, any person authorized by it or any third party, including any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.**  |

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|:---|:---|
| 17.8<br>| **Mutual Exclusion of Indirect and Other Loss. Notwithstanding any other provision of this Agreement, neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether or not a Party has been advised of or**  |

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otherwise could have anticipated the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable to either Party.

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|:---|:---|
| **18**<br>| **Error Correction**  |

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|:---|:---|
| 18.1<br>| **Error Correction. If an error results from an act or omission of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law. The Custodian will use commercially reasonable efforts to notify the Client of, or account to the Client for, any Loss or gain that has accrued to the Client associated with any error.**  |

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|:---|:---|
| **19**<br>| **Limits on the Scope of the Services**  |

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|:---|:---|
| 19.1<br>| **No Fiduciary or Implied Duties. The Custodian is responsible only for the duties it has expressly undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.**  |

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|:---|:---|
| 19.2<br>| **Investment and Other Risk, Client Compliance Matters. The Client bears the risk of investing in Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.**  |

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|:---|:---|
| 19.3<br>| **Data Accuracy. The Custodian has no responsibility for, or duty to review, verify or otherwise perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data review under this Agreement.**  |

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|:---|:---|
| 19.4<br>| **Title. The Custodian is not responsible for title or entitlement to, validity or genuineness, including good deliverable form, of any asset received by the Custodian.**  |

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|:---|:---|
| 19.5<br>| **Proceedings. The Custodian is not responsible for commencing legal or administrative proceedings on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment. The Custodian shall provide commercially reasonable assistance in seeking any such amounts on behalf of the Client.**  |

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|:---|:---|
| 19.6<br>| **Laws Applicable to the Custodian or Subcustodian. Laws applicable to the Custodian or a Subcustodian may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.**  |

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|:---|:---|
| 19.7<br>| **Securities on Loan. Asset servicing is not generally performed for securities on loan unless otherwise noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be covered by a separate securities lending or services agreement.**  |

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|:---|:---|
| **20**<br>| **Indemnity**  |

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|:---|:---|
| 20.1<br>| **Indemnity by Client. Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against direct Losses**  |

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incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful misconduct, bad faith or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement, and provided that Custodian has undertaken reasonable efforts to mitigate any such Losses.

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|:---|:---|
| 20.2<br>| **Indemnity by Custodian. Subject to this Section 20 and the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the negligence, wilful misconduct, bad faith or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement, and provided the Client has undertaken reasonable efforts to mitigate such Losses.**  |

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|:---|:---|
| 20.3<br>| **Duty to Mitigate. Each Party will use reasonable efforts to mitigate any Losses in respect of which it claims indemnification under this Agreement.**  |

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|:---|:---|
| 20.4<br>| **Notice of Claims. A Party seeking indemnification under this Section ("Indemnified Party") against a third-party claim ("Indemnified Claim") will promptly provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify the Indemnifying Party will not relieve such Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation and/or defense of the Indemnified Claim.**  |

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|:---|:---|
| 20.5<br>| **Right to Control Third Party Claims. The Indemnifying Party will, at its own expense, be entitled but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.**  |

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|:---|:---|
| 20.6<br>| **Settlement of Claims. Neither Party may settle an Indemnified Claim without the consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:**  |

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| 20.6.1<br>| **involves only the payment of money;**  |

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|:---|:---|
| 20.6.2<br>| **fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount paid in settlement; and**  |

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|:---|:---|
| 20.6.3<br>| **does not include any admission of fault or liability in relation to the Indemnified Party.**  |

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|:---|:---|
| 20.7<br>| **Cooperation. In all cases, each Party will, as applicable, provide reasonable cooperation and assistance to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating to the settlement of the claim and the details of any settlement offer.**  |

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|:---|:---|
| **21**<br>| **Obligations of the Client**  |

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|:---|:---|
| 21.1<br>| **Provide Information. The Client will provide or cause to be provided to the Custodian all data, information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order to enable the Custodian to discharge its duties under this Agreement.**  |

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| 21.2<br>| **AML Compliance. The Client will comply with all applicable anti-money laundering, sanctions or other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering policy.**  |

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|:---|:---|
| 21.3<br>| **Pass Through Representations. To the extent that the Custodian is required to give (or is deemed to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation, warranty or undertaking to the Custodian.**  |

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|:---|:---|
| 21.4<br>| **Operational Requirements. The Client will adhere to the deadlines and other operational requirements set out in the Client Publications, to facilitate meeting the requirements of CSD's,Third Party Agents and Market Participants.**  |

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|:---|:---|
| 21.5<br>| **Client Review and Notification. In accordance with standard market practice, the Client will employ commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.**  |

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|:---|:---|
| 21.6<br>| **Fees. In consideration for the Services provided by the Custodian, the Client will pay the Fees as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.**  |

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|:---|:---|
| 21.7<br>| **Client Publications. The Client will ensure that it provides the Custodian with and regularly updates, as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.**  |

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| **22**<br>| **Proper Instructions**  |

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| 22.1<br>| **Dealings in Cash and Securities. The Custodian will effect all transactions and dealings in Cash and Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.**  |

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| 22.2<br>| **Appointment of Authorized Persons. The Client and each Investment Manager will provide the Custodian with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has had a reasonable time to act on such notice.**  |

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| 22.3<br>| **Authentication Procedures. The Custodian will implement Authentication Procedures. The Client acknowledges that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under this Agreement for all purposes.**  |

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| 22.4<br>| **Security Measures by Client. The Client is responsible for ensuring that appropriate security measures are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager in connection with this Agreement.**  |

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| 22.5<br>| **No Duty to Verify. Except to the extent the Custodian is required to comply with Authentication Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.**  |

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| 22.6<br>| **Decline/Delay in Processing. The Custodian reserves the right to decline to process or delay the processing of any purported Proper Instruction where:**  |

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| 22.6.1<br>| **the Custodian, in good faith, determines that the instruction may not have been properly authorized;**  |

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| 22.6.2<br>| **the instruction is inaccurate, incomplete or unclear;**  |

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| 22.6.3<br>| **the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local Market Practice or the Custodian's standard operating procedures; or**  |

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| 22.6.4<br>| **the Custodian has not been given a reasonable time period to effect the instruction.**  |

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In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

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| 22.7<br>| **Cancellation and Amendment. The Custodian will use reasonable efforts to act on Proper Instructions to cancel or amend previously issued Proper Instructions if:**  |

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| 22.7.1<br>| **the Custodian has not already acted on the previously issued Proper Instructions; and**  |

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| 22.7.2<br>| **the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to time in the Client Publications or applicable event notification.**  |

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The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

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| 22.8<br>| **Oral Instructions. If applicable, the Custodian may act on an oral instruction (given in accordance with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written confirmation conforms to the oral instruction.**  |

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| 22.9<br>| **Conflicting Claims. If there is a dispute or conflicting claim with respect to Securities or Cash held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.**  |

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| 22.10<br>| **Matters Not Requiring Proper Instructions. The Client authorizes the Custodian in the absence of Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates of ownership and other certificates and documents relating to Securities.**  |

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| **23**<br>| **Creditors Rights**  |

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| 23.1<br>| **Security. To secure the full and timely satisfaction of all Secured Liabilities in the event of a default by the Client in respect of such Secured Liabilities, the Client hereby grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").**  |

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| 23.2<br>| **Rights of the Custodian. In the event that the Client fails to satisfy in full any of the Secured Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and**  |

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otherwise refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against such Secured Liabilities.

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| 23.3<br>| **Exercise of Rights. The Custodian may exercise its rights and remedies against the Collateral in any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.**  |

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| 23.4<br>| **Notice. The Custodian will provide reasonable notice the Client prior to the exercise of the right to sell or otherwise realize Collateral set forth above, and in connection therewith provide Client a reasonable opportunity to satisfy in full any of the Secured Liabilities that are subject of the Custodian's right to sell or otherwise realize Collateral; provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its good faith and reasonable judgment, giving such notice or any such delay would materially prejudice its ability to obtain satisfaction in full of the Secured Liabilities. The Custodian will promptly notify the Client after any exercise of the Custodian's right to sell or otherwise realize Collateral contemplated by this Section 23.**  |

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| **24**<br>| **Confidentiality and Use of Data**  |

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| 24.1<br>| **Confidentiality**  |

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| 24.1.1<br>| **No Disclosure Without Consent. Subject to Section 24.2 and Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.**  |

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| 24.1.2<br>| **No limitations of obligations under Agreement or at Law. Except as expressly contemplated by this Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement and Law applicable to the Custodian.**  |

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| 24.1.3<br>| **Use of Names. The Custodian agrees that it will not utilize the names Pershing Square or any derivative thereof, or the name of any of their affiliates in connection with any press release or other written public communication related to the Fund or this Agreement, unless required by Law or permission to do so is granted by the Fund.**  |

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| 24.2<br>| **Use of Confidential Information and Data**  |

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|:---|:---|
| 24.2.1<br>| **Use of Confidential Information and Data generally. Subject to this Section 24.2 and Section 24.3, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement.**  |

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| 24.2.2<br>| **Use of Data for Indicators. The Custodian and its Affiliates may use Data to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution to or identification of such Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.**  |

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| 24.2.3<br>| **Economic benefit from Indicators. The Client acknowledges that the Custodian may seek and realize economic benefit from the publication or distribution of the Indicators.**  |

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| 24.3<br>| **Disclosure of Confidential Information and Data**  |

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|:---|:---|
| 24.3.1<br>| **Disclosure of Confidential Information to Representatives. The Receiving Party may disclose the Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information ("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below).**  |

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| 24.3.2<br>| **Disclosure and Use of Confidential Information by Custodian. The Custodian may disclose and permit use (as applicable) of Confidential Information of the Client without the Client's consent:**  |

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| 24.3.2.1<br>| **to its Affiliates and any of its third-party agents and service providers ("Service Providers") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments;**  |

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| 24.3.2.2<br>| **to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing.**  |

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Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

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| 24.3.3<br>| **Confidential Information and Cloud Computing and Storage. Each Party may store Confidential Information with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.**  |

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| 24.3.4<br>| **Disclosure of Confidential Information to comply with law. The Receiving Party may disclose the Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the requirements of any applicable regulatory authority).**  |

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|:---|:---|
| 24.3.5<br>| **Harm of Unauthorized Disclosure of Confidential Information. Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.**  |

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|:---|:---|
| 24.3.6<br>| **Responsibility for Representatives. Each Party will be responsible for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed such Confidential Information itself.**  |

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|:---|:---|
| 24.3.7<br>| **No Disclosure to Custodian Asset Manager Division. In no event will the Custodian allow representatives of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the Client, including Data.**  |

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|:---|:---|
| **25**<br>| **Term and Termination**  |

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|:---|:---|
| 25.1<br>| **Term. This Agreement will commence on the Effective Date and will continue until terminated in accordance with this Section.**  |

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|:---|:---|
| 25.2<br>| **Termination Rights.**  |

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|:---|:---|
| 25.2.1<br>| **Prior Notice. The Parties agree that:**  |

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25.2.1.1<br> the Client may terminate this Agreement by giving not less than 30 days' prior written notice to the Custodian; and

25.2.1.2<br> the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice to the Client.

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|:---|:---|
| 25.2.2<br>| **Immediate Effect. A Party may terminate this Agreement with immediate effect at any time by written notice to the other Party, if:**  |

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25.2.2.1<br> an Insolvency Event occurs in relation to the other Party;

25.2.2.2<br> such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to cure such breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

25.2.2.3<br> such other Party commits a material breach of an obligation under this Agreement and has failed to cure such breach within 30 days of receipt of notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to sub-sections 25.2.1.2 or 25.2.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to Section 25.2.1.1, and subject further to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

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|:---|:---|
| 25.3<br>| **Actions on Termination.**  |

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|:---|:---|
| 25.3.1<br>| **Successor Custodian. Upon termination of the Agreement, the Custodian will deliver the Portfolio to the successor custodian designated by the Client in Proper Instructions.**  |

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|:---|:---|
| 25.3.2<br>| **Remaining Portfolio. If any part of the Portfolio remains in the possession of the Custodian or its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company, and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.**  |

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| | |
|:---|:---|
| 25.3.3<br>| **Payment of Fees. Upon termination of this Agreement, Fees will become due and payable for the period to the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.**  |

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|:---|:---|
| **26**<br>| **Representations and Warranties**  |

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|:---|:---|
| 26.1<br>| **Each Party. Each Party represents and warrants to the other that: (i) it has the power to enter into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that Party.**  |

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|:---|:---|
| 26.2<br>| **Client. The Client further represents and warrants to the Custodian that: (i) it is the beneficial owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as agent for another person.**  |

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|:---|:---|
| 26.3<br>| **Custodian. The Custodian further represents and warrants to the Client that: (i) it holds such authorizations and licenses as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain such authorizations and licenses for the term of this Agreement.**  |

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|:---|:---|
| **27**<br>| **Record Retention and Audit Rights**  |

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|:---|:---|
| 27.1<br>| **Records. The Custodian will retain the records it is required to maintain under this Agreement in accordance with the Law applicable to the Custodian.**  |

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|:---|:---|
| 27.2<br>| **Client and Regulator Access. The Custodian will allow the Client and the Client's regulators or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance of the Services.**  |

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|:---|:---|
| 27.3<br>| **Frequency and Scope. For inspections requested by the Client (such request will include reasonable advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.**  |

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|:---|:---|
| 27.4<br>| **Limitations on Disclosure. Nothing contained in this Section will obligate the Custodian to provide access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.**  |

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|:---|:---|
| **28**<br>| **Business Continuity, Internal Controls and Information Security**  |

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|:---|:---|
| 28.1<br>| **Business Continuity Plans. The Custodian will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided by the Custodian.**  |

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|:---|:---|
| 28.2<br>| **Internal Controls Review and Report. The Custodian will retain a firm of independent auditors to perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report to the Client upon request.**  |

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|:---|:---|
| 28.3<br>| **Information Security Systems and Controls. The Custodian will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards to the security or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.**  |

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|:---|:---|
| 28.4<br>| **Virus Detection. The Custodian will at all times employ a current version of one of the leading commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.**  |

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|:---|:---|
| **29**<br>| **General**  |

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|:---|:---|
| 29.1<br>| **Services Not Exclusive; Acting in Various Capacities. The Custodian, its Subcustodians and their Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:**  |

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|:---|:---|
| 29.1.1<br>| **provide a wide range of financial services to many clients of different kinds;**  |

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|:---|:---|
| 29.1.2<br>| **engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients; which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.**  |

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|:---|:---|
| 29.2<br>| **Disclosure of Conflicts. In connection with the matters outlined in Section 29.1.1, the Custodian, its Subcustodians and their Affiliates:**  |

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|:---|:---|
| 29.2.1<br>| **may do business with each client on different contractual or financial terms;**  |

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|:---|:---|
| 29.2.2<br>| **will seek to profit and is entitled to receive and retain profits and compensation in connection with such activities without any obligation to account to the Client for the same;**  |

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|:---|:---|
| 29.2.3<br>| **may act as principal in its own interests, or as agent for its other clients;**  |

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|:---|:---|
| 29.2.4<br>| **may act or refrain from acting based upon information derived from such activities that is not available to the Client;**  |

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|:---|:---|
| 29.2.5<br>| **are not under a duty to notify or disclose to the Client any information which comes to their notice as a result of such activities; and**  |

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|:---|:---|
| 29.2.6<br>| **do not have an obligation to consider, act in, or provide information to the Client in respect of, the interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities.** <br>|

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**The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.** 

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|:---|:---|
| 29.3<br>| **Notice. Unless otherwise specified, all notices, requests, demands and other communications under this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:**  |

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|:---|:---|
| 29.3.1<br>| **when delivered by hand;**  |

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|:---|:---|
| 29.3.2<br>| **on the next Business Day after being sent by e-mail (unless the sender receives an automated message that the e-mail has not been delivered);**  |

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|:---|:---|
| 29.3.3<br>| **on the next Business Day after being sent by overnight courier service for next Business Day delivery; or**  |

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|:---|:---|
| 29.3.4<br>| **on the third Business Day after being sent by certified or registered mail, return receipt requested;** <br>|

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**in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.** 

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|:---|:---|
| 29.4<br>| **Waiver. No failure on the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy, or the exercise of any other right or remedy.**  |

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|:---|:---|
| 29.5<br>| **Sole Remedy. Subject to the right to seek relief under the specific circumstances expressly permitted in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct) relating to the**  |

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17<br>

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Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other rights and remedies that otherwise would be available to such party in law or equity.

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|:---|:---|
| 29.6<br>| **Assignment and Successors. The terms of this Agreement are binding on the Parties' representatives, successors and permitted assigns and this Agreement and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other Party. However, in the event that either Party becomes the subject of an Insolvency Event, then such Party will have the right to assign or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including a bridge bank or similar entity) and the other Party irrevocably consents to such assignment or transfer.**  |

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|:---|:---|
| 29.7<br>| **Entire Agreement. This Agreement is the complete and exclusive agreement of the Parties regarding the Services and supersedes, as of the Effective Date, all prior oral or written agreements, arrangements or understandings between the parties relating to the Services.**  |

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|:---|:---|
| 29.8<br>| **Amendments. This Agreement may be amended by written agreement between the Parties. However, the Custodian may amend this Agreement by giving written notice to the Client of such proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively object in writing within thirty (30) days.**  |

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|:---|:---|
| 29.9<br>| **Counterparts and Electronic Signatures. This Agreement may be executed in separate counterparts, each of which will be an original, but which together will constitute one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties adopt as original any signatures received in electronically transmitted form. This Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.**  |

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|:---|:---|
| 29.10<br>| **Severance. In the event that any part of this Agreement will be determined to be void or unenforceable for any reason, the rest of this Agreement will be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance with the rest of its terms as if the void or unenforceable part were not a part of this Agreement.**  |

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|:---|:---|
| 29.11<br>| **Survival. The provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive termination of this Agreement for any reason.**  |

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|:---|:---|
| 29.12<br>| **Governing Law and Jurisdiction. This Agreement is governed by and interpreted in accordance with the laws of the State of New York, and any disputes which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of New York courts.**  |

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|:---|:---|
| 29.13<br>| **Reserved.**  |

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|:---|:---|
| 29.14<br>| **Qualified Financial Contracts. In the event that the Client is domiciled and organized outside of the United States, such Client and the Custodian hereby agree to be bound by the terms of the QFC addendum attached hereto as <u>Appendix B</u>.**  |

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|:---|:---|
| 29.15<br>| **The Parties; Additional Clients**  |

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|:---|:---|
| 29.15.1<br>| **All references in this Agreement to the "Client" are to each of the client entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.**  |

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|:---|:---|
| 29.15.2<br>| **If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together with the Custodian) will be bound by all Sections of this Agreement] .**  |

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| |
|:---|
| Signed by the Parties:  |
| PERSHING SQUARE USA, LTD.  |
| By: <br>|
| Name:  |
| Title: |
| Date: <br>|
| By: <br>|
| Name:  |
| Title:  |
| Date: <br>|
| STATE STREET BANK AND TRUST COMPANY  |
| By: <br>|
| Name: <br>|
| Title: <br>|
| Date: <br>|

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#### Schedule 1 <br>

#### Definitions
In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate" means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership** 

**"Alternative Assets" means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.** 

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella scheme, all references in this Agreement to the "Client" are to the individual series or scheme, as applicable.

**"Client Publications" means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.** 

#### "Collateral" has the meaning given to it in Section 23.1.
**"Confidential Information" means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that:** 

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(i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

#### "Contractual Settlement" has the meaning given to it in Section 5.2.
**"Corporate Actions" means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.** 

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognized book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

#### "Effective Date" has the meaning given to it in the preamble.
"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

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"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i)<br> in writing given by an Authorized Person including a facsimile transmission;

(ii)<br> in an electronic communication as may be agreed upon between the Custodian and the Client in writing from time to time; or

(i)<br> by such other means as may be agreed from time to time by the Custodian and the Client.

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

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**"Secured Liabilities" means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.** 

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalized terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

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#### Appendix A <br>

#### List of Client Entities

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| | |
|:---|:---|
| **Fund Name** | **Jurisdiction of Formation**  |
| Pershing Square USA, Ltd. | State of Delaware |

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## Ex-99.(K)(1)

#### Exhibit (k)(1)

#### FORM OF ADMINISTRATION AGREEMENT
This Administration Agreement ("Agreement") dated and effective as of , 2024, is by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator"), and Pershing Square USA, Ltd., a Delaware statutory trust (the "Trust").

WHEREAS, the Trust is a closed-end management investment company that is registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Trust desires to retain the Administrator to furnish certain administrative services to the Trust, and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows:

1. **Appointment of Administrator** 

The Trust hereby appoints the Administrator to act as administrator to the Trust for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein.

In the event that one or more additional fund(s) sponsored or advised by the investment adviser to the Trust or an affiliate of the investment adviser to the Trust are established that wish to retain the Administrator to act as administrator under the terms hereof, the Trust shall notify the Administrator in writing. Upon written acceptance by the Administrator, such fund(s) shall become subject to the provisions of this Agreement to the same extent as the Trust, except to the extent that such provisions (including those relating to compensation and expenses payable) may be modified with respect to such fund in writing by the Trust and the Administrator at the time of the addition of such fund.

2. **Delivery Of Documents** 

The Trust will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

a.<br> The Trust's Declaration of Trust and By-laws ("Governing Documents");

b.<br> The Trust's currently effective Registration Statement under the 1933 Act and the 1940 Act and the Trust's Prospectus and Statement of Additional Information ("SAI") relating to the Trust and all amendments and supplements thereto as in effect from time to time;

c. Copies of the resolutions of the Board of Trustees of the Trust (the "Board") certified by the Trust's Secretary authorizing (1) the Trust to enter into this Agreement and (2) certain individuals on behalf of the Trust to (a) give instructions to the Administrator pursuant to this Agreement and (b) sign checks and pay expenses; 

d.<br> A copy of the investment advisory agreement between the Trust and its investment adviser; and

e.<br> Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion, deem necessary or appropriate in the proper performance of its duties.

3. **Representations And Warranties Of The Administrator** 

The Administrator represents and warrants to the Trust that:

a.<br> It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of Massachusetts;

b.<br> It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts;

c.<br> All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

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d.<br> No legal or administrative proceedings have been instituted or threatened which would materially impair the Administrator's ability to perform its duties and obligations under this Agreement; and

e.<br> Its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Administrator or any law or regulation applicable to it.

4. **Representations And Warranties Of The Trust** 

The Trust represents and warrants to the Administrator that:

a.<br> It is a statutory trust, duly organized, existing and in good standing under the laws of its state of formation;

b.<br> It has the requisite power and authority under applicable laws and by its Declaration of Trust and By-laws to enter into and perform this Agreement;

c.<br> All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

d.<br> It is an investment company properly registered with the SEC under the 1940 Act;

e. The Registration Statement has been filed and will become effective prior to the initial public offering of the Trust's shares of beneficial interest and will thereafter remain effective during the term of this Agreement. The Trust also warrants to the Administrator that as of the effective date of this Agreement, all necessary filings under the securities laws of the states in which the Trust offers or sells its shares have been made or shall be made before the Trust offers or sells its shares; 

f.<br> No legal or administrative proceedings have been instituted or threatened which would impair the Trust's ability to perform its duties and obligations under this Agreement;

g.<br> Its entrance into this Agreement will not cause a material breach or be in material conflict with any other agreement or obligation of the Trust or any law or regulation applicable to it;

h.<br> As of the close of business on the date of this Agreement, the Trust is authorized to issue unlimited shares of beneficial interest; and

i. Where information provided by the Trust or the Trust's Investors includes information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Administrator may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust to the extent necessary to perform the services under this Agreement or as otherwise required by law, including Personal Information may be accessed by national security authorities, law enforcement and courts. The Administrator shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information. 

5. **Administration Services** 

The Administrator shall provide the services as listed on Schedule A, subject to the authorization and direction of the Trust and, in each case where appropriate, the review and comment by the Trust's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between the Trust and the Administrator.

The Administrator shall perform such other services for the Trust that are mutually agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including the Administrator's reasonable and documented out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

The Administrator shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

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6. **Compensation Of Administrator; Expense Reimbursement; Trust Expenses** 

The Administrator shall be entitled to reasonable compensation for its services and expenses, as agreed upon from time to time in writing between the Trust and the Administrator.

The Trust agrees promptly to reimburse the Administrator for any equipment and supplies specially ordered by or for the Trust through the Administrator and for any other expenses not contemplated by this Agreement that the Administrator may incur on the Trust's behalf at the Trust's request or with the Trust's consent.

The Trust will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Trust expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by the Trust directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for the Trust; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of the Trust; costs of Preparation, printing, distribution and mailing, as applicable, of the Trust's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Trust's tax returns, Registration Statements, Form N-CSR, Form N-PORT, Form N-PX and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Trust's net asset value.

7. **Instructions And Advice** 

At any time, the Administrator may apply to any officer of the Trust or his or her designee for instructions or the independent accountants for the Trust, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Trust) on all matters arising in connection with its duties hereunder.

The Administrator shall not be liable, and shall be indemnified by the Trust, for any action taken or omitted by it in good faith in accordance with and in reliance upon any such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any authorized person until receipt of written notice thereof from the Trust. Nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

8. **Limitation Of Liability And Indemnification** 

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers. The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Trust insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Trust by entities other than the Administrator prior to the Administrator's appointment as administrator for the Trust. The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its obligations and duties hereunder unless solely caused by or resulting from the gross negligence, willful misconduct, fraud or bad faith of the Administrator, its officers or employees. Neither party shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, the Administrator's cumulative

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liability for each calendar year (a "Liability Period") with respect to the Trust under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Trust including, but not limited to, any liability relating to qualification of the Trust as a regulated investment company or any liability relating to the Trust's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2024 shall be the date of this Agreement through December 31, 2024, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2025 and terminating on December 31, 2025, shall be the date of this Agreement through December 31, 2024, calculated on an annualized basis.

In the event that either party is unable to perform, or is delayed in performing, its obligations and duties under the terms this Agreement, neither party shall be responsible or liable for losses arising by reason of any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption, except, in the case of the Administrator, to the extent that any such losses are attributable to its breach of its business continuity and disaster recovery plan obligations under this Agreement.

The Trust shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Trust or upon reasonable reliance on information or records given or made by the Trust or its investment adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own gross negligence, willful misconduct, bad faith or fraud.

The Trust will be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense, of any suit brought to enforce any liability subject to the indemnification provided above.In the event the Trust elects to assume the defense of any such suit and retain counsel, the Administrator or any of its affiliated persons, named as defendant or defendants in the suit, may retain additional counsel but shall bear the fees and expenses of such counsel unless (i) the Trust shall have specifically authorized the retaining of such counsel or (ii) the Administrator shall have determined in good faith that the retention of such counsel is required as a result of a conflict of interest.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

9. **Confidentiality** 

All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

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10. **Use Of Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Trust and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below (except those Affiliates or business divisions principally engaged in the business of asset management), the Administrator and/or its Affiliates may use any Confidential Information of the Trust ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Administrator or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Administrator and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Administrator publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Administrator may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

11. **Compliance With Governmental Rules And Regulations; Records** 

The Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request except as otherwise provided in Section 13. The Administrator further agrees that all records that it maintains for the Trust pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Administrator. In the event that the Administrator is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Administrator's personnel as witnesses or deponents, the Trust agrees to pay the Administrator for the Administrator's time and expenses, as well as the fees and expenses of the Administrator's counsel incurred in such production.

12. **Services Not Exclusive** 

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act or represent the Trust in any way or otherwise be deemed an agent of the Trust.

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13. **Effective Period And Termination** 

This Agreement shall remain in full force and effect for an initial term ending December 31, 2024 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust, the Trust shall pay Administrator its compensation due and shall reimburse Administrator for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust for any reason other than as set forth in the immediately preceding paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Administrator is not retained to continue providing services hereunder to the Trust (or its respective successor), the Trust shall pay the Administrator its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Administrator with respect to the Trust) and shall reimburse the Administrator for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Administrator will deliver the Trust's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such (a) the liquidation or dissolution of the Trust and distribution of the Trust's assets as a result of the Board's determination in its reasonable business judgment that the Trust is no longer viable (b) a merger of the Trust into, or the consolidation of the Trust with, another entity, or (c) the sale by the Trust of all, or substantially all, of the Trust's assets to another entity, in each of (b) and (c) where the Administrator is retained to continue providing services to the Trust (or its respective successor) on substantially the same terms as this Agreement.

14. **Delegation** 

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| | |
|:---|:---|
| a.,<br>| The Administrator shall have the right, without the consent or approval of the Trust, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein other than services required by applicable law to be performed by the Administrator (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Trust. The Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Administrator had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Administrator shall be responsible for the compensation of its Delegates.  |

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| | |
|:---|:---|
| b.,<br>| The Administrator will provide the Trust with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Administrator that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time.  |

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c. With respect to the Fund Administration Tax Services as set forth on Schedule B2 attached hereto, the Trust acknowledges and agrees to execute and deliver to the Administrator a tax delegation consent in the form set forth as Schedule B2(i) hereto, with such changes as the Administrator may require from time to time. While the parties anticipate that such consent will be valid as long as the Agreement remains in effect, in the event the Trust revokes its consent at any time or does not provided its consent as required hereunder, the Trust acknowledges and agrees that the Administrator may, without liability or prior notice, cease performing any or all of the Fund Administration Tax Services and may renegotiate the fees the Administrator charge for such Fund Administration Tax Services. 

d.,<br> Nothing in this Section 14 shall limit or restrict the Administrator's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

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15. **Interpretive And Additional Provisions** 

In connection with the operation of this Agreement, the Administrator and the Trust, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

16. **Notices** 

Any notice, instruction or other instrument authorized or required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Trust:

Pershing Square USA, Ltd. <br>

c/o Pershing Square Capital Management, L.P. <br>

787 Eleventh Avenue, 9th Floor <br>

New York, New York 10019 <br>

Attn: Legal Department c/o Halit Coussin <br>

Telephone: [ ] <br>

Email: [ ]

If to the Administrator:

State Street Bank and Trust Company <br>

One Congress Street, Suite 1 <br>

Boston, MA 02114 <br>

Attention: Fred Wilshire, Senior Vice President <br>

Telephone: 617-662-7245 <br>

Telecopy:<br>

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

with a copy to:<br>

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

State Street Bank and Trust Company <br>

Legal Division – Global Services Americas <br>

One Congress Street <br>

Boston, MA 02114-2016 <br>

Attention: Senior Vice President and Senior Managing Counsel

17. **Amendment** 

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

18. **Assignment** 

This Agreement may not be assigned by (a) the Trust without the written consent of the Administrator or (b) the Administrator without the written consent of the Trust, except that the Administrator may assign this Agreement to a successor of all or a substantial portion of its business, or to an affiliate of the Administrator.

19. **Successors** 

This Agreement shall be binding on and shall inure to the benefit of the Trust and the Administrator and their respective successors and permitted assigns.

20. **Data Protection** 

The Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Administrator receives, stores, maintains, processes or otherwise accesses in

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connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

21. **Information Security Systems And Controls**

The Administrator will maintain commercially reasonable information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Trust's data; (ii) protect against any anticipated threats or hazards to the security or integrity of the Trust's data, including appropriate measures designed to meet legal and regulatory requirements applying to the Administrator; and (iii) protect against unauthorized access to or use of the Trust's data.

22. **Entire Agreement** 

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

23. **Waiver** 

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise or any other right or remedy. Any waiver must be in writing signed by the waiving party.

24. **Severability** 

If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

25. **Governing Law** 

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of the State of New York, without regard to its conflicts of laws rules.

26. **Reproduction of Documents** 

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

27. **Counterparts** 

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

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28. **Insurance Coverage** 

The Administrator shall at all times during the term of this Agreement, if available on commercially reasonable terms, maintain insurance coverage regarding its business in such amount and scope as it deems adequate in connection with the services provided hereunder. The Administrator need not maintain any special insurance for the benefit of the Trust.

29. **Business Continuity And Disaster Recovery Plans** 

The Administrator will at all times maintain a business contingency plan and disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Administrator will implement such plans following the occurrence of an event which results in an interruption or suspension of the services to be provided by the Administrator.

30. **Captions** 

The captions of this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

*[Remainder of page intentionally left blank.]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

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| |
|:---|
| **PERSHING SQUARE USA, LTD.** |
| By: <br>Name: <br>Title: |
| By: <br>Name: <br>Title: |
| **STATE STREET BANK AND TRUST COMPANY** |
| By: <br>Name: <br>Title: |

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## Ex-99.(K)(2)

#### Exhibit (k)(2)
<u>FORM OF TRANSFER AGENCY AND SERVICE AGREEMENT</u>

THIS AGREEMENT is made as of the __ day of _______, 2024, by and between STATE STREET BANK AND TRUST COMPANY, a Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and PERSHING SQUARE USA, LTD., a Delaware statutory trust having its principal office and place of business at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019 (the "Trust").

WHEREAS, the Trust is a closed-end management investment company registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended (the "1940 Act").

WHEREAS, the Trust desires to appoint the Transfer Agent as its transfer agent, dividend disbursing agent, and agent in connection with certain other activities, and the Transfer Agent desires to accept such appointment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto agree as follows:

1.<br> <u>TERMS OF APPOINTMENT</u>

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|:---|:---|
| 1.1<br>| *Appointment*. Subject to the terms and conditions set forth in this Agreement, the Trust hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Trust's authorized and issued Shares, dividend disbursing agent, and agent in connection with any accumulation or similar plans provided to shareholders ("Shareholders") of the Trust and set out in the Registration Statement that will become effective prior to the initial public offering of the Trust's shares of beneficial interest (the "Shares"), as amended from time to time, including without limitation any periodic investment plan or periodic withdrawal program.  |

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1.2<br> *Transfer Agency Services*. In accordance with procedures established from time to time by agreement between the Trust and the Transfer Agent, the Transfer Agent shall:

(i)<br> act as the Trust's fast automated securities transfer ("FAST") program transfer agent;

(ii)<br> receive orders for the purchase of Shares from the Trust, and promptly deliver payment and appropriate documentation thereof to the custodian of the Trust as identified by the Trust (the "Custodian");

(iii)<br> pursuant to such purchase orders, book such Share issuance to the appropriate Shareholder account;

(iv) process transfers of Shares by the registered owners thereof upon receipt of proper instruction and approval by the Trust; 

(v)<br> process and transmit payments for any dividends and distributions declared by the Trust; and

(vi) record the issuance of Shares and maintain pursuant to SEC Rule 17Ad-10(e) a record of the total number of Shares of the Trust which are authorized, based upon data provided to it by the Trust, and issued and outstanding; and provide the Trust on a regular basis with the total number of Shares which are issued and outstanding but the Transfer Agent shall have no obligation, when recording the issuance of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility of the Trust. 

1.3<br> *Additional Services*. In addition to, and neither *in lieu* of nor in contravention of the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

(i) <u>Other Customary Services</u>. Perform certain other customary services of a transfer agent and dividend disbursing agent, including, but not limited to: maintaining Depository Trust Company ("DTC") and direct Shareholder accounts, providing direct Shareholder registration information for the mailing of Shareholder reports to direct Shareholders, maintaining such bank accounts as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, 

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withholding taxes on U.S. resident and non-resident alien accounts, preparing and filing U.S. Treasury Department Forms 1099 and other appropriate forms required by federal authorities with respect to dividends and distributions to direct Shareholders, preparing and mailing confirmation forms and statements of account to DTC and direct Shareholders for all purchases and transfers of Shares and other confirmable transactions in Shareholder accounts, preparing and mailing activity statements for direct Shareholders, and providing Shareholder account information and processing direct Shareholder correspondence and complaints; and

(ii)<br> <u>State Transaction ("Blue Sky") Reporting</u>. The Trust shall be solely responsible for its "blue sky" compliance and state registration requirements.

(iii) <u>Lost Shareholder Searches</u>. The Transfer Agent shall conduct lost Shareholder searches as required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "1934 Act"). If a Shareholder remains lost after the completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes and directs the Transfer Agent to escheat the assets in such lost Shareholder's account to the U.S. state or territory in the shareholder's account registration. 

(iv)<br> <u>Escheatment Laws</u>. Notwithstanding Section 1.3(iii), the Trust shall be solely responsible for its compliance with the requirements of any applicable escheatment laws, including without limitation, the laws of any U. S. state or territory.

(v) <u>Depository Trust & Clearing Corporation ("DTCC")/National Securities Clearing Corporation ("NSCC")</u>. If applicable, the Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts with DTCC/NSCC, and the purchase and redemption of Shares in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTCC or NSCC (acting on behalf of its members); and (b) issue instructions to the Trust's banks for the settlement of transactions between the Trust and DTCC or NSCC (acting on behalf of its members and bank participants). 

(vi) <u>Performance of Certain Services by the Trust or Affiliates or Agents</u>. New procedures as to who shall provide certain of these services described in this Section 1 may be established in writing from time to time by agreement between the Trust and the Transfer Agent. If agreed to in writing by the Trust and the Transfer Agent, the Transfer Agent may at times perform only a portion of these services, and the Trust or its agent may perform these services on the Trust's behalf. 

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|:---|:---|
| 1.4<br>| *Authorized Persons*. The Trust hereby agrees and acknowledges that the Transfer Agent may rely on the current list of authorized persons, as provided or agreed to by the Trust and as may be amended from time to time, in receiving instructions to issue or transfer the Shares. The Trust agrees and covenants for itself and each such authorized person that any order, sale or transfer of, or transaction in the Shares received by it after the close of the market shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant to the Trust's then-effective Registration Statement, and the Trust or such authorized person shall so instruct the Transfer Agent of the proper effective date of the transaction.  |

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|:---|:---|
| 1.5<br>| *Anti-Money Laundering and Client Screening*. In connection with the conduct of its business, the Transfer Agent is subject to anti-money laundering (or other applicable) laws or regulations, including, but not limited to requirements in respect of other clients and, in certain circumstances, the Trust, to (i) conduct know your customer/client identity due diligence; (ii) use its best efforts to ensure that a transferee's funds used to purchase securities or interests are not derived from, nor the product of, any criminal activity; and (iii) if requested, provide periodic written verifications that transferres have been checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions. In the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations, to the extent legally required, the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.  |

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|:---|:---|
| 1.6<br>| *Tax Law*. The Transfer Agent shall have no responsibility or liability for any obligations now or hereafter imposed on the Trust, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country or of any state or political  |

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subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations imposed on the Trust, the Shares, a Shareholder or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting.

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|:---|:---|
| 1.7<br>| *REGULATION GG.* The Trust represents and warrants that it does not engage in an "Internet gambling business," as such term is defined in Section 233.2(r) of Federal Reserve Regulation GG (12 CFR 233) and covenants that it shall not engage in an Internet gambling business. In accordance with Regulation GG, the Trust is hereby notified that "restricted transactions," as such term is defined in Section 233.2(y) of Regulation GG, are prohibited in any dealings with the Transfer Agent pursuant to this Agreement or otherwise between or among any party hereto.  |

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2.<br> <u>FEES AND EXPENSES</u>

2.1<br> *Fee Schedule*. For the performance by the Transfer Agent of services provided pursuant to this Agreement, the Trust agrees to pay the Transfer Agent the fees and expenses set forth in a written fee schedule.

3.<br> <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u>

The Transfer Agent represents and warrants to the Trust that:

3.1<br> It is a trust company duly organized and existing under the laws of The Commonwealth of Massachusetts.

3.2<br> It is duly registered as a transfer agent under Section 17A(c)(2) of the 1934 Act, it will remain so registered for the duration of this Agreement, and it will promptly notify the Trust in the event of any material change in its status as a registered transfer agent.

3.3<br> It is duly qualified to carry on its business in The Commonwealth of Massachusetts.

3.4<br> It is empowered under applicable laws and by its organizational documents to enter into and perform the services contemplated in this Agreement.

3.5<br> All requisite organizational proceedings have been taken to authorize it to enter into and perform this Agreement.

4.<br> <u>REPRESENTATIONS AND WARRANTIES OF THE TRUST ON BEHALF OF THE TRUST</u>

The Trust represents and warrants to the Transfer Agent that:

4.1<br> The Trust is a business trust duly organized, existing and in good standing under the laws of its state of organization.

4.2<br> The Trust is empowered under applicable laws and by its organizational documents to enter into and perform this Agreement.

4.3<br> All requisite proceedings have been taken to authorize the Trust to enter into, perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust.

4.4<br> The Trust is registered under the 1940 Act, as closed-end management investment company.

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|:---|:---|
| 4.5<br>| The Trust is in the process of registering under the Securities Act and will maintain such registration and status during the term of this Agreement, and all appropriate state securities law filings have been made and will continue to be made, with respect to all Shares of the Trust being offered for sale.  |

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|:---|:---|
| 4.6<br>| Where information provided by the Trust or the Trust's investors includes information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for the Transfer Agent to use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Transfer Agent may perform such services and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information of investors may be  |

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accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information; provided such action or omission is not caused by a breach of the standard of care set forth hereunder by the Transfer Agent, its employees or agents.

5.<br> <u>DATA ACCESS SERVICES</u>

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|:---|:---|
| 5.1<br>| The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's ability to access certain Trust-related data maintained by the Transfer Agent or another third party on databases under the control and ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information (collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall Proprietary Information be deemed to be Shareholder information or the confidential information of the Trust. The Trust agrees to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary Information to any person or organization except as may be provided hereunder. Without limiting the foregoing, the Trust agrees for itself and its officers and trustees, and their agents, to:  |

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(i)<br> use such programs and databases solely on the Trust's, or such agents' computers, or solely from equipment at the location(s) agreed to between the Trust and the Transfer Agent, and solely in accordance with the Transfer Agent's applicable user documentation;

(ii)<br> refrain from copying or duplicating in any way the Proprietary Information;

(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information, and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information in accordance with the Transfer Agent's instructions; 

(iv)<br> refrain from causing or allowing Proprietary Information transmitted from the Transfer Agent's computers to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except with the prior written consent of the Transfer Agent;

(v)<br> allow the Trust or such agents to have access only to those authorized transactions agreed upon by the Trust and the Transfer Agent;

(vi)<br> honor all commercially reasonable written requests made by the Transfer Agent to protect, at the Transfer Agent's expense, the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under other federal or state law.

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|:---|:---|
| 5.2<br>| Proprietary Information shall not include all or any portion of any of the foregoing items that (i) are or become publicly available without breach of this Agreement; (ii) that are released for general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party at the time of receipt without obligation of confidentiality or breach of this Agreement.  |

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|:---|:---|
| 5.3<br>| If the Trust notifies the Transfer Agent that any of the Data Access Services do not operate in material compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising out of the contents of such third-party data, including, but not limited to, the accuracy thereof.  |

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|:---|:---|
| 5.4<br>| If the transactions available to the Trust include the ability to originate electronic instructions to the Transfer Agent in order to (i) effect the transfer or movement of cash or Shares, or (ii) transmit Shareholder information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures established by the Transfer Agent from time to time.  |

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5.5<br> Each party shall take reasonable efforts to advise its employees of their obligations pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

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|:---|:---|
| 5.6<br>| DATA ACCESS SERVICES AND ALL COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.  |

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6.<br> <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u>

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|:---|:---|
| 6.1<br>| The Transfer Agent shall at all times act in good faith in its performance of all services performed under this Agreement but assumes no responsibility and shall not be liable for loss or damage due to errors, including encoding and payment processing errors, unless said errors are caused by its gross negligence, bad faith, or willful misconduct or that of its employees or agents. The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.  |

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|:---|:---|
| 6.2<br>| In any event, the Transfer Agent's cumulative liability for the term of the Agreement for any liability or loss, regardless of the form of action or legal theory, shall be limited to the fees (excluding expenses) received by the Transfer Agent under this Agreement during the preceding 12-month period. In no event shall the Transfer Agent be liable for special, incidental, indirect, punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.  |

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7.<br> <u>INDEMNIFICATION</u>

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|:---|:---|
| 7.1<br>| The Transfer Agent and its affiliates, including their respective officers, directors, employees and agents (the "Indemnitees"), shall not be responsible for, and the Trust shall indemnify and hold the Indemnitees harmless, from and against, any and all losses, damages, costs, charges, counsel fees (including the defense of any lawsuit in which one of the Indemnitees is a named party), payments, expenses and liability arising out of or attributable to:  |

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(i)<br> all actions of the Transfer Agent or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

(ii)<br> the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

(iii)<br> the Trust's lack of good faith, gross negligence or willful misconduct;

(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received by the Transfer Agent or its agents or subcontractors, including those received in hard copy, or by machine readable input, facsimile, data entry, electronic instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust or any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or previous transfer agent; (b) any instructions or requests of the Trust or its officers, or the Trust's agents or subcontractors or their officers or employees; (c) any instructions or opinions of legal counsel to the Trust with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Trust after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed by an authorized person or persons; 

(v) the offer or sale of Shares in violation of any requirement under the federal or state securities laws or regulations requiring that such Shares be registered, or in violation of any stop order or other determination or ruling by any federal or state agency with respect to the offer or sale of such Shares; 

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(vi) the negotiation and processing of any checks, wires and ACH transmissions, including without limitation, for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent; provided that such actions are taken in good faith and without negligence or willful misconduct; 

(vii)<br> all actions relating to the transmission of Trust or Shareholder data through the NSCC clearing systems, if applicable; provided that such actions are taken in good faith and without negligence or willful misconduct; and

(viii) any tax obligations under the tax laws of any country or of any state or political subdivision thereof, including taxes, withholding and reporting requirements, claims for exemption and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed or charged against the Transfer Agent as transfer agent hereunder. 

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|:---|:---|
| 7.2<br>| At any time the Transfer Agent may apply to any officer of the Trust for instructions, and may consult with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and shall be indemnified by the Trust for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Trust, reasonably believed to be genuine and to have been signed by an authorized person or persons, or upon any instruction, information, data, records or documents provided the Transfer Agent or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Trust, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Trust. The Transfer Agent, its agents and subcontractors shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile signatures of the officers of the Trust, and the proper countersignature of any former transfer agent or former registrar, or of a co-transfer agent or co-registrar.  |

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8.<br> <u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u>

8.1<br> *Delivery of Documents*. The Trust shall promptly furnish to the Transfer Agent the following:

(i)<br> A certificate of the Secretary of the Trust certifying the resolution of the Board of Trustees of the Trust authorizing the appointment of the Transfer Agent and the execution and delivery of this Agreement.

(ii)<br> A copy of the Declaration of Trust and By-Laws of the Trust and all amendments thereto.

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| 8.2<br>| *Certificates, Checks, Facsimile Signature Devices*. The Transfer Agent hereby agrees to establish and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.  |

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| 8.3<br>| *Records*. In furtherance of the Trust's compliance with the requirements of Rule 31a-3 under the 1940 Act, the Transfer Agent agrees that any records relating to the services provided hereunder shall be made available upon request and preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Transfer Agent. In the event that the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Transfer Agent's personnel as witnesses or deponents, the Trust agrees to pay the Transfer Agent for the Transfer Agent's time and expenses, as well as the fees and expenses of the Transfer Agent's counsel, incurred in such production.  |

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9.<br> <u>CONFIDENTIALITY AND USE OF DATA</u>

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| 9.1<br>| All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the  |

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Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld*.*

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| 9.2<br>| (a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company, branches and affiliates ("***Affiliates***")) may collect and store information regarding the Trust and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (e) below (except those Affiliates or business divisions principally engaged in the business of asset management), the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or the Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement. For the avoidance of doubt, such information shall not include Personal Information (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Transfer Agent shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the Personal Information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "Personal Information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

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| 9.3<br>| The Transfer Agent affirms that it has and will continue to have throughout the term of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable laws, rules and regulations.  |

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10.<br> <u>EFFECTIVE PERIOD AND TERMINATION</u>

This Agreement shall remain in full force and effect for an initial term ending December 31, 2024 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. Upon termination of this Agreement pursuant to this paragraph with respect to the Trust, the Trust shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Trust (or its respective successor), the Trust shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Trust) and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Trust and distribution of the Trust's assets as a result of the Board's determination in its reasonable business judgment that the Trust is no longer viable, (b) a merger of the Trust into, or the consolidation of the Trust with, another entity, or (c) the sale by the Trust of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust (or its respective successor) on substantially the same terms as this Agreement.

11.<br> <u>RESERVED</u>

12.<br> <u>ASSIGNMENT</u>

12.1<br> Except as provided in Section 13 below, neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party.

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|:---|:---|
| 12.2<br>| Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust, and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer Agent and the Trust. This Agreement shall inure to the benefit of, and be binding upon, the parties and their respective permitted successors and assigns.  |

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12.3<br> This Agreement does not constitute an agreement for a partnership or joint venture between the Transfer Agent and the Trust. Neither party shall make any commitments with third parties that are binding on the other party without the other party's prior written consent.

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13.<br> <u>DELEGATION; SUBCONTRACTORS</u>

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|:---|:---|
| 13.1<br>| The Transfer Agent shall have the right, without the consent or approval of the Trust, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Trust. The Transfer Agent shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions itself. Where required, such Delegate shall be a duly registered transfer agent pursuant to Section 17A(c)(2) of the 1934 Act. Unless otherwise agreed to in a written fee schedule, the Transfer Agent shall be responsible for the compensation of its Delegates.  |

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| | |
|:---|:---|
| 13.2<br>| The Transfer Agent will provide the Trust with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing in this Section 13 shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.  |

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14.<br> <u>MISCELLANEOUS</u>

14.1<br> *Amendment*. This Agreement may be amended or modified by a written agreement executed by both parties.

14.2<br> *Governing Law*. This Agreement shall be construed, and the provisions hereof interpreted under and in accordance with the laws of The State of New York without giving effect to any conflict of laws rules.

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|:---|:---|
| 14.3<br>| *Force Majeure*. In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, acts of war or terrorism, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes, except, in the case of State Street, to the extent that any such failure to perform its obligations is attributable to its breach of its business continuity and disaster recovery plan obligations under this Agreement.  |

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| | |
|:---|:---|
| 14.4<br>| *Data Protection*. State Street will implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing, "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.  |

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|:---|:---|
| 14.5<br>| *Business Continuity and Disaster Recovery Plans.* State Street will at all times maintain a business contingency plan and disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. State Street will implement such plans following the occurrence of an event which results in an interruption or suspension of the services to be provided by the State Street.  |

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14.6<br> *Survival*. All provisions regarding indemnification, warranty, liability, and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this Agreement.

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14.7<br> *Severability*. If any provision or provisions of this Agreement shall be held invalid, unlawful, or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

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|:---|:---|
| 14.8<br>| *Priorities Clause*. In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.  |

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|:---|:---|
| 14.9<br>| *Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.  |

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|:---|:---|
| 14.10<br>| *Entire Agreement*. This Agreement and any schedules, exhibits, attachments or amendments hereto constitute the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.  |

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|:---|:---|
| 14.11<br>| *Counterparts*. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement*.* Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.  |

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|:---|:---|
| 14.12<br>| *Reproduction of Documents*. This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  |

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|:---|:---|
| 14.13<br>| *Notices*. Any notice instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service (with a copy sent via email), to the parties at the following address or such other address as may be notified by any party from time to time:  |

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(a)<br> If to Transfer Agent, to:

State Street Bank and Trust Company <br>

Transfer Agency <br>

Attention: Compliance <br>

One Heritage Drive Building <br>

1 Heritage Drive <br>

Mail Stop OHD0100 <br>

North Quincy MA 02171<br>

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

Email: TACompliance@StateStreet.com<br>

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

With a copy to: <br>

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

State Street Bank and Trust Company <br>

Legal Division – Global Services Americas <br>

One Congress Street <br>

Boston, MA 02114

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust, to:

c/o Pershing Square Capital Management, L.P. <br>

787 Eleventh Avenue, 9<sup>th</sup> Floor <br>

New York, New York 10019 <br>

Attention: Legal Department – Halit Coussin <br>

Telephone: [ ]<br>

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

Email: [ ]

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|:---|:---|
| 14.14<br>| *Interpretive and Other Provisions*. In connection with the operation of this Agreement, the Transfer Agent and the Trust, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's governing documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.  |

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*[Remainder of Page Intentionally Left Blank]* 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

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| |
|:---|
| STATE STREET BANK AND TRUST COMPANY |
| By: <br>Name: <br>Title: <br>|
| PERSHING SQUARE USA, LTD. |
| By: <br>Name: <br>Title:<br>|
| By: <br>Name: <br>Title:<br>|

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## Ex-99.(K)(3)

#### Exhibit (k)(3)

#### FORM OF COMMON SHARES SUBSCRIPTION AGREEMENT
This SUBSCRIPTION AGREEMENT, dated as of [•], 2024 (as it may from time to time be amended, this "***Agreement***"), is entered into by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "***Company***"), and Pershing Square Capital Management L.P., a Delaware limited partnership (the "***Purchaser***").

WHEREAS, the Company is a closed-end investment company that has registered with the U.S. Securities and Exchange Commission (the "***Commission***") on Form N-8A under the Investment Company Act of 1940, as amended (the "***1940 Act***");

WHEREAS, the Company proposes to issue and sell its common shares of beneficial interest, no par value per share (the "***Common Shares***"), pursuant to a Registration Statement on Form N-2 (the "***Registration Statement***") filed with the Commission in an offering (the "***Offering***") registered under the Securities Act of 1933, as amended (the "***Securities Act***");

WHEREAS, the Company and the Purchaser have entered into Subscription Agreements, dated as February 15, 2024, May 22, 2024, May 31, 2024 and [•], 2024, respectively, pursuant to which the Purchaser purchased an aggregate of [•] Common Shares (the "***Purchaser Initial Shares***") at a purchase price of $50.00 per Common Share

WHEREAS, in connection with the Offering, the Company desires to issue and sell and the Purchaser desires to purchase an aggregate of [•] Common Shares (the "***Subscribed Common Shares***" and, together with the Purchaser Initial Shares, the "***Purchaser Common Shares***") with such Subscribed Common Shares to be registered under the Securities Act pursuant to the Registration Statement as part of the Offering; and

WHEREAS, at or prior to the time of the Closing Date (as defined below), the Company and the Purchaser shall enter into a registration rights agreement (the "***Registration Rights Agreement***") pursuant to which the Company will grant certain registration rights to the Purchaser relating to the Purchaser Common Shares.

NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

<u>AGREEMENT</u>

#### Section 1. Purchase and Sale of the Subscribed Shares
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Subscribed Shares for an aggregate purchase price of $[•] (the "***Aggregate Purchase Price***," subject to the terms and conditions set forth herein. The closing of the purchase and sale of the Subscribed Common Shares shall take place simultaneously with the closing of the Offering and the date of such closing shall be referred to herein as the "***Closing Date***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The closing of the purchase and sale of the Subscribed Common Shares shall take place by remote communications and by the exchange of signatures by electronic transmission on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As payment in full for the Subscribed Common Shares being purchased under this Agreement, the Purchaser shall pay the Aggregate Purchase Price by wire transfer of immediately available funds in accordance with the Company's wiring instructions, on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company shall deliver to the Purchaser evidence of the issuance of the Subscribed Common Shares to the Purchaser, credited to book-entry accounts maintained by the transfer agent of the Company.

**Section 2. Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Subscribed Common Shares, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Trust Power</u>. The Company is a statutory trust validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite trust powers and authority necessary to execute and deliver this Agreement and carry out the transactions contemplated hereby.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Subscribed Shares</u>. The Subscribed Common Shares have been duly authorized and upon the issuance of the Subscribed Common Shares pursuant to <u>Section 1.A</u> at a price that is in excess of the net asset value per Common Share, the Subscribed Common Shares will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution, delivery and performance of this Agreement, the issuance and sale of the Subscribed Common Shares and the consummation of the other transactions contemplated hereby have been duly authorized by the Company as of the Closing Date, and no further approval or authorization is required on the part of the Company or its shareholders. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms subject to (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Company of this Agreement, the issuance and sale of the Subscribed Common Shares and the consummation of the other transactions contemplated hereby do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of the amended and restated declaration of trust or the bylaws of the Company (in effect on the date hereof or as may be amended prior to completion of the contemplated Offering), (b) (1) constitute a default under or result in the creation of any lien, security interest, charge or encumbrance upon the Company's capital stock or assets under, (2) result in a violation of, or (3) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency under, any material law, statute, rule, regulation, agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Governmental Consents</u>. Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except such as have been obtained and such as may be required (and shall be obtained prior to the consummation of the transactions contemplated by this Agreement) under the Securities Act (including the effectiveness of the Registration Statement) and pursuant to applicable state securities laws, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>No Other Representations</u>. Except for the foregoing representations and warranties, the Company does not make, and hereby disclaims, any other representations or warranties. The Purchaser acknowledges and agrees that in entering into this Agreement it has not relied and is not relying on any representations, warranties or other statements whatsoever, whether written or oral (from or by the Company or any Person acting on their behalf) other than those expressly set out in this Agreement (or other related documents referred to herein) and that it will not have any right or remedy with respect to this Agreement arising out of any representation, warranty or other statement not expressly set out in this Agreement.

**Section 3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Subscribed Common Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Date) that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Requisite Authority</u>. The Purchaser is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

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**Section 4. Restrictions on Transfer. The Purchaser agrees that it shall not, without the prior written consent of the Company, Transfer any of the Purchaser Common Shares until the date that is the ten (10) year anniversary of the Closing Date (the "*Lock-up Period*"). "*Transfer*" shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b). Notwithstanding the foregoing sentence, Purchaser may, during the Lock-up Period, transfer any Purchaser Common Shares to an Affiliate without the prior written consent of the Company. "*Affiliate*" shall mean (i) as to any Person, 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 (ii) 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, investment funds or other clients of the Purchaser or any Affiliate thereof that provides investment advisory services, and any portfolio companies thereof, will not be deemed an Affiliate of Purchaser. "*Person*" means any individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business organization.** 

**Section 5. Conditions of the Purchaser's Obligations. The obligations of the Purchaser to purchase and pay for the Subscribed Common Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section 2</u> shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Registration Statement & Offering</u>. The Registration Statement shall have been declared effective by the Commission under the Securities Act (and no-stop order suspending the effectiveness of the Registration Statement will have been issued and remain in effect), and the closing of the Offering shall occur substantially concurrently with the closing of the transactions contemplated by this Agreement.

**Section 6. Conditions of the Company's Obligations. The obligations of the Company to the Purchaser under this Agreement to issue the Subscribed Common Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section 3</u> shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Registration Statement & Offering</u>. The Registration Statement shall have been declared effective by the Commission under the Securities Act (and no-stop order suspending the effectiveness of the Registration Statement will have been issued and remain in effect) and the closing of the Offering shall occur substantially concurrently with the closing of the transactions contemplated by this Agreement.

**Section 7. Termination. This Agreement may be terminated at any time (A) as mutually agreed by the Company and the Purchaser or (B) upon the election of either the Company or the Purchaser upon written notice to the other party if the closing of the Offering does not occur prior to December 31, 2024.** 

#### Section 8. Survival of Representations and Warranties . All of the representations and warranties contained herein shall survive the Closing Date.

#### Section 9. Miscellaneous .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Further Assurances</u>. The Purchaser agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Notices</u>. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i) personally or sent by first-class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Entire Agreement</u>. This Agreement, together with the Registration Rights Agreement, embodies the entire agreement and understanding between the Purchaser and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Waivers and Consents</u>. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Successors and Assigns</u>. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Severability</u>. Whenever possible, each provision of this Agreement shall 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 prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>No Waiver of Rights, Powers and Remedies</u>. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the

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right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>No Broker or Finder</u>. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <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. The words "include," "includes" and "including" will be deemed to be followed by "without limitation." Pronouns in masculine, feminine and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "this Agreement," "herein," "hereof," "hereby," "hereunder," and words of similar import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that each representation, warranty and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty or covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Governing Law</u>. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Amendments</u>. This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

---

| | |
|:---|:---|
| **PERSHING SQUARE USA, LTD.** | **PERSHING SQUARE USA, LTD.** |
| By: |  |
| Name: |  |
| Title: |  |
| **PERSHING SQUARE CAPITAL MANAGEMENT L.P** | **PERSHING SQUARE CAPITAL MANAGEMENT L.P** |
| By: | PS Management GP, LLC, its General Partner  |
| By: |  |
| Name: |  |
| Title: |  |

---

[*Signature Page to Common Shares Subscription Agreement*]

## Ex-99.(K)(5)

#### Exhibit (k)(5)

#### FORM OF PREFERRED SHARES SUBSCRIPTION AGREEMENT
This SUBSCRIPTION AGREEMENT, dated as of [•], 2024 (as it may from time to time be amended, this "***Agreement***"), is entered into by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "***Company***"), and Pershing Square Capital Management L.P., a Delaware limited partnership (the "***Purchaser***").

WHEREAS, the Company is a closed-end investment company that has registered with the U.S. Securities and Exchange Commission (the "***Commission***") on Form N-8A under the Investment Company Act of 1940, as amended (the "***1940 Act***");

WHEREAS, the Company proposes to issue and sell its common shares of beneficial interest pursuant to a Registration Statement on Form N-2 filed with the Commission in an offering (the "***Offering***") registered under the Securities Act of 1933, as amended (the "***Securities Act***"); and

WHEREAS, the Company desires to issue and sell and Purchaser desires to purchase 1,000,000 shares of the Company's preferred shares designated as its 7.50% Series A Cumulative Preferred Shares, no par value per share (the "***Preferred Shares***"), in a transaction exempt from registration under the Securities Act in reliance on Section 4(a)(2) thereof;

NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

<u>AGREEMENT</u>

#### Section 1. Purchase and Sale of the Subscribed Shares.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the Preferred Shares for an aggregate purchase price of $50,000,000.00 (the "***Aggregate Purchase Price***", subject to the terms and conditions set forth herein. The closing of the purchase and sale of the Preferred Shares shall take place simultaneously with the closing of the Offering and the date of such closing shall be referred to herein as the "***Closing Date***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The closing of the purchase and sale of the Subscribed Shares shall take place by remote communications and by the exchange of signatures by electronic transmission on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As payment in full for the Preferred Shares being purchased under this Agreement, the Purchaser shall pay the Aggregate Purchase Price. The Purchaser shall pay the Aggregate Purchase Price by wire transfer of immediately available funds in accordance with the Company's wiring instructions, on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company shall deliver to the Purchaser evidence of the issuance of the Subscribed Shares to the Purchaser, credited to book-entry accounts maintained by the transfer agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Preferred Shares shall have the terms set forth in the Statement of Preferences (the "***Statement of Preferences***") in the form attached hereto as ***Exhibit A***.

**Section 2. Representations and Warranties of the Company. As a material inducement to the Purchaser to enter into this Agreement and purchase the Preferred Shares, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Trust Power</u>. The Company is a statutory trust validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite trust powers and authority necessary to execute and deliver this Agreement and carry out the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Subscribed Shares</u>. The Preferred Shares have been duly authorized and upon the issuance of the Preferred Shares pursuant to <u>Section 1.A</u>, the Preferred Shares will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution, delivery and performance of this Agreement, the issuance and sale of the Preferred Shares and the consummation of the other transactions contemplated hereby have been duly authorized by the Company as

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of the Closing Date, and no further approval or authorization is required on the part of the Company or its shareholders. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms subject to subject to (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Company of this Agreement, the issuance and sale of the Preferred Shares and the consummation of the other transactions contemplated hereby do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of the amended and restated declaration of trust or the bylaws of the Company (in effect on the date hereof or as may be amended prior to the closing of the Offering), (b) (1) constitute a default under or result in the creation of any lien, security interest, charge or encumbrance upon the Company's capital stock or assets under, (2) result in a violation of, or (3) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency under, any material law, statute, rule, regulation, agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Governmental Consents</u>. Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement except for filings pursuant to applicable state securities laws, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>No Other Representations</u>. Except for the foregoing representations and warranties, the Company does not make, and hereby disclaims, any other representations or warranties. The Purchaser acknowledges and agrees that in entering into this Agreement it has not relied and is not relying on any representations, warranties or other statements whatsoever, whether written or oral (from or by the Company or any Person acting on their behalf) other than those expressly set out in this Agreement (or other related documents referred to herein) and that it will not have any right or remedy with respect to this Agreement arising out of any representation, warranty or other statement not expressly set out in this Agreement.

**Section 3. Representations and Warranties of the Purchaser. As a material inducement to the Company to enter into this Agreement and issue and sell the Preferred Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Date) that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Requisite Authority</u>. The Purchaser is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Delaware. The Purchaser possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser is acquiring the Preferred Shares, for the Purchaser's own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser is an "accredited investor" as such term is defined in Rule 501(a)(3) of Regulation D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Purchaser understands that the offer and sale of the Preferred Shares to the Purchaser has not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act that depends upon, among other things, the *bona fide* nature of the investment intent and the

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accuracy of the Purchaser's representations as expressed herein. The Purchaser understands that the Preferred Shares are "***restricted securities***" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Preferred Shares indefinitely unless they are registered with the Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Preferred Shares, and on requirements relating to the Company which are outside of the Purchaser's control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser understands that the offering of the Preferred Shares is not and is not intended to be part of the Offering, and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser did not purchase the Preferred Shares as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Preferred Shares, which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and trustees of the Company. The Purchaser understands that its investment in the Preferred Shares involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Purchaser understands that no U.S. federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Preferred Shares or the fairness or suitability of the investment in the Preferred Shares by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Preferred Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Purchaser has such knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of an investment in the Preferred Shares and is able to bear the economic risk of an investment in the Preferred Shares in the amount contemplated under this Agreement for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Preferred Shares. The Purchaser can afford a complete loss of its investments in the Preferred Shares.

#### Section 4. Restrictions on Transfer .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Securities Law Restrictions</u>. The Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Preferred Shares unless, prior thereto (i) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Preferred Shares proposed to be transferred shall then be effective or (ii) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Commission thereunder and with all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Restrictive Legends</u>. All certificates or book entries representing the Preferred Shares shall have endorsed thereon legends substantially as follows:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Lock-up Period</u>. The Purchaser agrees that it shall not, without the prior written consent of the Company, Transfer any of the Preferred Shares until the date that is the ten (10) year anniversary of the Closing Date (the "***Lock-up Period***"). "***Transfer***" shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of

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ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b). Notwithstanding the foregoing sentence, Purchaser may, during the Lock-up Period, transfer any Preferred Shares to an Affiliate without the prior written consent of the Company. "***Affiliate***" shall mean (i) as to any Person, 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 (ii) 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, investment funds or other clients of the Purchaser or any Affiliate thereof that provides investment advisory services, and any portfolio companies thereof, will not be deemed an Affiliate of Purchaser. "***Person***" means any individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business organization.

**Section 5. Conditions of the Purchaser's Obligations. The obligations of the Purchaser to purchase and pay for the Preferred Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section 2</u> shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Statement of Preferences</u>. The Preferred Shares conform to the provisions of the Statement of Preferences and the relative rights, preferences, interests and powers of such Preferred Shares are set forth in the Statement of Preferences. The Statement of Preferences shall have been duly authorized and executed by the Company in compliance with the Delaware Statutory Trust Act and shall be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Offering</u>. The closing of the Offering shall occur substantially concurrently with the closing of the transactions contemplated by this Agreement.

**Section 6. Conditions of the Company's Obligations. The obligations of the Company to the Purchaser under this Agreement to issue the Preferred Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section 3</u> shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Offering</u>. The closing of the Offering shall occur substantially concurrently with the closing of the transactions contemplated by this Agreement.

**Section 7. Termination. This Agreement may be terminated at any time (A) as mutually agreed by the Company and the Purchaser or (B) upon the election of either the Company or the Purchaser upon written notice to the other party if the closing of the Offering does not occur prior to December 31, 2024.** 

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#### Section 8. Survival of Representations and Warranties . All of the representations and warranties contained herein shall survive the Closing Date.

#### Section 9. Miscellaneous .
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Further Assurances</u>. The Purchaser agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Notices</u>. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i) personally or sent by first-class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding between the Purchaser and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Waivers and Consents</u>. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Successors and Assigns</u>. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Severability</u>. Whenever possible, each provision of this Agreement shall 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 prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>No Waiver of Rights, Powers and Remedies</u>. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>No Broker or Finder</u>. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and hold

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the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <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. The words "include," "includes" and "including" will be deemed to be followed by "without limitation." Pronouns in masculine, feminine and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "this Agreement," "herein," "hereof," "hereby," "hereunder," and words of similar import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that each representation, warranty and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty or covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Governing Law</u>. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Amendments</u>. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

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| | |
|:---|:---|
| **PERSHING SQUARE USA, LTD.** | **PERSHING SQUARE USA, LTD.** |
| By: |  |
| Name: |  |
| Title: |  |
| **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** | **PERSHING SQUARE CAPITAL MANAGEMENT, L.P.** |
| By: | PS Management GP, LLC, its General Partner  |
| By: |  |
| Name: |  |
| Title: |  |

---

[*Signature Page to Preferred Shares Subscription Agreement*]

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#### Exhibit A<br>

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

#### Statement of Preferences

## Ex-99.(N)

#### Exhibit (n)
Consent of Independent Registered Public Accounting Firm

We consent to the references to our firm under the captions "Independent Registered Public Accounting Firm" in the Prospectus, dated March 9, 2026, included in this Pre-Effective Amendment No. 6 to the Registration Statement (Form N-2), of Pershing Square USA, Ltd. (the "Registration Statement").

We also consent to the use of our report dated October 28, 2025, with respect to the financial statements of Pershing Square USA, Ltd. as of September 30, 2025 and for the period from January 1, 2025 to September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, NY

March 9, 2026

## Ex-99.(P)(1)

#### Exhibit (p)(1)
SUBSCRIPTION AGREEMENT

Subscription Agreement, dated as of May 21, 2024, between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Fund</u>") and Pershing Square Capital Management L.P. (the "<u>Purchaser</u>") in respect of common shares issued as of February 15, 2024.

WHEREAS, the Fund is a closed-end investment company that has registered with the United States Securities and Exchange Commission (the "SEC") on Form N-8A under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Fund proposes to issue and sell common shares of beneficial interest to the public pursuant to a Registration Statement on Form N-2 filed with the SEC; and

WHEREAS, the Fund proposes to issue and sell (and has issued and sold as of February 15, 2024) an initial tranche (the "<u>Seed Capital</u>") of its common shares of beneficial interest to the Purchaser and the Purchaser has previously delivered as of February 15, 2024 to the Fund the purchase price for the Seed Capital represented by the Shares (as defined below) as payment.

NOW, THEREFORE, the Fund and the Purchaser agree as follows:

1. The Fund offers to sell to the Purchaser, and the Purchaser purchases for cash from the Fund, with a trade date of February 15, 2024, 2,000 common shares of beneficial interest (the "<u>Shares</u>") at a price per Share of $50.00, which amount is not less than the net asset value per Share as of the time of purchase. 

2. The Purchaser represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or in a transaction exempt from or not subject to the registration requirements under the Securities Act. 

3. The Purchaser elects not to participate in the Fund's Distribution Reinvestment Plan and has completed or will complete upon request by the Fund the Wiring Instructions for Cash Distributions form attached as <u>Exhibit A</u> hereto. 

[Remainder of Page Intentionally Left Bank]

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IN WITNESS WHEREOF, the Fund and the Purchaser have caused their duly authorized officers to execute this Subscription Agreement as of the date first above written.

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| | | |
|:---|:---|:---|
| PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. |
| By: | /s/ Nicholas A. Botta  | /s/ Nicholas A. Botta  |
| By: | Name: | Nicholas A. Botta  |
| By: | Title: | Trustee  |
| PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. |
| By: PS Management GP, LLC, its general partner  | By: PS Management GP, LLC, its general partner  | By: PS Management GP, LLC, its general partner  |
| By: | /s/ William A. Ackman  | /s/ William A. Ackman  |
| By: | Name: | William A. Ackman  |
| By: | Title: | Managing Member |

---

------

EXHIBIT A

#### Wiring Instructions for Cash Distributions

## Ex-99.(P)(2)

#### Exhibit (p)(2)
SUBSCRIPTION AGREEMENT

Subscription Agreement, dated as of May 22, 2024, between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Fund</u>") and Pershing Square Capital Management L.P. (the "<u>Purchaser</u>") in respect of common shares issued as of May 22, 2024.

WHEREAS, the Fund is a closed-end investment company that has registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") on Form N-8A under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Fund proposes to issue and sell common shares of beneficial interest to the public pursuant to a Registration Statement on Form N-2 filed with the SEC; and

WHEREAS, the Fund proposes to issue and sell (and has issued and sold as of May 22, 2024) an additional tranche (the "<u>Additional Capital</u>") of its common shares of beneficial interest to the Purchaser (to cover various of the Fund's expenses) and the Purchaser will deliver as of May 22, 2024 to the Fund the purchase price for the Additional Capital represented by the Shares (as defined below) as payment.

NOW, THEREFORE, the Fund and the Purchaser agree as follows:

1. The Fund offers to sell to the Purchaser, and the Purchaser purchases for cash from the Fund, with a trade date of May 22, 2024, 80,000 common shares of beneficial interest (the "<u>Shares</u>") at a price per Share of $50.00, which amount is not less than the net asset value per Share as of the time of purchase. 

2. The Purchaser represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or in a transaction exempt from or not subject to the registration requirements under the Securities Act. 

3. The Purchaser elects not to participate in the Fund's Distribution Reinvestment Plan and has completed or will complete upon request by the Fund the Wiring Instructions for Cash Distributions form attached as <u>Exhibit A</u> hereto. 

[Remainder of Page Intentionally Left Bank]

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IN WITNESS WHEREOF, the Fund and the Purchaser have caused their duly authorized officers to execute this Subscription Agreement as of the date first above written.

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| | |
|:---|:---|
| PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. |
| By: | /s/ Nicholas A. Botta  |
|  | Name: Nicholas A. Botta  |
|  | Title: Trustee |

---

---

| | |
|:---|:---|
| PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. |
| By: | PS Management GP, LLC, its general partner  |
| By: | /s/ William A. Ackman  |
|  | Name: William A. Ackman  |
|  | Title: Managing Member |

---

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EXHIBIT A

#### Wiring Instructions for Cash Distributions

## Ex-99.(P)(3)

#### Exhibit (p)(3)
SUBSCRIPTION AGREEMENT

Subscription Agreement, dated as of May 31, 2024, between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Fund</u>") and Pershing Square Capital Management L.P. (the "<u>Purchaser</u>") in respect of common shares issued as of May 31, 2024.

WHEREAS, the Fund is a closed-end investment company that has registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") on Form N-8A under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Fund proposes to issue and sell common shares of beneficial interest to the public pursuant to a Registration Statement on Form N-2 filed with the SEC; and

WHEREAS, the Fund proposes to issue and sell (and has issued and sold as of May 31, 2024) an additional tranche (the "<u>Additional Capital</u>") of its common shares of beneficial interest to the Purchaser (to cover various of the Fund's expenses) and the Purchaser will deliver as of May 31, 2024 to the Fund the purchase price for the Additional Capital represented by the Shares (as defined below) as payment.

NOW, THEREFORE, the Fund and the Purchaser agree as follows:

1. The Fund offers to sell to the Purchaser, and the Purchaser purchases for cash from the Fund, with a trade date of May 31, 2024, 4,320 common shares of beneficial interest (the "<u>Shares</u>") at a price per Share of $50.00, which amount is not less than the net asset value per Share as of the time of purchase. 

2. The Purchaser represents and warrants to the Fund that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or in a transaction exempt from or not subject to the registration requirements under the Securities Act. 

3. The Purchaser elects not to participate in the Fund's Distribution Reinvestment Plan and has completed or will complete upon request by the Fund the Wiring Instructions for Cash Distributions form attached as <u>Exhibit A</u> hereto. 

[Remainder of Page Intentionally Left Bank]

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IN WITNESS WHEREOF, the Fund and the Purchaser have caused their duly authorized officers to execute this Subscription Agreement as of the date first above written.

---

| | | |
|:---|:---|:---|
| PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. |
| By: | /s/ Nicholas A. Botta  | /s/ Nicholas A. Botta  |
| By: | Name: | Nicholas A. Botta  |
| By: | Title: | Trustee  |
| PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. |
| By: PS Management GP, LLC, its general partner  | By: PS Management GP, LLC, its general partner  | By: PS Management GP, LLC, its general partner  |
| By: | /s/ William A. Ackman  | /s/ William A. Ackman  |
| By: | Name: | William A. Ackman  |
| By: | Title: | Managing Member |

---

------

EXHIBIT A

#### Wiring Instructions for Cash Distributions

## Ex-99.(P)(4)

#### Exhibit (p)(4)
SUBSCRIPTION AGREEMENT

Subscription Agreement, dated as of July 16, 2024, between Pershing Square USA, Ltd., a Delaware statutory trust (the "<u>Company</u>") and Pershing Square Capital Management, L.P. (the "<u>Purchaser</u>").

WHEREAS, the Company is a closed-end investment company that has registered with the United States Securities and Exchange Commission (the "<u>SEC</u>") on Form N-8A under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"); and

WHEREAS, the Company proposes to issue and sell common shares of beneficial interest to the public pursuant to a Registration Statement on Form N-2 filed with the SEC; and

WHEREAS, the Company proposes to issue and sell an additional tranche (the "<u>Additional Capital</u>") of its common shares of beneficial interest to the Purchaser (to cover various of the Company's expenses) and the Purchaser will deliver as of July 16, 2024 to the Company the purchase price for the Additional Capital represented by the Shares (as defined below) as payment.

NOW, THEREFORE, the Company and the Purchaser agree as follows:

1. The Company offers to sell to the Purchaser, and the Purchaser purchases for cash from the Company, with a trade date of July 16, 2024, forty thousand (40000) common shares of beneficial interest (the "<u>Shares</u>") at a price per Share of $50.00, which amount is not less than the net asset value per Share as of the time of purchase. 

2. The Purchaser represents and warrants to the Company that it is acquiring the Shares for investment purposes only and that the Shares will be sold only pursuant to a registration statement under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or in a transaction exempt from or not subject to the registration requirements under the Securities Act. 

3. The Purchaser elects not to participate in the Company's Dividend Reinvestment Plan and has completed or will complete upon request by the Fund the Wiring Instructions for Cash Distributions form attached as <u>Exhibit A</u> hereto. 

[Remainder of Page Intentionally Left Bank]

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IN WITNESS WHEREOF, the Company and the Purchaser have caused their duly authorized officers to execute this Subscription Agreement as of the date first above written.

---

| | |
|:---|:---|
| PERSHING SQUARE USA, LTD. | PERSHING SQUARE USA, LTD. |
| By: | /s/ Michael Gonnella  |
|  | Name: Michael Gonnella  |
|  | Title: Chief Financial Officer  |
| By: | /s/ Halit Coussin  |
|  | Name: Halit Coussin  |
|  | Title: Chief Compliance Officer |

---

---

| | |
|:---|:---|
| PERSHING SQUARE CAPITAL MANAGEMENT L.P. | PERSHING SQUARE CAPITAL MANAGEMENT L.P. |
| By: | PS Management GP, LLC, its general partner  |
| By: | /s/ William A. Ackman  |
|  | Name: William A. Ackman  |
|  | Title: Authorized Signatory |

---

------

EXHIBIT A

#### Wiring Instructions for Cash Distributions

## Ex-99.(R)(1)

#### Exhibit (r)(1)

#### Pershing Square USA, Ltd. <br>

#### Rule 17j-1 Code of Ethics
The Board has adopted this Code of Ethics (the "***Fund Code***") in accordance with Rule 17j-1 under the Investment Company Act.

A separate Code of Ethics that is compliant with both Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Investment Advisers Act of 1940, as amended, governs the Adviser (the "***Adviser Code***"). Directors, officers and employees of the Adviser are considered "access persons" for purposes of the Adviser Code and may be considered Access Persons (as defined below) of the Fund. The Fund Code contains several carve outs from its requirements for Access Persons of the Fund that are also access persons of the Adviser.

The Fund Code is designed to ensure that those individuals with access to information regarding the portfolio securities activities of the Fund do not intentionally use that information for their personal benefit and to the detriment of the Fund. It is not the intention of the Fund Code to prohibit personal securities activities by Access Persons.

1. **Definitions** 

Capitalized terms used in and not otherwise defined in this Code are defined below.

"**Access Person**" includes:

(1)<br> Any trustees and officers of the Fund;

(2) Each employee (if any) of the Fund (or of any company in a Control relationship with the Fund) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding, the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales; and 

(3)<br> Any natural person in a Control relationship with the Fund who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of Covered Securities by the Fund.

A list of the Fund's Access Persons will be maintained by the Fund's CCO.

"**Automatic Investment Plan**" means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule or allocation, including a dividend reinvestment plan.

"**Beneficial ownership**" means any interest in a security for which an Access Person or any member of his or her immediate family sharing the same household can directly or indirectly receive a monetary ("**pecuniary**") benefit. The term shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). Accordingly, a person will generally be considered the beneficial owner of a security if that person has the right to enjoy a direct or indirect economic benefit from the ownership of the security. For example, a person is normally regarded as the beneficial owner of securities held in (a) the name of his or her spouse, domestic partner, minor children, or other relatives living in his or her household, (b) a trust, estate, or other account in which he or she has a present or future interest in the income, principal or right to obtain title to the securities, or (c) the name of another person or entity by reason of any contract, understanding, relationship, agreement or other arrangement whereby he or she obtains benefits substantially equivalent to those of ownership.

"**CCO**" means the person or persons designated by the Board to fulfill the responsibilities assigned to the Chief Compliance Officer hereunder.

"**Control**" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act, which presumes that a person who owns beneficially, either directly or through a controlled company, more than 25% of the voting securities of a company, controls that company.

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"**Covered Security**" means any "security" as defined in Section 2(a)(36) of the Investment Company Act (a broad definition that includes any interest or instrument commonly known as a security),<sup>1</sup> but *excluding*:

(1)<br> Direct obligations of the U.S. Government;

(2)<br> Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and

(3)<br> Shares of open-end investment companies registered under the Investment Company Act (other than exchange-traded funds)<sup>2</sup> that are not advised by the Adviser.

A purchase or sale of a Covered Security includes, among other things, the writing of an option to purchase or sell a Covered Security. Shares of exchange-traded funds, whether registered as open-end investment companies or unit investment trusts, are deemed to be Covered Securities.

"**IPO**" means an offering of securities registered under the Securities Act of 1933, as amended ("**Securities Act**"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

"**Investment Personnel**" or "**Investment Person**" of the Fund or the Adviser means:

(1)<br> Any employee of the Fund (or of any company in a Control relationship with the Fund) who, in connection with his or her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund; or

(2)<br> Any natural person who controls the Fund or Adviser and who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund.

"**Limited Offering**" means an offering or a private placement of securities that is exempt from registration under the Securities Act pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

"**Security Held or to be Acquired by the Fund**" means (1) any Covered Security or (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that, in either case, within the most recent 15 days is or has been held by the Fund or is being considered by the Fund or its Adviser for purchase by the Fund.

2. **General Principles** 

Rule 17j-1(b) makes it unlawful for any affiliated person<sup>3</sup> of or principal underwriter for the Fund, or any affiliated person of an investment adviser or principal underwriter for the Fund, in connection with the purchase and sale, directly or indirectly, by such person of a Security Held or to be Acquired by the Fund to:

(A)<br> Employ any device, scheme or artifice to defraud the Fund;

(B)<br> Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

(C)<br> Engage in any act, practice or course of business which operates or would operate as a fraud or deceit on the Fund; or

(D)<br> Engage in any manipulative practice with respect to the Fund.

<sup>1</sup> "**Security**" as defined in Section 2(a)(36) of the Investment Company Act includes any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option, or privilege on any security (including a certificate of deposit) or on any group or index of securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency. "**Security**" also includes shares of closed-end investment companies, shares of exchange traded funds (as defined in footnote 2), various derivative instruments, limited partnership interests and private placement of common or preferred stocks or debt instruments.

<sup>2</sup> "**Exchange traded funds**," or "**ETFs**," are registered investment companies that operate pursuant to Rule 6c-11 under the Investment Company Act or an order from the United States Securities and Exchange Commission ("**SEC**") exempting the ETF from certain provisions of the Investment Company Act so that the ETF may issue securities that trade in a secondary market, and which are redeemable only in large aggregations called creation units. An ETF registers with the SEC under the Investment Company Act either as an open-end management investment company or as a unit investment trust.

<sup>3</sup> An "**affiliated person**" of a company is broadly defined by Section 2(a)(3) of the Investment Company Act to include any person that owns 5% or more of the company's outstanding voting securities, any person controlling, controlled by or under common control with the company, and any officer, director, partner or employee of the company.

2<br>

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No Access Person shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above. The interests of the Fund and its shareholders and investors are paramount and come before the interests of any Access Person. Personal investing activities of all Access Persons must be conducted in a manner that avoids actual or potential conflicts of interest with the Fund and its shareholders. Access Persons shall not use their positions, or any investment opportunities presented by virtue of such positions, to the detriment of the Fund and its shareholders.

3. **Substantive Restrictions** 

The following substantive restrictions are imposed on personal trading activities:

(A) *Investments in IPOs and Limited Offerings*.<sup>4</sup> Investment Personnel are generally prohibited from participating in IPOs and Limited Offerings. However, an Investment Person may participate in an IPO or a Limited Offering if he or she obtains written approval from the CCO before directly or indirectly acquiring Beneficial Ownership in any securities in an IPO or Limited Offering. The CCO may approve the participation of an Investment Person in an IPO or Limited Offering if he or she determines that it is clear that, in view of the nature of the security, the nature of the offering, the market for such security, and other factors deemed relevant, such participation by the Investment Person will not create a material conflict with the Fund. A record of any decision to permit investment by an Investment Person in an IPO or Limited Offering, including the reasons supporting the decision, shall be kept in accordance with the requirements of Section 7(F), below. 

(B)<br> Disgorgement. Any profits derived from securities transactions in violation of paragraph (A) shall be forfeited and paid to the Fund for the benefit of its shareholders.

4. **Reporting Requirements** 

To enable the Fund to determine with reasonable assurance whether the provisions of Rule 17j-1(a) and the Fund Code are being observed by its Access Persons, the following reporting requirements apply, except as noted in Section 4(D) below.

Any report required to be submitted pursuant to this Section 4 may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect Beneficial Ownership in the securities to which the report relates.

Reports under this Code shall not relieve any Access Person from responsibility to report other information required to be reported by law or to comply with other applicable requirements of the federal and state securities laws and other laws.

The Fund may require Access Persons to comply with their reporting requirements using an on-line, secure third-party platform.

The Adviser Code requires disclosure by Access Persons (as defined therein), but no duplicative disclosure is required by the Fund Code.

*<u>Initial Holdings Report</u>. Within 10 days after a person becomes an Access Person, he or she shall disclose in writing, in a form acceptable to the CCO, all direct or indirect Beneficial Ownership interests of such Access Person in Covered Securities ("**Initial Holdings Report**"). Information to be reported must be current as of a date no more than 45 days prior to an individual becoming an Access Person and is to include:* 

(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect Beneficial Ownership when the person became an Access Person; 

(2)<br> The name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

(3)<br> The date the report is submitted by the Access Person.

<sup>4</sup> Any Investment Personnel of the Company otherwise subject to a code of ethics compliant with Rule17j-1 adopted by the Adviser or a principal underwriter of the Fund need not comply with this provision of this code.

3<br>

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*<u>Quarterly Transaction Report</u>. Each Access Person shall report in writing to the CCO within 30 days of the end of each calendar quarter in a form acceptable to the CCO ("**Quarterly Transaction Report**"):* 

(1)<br> With respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect Beneficial Ownership:

(i) The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Covered Security involved; 

(ii)<br> The nature of the transaction (*i.e.,* purchase, sale or any other type of acquisition or disposition);

(iii)<br> The price of the Covered Security at which the transaction was effected;

(iv)<br> The name of the broker, dealer or bank with or through which the transaction was effected; and

(v)<br> The date that the report is submitted by the Access Person.

(2)<br> With respect to any account established by the Access Person in which any securities were held during the quarter for the direct or indirect benefit of the Access Person:

(i)<br> The name of the broker, dealer or bank with which the Access Person established the account;

(ii)<br> The date the account was established; and

(iii)<br> The date that the report is submitted by the Access Person.

*<u>Annual Holdings Report</u>. Each Access Person shall report annually, no later than January 31 of each year, the following information, which must be current as of December 31 of the prior calendar year ("**Annual Holdings Report**"):* 

(1) The title, number of shares and principal amount of each Covered Security in which the Access Person had any direct or indirect beneficial ownership; 

(2)<br> The name of any broker, dealer or bank with whom the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

(3)<br> The date the report is submitted.

*<u>Exceptions from Reporting Requirements</u>.* 

(1)<br> A person need not submit reports pursuant to this Section 4 with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(2)<br> An Access Person need not make a Quarterly Transaction Report with respect to transactions effected pursuant to an Automatic Investment Plan.

(3)<br> Any Access Person of the Fund that is also an "access person" of the Adviser (as that term is defined in Rule 17j-1) need not submit reports pursuant to this Section 4 provided that such person is subject to the Adviser Code.

(4) An Independent Trustee of the Fund (*i.e.*, a trustee who is not an "interested person" of the Fund as that term is defined in Section 2(a)(19) of the Investment Company Act), and who would be required to make a report solely by reason of being a trustee of the Fund, need not make: 

(i)<br> An Initial Holdings Report or an Annual Holdings Report; and

(ii) A Quarterly Transaction Report unless the trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that, during the 15-day period immediately preceding or after the trustee's transaction in a Covered Security, the Fund purchased or sold such Covered Security or the Fund considered purchasing or selling the Covered Security. 

(5) An Access Person need not make a Quarterly Transaction Report if the report would duplicate information contained in broker trade confirmations or account statements received by the Fund with respect to the Access Person provided such broker trade confirmations or account statements are received by the due date required for a Quarterly Transaction Report and broker trade confirmations or account statements contain all of the information required to be included in the Quarterly Transaction Report. 

4<br>

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5. **Compliance Procedures** 

(A) *Notification to Access Persons*: The CCO shall notify each Access Person that he or she is subject to this reporting requirement, of his or her classification as "Access Person" and/or "Investment Personnel" under this Fund Code, and shall deliver a copy of this Fund Code to each Access Person. 

(B)<br> Review of Reports. The CCO (or his or her designee) shall review any reports received pursuant to this Fund Code within 60 days of their submission.

6. **Report to the Board** 

The Fund's CCO shall report to the Board at each meeting regarding the following matters (to the extent not previously reported to the Board):

(A)<br> Issues arising under the Fund Code, including but not limited to material violations of the Fund Code, violations that are material in the aggregate, and any sanctions imposed.

(B)<br> With respect to any transaction not required to be reported to the Board by the operation of Section 6(A) that the Fund's CCO believes nonetheless may evidence violation of this policy.

(C) The Board shall consider reports made hereunder and upon discovering that a violation of the Fund Code has occurred, the Board may impose such sanctions, in addition to any disgorgement required pursuant to Section 3(B) hereof, as it deems appropriate, including, among other things, a letter of sanction, suspension, or termination of the employment of the violator. 

The Fund's CCO shall report to the Board on an annual basis concerning existing personal investing procedures, violations during the prior year and any recommended changes in existing restrictions or procedures.

The Board shall review the Fund Code and the operation of these policies at least once a year.

7. **Recordkeeping** 

The Fund shall maintain the following records at its principal office:

(A)<br> The Fund Code and any related procedures, and any Fund Code that has been in effect during the past five years shall be maintained in an easily accessible place;

(B)<br> A record of any violation of the Fund Code and of any action taken as a result of the violation, to be maintained in an easily accessible place for at least five years after the end of the fiscal year in which the violation occurs;

(C) A copy of each report under the Fund Code by (or duplicate brokerage statements and/or confirmations for the account of) an Access Person, to be maintained for at least five years after the end of the fiscal year in which the report is made or the information is provided, the first two years in an easily accessible place; 

(D)<br> A record of all persons, currently or within the past five years, who are or were required to make or to review reports made pursuant to Section 4, to be maintained in an easily accessible place;

(E)<br> A copy of each report by the Fund's CCO to the Board, to be maintained for at least five years after the end of the fiscal year in which it is made, the first two years in an easily accessible place; and

(F)<br> A record of any decision, and any support for the decision, to approve an acquisition by an Investment Person of securities offered in an IPO or in a Limited Offering, to be maintained for at least five years after the end of the fiscal year in which the approval is granted.

8. **Approval Requirements** 

This Fund Code and any material changes to the Fund Code must be approved by the Fund's Board. Each such approval must be based on a determination that this Fund Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by Rule 17j-1. Before approving this Fund Code or any amendment thereto, the Board must receive a certification from the relevant entity that it has adopted procedures reasonably necessary to prevent its Access Persons from violating this Code. Before initially retaining any investment adviser, sub-adviser or principal underwriter for the Fund, the Fund's Board must approve the Code of Ethics of such investment adviser, sub-adviser or principal underwriter for the Fund (unless the entity is not required

5<br>

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by Rule 17j-1 to adopt a Code of Ethics), and must approve any material change to that Code of Ethics within six months after the adoption of the change. For the avoidance of doubt, the Fund's officers may make such non-material changes to the Fund Code as they may determine necessary or appropriate, provided that the amended Code shall be reviewed with the Board at the next regularly scheduled meeting.

6<br>

## Ex-99.(R)(2)

#### Exhibit (r)(2)
April 2023

#### PERSHING SQUARE CAPITAL MANAGEMENT, L.P. <br>

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

#### PERSHING SQUARE GP, LLC <br>

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

#### CODE OF ETHICS
As investment advisers, the entities listed above (each being referred to herein as the "*Firm*" or "*we*" or "*us*") stand in a position of trust and confidence with respect to our clients. Accordingly, the Firm has a duty to place the interests of the funds managed by the Firm (the "*Funds*") before the interests of the Firm and our Supervised Persons (as defined below). In order to assist the Firm in meeting its obligations as a fiduciary, the Firm has adopted this Code of Ethics (the "*Code*"). The Code incorporates the following general principles which all Supervised Persons are expected to uphold:

&nbsp;&nbsp;&nbsp;&nbsp;• We must at all times be mindful that we are fiduciaries for our Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons must act in a manner consistent with the Code and seek to mitigate any actual or potential conflicts of interest and to prevent any abuse of a Supervised Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;• Supervised Persons must not take inappropriate advantage of their positions at the Firm.

The Firm believes that these general principles not only help us fulfill our obligations, but also protect the Firm's reputation and instill in our Supervised Persons the Firm's commitment to honesty, integrity and professionalism. Supervised Persons should understand that these general principles apply to all conduct of the Firm's business, whether or not that conduct also is covered by more specific standards or procedures set forth below. Failure by Supervised Persons to comply with the Code may result in disciplinary action, including termination of employment or association with the Firm.

Because one of the Firm's clients, Pershing Square Holdings, Ltd., a company limited by shares incorporated under the laws of Guernsey ("*PSH*"), is listed on Euronext Amsterdam, certain elements of the conduct of the Firm's business are also subject to the Dutch Financial Supervision laws.

For example, such laws require that when the Firm considers appointing a Supervised Person to an integrity-sensitive position, it will satisfy itself of the integrity of that person prior to their appointment, by:

&nbsp;&nbsp;&nbsp;&nbsp;• taking reasonable measures to verify the person's identity;

&nbsp;&nbsp;&nbsp;&nbsp;• taking reasonable measures to verify the accuracy and completeness of the data and references supplied by the person; and

&nbsp;&nbsp;&nbsp;&nbsp;• forming a considered opinion as to the person's trustworthiness and an assessment thereof in relation to holding the integrity-sensitive position concerned.

An "integrity-sensitive" position is a managing position directly below the persons that determine or co-determine the policy of the Firm or a position with authority that poses a substantial risk to the performance of business activities.

A. **Persons Covered by the Code** 

The Code applies to all of the Firm's "*Supervised Persons*." The Firm's Supervised Persons consist of any Firm employees ("*Employees*"), the Firm's partners and officers (or other persons occupying a similar status or performing similar functions) who are subject to the Firm's supervision and control, any other person who provides investment advice on behalf of the Firm (if any), and may also include other persons who engage in activities on behalf of the Firm and who are subject to the Firm's supervision and control as determined by the Chief Compliance Officer or her designee (collectively, the "*CCO*"). For the avoidance of doubt, individuals receiving distributions under the Firm's long term incentive compensation plan who are not subject to the Firm's supervision and control (e.g., retired employees and former members of the Firm's advisory board) are not considered "Supervised Persons."

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Certain (but not all) provisions of the Code apply to the Firm's "*Access Persons*." Our Access Persons include Supervised Persons and employees of Table Management, L.P. ("*Table*") and the Pershing Square Foundation ("*PSF*") who share office space with the Firm.

Certain (but not all) other provisions of the Code apply only to Supervised Persons. In addition, certain provisions of the Code may apply to persons who are not Supervised Persons or Access Persons, as determined by the CCO.

B. **The Firm's Compliance System** 

The Firm utilizes a compliance software platform (the "*Compliance System*") to facilitate Access Persons' completion of compliance obligations, and certain reporting, approval requests and disclosures required by this Code must be filed through the Compliance System, unless the CCO permits acceptance of such reports in another form. The Compliance System is available at <u>persq.complysci.com.</u>

C. **Personal Trading** 

This personal trading policy (the "*Personal Trading Policy*") sets forth Access Persons' disclosure obligations with respect to and the restrictions on trading in Personal Accounts (as defined below).

1.<br> Personal Accounts and Covered Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Personal Accounts

The term "*Personal Account*" means any securities account (i.e., any account that may hold securities) in which an Access Person has any Beneficial Ownership (as defined below), or over which an Access Person exercises investment discretion. In addition, the term "Personal Account" includes any account of an Access Person's immediate family member (including any relative by blood or marriage) either living in the Access Person's household or claimed for U.S. Federal income tax purposes as financially dependent on the Access Person (together, "*Family Members*") in which such Family Member has any Beneficial Ownership or over which such Family Member exercises investment discretion.

An Access Person or a Family Member is deemed to have "*Beneficial Ownership*" if the Access Person or such Family Member, as applicable, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect opportunity to profit or share in any profit derived from the relevant Personal Account. For a full definition of Beneficial Ownership, refer to Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "*Exchange Act*").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Covered Securities

The term "*Covered Securities*" means all securities defined as reportable securities under the Investment Advisers Act of 1940, as amended (the "*Advisers Act*"), and includes:

&nbsp;&nbsp;&nbsp;&nbsp;• debt and equity securities, whether publicly or privately offered;

&nbsp;&nbsp;&nbsp;&nbsp;• options on securities, on indices, and on currencies;

&nbsp;&nbsp;&nbsp;&nbsp;• security futures and security-based swaps;

&nbsp;&nbsp;&nbsp;&nbsp;• all forms of limited partnership and limited liability company interests, including interests in private investment funds (such as hedge funds or any other offering that is exempt from registration under the Securities Act of 1933 (the "*Securities Act*") pursuant to Section 4(a)(2), Section 4(a)(5), or Rule 504, Rule 505 or Rule 506 of Regulation D thereunder), (each, a "*Limited Offering*") and interests in investment clubs;

&nbsp;&nbsp;&nbsp;&nbsp;• foreign unit trusts and foreign mutual funds; and

&nbsp;&nbsp;&nbsp;&nbsp;• exchange traded funds and closed-end funds.

Cryptocurrencies, tokens and other digital assets may in certain circumstances be treated as securities. Therefore, before purchasing any digital asset, Access Persons should consult with Counsel, who will determine whether any such digital asset constitutes a Covered Security.

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The term "Covered Securities," however, does <u>not</u> include the following securities which shall be referred to as "*Exempt Securities*":

&nbsp;&nbsp;&nbsp;&nbsp;• direct obligations of the U.S. government (e.g., treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;• bankers' acceptances, bank certificates of deposit and commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;• shares of open-end mutual funds that are registered in the United States and that are not advised or sub-advised by the Firm (or the Firm's affiliates);<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• shares issued by unit investment trusts that are invested exclusively in one or more open-end mutual funds that are not advised or sub-advised by the Firm (or the Firm's affiliates);<sup>2</sup> and

&nbsp;&nbsp;&nbsp;&nbsp;• securities held in qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ()"*529 Plans* ").<sup>3</sup>

Any questions regarding the application of these terms should be referred to, and addressed by, the CCO.

2.<br> Disclosure of Personal Accounts and Securities Holdings by Access Persons

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Initial Personal Accounts and Holdings Reports

Each Access Person must disclose through the Compliance System all Personal Accounts and all Covered Securities held by the Access Person or his or her Family Members no later than ten days after becoming an Access Person (such disclosure, the "Initial Personal Accounts and Holdings Report"). The Initial Personal Accounts and Holdings Report may be combined with other certifications and/or reporting required by the Code upon becoming an Access Person. Each Initial Personal Accounts and Holdings Report must be accompanied by the submission in the Compliance System of copies of account statements for all Personal Accounts that are current as of a date no more than 45 days prior to the date such individual became an Access Person.

At a minimum, such reports must include the following information:<sup>4</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Covered Securities, the title, type, exchange ticker symbol or CUSIP number (as applicable), number of shares/interests and principal amount of each Covered Security, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Personal Accounts, the account name, number (if any), and the name and address of any broker-dealer, adviser or bank that maintains such Personal Account.

The Access Person will also have the opportunity to provide information to the CCO that certain Personal Accounts qualify for treatment as Exempt Personal Accounts (as defined below). In such cases, the Employee will have to provide an initial pdf copy of account statements for each Exempt Personal Account, but these accounts are not subject to the ongoing reporting obligations and/or trading restrictions contained herein and will not be monitored thereafter.

Following the Access Person's submission of the Initial Personal Accounts and Holdings Report, eligible Personal Accounts will be linked to such Access Person's profile in the Compliance System by direct feeds (such accounts, "*Linked Personal Accounts*") and the holdings in such accounts will appear in the Compliance System and in any future Personal Accounts and Holdings Reports completed by the Access Person.

<sup>1</sup> Neither the Firm nor its affiliates advise any open-end mutual funds.

<sup>2</sup> Neither the Firm nor its affiliates advise any open-end mutual funds.

<sup>3</sup> See *WilmerHale LLP*, SEC No-Action Letter (July 28, 2010).

<sup>4</sup> To the extent that the required information is included in the account statements submitted with the report, the report will be deemed complete. Access Persons should note, however, that Covered Securities may be held in Personal Accounts or directly, as in the case of limited partnership or limited liability company interests (such as hedge funds). If Covered Securities are held directly, the Personal Accounts and Holdings Report must include the required information with respect to such securities as part of the report, or through the attachment of a separate statement. 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Annual Personal Accounts and Holdings Reports

Each Access Person must disclose through the Compliance System all Personal Accounts and all Covered Securities held by the Access Person or his or her Family Members within 30 days of the end of the Firm's fiscal year (such disclosure, the "*Annual Personal Accounts and Holdings Report*"). The Annual Personal Accounts and Holdings Report may be combined with other annual certifications and/or reporting required by the Code.

&nbsp;&nbsp;&nbsp;&nbsp;• Each Annual Personal Accounts and Holdings Report must be accompanied by the submission in the Compliance System of a pdf of account statements for all Personal Accounts (other than Exempt Personal Accounts) that are current as of a date no more than 45 days prior to the date the report is submitted, unless those accounts are Linked Personal Accounts and the holdings in the accounts are available in the Compliance System. It is the responsibility of each Access Person to ensure that his or her statements are submitted in a timely manner.

At a minimum, the Compliance System must reflect or the accompanying statements must include the following information:<sup>5</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Covered Securities, the title, type, exchange ticker symbol or CUSIP number, number of shares/interests and principal amount of each Covered Security, as applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;• with respect to Personal Accounts, the account name, number (if any), and the name and address of any broker-dealer, adviser, custodian or bank that maintains such Personal Account

c.<br> Quarterly Transactions and New Personal Accounts Reports

(i)<br> Contents of Quarterly Transactions and New Personal Accounts Reports

Each Access Person must disclose through the Compliance System all Covered Securities transactions that occurred during the relevant calendar quarter and disclose any new Personal Account opened during the relevant calendar quarter (such disclosure, the "*Quarterly Transactions and New Personal Accounts Report*"). The Quarterly Transactions and New Personal Accounts Report may be combined with other quarterly certifications and/or reporting required by the Code. Each Quarterly Transactions and New Personal Accounts Report must be accompanied by the submission in the Compliance System of pdf copies of account statements for all Personal Accounts (other than Exempt Personal Accounts), for each month during the calendar quarter with respect to which the report is submitted, unless any such account is a Linked Personal Account and the transactions in such Personal Account are available in the Compliance System. At a minimum, the Compliance System must reflect or the accompanying pdf statements must include the following information for each Covered Securities transaction:<sup>6</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• the date of the transaction, the title and the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares/interests, and principal amount of each Covered Security involved, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;• the nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;• the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;• the name of the broker-dealer, adviser or bank with or through which the transaction was effected, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which the Access Person submits the report.

It is the responsibility of each Access Person to ensure that his or her statements are submitted in a timely manner.

<sup>5</sup> To the extent that the required information is included in the account statements submitted with the report or linked to the account in the PTCC System, the report will be deemed complete. Access Persons should note, however, that Covered Securities may be held in Personal Accounts or directly, as in the case of limited partnership or limited liability company interests (such as hedge funds). If Covered Securities are held directly, the Personal Accounts and Holdings Report must include the required information with respect to those securities as part of the report, or through the attachment of a separate statement. 

<sup>6</sup> To the extent that the required information is included in the account statements submitted with the report or linked to the account in the Compliance System, the report will be deemed complete. Access Persons should note, however, that Covered Securities may be held in Personal Accounts or directly, as in the case of limited partnership or limited liability company interests (such as hedge funds). If Covered Securities are held directly, the Quarterly Transactions and New Personal Accounts Report must include the required information with respect to those securities as part of the report, or through the attachment of a separate statement. 

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If an Access Person opens a new Exempt Personal Account during the quarter, he or she will have to provide an initial pdf copy of account statements for such Exempt Personal Account, but the account will not be monitored thereafter.

(ii)<br> Timing of Quarterly Transactions and New Personal Accounts Reports

Each Access Person must submit through the Compliance System the Quarterly Transactions and New Personal Accounts Report no later than 30 days after the end of each calendar quarter. The instructions for completing the report will be made available to each Access Person through the Compliance System.

d.<br> Cryptocurrency Reporting

To the extent an Access Person transacts in cryptocurrencies, tokens or other digital assets that, in each case, are considered Covered Securities, corresponding transaction and holdings disclosure is required under the procedures applicable to Covered Securities under this Code. Where brokerage confirmations and statements are not available for such securities, Access Persons must provide available documentation evidencing transactions and holdings acceptable to the CCO.

3.<br> Restrictions on Personal Accounts

No Access Person or Family Member may open a new Personal Account unless such Personal Account is (i) an Exempt Personal Account, (ii) an account offered to a Family Member by such Family Member's current employer, or (iii) a Linked Personal Account. The CCO maintains a list of brokers offering Linked Personal Accounts.

Within three months of becoming subject to this Code, a new Access Person and his or her Family Members should seek to close all Personal Accounts other than (x) Exempt Personal Accounts, (y) Linked Personal Accounts and (z) accounts ineligible to become Linked Personal Accounts. If any such Access Person holds restricted stock of a former employer in any Personal Account ineligible to become a Linked Personal Account, the Access Person should transfer such stock to a Linked Personal Account once the restriction is lifted.

The CCO may grant exceptions to these requirements on a case by case basis.

4.<br> Restrictions on Personal Securities Transactions

a.<br> Access Persons

Access Persons are prohibited from acquiring, disposing, or engaging in short selling of Covered Securities in any Personal Account, unless otherwise permitted herein. For the avoidance of doubt, Access Persons are prohibited from acquiring securities issued in an initial public offering (i.e., an offering of securities registered under the Securities Act, the issuer of which, immediately before registration, was not subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act).

With the prior written approval of the CCO, an Access Person may:

&nbsp;&nbsp;&nbsp;&nbsp;• dispose of any Covered Securities over which the Access Person (or his/her Family Member, as applicable) held Beneficial Ownership prior to the date on which the Code became applicable to that Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;• terminate or make any changes to any Automatic Investment Plan relating to Covered Securities, which the Access Person (or his/her Family Member, as applicable) entered into prior to the date on which the Code became applicable to the Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;• acquire any security issued in a Limited Offering other than any such security issued by the Funds, the Firm or their respective affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;• acquire or dispose of shares of PSH; and

&nbsp;&nbsp;&nbsp;&nbsp;• acquire or dispose of a security in connection with a corporate transaction or distribution in kind by the issuer of a security owned by the Access Person at the time of the corporate transaction or distribution. Notwithstanding the foregoing, if the acquisition or disposition of the security happens by operation of law or contract (including pursuant to a default election), then no approval is required.

Access Persons must seek any such approval by submitting a trade request form through the Compliance System, unless the CCO permits acceptance of such request in another form.

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The following is permitted for Access Persons without the prior approval of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions and/or dispositions of any Exempt Security;

&nbsp;&nbsp;&nbsp;&nbsp;• acquisitions and/or dispositions of any of the following Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;• municipal bonds, foreign unit trusts and foreign mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;• institutional separate account and commingled trust fund products offered in retirement accounts as alternative investments to open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Bonds issued by the UK government (aka "gilts"); and

&nbsp;&nbsp;&nbsp;&nbsp;• exchange-traded funds appearing on a list maintained by the CCO ()"*Approved ETFs* ")<sup>7</sup> and dispositions of exchange-traded funds that were Approved ETFs at the time of acquisition; provided, that Approved ETFs may not be disposed of for 30 calendar days following the date of their acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;• receipt of securities as a result of a gift (including a grant or similar award to an Access Person or Family Member from such person's employer), inheritance, or operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;• dispositions of securities acquired in a limited offering;

&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected in any Personal Account with respect to which such Access Person has submitted a signed certification that the Access Person or Family Member, as applicable, has no direct or indirect influence or control (an "*Influence and Control Letter* "); and

&nbsp;&nbsp;&nbsp;&nbsp;• transactions effected in any Personal Account pursuant to an Automatic Investment Plan (i.e., a program, including any dividend reinvestment plan, in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation) entered into prior to the date on which the Access Person became subject to the Code (or otherwise approved by the CCO).

b.<br> Former Members of the Advisory Board

The Firm maintained an advisory board from its inception until March 31, 2023. Effective April 1, 2023, former members of the advisory board are no longer Access Persons and do not have access to confidential information regarding the Firm or the Funds, except that former advisory board members may (i) continue to serve on committees of the Firm and/or (ii) confer with the Firm from time to time on discrete matters.

In recognition of the foregoing, former advisory board members will be required to attest that to the extent they receive from the Firm any confidential information with respect to an issuer, they will maintain the confidentiality of such information and will not trade in such issuer's securities without obtaining the prior approval of the CCO. Other than the foregoing attestation, former advisory board members are not subject to any obligations of this Code or restrictions on their personal trading.

c.<br> General Standard for Transaction Pre-Approval

Any transaction requiring pre-approval that is pre-approved by the CCO must be executed: (a) by the end of the day following the date of receipt of approval with respect to publicly traded securities and (b) by the following subscription date with respect to privately placed securities. If a pre-approved transaction is not effected within these time frames, a new approval request must be submitted.

Great effort will be made to give a prompt response to a request for clearance, but clearance may never be presumed before it is expressly granted in writing.

Access Persons should note that approval by the CCO does not in any way constitute legal or investment advice, and such approval should not be construed as approval by the Firm that such transaction in any way complies with federal or state securities laws or is in any way a suitable investment for the Access Persons.

<sup>7</sup> The CCO will only include on the list of Approved ETFs exchange-traded funds that, as of the date of the list,have no single Covered Security accounting for more than 5% of their net assets, subject to certain limited exceptions. The CCO will remove Approved ETFs no longer in compliance with the 5% limit from the list periodically. The removal of an Approved ETF from the list does not require Access Persons to dispose of such exchange-traded fund. 

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d.<br> Transactions in Mutual Funds

All Access Persons are discouraged from trading in shares of mutual funds for their Personal Accounts, and for the Funds managed by the Firm, in a manner inconsistent with a mutual fund's prospectus.

5.<br> Exceptions to the Ongoing Reporting Requirements and Trading Restrictions

Notwithstanding anything to the contrary contained herein, certain Personal Accounts will not be subject to the ongoing reporting obligations and trading restrictions contained herein; provided that the applicable Access Person shall have disclosed all of those Personal Accounts on the Initial Personal Accounts and Holdings Report or Quarterly Transactions and New Personal Accounts Report, as applicable, so that the CCO can determine that those Personal Accounts should not be subject to ongoing monitoring by the Firm.

Personal Accounts that are not subject to the ongoing reporting obligations and trading restrictions contained herein (such accounts, "*Exempt Personal Accounts*") are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• 529 Plans;

&nbsp;&nbsp;&nbsp;&nbsp;• any Personal Account that is only permitted to hold Exempt Securities by design of the account through the relevant brokerage firm or custodian;

&nbsp;&nbsp;&nbsp;&nbsp;• 401(k) plan retirement accounts offered to Access Persons by the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;• any Personal Account over which the Access Person has no direct or indirect influence or control, as determined by the CCO based on documentation received from the Access Person;<sup>8</sup>

&nbsp;&nbsp;&nbsp;&nbsp;• certain Personal Accounts advised by a "robo-adviser", such as Betterment; and

&nbsp;&nbsp;&nbsp;&nbsp;• any Personal Account in which transactions are effected pursuant to an Automatic Investment Plan entered into prior to the date on which the Access Person became subject to the Code.

The CCO may determine at any time that an Exempt Personal Account should be once again subject to the reporting obligations and trading restrictions of this Code.

D. **Compliance with Applicable Federal Securities Laws** 

In addition to the general principles of conduct stated in the Code and the specific trading restrictions and reporting requirements described above, the Code requires all Access Persons to comply with applicable securities laws.

E. **Making or Spreading False Rumors** 

Intentionally creating, passing or using knowingly false rumors may violate the antifraud provisions of the Advisers Act and other securities laws. Accordingly, no Access Persons may maliciously create, disseminate or use knowingly false rumors. This prohibition covers oral and written communications, including the use of electronic communication media such as email, instant messaging, text messaging, blogs and chat rooms. The Firm recognizes that identifying "false" rumors, and differentiating them from legitimate investment information or opinion, is difficult. We therefore encourage you to use discretion with respect to rumors or so-called market chatter and consult with one of the Firm's in-house counsel (each, "*Counsel*") should you have any questions or concerns with respect to any particular information you obtain.

F. **Service on Boards of Directors and Other Outside Activities** 

An Access Person's service on the board of directors of a company, any other governing board, a creditors' committee or an investment committee of any entity (including charitable organizations), could lead to the potential for conflicts of interest or insider trading risks, and may otherwise interfere with such Access Person's employment or duties to the Firm.

Consequently, prior to any Access Person accepting any appointment to any board of directors of a company, any other governing board, a creditors' committee or an investment committee of any entity, that Access Person must obtain prior approval from the CCO. Access Persons may accept the following appointments without prior

<sup>8</sup> SEC Division of Investment Management Guidance Update, *Personal Securities Transaction Reports by Registered Investment Advisors: Securities Held in Accounts Over Which Reporting Persons Had No Influence or Control*. (June 2015).

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approval from the CCO: (i) appointments as the Firm's representative, and (ii) appointments to condo/co-op boards or other similar boards related to personal ownership of real estate. Prior approval must be obtained by submitting an outside affiliation request form through the Compliance System, unless the CCO permits acceptance of such request in another form.

Within thirty (30) days after the end of each calendar year, Access Persons must also submit a form detailing certain additional affiliations (such form, the "*Outside Affiliation Form*") through the Compliance System if not already reported in a previous calendar year. The Outside Affiliation Form may be combined with other annual certifications and/or reporting required by the Code. On the Outside Affiliation Form, Access Persons will report each instance where they:

&nbsp;&nbsp;&nbsp;&nbsp;• receive compensation from an entity (charitable or otherwise) other than the Firm, Table or the PSF, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;• take an active role in the management decisions of an entity (charitable or otherwise);

&nbsp;&nbsp;&nbsp;&nbsp;• serve as an officer or general partner of an entity;

&nbsp;&nbsp;&nbsp;&nbsp;• provide advice about investments to any entity;

&nbsp;&nbsp;&nbsp;&nbsp;• have a parent, child, sibling or spouse who conducts business with the Firm or works for an entity that conducts business with the Firm; or

&nbsp;&nbsp;&nbsp;&nbsp;• have a parent, child, sibling or spouse who works for (i) a broker-dealer, (ii) a federal, state, local or non-U.S. government entity or branch of government or (iii) a public company.

All Access Persons will be required to certify that they have complied with the foregoing on an annual basis.

In the event that an Access Person is appointed to the board of directors of a public company the securities of which are held by the Funds (a "*Portfolio Company*"), Counsel should be notified and the Firm should consult outside counsel with respect to applicable securities laws and regulations.

Subject to the determination of the CCO to the contrary, an Access Person can share certain material nonpublic confidential information with respect to a Portfolio Company with others within the Firm, consistent with the law, any agreement entered into with the Portfolio Company, and any limitations to which the Access Person may be subject by virtue of his or her role at the Portfolio Company.

G. **Gifts and Entertainment** 

In order to address conflicts of interest that may arise when a Supervised Person accepts or gives a gift, favor, entertainment, special accommodation, or other item of value, the Firm places restrictions on gifts and entertainment. Accordingly, the following procedures and restrictions apply to Supervised Persons' interactions with third parties (including their employees) with whom or which the Firm conducts, or is considering conducting, business (each, a "*Business Associate*"). Business Associates include, but are not limited to, prime and executing brokers, consultants, administrators, custodians, attorneys, accountants, investment bankers, valuation and appraisal firms, investors, co-investors, vendors, suppliers, and a variety of other entities.

Supervised Persons should not accept gifts or entertainment from any person in connection with the Firm's business if the acceptance of that gift or entertainment would inappropriately influence any material decision of such Supervised Person or otherwise cause the Supervised Person to feel obliged to do something in return for the gift or entertainment.

1.<br> Gifts.

For purposes of this policy, a "gift" is any item or any service of value. Supervised Persons may not provide or accept gifts in their capacity as an employee or other representative of the Firm having an aggregate value in excess of $500 per calendar year to or from any one source at a Business Associate, except with the CCO's approval. Notwithstanding the foregoing, no Supervised Person may provide or accept gifts in his/her capacity as an employee or other representative of the Firm having an aggregate value of $100 per calendar year to or from any person associated with a broker-dealer. The following gifts, however, are excluded from the thresholds set forth above (together, the "*Excepted Gifts*"): (i) gifts that are a result of a personal relationship between the giver and the recipient and are not in relation to the Firm's business; (ii) gifts that are of de minimis value (such as pens, notepads, or modest desk ornaments); (iii) gifts that are promotional items of nominal value that display the giver's logo (such

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as umbrellas, tote bags, or t-shirts); and (iv) decorative gifts that commemorate business transactions. Gifts given in the course of business entertainment (including conferences) are included in the thresholds set forth above unless such gifts are Excepted Gifts.

Supervised Persons must report any gift, service, or other item of value received from or given to any Business Associate (other than the Excepted Gifts) by completing a Gifts & Entertainment report in the PTCC System within 30 days after the end of each calendar quarter. The CCO will review such reports and may require the Supervised Person to return a gift or provide payment for such gift if the CCO believes that such action is appropriate. The CCO also will keep records of any gifts so reported. The Firm's Conflicts Committee and Best Execution Committee may review the gift reports on a periodic basis.

2.<br> Entertainment.

Supervised Persons may provide or accept a business entertainment event of not unreasonable value to or from a Business Associate. Business entertainment includes any social event, hospitality event, sporting event, entertainment event, meal, leisure activity or event of like nature or purpose regarding an existing or prospective business relationship, including business entertainment offered in connection with a charitable event, educational event or business conference if both the Supervised Person and a representative of the Business Associate providing or receiving the entertainment are present.

Two important notes with respect to business entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) An event will be considered a "gift" under this policy (and not entertainment) unless both the Supervised Person and a representative of the Business Associate are present.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Transportation and lodging received or provided in connection with an entertainment activity or event is to be considered part of the business entertainment.

Supervised Persons must report any business entertainment received from or provided to any Business Associate if the value of such entertainment exceeds $500 per person per event by completing a Gifts & Entertainment report in the Compliance System within 30 days after the end of each calendar quarter. Notwithstanding the foregoing, Supervised Persons are not required to report any entertainment received from or provided to any Business Associate as long as the provision of the entertainment is a result of a personal relationship between such persons and not in relation to the business of the Firm. Please note that any entertainment provided to a Business Associate that is not reportable pursuant to the foregoing sentence must be paid for by the Supervised Person in his or her personal capacity, and may not be paid for by the Firm. The CCO will review all reportable entertainment and may require a Supervised Person to reimburse the expense of the entertainment or take any such other action that the CCO believes is appropriate. The CCO also will keep records of any entertainment so reported. The Firm's Conflicts Committee and Best Execution Committee may review the entertainment reports on a periodic basis.

3.<br> Additional Rules Related to Certain Recipients of Gifts and Entertainment

a.<br> Government Officials.

Certain laws or rules in various jurisdictions may prohibit or limit gifts or entertainment extended to public officials. Prior to providing any gift or entertainment to any government officials or their families, employees should discuss the matter with the CCO. (See also the Section entitled "Anti-Corruption Policy").

b.<br> Union Officials.

Special Department of Labor reporting requirements apply to service providers, such as investment advisers, to Taft-Hartley employee benefit funds. Those service providers must make detailed annual reports of gifts and entertainment provided generally to unions, their officers, employees and agents, subject to a *de minimis* threshold.<sup>9</sup> Prior to providing any gift or entertainment to these types of recipients, Supervised Persons should discuss the matter with the CCO.

<sup>9</sup> For additional information regarding these reports, see <u>http://www.dol.gov/olms/regs/compliance/LM10_FAQ.htm.</u>

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c.<br> Public Pension Plan Employees

Certain laws or rules in various jurisdictions may prohibit or limit gifts or entertainment extended to public pension plan employees (including, but not limited to, plan trustees, board members, and officials). Additionally, public pension plans may have internal guidance documents restricting the receipt by their employees and agents of gifts or entertainment. Prior to providing any gift or entertainment to any public pension plan employees and agents, or to a person known by the Supervised Persons to be a family member of the foregoing, Supervised Persons should discuss the matter with the CCO. (See also the Section entitled "Anti-Corruption Policy".)

d.<br> Plans Subject to ERISA

The U.S. Employee Retirement Income Security Act of 1974, as amended ("*ERISA*") prohibits or limits gifts or entertainment extended to employees of investors subject to ERISA. Prior to providing any gift or entertainment to any public pension plan employees and agents, Supervised Persons should discuss the matter with the CCO.

4.<br> Solicited Gifts.

No Supervised Person may use his or her position with the Firm to solicit and thereby obtain any gift of value from a client, supplier, person to whom the Supervised Person refers business or any other entity with which the Firm does business.

5.<br> Referrals.

Supervised Persons may not make referrals to clients (e.g., of accountants, attorneys, or the like) with an expectation of personal benefit on account of the referral.

H. **Political Contributions** 

1.<br> Rule 206(4)-5 – Political Contributions by Certain Investment Advisers

a.<br> Limitations on Political Contributions

(i) Under Rule 206(4)-5 of the Advisers Act, a firm may not be compensated by any government entity for advisory services for two years after such firm, its "covered associates" or any political action committee ("*PAC*") controlled by such firm or its covered associates makes any contribution to any government official with (a) authority or influence regarding a government entity's selection of an adviser or investment pool; or (b) authority to appoint individuals with authority or influence regarding a government entity's selection of an adviser or investment pool (e.g., a governor who appoints members of a state pension plan investment committee). 

(ii) Exception: Rule 206(4)-5 provides a *de minimis* exception, allowing a covered associate of a firm to (1) contribute up to $350 per election to any government official or candidate described in section (i) above for whom the covered associate is entitled to vote; or (2) contribute up to $150 to any government official or candidate described in section (i) above for whom the covered associate is not entitled to vote.

b.<br> No Solicitation or Coordination of Contributions

Under Rule 206(4)-5, a firm and its covered associates are prohibited from soliciting or organizing other persons or PACs to make contributions (i) to elected officials in a position to influence the selection of a firm or (ii) to political parties in the state or locality where a firm is providing or seeking government entity business.

c.<br> Ban on Circumvention Through Indirect Contributions

Under Rule 206(4)-5, a firm and its covered associates are prohibited from doing anything indirectly which, if done directly, would violate Rule 206(4)-5, e.g., a firm and its covered associates would be prohibited from using third-party solicitors, attorneys, family members or companies affiliated with the firm to make contributions that would violate Rule 206(4)-5.

d.<br> Soliciting Government Entity Investors

(i)<br> Under Rule 206(4)-5, a firm or its covered associates shall not provide or agree to provide, directly or indirectly, payment to any third-party to solicit government entity investors for investment advisory services on its behalf, other than SEC-registered broker-dealers, municipal

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advisers or investment advisers that are themselves subject to pay-to-play regulation ("regulated persons"). For the avoidance of doubt, the foregoing does not affect the ability of the Firm's personnel to solicit government entity investors directly.

e.<br> No Compensation for Advisory Services After a Prohibited Contribution

If a firm or any of its covered associates violate any of the prohibitions or limitations on contributions described in Rule 206(4)-5, that firm will be prohibited from receiving compensation for advisory services from such government entity for two years after such prohibited contribution subject to certain exceptions. This is known as the "two-year time-out" provision. A firm may have a fiduciary duty to continue providing advisory services to the government entity until such time as the government entity is able to replace the adviser. If you believe that you have violated any of the provisions of Rule 206(4)-5, contact the CCO as soon as reasonably practicable.

(i)<br> Exemptions Under Rule 206(4)-5

The SEC may waive the two-year time-out provision, upon a request for exemptive relief from a firm, under circumstances where, among other things, the firm has discovered contributions after they were made and has provided persuasive objective evidence that no "pay to play" was intended.

A firm may also qualify for an exemption from the two-year time-out provision if a covered associate has made a contribution that inadvertently triggered the two-year time-out and: (a) the contribution was $350 or less per election; (b) the firm discovered the contribution within four months of it having been made; and (c) within 60 days of discovery, the contributor obtained the return of the contribution. The Firm is prohibited from claiming this exemption more than three times per 12-month period and no more than once for each covered associate regardless of time period.

2.<br> Other Applicable Laws, Rules and Regulations

Certain states, counties, municipalities and government entities have adopted regulations and/or policies limiting or completely restricting a firm from doing business with such state, locality or entity, as applicable, if political contributions are made by the firm, its employees, or, in some instances, an employee's spouse, civil union partner, or immediate family member residing in the same home. Under these laws and policies, a single prohibited political contribution to a candidate, political party, political group, PAC, or a state or municipal official, may disqualify or otherwise restrict the Funds from accepting investments by certain investors.

3.<br> The Firm's Political Contribution Policy and Procedures

The Firm's CCO will be responsible for the implementation and enforcement of the following procedures (the "*Political Contribution Policy*"). To monitor compliance with Rule 206(4)-5 and other relevant laws, rules and restrictions with respect to any state, county, municipality or government entity, the Firm's Political Contribution Policy applies to all of the Firm's Supervised Persons. Any questions concerning this Political Contribution Policy should be directed to the CCO.

a.<br> Contribution Clearance

Due to the restrictions and limitations discussed above, Supervised Persons (and their Family Members), and any PAC controlled by a Supervised Person (and/or his or her Family Member), are prohibited from making any contributions to any state or local official or candidate's campaign, or to any state or local political party or political committee (e.g., a PAC), or any other entity organized for the purpose of supporting state or local officials, candidates, political parties or political committees. Any contribution by a Supervised Person (or his or her Family Member), and any contribution by a PAC controlled by a Supervised Person (or his or her Family Member) to any (i) federal official or candidate's campaign, (ii) federal political party or political committee, (iii) other entity organized for the purpose of supporting federal officials, candidates, political parties or political committees, or (iv) non-US politicians, candidates, political parties, political organizations or officials, must receive prior clearance by the CCO. For purposes of this Political Contribution Policy, contributions include payments by cash, check, or credit card; "in-kind" contributions of free or discounted goods or services; and payments to attend any event that is a fundraiser benefiting a candidate's campaign, a political party committee, a political committee, or any other entity organized to support a candidate, political party committee, or political committee.

Supervised Persons (and their Family Members) are prohibited from soliciting or coordinating any contributions to any state or local official or candidate's campaign, or to any state or local political party or political

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committee (e.g., a PAC), or any other entity organized for the purpose of supporting state or local officials, candidates, political parties or political committees. Any coordination or solicitation of a contribution by any Supervised Person (or his or her Family Member) for the benefit of any federal official or candidate's campaign, or to any federal political party or political committee, or any other entity organized for the purpose of supporting federal officials, candidates, political parties or political committees, must receive prior clearance by the CCO. The CCO has the discretion to deny the request for any reason, e.g., if it is too costly or burdensome to determine whether such contribution is permissible under the rules.

Requests for clearance should be submitted through the PTCC System at least 3 days prior to the desired date of contribution. Upon receiving a request for clearance, the CCO will determine if such contribution is permissible under Rule 206(4)-5 and other relevant laws, rules and restrictions with respect to any state, county, municipality or government entity.

b.<br> Screening of Newly Hired or Promoted Employees

The Firm generally will not hire a new Supervised Person or promote an existing Supervised Person if such person's job functions (i) will include solicitation of advisory business, and such person has made a prohibited contribution within two years before being hired or promoted, or (ii) do not include solicitation of advisory business but include similar status or function to a general partner, managing member or executive officer or the supervision of someone that solicits advisory business, and such person has made a prohibited contribution within six months before being hired or promoted.

At the time of extending any such offer of employment or promotion, the applicant or Supervised Person (as applicable) will be required to provide to the CCO a list of any and all contributions made by that person during the previous two years or six months, as applicable. The CCO will determine what, if any, impact such contributions would have on the Firm's existing and potential business with government entities and will inform the Firm's senior management of any such potential impact.

c.<br> Recordkeeping Requirements

The Firm maintains records as to: (i) the names, titles, businesses and residential addresses of its Supervised Persons; (ii) contributions made by the Firm and its Supervised Persons (and their Family Members) to government officials (including candidates for federal, state or local office), as well as all PACs and political parties; and (iii) government entities in pooled investment vehicles to which the Firm has provided advisory services within the past five years.

In addition, the Firm will maintain records of any compensation that it pays to SEC-registered broker-dealers, municipal advisers and investment advisers for the solicitation of government entities investors in pooled investment vehicles managed by the Firm.<sup>10</sup>

I. **Prohibited Political Activities of Employees** 

In addition to the above pre-approval requirement, all Supervised Persons are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;• making or soliciting political contributions or otherwise engaging in political activities where the purpose is to assist the Firm in obtaining or retaining business;

&nbsp;&nbsp;&nbsp;&nbsp;• soliciting political contributions based upon any representation that such solicitation is on behalf of, or in any way endorsed by, the Firm; and

&nbsp;&nbsp;&nbsp;&nbsp;• doing indirectly, through any other person, anything prohibited by these policies.

Supervised Persons should understand that applicable and proposed laws, rules, regulations and/or policies governing political contributions are very complex, differ in the various jurisdictions, and are subject to continual changing legislative actions and judicial interpretations. As a result, the Firm encourages all Supervised Persons to consult with the CCO regarding any questions or interpretive guidance which may arise with respect to these policies.

<sup>10</sup> Rule 206(4)-5 does not require the Firm to keep records of the regulated persons/entities that solicited government entities for investment advisory services on the Firm's behalf prior to June 13, 2012.

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J. **Anti-Corruption Policy** 

1.<br> Statement of Policy

The Firm, all Employees and all affiliates of the Firm must comply with applicable anticorruption laws, including:

&nbsp;&nbsp;&nbsp;&nbsp;• the U.S. Foreign Corrupt Practices Act (the "*FCPA* ");

&nbsp;&nbsp;&nbsp;&nbsp;• the laws and regulations of each other country in which the Firm conducts business; and

&nbsp;&nbsp;&nbsp;&nbsp;• all other applicable anti-bribery and anti-corruption laws

(collectively, "*Anti-Bribery Laws*"). As part of the Firm's efforts to comply with Anti-Bribery Laws and to prevent and detect bribery and corruption, the Firm has adopted this Anti-Corruption Policy. For the sake of clarity, our Anti-Corruption Policy applies to all Employees and all of our agents, both within and outside the United States.

The anti-bribery provisions of the FCPA (and, thus, our Anti-Corruption Policy<sup>11</sup>) prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;• the giving or payment of, or any offer (including an offer that is never consummated by an actual payment), promise or authorization to give or pay, anything of value to a "Foreign Official" (as defined below) to assist in obtaining, retaining, or directing business, and

&nbsp;&nbsp;&nbsp;&nbsp;• any payment to an agent, consultant, intermediary, representative or any other third party (each, a "*Third Party*") with the knowledge that all or a portion of the payment will be transmitted to a Foreign Official to assist in obtaining, retaining, or directing business.

The knowledge requirement of the FCPA (and our Anti-Corruption Policy) includes not only "actual knowledge" that a bribe was paid to a Foreign Official, but also awareness of a "high probability" of such bribery. Therefore, an Employee may have sufficient "knowledge" for a violation if he or she deliberately turns a blind eye or consciously disregards red flags suggesting a possible bribery or corruption scheme, even if the Employee does not actually know that a bribe has been paid or will be paid.

The CCO will administer Our Anti-Corruption Policy.

a.<br> "*Anything of Value*"

When we prohibit offers or payments of "anything of value" to influence official action or to secure an improper advantage, this includes:

&nbsp;&nbsp;&nbsp;&nbsp;• money (in any form);

&nbsp;&nbsp;&nbsp;&nbsp;• gifts;

&nbsp;&nbsp;&nbsp;&nbsp;• entertainment or hospitality;

&nbsp;&nbsp;&nbsp;&nbsp;• offers or promises of employment;

&nbsp;&nbsp;&nbsp;&nbsp;• promises to pay anything of value;

&nbsp;&nbsp;&nbsp;&nbsp;• payment or reimbursement of travel expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;• personal favors.

b.<br> "*Foreign Official*"

The definition of "Foreign Official" under the FCPA (and our Anti-Corruption Policy) is very broad. It includes a government official in the classic sense, such as the head of a government ministry or agency, but also encompasses any officer or employee of any foreign government department, agency, or instrumentality, such as an employee of a state-owned business enterprise. For example, an employee of any entity that is owned or controlled by a foreign government may qualify as a Foreign Official under the FCPA.

A Foreign Official may serve in any branch of government (executive, legislative, judicial) and at any level of government (national, regional, local). The term "Foreign Official" also includes (i) any person acting in an official

<sup>11</sup> Unless otherwise noted, this Anti-Corruption Policy is designed to fulfill the statutory requirements of the FCPA.

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capacity for or on behalf of a foreign government, whether or not that person may be employed by the government, (ii) any employee or representative of a public international organization, or any department, agency, or instrumentality thereof (such as an employee of the World Bank), (iii) any foreign political party or official thereof, and (iv) any candidate for foreign political office.

A "Foreign Official" could include, for example, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• an employee of a government owned or controlled enterprise (e.g., a sovereign wealth fund or state-run pension plan or a purchasing manager of a government-owned producer);

&nbsp;&nbsp;&nbsp;&nbsp;• a regulatory agency official (e.g., an employee of the Financial Conduct Authority in the United Kingdom);

&nbsp;&nbsp;&nbsp;&nbsp;• a customs or tax official;

&nbsp;&nbsp;&nbsp;&nbsp;• a local police officer;

&nbsp;&nbsp;&nbsp;&nbsp;• a member of the military;

&nbsp;&nbsp;&nbsp;&nbsp;• a member of Parliament;

&nbsp;&nbsp;&nbsp;&nbsp;• a judge, prosecutor or court clerk; or

&nbsp;&nbsp;&nbsp;&nbsp;• an employee of an international organization (e.g., EU entities, U.N. bodies, the World Bank, the Asian and African Development Banks, and similar institutions).

c.<br> *Facilitation Payments*

In some circumstances, a payment to a Foreign Official may qualify under a narrow exception of the FCPA that allows for facilitation or expediting payments to secure routine governmental actions. Facilitation payments are small payments made to ensure non-discretionary governmental actions, such as processing visas or business permits. Facilitation payments may not be made to induce a Foreign Official to ignore his or her lawful duty or to exercise discretion in the award or retention of business.

Although the FCPA contains an explicit exception to the bribery prohibition for so-called facilitation payments, other legal regimes may not. As a result, our Anti-Corruption Policy prohibits facilitation payments to Foreign Officials without prior approval of the CCO.

2.<br> Giving Gifts under our Anti-Corruption Policy

Consistent with our Gifts and Entertainment Policy, the Firm, all Employees and all other affiliates of the Firm are prohibited from giving *any* gift, offering *any* gift or promising *any* gift to a Foreign Official without the prior approval of the CCO.

3.<br> Providing Entertainment under our Anti-Corruption Policy

Consistent with our Gifts and Entertainment Policy, the Firm, all Employees and all other affiliates of the Firm are prohibited from paying, giving, offering, promising, or authorizing the payment of any travel, lodging, entertainment, or meal expenses for a Foreign Official without the prior approval of the CCO.

4.<br> Contributions to Charitable Organizations

Although the FCPA does not prohibit charitable contributions, charitable contributions would violate the FCPA (and other Anti-Bribery Laws) if intended to bribe a Foreign Official in order to assist in obtaining, retaining, or directing business (because, for example, the Foreign Official or his or her relative is affiliated with the recipient charitable organization). Accordingly, our Anti-Corruption Policy prohibits any contributions or donations to non-U.S. charities if intended to bribe a foreign official.

5.<br> Foreign Political Contributions

Consistent with our Political Contributions Policy, the Firm, all Employees and all other affiliates of the Firm are prohibited from making *any* contributions or donations to non-US politicians, candidates, political parties, political organizations or officials thereof without the prior approval of the CCO.

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6.<br> Commercial Bribery

Bribes paid to individuals in the private sector, which is sometimes referred to as commercial bribery, is also strictly prohibited and likely constitutes a violation of law, including various federal and state laws in the United States as well as other Anti-Bribery Laws, including the UK Bribery Act (which prohibit bribery in the private sector as well as the public sector). Acts of commercial bribery may also subject Employees and the Firm itself to criminal and civil penalties.

Our Anti-Corruption Policy, therefore, also prohibits the payment of bribes, kickbacks, or similar improper payments of money or anything of value, whether in the United States or abroad, to persons or entities who are not Foreign Officials, including, but not limited to, officers or employees of counterparties or potential investors of the Firm or our Funds.

7.<br> Specific Compliance Procedures for Certain Third Party Agents

a.<br> *Doing Business with Third Parties*

The FCPA establishes liability for payments made indirectly to a Foreign Official as well as payments made directly. As such, the Firm may not pay any money or give anything of value to any third party—including, by way of example, an agent fee or commission—if the circumstances indicate that all or a portion of the money or other thing of value may be passed on to a Foreign Official to influence official action or obtain an improper advantage. To protect the Firm against the risk of bribes given indirectly, it is imperative that the Firm does business only with qualified and reputable Third Parties who understand and agree to abide by the FCPA and any other applicable Anti-Bribery Law.

b.<br> *Performing Due Diligence on Third Parties*

Consistent with our Vendor Supervision Policy, before the Firm enters into a business relationship with any Third Party who may interface on the Firm's behalf with a Foreign Official, the CCO will conduct appropriate due diligence, the specific components of which may vary in accordance with the level of risk that the CCO assesses to be associated with the applicable business relationship and may include, for example, a review of the qualifications and reputation of the Third Party. In addition, the CCO must approve any written agreement with a Third Party who may interface on the Firm's behalf with a Foreign Official, and the Firm may include appropriate anti-bribery and anti-corruption representations and other relevant provisions as applicable in such agreement.

8.<br> Record-Keeping & Expense Reimbursement

It is the policy of the Firm to maintain accurate books and records of all transactions that, directly or indirectly, involve gifts, expenses or payments to, or on behalf of, Foreign Officials. The records related to such transactions must be accurate and reflect the amount, the date, the recipient, and the purpose of any such payment.

All records relating to such transactions and to FCPA/anti-bribery compliance matters generally will be maintained for a minimum of six years from the end of the year in which they are created.

9.<br> Reporting of Non-Compliance

All employees are required to report any suspected violations of our Anti-Corruption Policy, the FCPA, or any other applicable Anti-Bribery Law to the CCO, provided that any suspected violations that implicate the CCO shall be reported to the President.

10.<br> Questions

If a problem arises or you have any questions about our Anti-Corruption Policy, the FCPA, or any other Anti-Bribery Law, please contact the CCO.

K. **Reporting Violations** 

Each Access Person must, as soon as reasonably practicable, report any known or suspected violation of the Code to the CCO or, in the CCO's absence, to Counsel. If you are unsure whether a violation has occurred, you should discuss the matter freely with the CCO and/or Counsel. All reports will be treated confidentially to the extent possible and investigated promptly and appropriately. The Firm will not retaliate against any Access Person who reports a violation of the Code in good faith. The CCO will keep records of any violation of the Code, and of any action taken as a result of the violation.

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L. **Exceptions to the Code** 

The CCO may, under very limited circumstances, grant an exception from the requirements of the Code on a case-by-case basis, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;• the CCO believes that the exception would not harm or defraud a Fund, violate the general principles stated in the Code or compromise the Access Person's or the Firm's fiduciary duty to any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• the CCO believes that the exception would not cause the Access Person requesting it and the Firm to violate the Advisers Act or any rules promulgated thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;• the Access Person provides any supporting documentation that the CCO may request.

No exceptions may be made to the fundamental requirements contained in the Code that have been adopted to meet applicable requirements under the Advisers Act.

If the CCO requests an exception from the requirements of the Code, other Counsel will consider all such requests and make a determination as to whether an exception is permitted.

M. **Administration of the Code** 

The CCO will review all reports submitted pursuant to the Code to determine that Access Person trades are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities. Other Counsel will receive and review all reports submitted by the CCO to determine that any trades made by the CCO are consistent with requirements and restrictions set forth in the Code and do not otherwise indicate any improper trading activities.

In the CCO's absence, all notices and approvals required to be given to, or obtained from, the CCO, as applicable, may be given to, or obtained from, Counsel.

The CCO will oversee the maintenance of all books and records relating to the Code. The books and records required to be maintained include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• a copy of the Code that is in effect, or at any time within the past five years was in effect;

&nbsp;&nbsp;&nbsp;&nbsp;• a record of any violation of the Code, and of any action taken as a result of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;• a record of all applicable written acknowledgements of receipt, review and understanding of the Code from each person who is currently, or within the past five years was, an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;• a record of each report submitted by an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;• a record of any decisions requiring pre-approval;

&nbsp;&nbsp;&nbsp;&nbsp;• a record of the names of persons who are currently, or within the past five years were, Access Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;• a record of any exception from the Code granted by the CCO and any related documentation supplied by the Access Person seeking the exception.

These books and records must be maintained by the Firm in an easily accessible place for at least five years from the end of the fiscal year during which the record was created, the first two years in an appropriate office of the Firm.

Finally, the Firm is required to include a description of our Code in Part 2A of our Form ADV and will, upon request, furnish investors in the Funds with a copy of the Code. The CCO will monitor whether a proper description of our Code is included in the Form ADV and the Head of Investor Relations will coordinate the distribution of our Code to any investors who request a copy.

N. **Sanctions** 

Any violation of any provision of the Code may result in disciplinary action. The CCO, in consultation with the President, will determine an appropriate sanction. Disciplinary action may include, among other sanctions, a letter of reprimand, disgorgement, suspension, demotion or termination of employment.

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O. **Acknowledgment of Receipt and Compliance** 

The Firm will provide each Access Person with a copy of the Code and any amendments hereto. Any questions regarding any provision of the Code or its application should be directed to the CCO.

Each Supervised Person must submit through the Compliance System a written acknowledgement evidencing the fact that such Supervised Person has received, understands, and will comply with, the Firm's Compliance Manual and the Code.

In addition, each Supervised Person must submit through the Compliance System an annual certification which includes, among other things, a representation that such Supervised Person has complied with the Code in all material respects during the relevant year.

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#### June 2024

#### Pershing Square Capital Management, L.P. <br>

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

#### Addendum for Registered Investment Companies ("Registered Funds")
1. **Introduction** 

This addendum is developed for the investment advisory activities of Pershing Square Capital Management, L.P. (the "Adviser"), and their associated persons that provide investment advisory services to Pershing Square USA, Ltd ("PSUS").

#### Roles and Responsibilities
The Adviser oversees the management of PSUS' activities and is responsible for making investment decisions for PSUS' portfolio. The Adviser has been appointed subject to the monitoring, supervision, and oversight of PSUS' board of trustees (the "Board"). For the Board to conduct its oversight responsibilities, the Adviser and its associated persons will be subject to certain reporting obligations and periodic testing.

#### PSUS Manual
PSUS maintains a separate compliance manual (the "PSUS Manual") required pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). The Adviser, and their associated persons who provide services to PSUS are required to comply with PSUS Manual. You will receive a copy of PSUS Manual and are subject to those policies and procedures. You are asked and encouraged to raise questions, criticisms or comments about the PSUS Manual and direct any question to the Chief Compliance Officer (the "CCO") of PSUS.

To the extent of any overlap between the PSUS Manual and the Adviser Manual of which this is a part, the PSUS Manual will be determinative for the activities of PSUS.

2. **PSUS Organization and Regulation** 

PSUS is organized as a Delaware statutory trust and is registered with the Securities and Exchange Commission ("SEC") under the 1940 Act, as a non-diversified, closed-end management investment company.

3. **PSUS Compliance Program Code of Ethics** 

As a registered investment company, PSUS is required to adopt a written code of ethics pursuant to Rule 17j-1 under the 1940 Act. Associated persons of the Adviser will receive a copy of PSUS' Code of Ethics and are subject to the provisions contained therein.

18<br>

## Ex-99.(U)

**Exhibit (u)**

**FORM OF SUBSCRIPTION AGREEMENT**

**&nbsp;&nbsp;&nbsp;&nbsp;**

<br> This SUBSCRIPTION AGREEMENT (this "<u>Subscription Agreement</u>") is entered into by and among Pershing Square USA, Ltd. ("<u>PSUS</u>"), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), Pershing Square Holdco, L.P. (the "<u>Partnership</u>"), a Delaware limited partnership that will convert into a Nevada corporation by means of a statutory conversion (the "<u>Corporate Conversion</u>") and change its name to "Pershing Square Inc." ("<u>PS Inc</u>.") and the undersigned subscriber ("<u>Subscriber</u>"). The Subscription Agreement shall become effective upon its execution by PS Inc. and PSUS as of the date set forth on such parties' signature page hereto (the "<u>Effective Date</u>"). As used in this Subscription Agreement and as the context requires, "<u>PS Inc.</u>" refers to the Partnership prior to the consummation of the Corporate Conversion and to PS Inc. following the Corporate Conversion.

WHEREAS, in connection with the proposed combined initial public offerings (the "<u>Combined Offering</u>") of (i) PSUS's common shares of beneficial interest, no par value per share (the "<u>PSUS Common Shares</u>") and (ii) the common stock, par value $0.001 per share of PS Inc. (the "<u>PS Inc. Common Stock</u>", and together with the PSUS Common Shares, the "<u>Shares</u>"), PS Inc. will purchase PSUS Common Shares from PSUS and resell such PSUS Common Shares to the underwriters of the Combined Offering (the "<u>Underwriters</u>") and deliver to the Underwriters, for no additional consideration, shares of PS Inc. Common Stock to be delivered to investors in the initial public offering of PSUS Common Shares (the "<u>PSUS IPO</u>");

WHEREAS, upon the terms and subject to the conditions set forth herein, Subscriber agrees to subscribe for and purchase from PS Inc., on the Closing Date (as defined below), such number of PSUS Common Shares (the "<u>Subscribed PSUS Shares</u>") as is set forth on the Subscriber's signature page hereto at a purchase price of $50.00 per Share (the "<u>Per Share Price</u>" and the product of (i) the Per Share Price and (ii) the number of Subscribed PSUS Shares being referred to herein as the "<u>Purchase Price</u>"), and PS Inc. desires to deliver to Subscriber the Subscribed PSUS Shares in consideration of the payment of the Purchase Price by or on behalf of Subscriber to PS Inc. simultaneously with such purchase;

WHEREAS, PS Inc. will also deliver to Subscriber, for no additional consideration, 30 shares of PS Inc. Common Stock (the "<u>Subscribed PS Inc. Shares</u>", and together with the Subscribed PSUS Shares, the "<u>Subscribed Shares</u>") for every 100 Subscribed PSUS Common Shares acquired pursuant to this Subscription Agreement; and

WHEREAS, PSUS and PS Inc. are also entering into subscription agreements (the "<u>Other Subscription Agreements</u>" and, together with this Subscription Agreement, the "<u>Subscription Agreements</u>") with certain other investors (the "<u>Other Subscribers</u>" and, together with Subscriber, the "<u>Subscribers</u>"), pursuant to which the Other Subscribers have agreed to acquire Shares on the Closing Date.

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NOW, THEREFORE, in consideration of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions herein contained, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

Section 1. <u>Subscription</u>. Upon the terms and subject to the conditions of this Subscription Agreement, Subscriber hereby irrevocably subscribes for and agrees to acquire from PS Inc., and PS Inc. hereby agrees to sell and deliver to Subscriber, upon payment of the Purchase Price by or on behalf of Subscriber to PS Inc., the Subscribed Shares at the Closing (as defined below) (such subscription, sale and delivery, the "<u>Subscription</u>").

Section 2. <u>Closing</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;(a) The closing of the Subscription (the "<u>Closing</u>") shall occur on the closing date of the Combined Offering (the "<u>Closing Date</u>") and be conditioned upon the prior or substantially concurrent consummation of the Combined Offering and satisfaction or waiver of the other conditions set forth in <u>Section 2(b)</u> and <u>Section 2(c)</u>. Upon delivery of written notice from (or on behalf of) PS Inc. to Subscriber (the "<u>Closing Notice</u>") that PS Inc. reasonably expects all conditions to the closing of the Combined Offering to be satisfied or waived on an expected closing date that is not less than two (2) business days from the date on which the Closing Notice is delivered to Subscriber, Subscriber shall, one (1) business day prior to the expected closing date specified in the Closing Notice (or such other date agreed to in writing by PS Inc.), deliver, by wire transfer of U.S. dollars in immediately available funds, an amount equal to the Purchase Price to such account(s) as designated by PS Inc. On the Closing Date, PS Inc. shall deliver the Subscribed Shares to Subscriber, free and clear of any liens or other restrictions whatsoever (other than those arising under state or federal securities laws) and subsequently, (i) PSUS shall cause the PSUS Subscribed Shares to be registered in book-entry form in the name of Subscriber (or its nominee in accordance with its delivery instructions, as applicable) on PSUS's share register and shall provide to the Subscriber evidence of such issuance from PSUS's transfer agent and (ii) PS Inc. shall cause the PS Inc. Subscribed Shares to be registered in book-entry form in the name of Subscriber (or its nominee in accordance with its delivery instructions, as applicable) on PS Inc.'s share register and shall provide to Subscriber evidence of such issuance from PS Inc.'s transfer agent. For purposes of this Subscription Agreement, "business day" shall mean any day other than a Saturday, a Sunday or other day on which commercial banks in New York, New York are authorized or required to close. Prior to the Closing Date, Subscriber shall deliver to PS Inc. and PSUS a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8. In the event the Closing Date does not occur within five (5) business days after the expected closing date specified in the Closing Notice, PS Inc. or PSUS shall promptly (but not later than ten (10) business days after the expected closing date specified in the Closing Notice) return or cause the return of any Purchase Price to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, and any book-entries for the Subscribed Shares shall be deemed cancelled; *provided* that, unless this Subscription Agreement has been terminated pursuant to <u>Section 7</u> hereof, such return of funds shall not terminate this Subscription Agreement or relieve Subscriber of its obligation to acquire the Subscribed Shares at the Closing upon delivery by PS Inc. of a subsequent Closing Notice in accordance with this <u>Section 2(a)</u>. For the avoidance of doubt, if any termination of this Subscription Agreement occurs after the delivery by Subscriber of the Purchase Price for the Subscribed Shares and prior to the Closing, PS Inc. or PSUS shall promptly (but not later than five (5) business days thereafter) return or cause the return of the Purchase Price to Subscriber without any deduction for or on account of any tax, withholding, charges or set-off.

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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;(b) The obligations of PS Inc. to consummate, or cause to be consummated, the transactions contemplated by this Subscription Agreement (including the Closing) are subject to the satisfaction, or waiver by PS Inc., of the additional conditions that, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all representations and warranties of Subscriber contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or Subscriber Material Adverse Effect (as defined below), which representations and warranties shall be true and correct in all respects) at and as of the Closing Date, as though made on and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case only as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subscriber shall have delivered the Purchase Price in accordance with <u>Section 2(a)</u> and delivered all of the information required to be delivered by it on <u>Annex A</u>, and if applicable to Subscriber, <u>Annex B</u>, <u>Annex C</u>, <u>Annex D</u>, <u>Annex E</u> or <u>Annex F</u> and otherwise performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by it at or prior to the Closing; 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;(c) The obligations of Subscriber to consummate, or cause to be consummated, the transactions contemplated by this Subscription Agreement (including the Closing) are subject to the satisfaction or waiver by Subscriber of the additional conditions that, on the Closing Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) all representations and warranties of PS Inc and PSUS contained in this Subscription Agreement shall be true and correct in all material respects (other than representations and warranties that are qualified as to materiality or a PS Inc. Material Adverse Effect or PSUS Material Adverse Effect (each as defined below), as applicable, which representations and warranties shall be true and correct in all respects) at and as of the Closing Date, as though made on and as of the Closing Date (except to the extent expressly made as of an earlier date, in which case only as of such date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) each of the PSUS Common Shares and PS Inc. Common Stock shall have been approved for listing on the New York Stock Exchange ("<u>NYSE</u>"), subject to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) there shall not be in force any injunction or order enjoining or prohibiting the delivery of the Subscribed Shares under this Subscription 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) PS Inc. and PSUS shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by PS Inc. and PSUS, respectively, at or prior to the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Prior to or at the Closing, Subscriber shall deliver to PSUS and PS Inc. all such other information as is reasonably requested by them in order for PS Inc. to deliver the Subscribed Shares to Subscriber, including, without limitation, the legal name of the person in whose name the Subscribed Shares are to be issued (or Subscriber's nominee in accordance with its delivery instructions) and a duly completed and executed Internal Revenue Service Form W-9 or appropriate Form W-8.

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Section 3. <u>PS Inc. Representations and Warranties</u>. PS Inc. represents and warrants to Subscriber as of the Effective Date and as of the Closing, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Partnership (i) has been duly formed and is validly existing as a limited partnership in good standing under the laws of the State of Delaware and, upon the effectiveness of the Corporate Conversion, PS Inc. will be duly incorporated and 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 Offering Memorandum to which this Subscription Agreement is attached (the "<u>Offering Memorandum</u>", and together with any amendments or supplements thereto and any additional written materials or information furnished by or on behalf of PS Inc. or PSUS to Subscriber prior to the Effective Date in connection with the transactions contemplated by this Subscription Agreement collectively, the "<u>Disclosure Package</u>"); 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 PS Inc. and its subsidiaries taken as a whole or (B) the ability of PS Inc. to consummate the transactions contemplated by this Subscription Agreement ((A) and (B) together, a "<u>PS Inc. Material Adverse Effect</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;(b) The issuance and sale of the Subscribed PS Inc. Shares, when issued pursuant to this Subscription Agreement (subject to the receipt of the Purchase Price in accordance with the terms of this Subscription Agreement and registration with PS Inc.'s transfer agent), will have been duly authorized by PS Inc. and, when issued and delivered to Subscriber (or its nominee in accordance with Subscriber's delivery instructions), will be validly issued, fully paid and free and clear of all liens or other restrictions (other than those arising under this Subscription Agreement or applicable securities laws), and will not have been issued in violation of, or subject to, any preemptive or similar rights created under PS Inc.'s organizational documents (as in effect at such time of issuance).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each "significant subsidiary" of PS Inc. (as such term is defined in Rule 1-02 of Regulation S-X), but not, for clarity, including any PS Inc. Fund (as defined below) or its portfolio companies or investments (each, a "<u>PS Inc. Subsidiary</u>" and, collectively, the "<u>PS Inc. 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 it is now being conducted 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 have a PS Inc. Material Adverse Effect. Except as otherwise disclosed in the Disclosure Package or as would not reasonably be expected to have a PS Inc. Material Adverse Effect, all of the issued and outstanding capital stock of each PS Inc. Subsidiary has been duly authorized and validly issued, is fully paid and non-assessable and is owned by PS Inc., 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 of any PS Inc. Subsidiary were issued in violation of the preemptive or similar rights of any securityholder of such PS Inc. Subsidiary. "<u>PS Inc. Funds</u>" means, collectively, all Funds or other entities, including without limitation Howard Hughes Holdings Inc., (i) sponsored or promoted by any of the PS Inc. Subsidiaries or (ii) for which any of the PS Inc. Subsidiaries acts as an investment adviser or investment manager, and "Fund" 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The capitalization of PS Inc. is as set forth in the Disclosure Package. PS Inc. Common Stock conforms in all material respects to the description of it in the Disclosure Package and such description conforms in all material respects to the rights set forth in the instruments defining the same. Upon the completion of the Corporate Conversion, all the issued and outstanding shares of PS Inc. Common Stock will be duly authorized, validly issued, fully paid and non-assessable. No holder of PS Inc. Common Stock will be subject to personal liability by reason of being such a holder. The Subscribed PS Inc. Shares to be issued and delivered to Subscribers in accordance with this Subscription Agreement have been duly authorized and when issued and delivered to Subscribers pursuant to this Subscription Agreement will have been validly issued and will be fully paid and non-assessable (except as described in the Disclosure Package), and the issuance of the Subscribed PS Inc. Shares is not subject to the preemptive or other similar rights of any securityholder of PS Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PS Inc. has full power and authority to enter into this Subscription Agreement and to perform all of the terms and provisions hereof to be carried out by it and (i) the Subscription Agreement has been duly and validly authorized, executed and delivered by or on behalf of PS Inc. and (ii) assuming due authorization, execution and delivery by the other parties hereto, the Subscription Agreement constitutes the legal, valid and binding obligation of PS Inc. enforceable in accordance with its terms, subject to the qualification that the enforceability of PS Inc.'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 (the "<u>Enforceability Exceptions</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;(f) None of (i) the execution, delivery and performance by PS Inc. of this Subscription Agreement, (ii) the delivery by PS Inc. of the Subscribed Shares as contemplated by this Subscription Agreement and the Disclosure Package or (iii) the consummation by PS Inc. of the other transactions contemplated by this Subscription 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 PS Inc. or the organizational documents of any of the PS Inc. 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 PS Inc. or any of the PS Inc. 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 PS Inc. or any of the PS Inc. Subsidiaries is a party or by which PS Inc. or any of the PS Inc. Subsidiaries may be bound or to which any property or assets of PS Inc. or any of the PS Inc. 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 PS Inc. or any of the PS Inc. Subsidiaries, other than state securities or "blue sky" laws applicable in connection with the acquisition of the Subscribed Shares by Subscriber pursuant to this Subscription Agreement, except with respect to clauses (A) (in the case of the PS Inc. 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 PS Inc. Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 PS Inc. of all the terms and provisions to be performed by or on behalf of it, in each case, as contemplated by this Subscription Agreement or the Disclosure Package, except such as may be required under state securities or "blue sky" laws, in connection with the acquisition of the Subscribed Shares by Subscriber in the manner contemplated in this Subscription Agreement and the Disclosure Package.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) The financial statements of PS Inc. included in the Disclosure Package, together with the related schedules and notes, present fairly in all material respects the financial position of PS Inc. and its consolidated subsidiaries at the dates indicated and the statement of operations, changes in partners' capital and cash flows of PS Inc. 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 Disclosure Package 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 Disclosure Package with respect to PS Inc. present fairly in all material respects the information shown therein, have been prepared in accordance with the rules and guidelines of the United States Securities and Exchange Commission (the "<u>Commission</u>") 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PS Inc. and the PS Inc. 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 have a PS Inc. Material Adverse Effect. PS Inc. and the PS Inc. 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 have a PS Inc. 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 have a PS Inc. Material Adverse Effect. Neither PS Inc. nor any of the PS Inc. 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 have a PS Inc. Material Adverse Effect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) PS Inc. and each of the PS Inc. 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 Disclosure Package, since the end of PS Inc.'s most recent audited fiscal year, there has been (1) no material weakness in PS Inc.'s internal control over financial reporting (whether or not remediated) and (2) no change in PS Inc.'s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, PS Inc.'s internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PS Inc. and the PS Inc. Subsidiaries have established and maintain "disclosure controls and procedures" (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")); such disclosure controls and procedures are designed to ensure that material information relating to PS Inc. and the PS Inc. Subsidiaries is made known to PS Inc.'s principal executive officer and its principal financial officer by others within PS Inc., and such disclosure controls and procedures are reasonably effective to perform the functions for which they were established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) There has been no failure on the part of PS Inc. 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>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Other than compensation to be paid to Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities LLC, as placement agents to PS Inc. and PSUS (the "<u>Placement Agents</u>"), no broker or finder is entitled to any brokerage or finder's fee or commission solely in connection with the sale and delivery of the Subscribed Shares to Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Assuming due issuance of the PSUS Common Shares, PS Inc. will have, immediately prior to the Closing valid title to the Subscribed Shares, free and clear of all liens, encumbrances, equities or adverse claims; and, upon payment of the Purchase Price pursuant to this Subscription Agreement, delivery of Subscribed PSUS Shares, as directed by Subscriber, to Subscriber of the Subscribed Shares in book entry form, free and clear of any liens, encumbrances or other restrictions (other than those arising under state or federal securities laws), in the name of Subscriber, (A) under Section 8-501 of the UCC, Subscriber will acquire a valid security entitlement in respect of the Subscribed PSUS Shares and (B) no action based on any "adverse claim," within the meaning of Section 8-102 of the UCC, to the Subscribed PSUS Shares may be asserted against Subscriber with respect to such security entitlement.

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In addition, any certificate signed by any officer of PS Inc. and delivered to Subscriber in connection with the offering of the Subscribed Shares pursuant to this Subscription Agreement shall be deemed to be a representation and warranty by PS Inc., as applicable, as to matters covered thereby, to each Subscriber.

Section 4. <u>Representations and Warranties of PSUS</u>. PSUS represents and warrants to Subscriber as of the Effective Date and as of the Closing, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) PSUS (i) has been duly organized and is validly existing as a statutory trust in good standing under the laws of the State of Delaware; (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 Disclosure Package; 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 PSUS or (B) the ability of PSUS to consummate the offering or any transaction contemplated by this Subscription Agreement and Disclosure Package ((A) and (B) a "<u>PSUS Material Adverse Effect</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;(b) The capitalization of PSUS is as set forth in the Disclosure Package. The PSUS Common Shares conform in all material respects to the description of them in the Disclosure Package. All the issued and outstanding PSUS Common Shares have been duly authorized and are validly issued, fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Subscribed PSUS Shares have been duly authorized for issuance and sale and, when delivered to Subscriber against payment of the Purchase Price, will be validly issued, fully paid and nonassessable. The Subscribed Shares conform in all material respects to the description of them in the Disclosure Package. The issuance of the Subscribed PSUS Shares has been done in compliance with all applicable federal and state securities laws. The offer, issuance, sale and delivery of the Subscribed Shares does not require registration under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and such offer, issuance, sale and delivery does not violate any provision of the 1940 Act. The issuance of the Subscribed Shares is not subject to the preemptive or other similar rights of any securityholder of PSUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PSUS is duly registered with the Commission under the 1940 Act as a non-diversified, closed-end management investment company, and, all action under the 1940 Act necessary to consummate the sale of the PSUS Common Shares as provided in this Subscription Agreement has or will have been taken by PSUS; the provisions of PSUS's Agreement and Declaration of Trust (as amended, supplemented or restated, including by the Statement of Preferences in respect of the Preferred Shares, through the Effective Date, the "<u>Declaration of Trust</u>") and bylaws (as amended or restated through the Effective Date, the "<u>Bylaws</u>") comply in all material respects with the applicable requirements of the 1940 Act.

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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;(e) PSUS (i) has full power and authority to enter into this Subscription Agreement and to perform all of the terms and provisions hereof to be carried out by it, (ii) this Subscription Agreement has been duly and validly authorized, executed and delivered by or on behalf of PSUS and (iii) assuming due authorization, execution and delivery by Subscriber, this Subscription Agreement constitutes the legal, valid and binding obligation of PSUS enforceable in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) 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 by PSUS for the performance by PSUS of all the terms and provisions to be performed by or on behalf of it, in each case, as contemplated by this Subscription Agreement or the Disclosure Package, except as and may be required under state securities or "blue sky" laws, in connection with the purchase of the Subscribed Shares by Subscriber pursuant to this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The statement of assets and liabilities, together with any related notes or schedules thereto, included or incorporated by reference in the Disclosure Package presents fairly in all material respects the financial position of PSUS as of the dates or for the periods indicated and have been prepared in conformity with GAAP applied on a consistent basis throughout the periods involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PSUS possesses such Governmental Licenses necessary to conduct the business now operated by it, except where the failure so to possess would not, singly or in the aggregate, reasonably be expected to have a PSUS Material Adverse Effect. PSUS is 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 have a PSUS 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 have a PSUS Material Adverse Effect. PSUS has not 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 have a PSUS Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) PSUS maintains 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 and with the investment objectives, policies and restrictions of PSUS; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with U.S. generally accepted accounting principles 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. PSUS employs "internal control over financial reporting" (as such term is defined in Rule 30a-3 under the 1940 Act) and such internal control over financial reporting is effective as required by the 1940 Act.

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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;(j) PSUS has established and maintains "disclosure controls and procedures" (as such term is defined in Rule 30a-3 under the 1940 Act); such disclosure controls and procedures are designed to ensure that material information relating to PSUS is made known to PSUS's principal executive officer and its principal financial officer by others within PSUS, and such disclosure controls and procedures are reasonably effective to perform the functions for which they were established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) PSUS and its officers and trustees, in their capacities as such, are in compliance with the applicable provisions of the Sarbanes-Oxley Act.

In addition, any certificate signed by any officer of PSUS or PS Inc. and delivered to Subscriber or counsel for Subscriber in connection with the offering of the PSUS Common Shares pursuant to this Subscription Agreement shall be deemed to be a representation and warranty by PSUS or PS Inc., as applicable, as to matters covered thereby, to Subscriber.

Section 5. <u>Subscriber Representations and Warranties</u>. Subscriber represents and warrants to PS Inc. and PSUS, as of the Effective Date and as of the Closing, 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;(a) If Subscriber is a legal entity, Subscriber (i) has been duly formed and is validly existing and in good standing under the laws of its jurisdiction of formation or incorporation and (ii) has the requisite power and authority to enter into, and perform its obligations under, this Subscription Agreement. If Subscriber is an individual, Subscriber has the legal competence and capacity to enter into and perform its obligations under this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If Subscriber is a legal entity, this Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber. If Subscriber is an individual, Subscriber's signature is genuine and the signatory has the legal competence and capacity to execute this Subscription Agreement. Assuming the due authorization, execution and delivery of the same by PS Inc. and PSUS, this Subscription Agreement shall constitute the valid and legally binding obligation of Subscriber, enforceable against Subscriber in accordance with its terms, subject to the Enforceability Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 execution, delivery and performance of this Subscription Agreement, the purchase of the Subscribed Shares hereunder, the compliance by Subscriber with all of the provisions of this Subscription Agreement and the consummation of the transactions contemplated herein will not conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of Subscriber pursuant to the terms of (i) any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which Subscriber is a party or by which Subscriber is bound or to which any of the property or assets of Subscriber is subject; (ii) if Subscriber is a legal entity, the organizational documents of Subscriber; or (iii) any statute or any judgment, order, rule or regulation of any court or governmental authority with competent jurisdiction over Subscriber or any of its properties that, in the case of <u>clauses (i)</u> and <u>(iii)</u>, would reasonably be expected to have a Subscriber Material Adverse Effect. For purposes of this Subscription Agreement, a "<u>Subscriber Material Adverse Effect</u>" means an event, change, development, occurrence, condition or effect with respect to Subscriber that, singly or in the aggregate, would reasonably be expected to materially impair or materially delay Subscriber's performance of its obligations under this Subscription Agreement, including the purchase of the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subscriber (i) is (A)(x) a "qualified institutional buyer," as defined in Rule 144A under the Securities Act or (y) an institution that is an "accredited investor," within the meaning of Rule 501(a)(1), (a)(2), (a)(3), (a)(7), (a)(8), (a)(9), (a)(12) or (a)(13) under the Securities Act and/or (z) a "Qualified Purchaser" as defined in the 1940 Act that is also an "accredited investor" within the meaning of Rule 501(a) under the Securities Act and (B) an "institutional account" (as defined in FINRA Rule 4212(c)), (ii) is acquiring the Subscribed Shares only for its own account and not for the account of others, or if Subscriber is subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, each such account meets the foregoing requirements and Subscriber has sole investment discretion with respect to each such account, and the full power and authority to make the acknowledgements, representations and agreements herein on behalf of each owner of each such account, and (iii) is not acquiring the Subscribed Shares with a view to, or for offer or sale in connection with, any distribution thereof in violation of the Securities Act or other applicable securities laws (and has provided PS Inc. with the requested information on <u>Annex A</u> following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subscriber acknowledges and agrees that the Subscribed Shares are being offered in a transaction not involving any public offering within the meaning of the Securities Act and that the Subscribed Shares have not been registered under the Securities Act and that PS Inc. is not required to register the Subscribed Shares. Subscriber acknowledges and agrees that the Subscribed Shares may not be offered, resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under the Securities Act, except pursuant to an applicable exemption from the registration requirements of the Securities Act and in accordance with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates or account entries representing the Subscribed Shares shall contain a restrictive legend to such effect. Subscriber acknowledges and agrees that the Subscribed Shares will be subject to these securities law transfer restrictions, and as a result of these transfer restrictions, Subscriber may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Subscribed Shares and may be required to bear the financial risk of an investment in the Subscribed Shares for an indefinite period of time. Subscriber acknowledges and agrees that, unless any of the Subscribed Shares are earlier registered on a registration statement registering the resale of Subscribed Shares, such Subscribed Shares will not be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act ("<u>Rule 144</u>") until at least six months after the Closing Date. Subscriber acknowledges and agrees that it has been advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Subscriber understands and agrees that Subscriber is acquiring the Subscribed Shares directly from PS Inc. Subscriber further acknowledges that there have not been, and Subscriber hereby agrees that it is not relying on, any representations, warranties, covenants or agreements made to Subscriber by PS Inc., PSUS, the Placement Agents or any of their respective affiliates or any of such person's or its or their respective affiliates' control persons, officers, directors, partners, members, managing members, managers, agents, employees or other representatives, legal counsel, financial advisors, accountants or agents (collectively, "<u>Representatives</u>") or any other person or entity, expressly or by implication, other than those representations, warranties, covenants and agreements of PS Inc. or PSUS set forth in this Subscription Agreement, and Subscriber is not relying on any other purported representations, warranties, covenants, agreements or statements (including by omission), which are hereby disclaimed by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) In making its decision to purchase the Subscribed Shares, Subscriber has relied solely upon an independent investigation made by Subscriber and PS Inc.'s and PSUS's respective representations in this Subscription Agreement and information contained in the Disclosure Package. Subscriber has not relied on any statements or other information provided by or on behalf of PS Inc. or PSUS (including the Placement Agents) concerning PS Inc., PSUS, the Subscribed Shares or the Subscription, and has been offered the opportunity to ask questions of PS Inc. and PSUS and has received answers thereto, including on the financial information, as Subscriber deemed necessary in connection with its decision to acquire the Subscribed Shares. Subscriber acknowledges and agrees that Subscriber has had access to, has received, and has had an adequate opportunity to review, such information as Subscriber deems necessary in order to make an investment decision with respect to the Subscribed Shares, including with respect to PS Inc. and PSUS, and Subscriber has made its own assessment and is satisfied concerning the relevant financial, tax and other economic considerations relevant to Subscriber's investment in the Subscribed Shares. Without limiting the generality of the foregoing, Subscriber acknowledges that it has reviewed the Disclosure Package (including each and every amendment or supplement thereto and any additional written materials or information furnished by or on behalf of PS Inc. or PSUS to the Subscriber prior to the Effective Date). Subscriber represents and agrees that Subscriber and Subscriber's professional advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber and Subscriber's professional advisor(s), if any, have deemed necessary to make an investment decision with respect to the Subscribed Shares, including but not limited to information concerning PS Inc., PSUS and the Subscription.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subscriber acknowledges and agrees that none of PS Inc. or PSUS, the Placement Agents nor their respective affiliates or any of such person's or its or their respective affiliates' Representatives has provided Subscriber with any advice with respect to the Subscribed Shares. None of PS Inc., PSUS, the Placement Agents or any of their respective affiliates or Representatives has made or makes any representation or warranty, whether express or implied, of any kind or character as to PS Inc., PSUS or the quality or value of the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Subscriber acknowledges that (i) PS Inc., PSUS and their respective Representatives hereafter may come into possession of information regarding PS Inc. or PSUS that is material non-public information and is not known to Subscriber ("<u>Excluded Information</u>"), (ii) Subscriber has determined to enter into this Subscription Agreement to acquire the Subscribed Shares notwithstanding Subscriber's lack of knowledge of the Excluded Information, and (iii) none of PS Inc., PSUS nor the Placement Agents shall have liability to Subscriber, and Subscriber hereby waives and releases any claims Subscriber may have against PS Inc., PSUS and/or the Placement Agents, to the maximum extent permitted by law, with respect to the nondisclosure of the Excluded Information.

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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;(j) Subscriber became aware of this offering of the Subscribed Shares solely by means of direct contact between Subscriber, on the one hand, and PS Inc. or PSUS (and their Representatives, including the Placement Agents), on the other, and the Subscribed Shares were offered to Subscriber solely by direct contact between Subscriber, on the one hand, and PS Inc. or PSUS (and their Representatives, including the Placement Agents), on the other, or their respective affiliates. Subscriber did not become aware of this offering of the Subscribed Shares, nor were the Subscribed Shares offered to Subscriber, by any other means, and neither PS Inc. nor PSUS or their respective Representatives (including the Placement Agents) acted as investment advisor, broker or dealer to Subscriber. Subscriber acknowledges that the Subscribed Shares (i) were not offered by any form of general solicitation or general advertising (within the meaning of Regulation D of the Securities Act) and (ii) are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities Act, or any state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subscriber acknowledges that it is aware that there are substantial risks incident to the acquisition and ownership of the Subscribed Shares, including those set forth in the Disclosure Package and the forms, reports, schedules, statements, registration statements, prospectuses, and other documents filed or furnished by PS Inc. and PSUS with the Commission under the Securities Act, the Exchange Act, the 1940 Act and/or the Advisers Act. Subscriber has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Subscribed Shares, and Subscriber has had an opportunity to seek, and has sought, such accounting, legal, business and tax advice as Subscriber has considered necessary to make an informed investment decision. Subscriber (i) is a sophisticated institutional investor, experienced in investing in business transactions and capable of evaluating investment risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities, and (ii) has exercised independent judgment in evaluating entry into this Subscription Agreement and undertaking of the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Subscriber has adequately analyzed and fully considered the risks of an investment in the Subscribed Shares and determined that the Subscribed Shares are a suitable investment for Subscriber and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber's investment. Subscriber acknowledges specifically that a possibility of total loss exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Subscribed Shares or made any findings or determination as to the fairness of this investment.

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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;(n) Neither Subscriber nor any of its affiliates, officers, directors, managers, managing members, general partners or any other person acting in a similar capacity or carrying out a similar function is (i) a person (including individual or entity) that is the target or the subject of any Sanctions; (ii) organized, incorporated, established, located, resident or the government, including any political subdivision, agency, or instrumentality thereof, of, a Sanctioned Jurisdiction; (iii) directly or indirectly owned or controlled (as ownership and control are defined and interpreted under applicable Sanctions), or acting on behalf or at the direction of, any such person or persons described in any of the foregoing clauses (i) and (ii), except in each case as permitted under Sanctions laws; or (iv) a non-U.S. institution that accepts currency for deposit and that has no physical presence in the jurisdiction in which it is incorporated or in which it is operating, as the case may be, and is unaffiliated with a regulated financial group that is subject to consolidated supervision (a "<u>non-U.S. shell bank</u>") or providing banking services indirectly to a non-U.S. shell bank (collectively, (i) through (iv), a "<u>Prohibited Investor</u>"). Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law; provided that Subscriber is permitted to do so under applicable law. Subscriber represents that (i) if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.), as amended by the USA PATRIOT Act of 2001, and its implementing regulations (collectively, the "<u>BSA/PATRIOT Act</u>"), that Subscriber maintains policies and procedures to ensure compliance with its obligations under the BSA/PATRIOT Act, and (ii) to the extent required, it maintains policies and procedures reasonably designed to ensure compliance with the anti-corruption and anti-money laundering-related laws administered and enforced by other governmental authorities with competent jurisdiction. Subscriber also represents that it maintains policies and procedures reasonably designed to ensure compliance with Sanctions. Subscriber further represents and warrants that, to its knowledge, (i) none of the funds held by Subscriber and used to acquire the Shares are or will be derived from transactions directly or indirectly with or for the benefit of any Prohibited Investor, (ii) such funds are from legitimate sources and do not constitute the proceeds of criminal conduct or criminal property, (iii) such funds do not originate from and have not been routed through an account maintained at a non-U.S. shell bank, and (iv) it maintains policies and procedures reasonably designed to ensure the funds held by Subscriber and used to acquire the Shares were legally derived and were not obtained, directly or indirectly, from a Prohibited Investor or from or through a non-U.S. shell bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in PS Inc. as a result of the acquisition and sale of Subscribed Shares hereunder, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208) over PS Inc. from and after the Closing as a result of the acquisition and sale of Subscribed Shares hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) If Subscriber is an employee benefit plan that is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended ("<u>ERISA</u>"), a plan, an individual retirement account or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4) of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying assets are considered to include "plan assets" of any such plan, account or arrangement (each, a "<u>Plan</u>") subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber represents and warrants that (i) it has not relied on PS Inc., PSUS, the Placement Agents or any of their respective affiliates for investment advice or as the Plan's fiduciary with respect to its decision to acquire and hold the Subscribed Shares, and none of PS Inc. or PSUS or any of their respective affiliates or the Placement Agents shall at any time be relied upon as the Plan's fiduciary with respect to any decision to acquire, continue to hold or transfer the Subscribed Shares and (ii) the acquisition and holding of the Subscribed Shares will not result in a non-exempt prohibited transaction under ERISA or section 4975 of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Subscriber has or, when required to deliver payment pursuant to <u>Section 2</u>, will have, sufficient funds to pay the Purchase Price pursuant to <u>Section 2</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;(r) Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person, firm or corporation (including, without limitation, PS Inc., PSUS or any of their respective affiliates or Representatives, including the Placement Agents), other than the representations and warranties of PS Inc. and PSUS contained in <u>Section 3</u> and <u>Section 4</u>, in making its investment or decision to invest in PS Inc. and PSUS. Subscriber agrees that none of (i) any Other Subscriber pursuant to an Other Subscription Agreement or any other agreement related to the private placement of Shares (including the controlling persons, officers, directors, partners, agents or employees of any such Subscriber) nor (ii) the Placement Agents shall be liable (including, without limitation, for or with respect to any losses, claims, damages, obligations, penalties, judgments, awards, liabilities, costs, expenses or disbursements incurred by such person or entity), whether in contract, tort or otherwise, or have any liability or obligation to Subscriber or any Other Subscriber, or any person claiming through Subscriber or any Other Subscriber, pursuant to this Subscription Agreement or related to the private placement of the Subscribed Shares, the negotiation hereof or the subject matter hereof, or the transactions contemplated hereby, for any action heretofore or hereafter taken or omitted to be taken by any of the foregoing in connection with the acquisition of the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) No broker or finder is entitled to any brokerage or finder's fee or commission to be paid by Subscriber solely in connection with the sale and delivery of the Subscribed Shares to Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subscriber is not currently (and at all times through the Closing will refrain from being or becoming) a member of a "group" (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of equity securities of PS Inc. or PSUS (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) Subscriber will not acquire a substantial interest (as defined in 31 C.F.R. Part 800.244) in PS Inc. or PSUS as a result of the acquisition and sale of the Subscribed 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Subscriber acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating to PS Inc. and PSUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) In making its decision to acquire the Subscribed Shares, Subscriber has relied solely upon independent investigation made by Subscriber and the representations and warranties of PS Inc. and PSUS set forth herein. Without limiting the generality of the foregoing, Subscriber has not relied on any statements or other information provided by the Placement Agents concerning PS Inc., PSUS or the Shares or the offer and sale of the Shares. No disclosure or offering document has been prepared by the Placement Agents in connection with the offer and sale of the Shares. The Placement Agents and each of their members, directors, officers, employees, representatives and controlling persons have made no independent investigation with respect to PS Inc., PSUS or the Shares or the accuracy, completeness or adequacy of any information supplied to Subscriber by or on behalf of PS Inc. and PSUS. In connection with the Subscription, the Placement Agents have not made any recommendations regarding an investment in PS Inc., PSUS, the PSUS Common Shares or the PS Inc. Common Stock or acted as Subscriber's financial advisor or fiduciary.

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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;(x) Subscriber covenants that until such time as the transactions contemplated by this Subscription Agreement are publicly disclosed by PS Inc. pursuant to <u>Section 7(u)</u>, Subscriber will maintain the confidentiality of the existence and terms of the Subscription and the transactions contemplated hereby. Notwithstanding the foregoing, in the case that Subscriber is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of Subscriber's assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of Subscriber's assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to acquire the Subscribed Shares covered by this Subscription Agreement.

Section 6. <u>Termination</u>. This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, (i) upon the mutual written agreement of the parties hereto to terminate this Subscription Agreement, (ii) by PS Inc., in its sole discretion, by written notice to the Subscriber at any time prior to the Closing and (iii) automatically, without further action required by any party hereto if the Closing has not occurred by June 30, 2026; <u>provided</u>, that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach. Upon the termination hereof in accordance with this <u>Section 6</u>, any monies paid by Subscriber in connection herewith shall promptly (and in any event within two (2) business days) be returned in full to Subscriber by wire transfer of U.S. dollars in immediately available funds to the account specified by Subscriber, without any deduction for or on account of any tax withholding except as required by law, charges or set-off, whether or not the Combined Offering shall have been consummated.

Section 7. <u>Miscellaneous</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;(a) Subscriber hereby acknowledges that it shall be solely responsible for and bear the cost of all transfer, stamp, issue, registration, documentary or other similar taxes, duties, fees or charges arising in any jurisdiction in connection with the Subscription contemplated in this Subscription Agreement as well as the execution of this Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Subscription Agreement, PS Inc. and any of its Representatives, as applicable, shall be entitled to deduct and withhold from the Subscribed Shares and any other amount payable pursuant to this Subscription Agreement (in connection with a future share split, dividend, distribution, recapitalization, merger, exchange, or replacement) any such taxes as may be required to be deducted and withheld from such amounts (and any other amounts treated as paid for applicable tax law) under the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), or any other applicable tax law (as determined in good faith by the party so deducting or withholding in its sole discretion). To the extent that any amounts are so deducted and withheld, such deducted and withheld amounts shall be treated for all purposes of this Subscription Agreement as having been paid to the person in respect of which such deduction and withholding was made.

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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;(c) All notices, requests, demands, claims, and other communications hereunder shall be in writing. Any notice, request, demand, claim, or other communication hereunder shall be deemed duly given (i) when delivered personally to the recipient, (ii) when sent by electronic mail, with no mail undeliverable or other rejection notice, on the date of transmission to such recipient, if sent on a business day prior to 5:00 p.m. New York City time, or on the business day following the date of transmission, if sent on a day that is not a business day or after 5:00 p.m. New York City time on a business day, (iii) one (1) business day after being sent to the recipient via overnight mail by reputable overnight courier service (charges prepaid), or (iv) four (4) business days after being mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid, and, in each case, addressed to the intended recipient at its address specified on the signature page hereof or to such electronic mail address or address as subsequently modified by written notice given in accordance with this <u>Section 7(c)</u>. A courtesy electronic copy of any notice sent by methods (i), (iii), or (iv) above shall also be sent to the recipient via electronic mail if an electronic mail address is provided in the applicable signature page hereof or to an electronic mail address as subsequently modified by written notice given in accordance with this <u>Section 7(c)</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;(d) Subscriber acknowledges that PS Inc., PSUS, the Placement Agents and others will rely on the acknowledgments, understandings, agreements, representations and warranties of Subscriber contained in this Subscription Agreement; <u>provided</u>, <u>however</u>, that the foregoing clause of this <u>Section 7(d)</u> shall not give PS Inc. or PSUS any rights other than those expressly set forth herein. Prior to the Closing, Subscriber agrees to promptly notify PS Inc. if it becomes aware that any of the acknowledgments, understandings, agreements, representations and warranties of Subscriber set forth herein are no longer accurate in all material respects. PS Inc. acknowledges that Subscriber will rely on the acknowledgments, understandings, agreements, representations and warranties contained in this Subscription Agreement. Prior to the Closing, PS Inc. and PSUS agree to promptly notify Subscriber, if they become aware that any of the acknowledgments, understandings, agreements, representations and warranties of PS Inc. or PSUS set forth herein are no longer accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Each of PS Inc., PSUS and Subscriber is authorized to produce this Subscription Agreement or a copy hereof to any interested party as required by applicable law in any administrative or legal proceeding or official inquiry with respect to the matters covered hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each party hereto shall pay all of its own costs expenses in connection with this Subscription Agreement and the transactions contemplated hereby.

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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;(g) Neither this Subscription Agreement nor any rights that may accrue to Subscriber hereunder (other than the Subscribed Shares acquired hereunder) may be transferred or assigned by Subscriber. Neither this Subscription Agreement nor any rights that may accrue to PS Inc. hereunder may be transferred or assigned by PS Inc. without the prior written consent of Subscriber. Notwithstanding the foregoing, Subscriber may assign all or a portion of its rights and obligations under this Subscription Agreement , with PS Inc.'s prior written consent, to another person; <u>provided</u>, that in the case of any such assignment, the assignee(s) shall become a Subscriber hereunder and have the rights and obligations and be deemed to make the representations and warranties of Subscriber provided for herein to the extent of such assignment and <u>provided further</u> that no such assignment shall relieve the assigning Subscriber of its obligations hereunder if any such assignee fails to perform such obligations, unless PS Inc. has given their prior written consent to such relief. Any purported assignment or transfer in violation of this <u>Section 7(g)</u> shall be null and void.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) All the representations and warranties made by each party hereto in this Subscription Agreement shall survive the Closing. All of the covenants and agreements made by each party in this Subscription Agreement shall survive the Closing until the applicable statute of limitations or in accordance with their respective terms, if a shorter 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;&nbsp;&nbsp;(i) PS Inc. or PSUS may request from Subscriber such additional information as PS Inc. or PSUS may reasonably determine to be necessary to evaluate the eligibility of Subscriber to acquire the Subscribed Shares, and Subscriber shall promptly provide such information as may be reasonably requested, to the extent readily available and to the extent consistent with its internal policies and procedures; <u>provided</u>, that each of PS Inc. and PSUS agree to keep any such information provided to it by Subscriber confidential, except (A) as required by the federal securities laws, rules or regulations and (B) to the extent such disclosure is required by other laws, rules or regulations, at the request of the staff of the Commission or regulatory agency or under the regulations of the NYSE. Subscriber acknowledges that PS Inc. or PSUS may file a form of this Subscription Agreement with the Commission as an exhibit to a current or periodic report, an annex to a proxy statement or as an exhibit to a registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) This Subscription Agreement may not be amended, modified or waived except by an instrument in writing, signed by each of the parties hereto; <u>provided</u> that no provision of this Subscription Agreement that references the Placement Agents or for which the Placement Agents are third-party beneficiaries may be amended, modified, terminated or waived in any manner that is adverse to the Placement Agents without the written consent of the Placement Agents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Except with respect to the Placement Agents (who are third-party beneficiaries of the representations, warranties and covenants that reference the Placement Agents set forth herein) or as otherwise provided herein, this Subscription Agreement is intended for the benefit of the parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns and, except with respect to the Placement Agents or as otherwise as provided herein, is not for the benefit of, nor may any provision hereof be enforced by, any other person.

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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;(m) The parties hereto acknowledge and agree that irreparable damage would occur in the event that any of the provisions of this Subscription Agreement were not performed in accordance with their specific terms or were otherwise breached and that money or other legal remedies would not be an adequate remedy for such damage. It is accordingly agreed that the parties shall be entitled to equitable relief, including in the form of an injunction or injunctions to prevent breaches or threatened breaches of this Subscription Agreement and to enforce specifically the terms and provisions of this Subscription Agreement, this being in addition to any other remedy to which such party is entitled at law, in equity, in contract, in tort or otherwise. The parties hereto acknowledge and agree that PS Inc. shall be entitled to specifically enforce Subscriber's obligations to fund the Subscription and the provisions of the Subscription Agreement, in each case, on the terms and subject to the conditions set forth herein. The parties hereto further acknowledge and agree: (x) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy; (y) not to assert that a remedy of specific enforcement pursuant to this <u>Section 7(m)</u> is unenforceable, invalid, contrary to applicable law or inequitable for any reason; and (z) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) No failure or delay by a party hereto in exercising any right, power or remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) This Subscription Agreement may be executed and delivered in one or more counterparts (including by electronic mail, in .pdf or other electronic submission) and by different parties in separate counterparts, with the same effect as if all parties hereto had signed the same document. All counterparts so executed and delivered shall be construed together and shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) This Subscription Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to the principles of conflicts of laws that would otherwise require the application of the law of any other state.

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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;**(r)**

**EACH PARTY AND ANY PERSON ASSERTING RIGHTS AS A THIRD-PARTY BENEFICIARY HEREBY WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OR RELATED TO THIS SUBSCRIPTION AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS SUBSCRIPTION AGREEMENT OR ANY PROVISION HEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS SUBSCRIPTION AGREEMENT.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) The parties agree that all disputes, legal actions, suits and proceedings arising out of or relating to this Subscription Agreement must be brought exclusively in the courts of the State of New York or the courts of the United States located in the Borough of Manhattan, New York City, New York (collectively the "<u>Designated Courts</u>"). Each party hereby consents and submits to the exclusive jurisdiction of the Designated Courts. No legal action, suit or proceeding with respect to this Subscription Agreement may be brought in any other forum. Each party hereby irrevocably waives all claims of immunity from jurisdiction, and any objection which such party may now or hereafter have to the laying of venue of any suit, action or proceeding in any Designated Court, including any right to object on the basis that any dispute, action, suit or proceeding brought in the Designated Courts has been brought in an improper or inconvenient forum or venue. Each of the parties also agrees that delivery of any process, summons, notice or document to a party hereof in compliance with <u>Section 7(c)</u> of this Subscription Agreement shall be effective service of process for any action, suit or proceeding in a Designated Court with respect to any matters to which the parties have submitted to jurisdiction as set forth 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) This Subscription Agreement may only be enforced against, and any claim, action, suit or other legal proceeding based upon, arising out of, or related to this Subscription Agreement, or the negotiation, execution or performance of this Subscription Agreement, may only be brought against the entities that are expressly named as parties hereto; except with respect to the provisions of this Subscription Agreement for which the Placement Agents are express third-party beneficiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Prior to the Closing, Subscriber shall not make any other public statement with respect to the transactions contemplated hereby without the prior written consent of PS Inc. Notwithstanding anything in this Subscription Agreement to the contrary, PS Inc. and PSUS (i) shall not publicly disclose the name of Subscriber or any of its affiliates or advisers, or include the name of Subscriber or any of its affiliates or advisers in any press release, without the prior written consent of Subscriber and (ii) shall not publicly disclose the name of Subscriber or any of its affiliates or advisers, or include the name of Subscriber or any of its affiliates or advisers in any filing with the Commission or any regulatory agency or trading market, without the prior written consent of Subscriber, except (A) as required by the federal securities laws, rules or regulations, and (B) to the extent such disclosure is required by other laws, rules or regulations, at the request of the staff of the Commission or regulatory agency or under the regulations of the NYSE, in which case of clause (A) or (B), PS Inc. or PSUS, as applicable, shall provide Subscriber with prior written notice (including by e-mail) of such permitted disclosure. Subscriber will promptly provide any information reasonably requested by PS Inc., or PSUS for any regulatory application or filing made or approval sought in connection with the transactions (including filings with the Commission).

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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;(v) The obligations of Subscriber under this Subscription Agreement are several and not joint with the obligations of any Other Subscriber or any other subscriber under the Other Subscription Agreements, and Subscriber shall not be responsible in any way for the performance of the obligations of any Other Subscriber under this Subscription Agreement or any Other Subscriber or other subscriber under the Other Subscription Agreements. The decision of Subscriber to acquire Subscribed Shares pursuant to this Subscription Agreement has been made by Subscriber independently of any Other Subscriber or any other subscriber and independently of any information, materials, statements or opinions as to the business, affairs, operations, assets, properties, liabilities, results of operations, condition (financial or otherwise) or prospects of PS Inc., PSUS or any of their respective affiliates or subsidiaries which may have been made or given by any Other Subscriber or subscriber or by any agent or employee of any Other Subscriber or subscriber, and neither Subscriber nor any of its agents or employees shall have any liability to any Other Subscriber or subscriber (or any other person) relating to or arising from any such information, materials, statements or opinions. Nothing contained herein or in any Other Subscription Agreement, and no action taken by Subscriber or Other Subscriber or other subscriber pursuant hereto or thereto, shall be deemed to constitute Subscriber and any Other Subscribers or other subscribers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that Subscriber and any Other Subscribers or other subscriber are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by this Subscription Agreement and the Other Subscription Agreements. Subscriber acknowledges that no Other Subscriber has acted as agent for Subscriber in connection with making its investment hereunder and no Other Subscriber will be acting as agent of Subscriber in connection with monitoring its investment in the Subscribed Shares or enforcing its rights under this Subscription Agreement. Subscriber shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Subscription Agreement, and it shall not be necessary for any Other Subscriber or subscriber to be joined as an additional party in any proceeding for such purpose.

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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;(w) The headings herein are for convenience only, do not constitute a part of this Subscription Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Subscription Agreement will be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rules of strict construction will be applied against any party. Unless the context otherwise requires, (i) all references to Sections or Annexes are to Sections or Annexes contained in or attached to this Subscription Agreement, (ii) each accounting term not otherwise defined in this Subscription Agreement has the meaning assigned to it in accordance with United States generally accepted accounting principles, (iii) words in the singular or plural include the singular and plural and pronouns stated in either the masculine, the feminine or neuter gender shall include the masculine, feminine and neuter, (iv) the use of the word "including" in this Subscription Agreement shall be by way of example rather than limitation and (v) the word "or" shall not be exclusive (i.e., unless context requires otherwise "or" shall be interpreted to mean "and/or" rather than "either/or").

[*Signature pages follow*]

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**IN WITNESS WHEREOF**, Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative as of the date set forth below.

Date:

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| | |
|:---|:---|
| Name of Subscriber: ____________________ | State/Country of Formation or Domicile: ____ |
| By: <u>______________________</u> |  |
| Name: <u>____________________</u> |  |
| Title: <u>____________________</u> |  |
| Name in which Subscribed Shares are to be registered (if different): | Date: ________________ |
| <u>____________________</u> |  |
| Subscriber's EIN: <u>____________________</u> |  |
| Entity Type (e.g., corporation, partnership, trust, etc.): <u>____________________</u> |  |
| Business Address-Street: | Mailing Address-Street (if different): |
| <u>____________________</u> | <u>____________________</u> |
| City, State, Zip: ________________________ | City, State, Zip: _______________________ |
| Attn: <u>____________________</u> | Attn: <u>____________________</u> |
| Telephone No.: <u>____________________</u> | Telephone No.: <u>____________________</u> |
| Email for notices: <u>____________________</u> | Email for notices (if different): ___________ |
| **Subscription Amount**<br>Subscription amount of US$________ for PSUS Common Shares at $50 per share. For every 100 shares of PSUS Common Shares purchased, investor will receive 30 shares of PS Inc. Common Stock to be delivered in connection therewith.<br>|  |
| *[Signature Page to Subscription Agreement]* | *[Signature Page to Subscription Agreement]* |

---

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**IN WITNESS WHEREOF**, PS Inc. and PSUS have accepted this Subscription Agreement as of ________________, which shall be the "<u>Effective Date</u>" for purposes of this Agreement.

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| |
|:---|
| **Pershing Square Holdco, L.P.** |
| By: |
| Name: <br> Title: |

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| |
|:---|
| **Pershing Square USA, Ltd.** |
| By: |
| Name: <br> Title: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Address for Notices:<br>787 Eleventh Avenue, 9th Floor <br> New York, NY 10019 <br> Attn: Chief Legal Officer <br> Email: [email address]<br>with a copy (not to constitute notice) to:<br>Sullivan & Cromwell LLP <br> 125 Broad Street <br> New York, NY 10004 <br> Attn: William G. Farrar <br> Email: [email address] |

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*[Signature Page to Subscription Agreement]*

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**ANNEX A**

**ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER**

This <u>Annex A</u> should be completed and signed by Subscriber and constitutes a part of the Subscription Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. U.S. PERSON STATUS (Please check one of the boxes)

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

☐ Subscriber is not a U.S. Person<sup>\*</sup> ("<u>U.S. Person</u>") within the meaning of Regulation S ("<u>Regulation S</u>") promulgated under the Securities Act and Subscriber is purchasing Subscribed Shares outside the United States in offshore transactions meeting the requirements of Regulation S. Subscriber agrees that it will not resell, reoffer or otherwise transfer any Shares to a U.S. Person without registration under the Securities Act, or an exemption therefrom. Subscriber acknowledges that the Subscribed Shares have not been and will not be registered under the securities laws of any jurisdiction and, therefore, cannot be resold, reoffered or otherwise transferred unless done so in compliance with applicable securities laws. Subscriber acknowledges that neither PS Inc. or PSUS is under any obligation to register Subscribed Shares on Subscriber's behalf or to assist Subscriber in complying with any applicable securities laws.

☐ Subscriber is a U.S. Person within the meaning of Regulation S.

\*\***AND**\*\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. QUALIFIED INSTITUTIONAL BUYER STATUS (Please check the box, if applicable)

☐ Subscriber is a "qualified institutional buyer" (as defined in Rule 144A under the Securities Act) (a "<u>QIB</u>")

☐ We are subscribing for the Subscribed Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account is a QIB.

**\*\*OR\*\***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INSTITUTIONAL ACCREDITED INVESTOR STATUS (Please check the box, if applicable)

☐ Subscriber is an institutional "accredited investor" (within the meaning of Rule 501(a) under the Securities Act) or an entity in which all of the equity holders are accredited investors within the meaning of Rule 501(a) under the Securities Act, and has marked and initialed the appropriate box below indicating the provision under which it qualifies as an institutional "accredited investor."

<sup>\*</sup> See page B-1 of Annex B hereto.

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**\*\*AND\*\***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AFFILIATE STATUS<br>
 (Please check the applicable box)

SUBSCRIBER

☐ is:

☐ is not:

an "affiliate" (as defined in Rule 144 under the Securities Act) of PS Inc., or PSUS or acting on behalf of an affiliate of PS Inc. or PSUS.

**\*\*AND\*\***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ACCREDITED INVESTOR STATUS<br>

Rule 501(a), in relevant part, states that an "accredited investor" shall mean any person who comes within any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box(es) below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an "accredited investor."

☐ Any bank, registered broker or dealer, insurance company, registered investment company, business development company, small business investment company, private business development company, or rural business investment company;

☐ Any investment adviser registered pursuant to section 203 of the Investment Advisers Act or registered pursuant to the laws of a state;

☐ Any investment adviser relying on the exemption from registering with the Commission under section 203(l) or (m) of the Investment Advisers Act;

☐ Any plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, if such plan has total assets in excess of $5,000,000;

☐ Any employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 ("<u>ERISA</u>"), if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are "accredited investors";

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☐ Any (i) corporation, limited liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code, in each case that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess of $5,000,000;

☐ Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D under the Securities Act;

☐ Any entity, other than an entity described in the categories of "accredited investors" above, not formed for the specific purpose of acquiring the securities offered, owning investments in excess of $5,000,000;

☐ Any "family office," as defined under the Investment Advisers Act that satisfies all of the following conditions: (i) with assets under management in excess of $5,000,000, (ii) that is not formed for the specific purpose of acquiring the securities offered, and (iii) whose prospective investment is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of the prospective investment;

☐ Any "family client," as defined under the Investment Advisers Act, of a family office meeting the requirements in the previous paragraph and whose prospective investment in the issuer is directed by such family office pursuant to the previous paragraph; or

☐ Any entity in which all of the equity owners are "accredited investors".

☐ Any director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer;

☐ Any natural person whose individual net worth, or joint net worth with that person's spouse or spousal equivalent, exceeds $1,000,000. For purposes of calculating a natural person's net worth: (a) the person's primary residence shall not be included as an asset; (b) indebtedness that is secured by the person's primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (c) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;

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☐ Any natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with that person's spouse or spousal equivalent in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;

☐ Any natural person holding in good standing one or more professional certifications or designations or credentials from an accredited educational institution that the Commission has designated as qualifying an individual for accredited investor status; or

☐ Any natural person who is a "knowledgeable employee," as defined in the 1940 Act, of the issuer of the securities being offered or sold where the issuer would be an investment company, as defined in section 3 of such act, but for the exclusion provided by either section 3(c)(1) or section 3(c)(7) of such act.

**\*\*AND\*\***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. FINRA INSTITUTIONAL ACCOUNT STATUS (Please check the box, if Subscriber is a "qualified institutional buyer" or an institutional "accredited investor")

☐ Subscriber is an "institutional account" under FINRA Rule 4512(c).

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**ANNEX B**

**REGULATION S DEFINITION OF U.S. PERSON**

(1) Pursuant to Regulation S of the Securities Act, "U.S. person" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any natural person resident in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any partnership or corporation organized or incorporated under the laws of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any estate of which any executor or administrator is a U.S. person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any trust of which any trustee is a U.S. person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any agency or branch of a foreign entity located in the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the U.S.; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any partnership or corporation if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) organized or incorporated under the laws of any foreign jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) formed by a U.S. person principally for the purpose of investing in securities not registered under the Securities Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts.

(2) Notwithstanding (1) above, any discretionary account or similar account (other than an estate or trust) held for the benefit or account of a non-U.S. person by a dealer or other professional fiduciary organized,
 incorporated, or (if an individual) resident in the U.S. will not be deemed a "U.S. person."

(3) Notwithstanding (1) above, any estate of which any professional fiduciary acting as executor or administrator is a U.S. person will not be deemed a U.S. person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an executor or administrator of the estate who is not a U.S. person has sole or shared investment discretion with respect to the assets of the estate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the estate is governed by foreign law.

(4) Notwithstanding (1) above, any trust of which any professional fiduciary acting as trustee is a U.S. person will not be deemed a U.S. person if a trustee who is not a U.S. person has sole or shared investment
 discretion with respect to the trust assets, and no beneficiary of the trust (and no settlor if the trust is revocable) is a U.S. person.

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(5) Notwithstanding (1) above, an employee benefit plan established and administered in accordance with the law of a country other than the U.S. and customary practices and documentation of such country will not be
 deemed a U.S. person.

(6) Notwithstanding (1) above, any agency or branch of a U.S. person located outside the U.S. will not be deemed a "U.S. person" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the agency or branch operates for valid business reasons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the agency or branch is engaged in the business of insurance or banking and is subject to substantive insurance or banking regulation, respectively, in the jurisdiction where located.

(7) The International Monetary Fund, the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank, the United Nations, and
 their agencies, Affiliates and pension plans, and any other similar international organizations, their agencies, Affiliates and pension plans will not be deemed "U.S. persons."

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**ANNEX C**

**CERTIFICATE FOR CANADIAN INVESTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. By executing this Certificate for Canadian Investors (this " <u>Canadian Certificate</u> ") in connection with the investment by the undersigned (the " <u>Subscriber</u> ") in (i) the
 common shares of beneficial interest, no par value per share, of Pershing Square USA, Ltd. (" <u>PSUS</u> ") and (ii) the common stock, par value $0.001 per share of Pershing Square Holdco, L.P. (" <u>PS Inc.</u> ")

 ((i) and (ii) together, the " <u>Subscribed Shares</u> "), Subscriber hereby represents, warrants and certifies to the Company that the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by executing this Subscription Agreement, Subscriber, on its own behalf and on behalf of any underlying owner, hereby confirms to PSUS, PS Inc. and their authorized agents, including any dealer
 acting as placement agent in connection with the investment in the Subscribed Shares by Subscriber, the truth and correctness of the representations and warranties set out under the heading "Annex C – Certificate for Canadian Investors", which
 are incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) PSUS, PS Inc. and their authorized agents, including any dealer acting as placement agent in connection with the investment in the Subscribed Shares by Subscriber, and their respective counsel,
 are relying upon the accuracy and truth of the representations and warranties in the Subscription Agreement and Subscriber hereby consents to such reliance, and (b) the representations and warranties contained in the Subscription Agreement shall
 survive the issuance of the Subscribed Shares to Subscriber and may continue to be relied on by PSUS, PS Inc. and their authorized agents, including any dealer acting as placement agent in connection with the investment in the Subscribed Shares
 by Subscriber.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where required by applicable securities laws, is investing in the Subscribed Shares as principal, or is deemed to be investing as principal in accordance with applicable securities laws of the
 province in which the Subscriber is resident, for investment only and not with a view to resale or distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) is resident in or is subject to the laws of (*check one*):

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| | | |
|:---|:---|:---|
| **☐** British Columbia | **☐** Alberta | **☐** Saskatchewan |
| **☐** Manitoba | **☐** Ontario | **☐** Québec |
| **☐** New Brunswick | **☐** Prince Edward Island | **☐** Nova Scotia |
| **☐** Newfoundland & Labrador |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) has not been provided with any offering memorandum as such term is defined in Schedule "A" to this Canadian Certificate in connection with the investment in the Subscribed Shares other than the
 Canadian Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) meets the criteria in and has completed Schedule "A" to this Canadian Certificate.

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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;<br> **CERTIFIED** at **____________________**, this __________ day of _____________, 20_____. | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **CERTIFIED** at **____________________**, this __________ day of _____________, 20_____. |
|  | Name of Subscriber |
| &nbsp;&nbsp;By: | Name of Signatory:<br> Title (if applicable): |
| &nbsp;&nbsp;By: | Name of Signatory:<br> Title (if applicable): |

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**SCHEDULE "A"<br> TO CANADIAN CERTIFICATE**

**"PERMITTED CLIENT"**

(All underlined words have the meanings set forth below)

*Please check the appropriate box*

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| | |
|:---|:---|
| &nbsp;&nbsp;**☐**&nbsp;&nbsp;(a) | &nbsp;&nbsp;a Canadian financial institution or a Schedule III bank; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(b) | &nbsp;&nbsp;the Business Development Bank of Canada incorporated under the *Business Development Bank of Canada Act* (Canada); |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(c) | &nbsp;&nbsp;a subsidiary of any person or company referred to in paragraph (a) or (b), if the person or company owns all of the voting securities of the subsidiary, except the voting securities required by law to be owned by directors of the subsidiary; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(d) | &nbsp;&nbsp;a person or company registered under the securities legislation of a jurisdiction of Canada as an adviser, investment dealer, mutual fund dealer or exempt market dealer; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(e) | &nbsp;&nbsp;a pension fund that is regulated by either the federal Office of the Superintendent of Financial Institutions or a pension commission or similar regulatory authority of a jurisdiction of Canada or a wholly-owned subsidiary of such a pension fund; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(f) | &nbsp;&nbsp;an entity organized in a foreign jurisdiction that is analogous to any of the entities referred to in paragraphs (a) to (e); |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(g) | &nbsp;&nbsp;the Government of Canada or a jurisdiction of Canada, or any Crown corporation, agency or wholly-owned entity of the Government of Canada or a jurisdiction of Canada; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(h) | &nbsp;&nbsp;any national, federal, state, provincial, territorial or municipal government of or in any foreign jurisdiction, or any agency of that government; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(i) | &nbsp;&nbsp;a municipality, public board or commission in Canada and a metropolitan community, school board, the *Comité de gestion de la taxe scolaire de l'île de Montréal* or an intermunicipal management board in Québec; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(j) | &nbsp;&nbsp;a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a managed account managed by the trust company or trust corporation, as the case may be; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(k) | &nbsp;&nbsp;a person or company acting on behalf of a managed account managed by the person or company, if the person or company is registered or authorized to carry on business as an adviser or the equivalent under the securities legislation of a jurisdiction of Canada or a foreign jurisdiction; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(l) | &nbsp;&nbsp; an investment fund if one or both of the following apply: <br> (i) the fund is managed by a person or company registered as an investment fund manager under the securities legislation of a jurisdiction of Canada; <br> (ii) the fund is advised by a person or company authorized to act as an adviser under the legislation of a jurisdiction of Canada;  |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(m) | &nbsp;&nbsp;a registered charity under the Income Tax Act (Canada) that obtains advice on the securities to be traded from an eligibility adviser or an adviser registered under the securities legislation of the jurisdiction of the registered charity; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(n) | &nbsp;&nbsp;an individual who beneficially owns financial assets having an aggregate realizable value that, before taxes but net of any related liabilities, exceeds C$5 million; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(o) | &nbsp;&nbsp;a person or company that is entirely owned by an individual or individuals referred to in paragraph (n), who holds the beneficial ownership interest in the person or company directly or through a trust, the trustee of which is a trust company or trust corporation registered or authorized to carry on business under the Trust and Loan Companies Act (Canada) or under comparable legislation in a jurisdiction of Canada or a foreign jurisdiction; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(p) | &nbsp;&nbsp;a person or company, other than an individual or an investment fund, that has net assets of at least C$25 million as shown on its most recently prepared financial statements; |
| &nbsp;&nbsp;**☐** &nbsp;&nbsp;(q) | &nbsp;&nbsp;a person or company that distributes securities of its own issue in Canada only to persons or companies referred to in paragraphs (a) to (p). |

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**As used in this Schedule "A", the following terms have the following meanings**:

"<u>Canadian financial institution</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an association governed by the *Cooperative Credit Associations Act* (Canada) or a central cooperative credit society for which an order has been made under section 473(1) of that Act, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a bank, loan corporation, trust company, trust corporation, insurance company, treasury branch, credit union, caisse populaire, financial services cooperative, or league that, in each case, is authorized by an
 enactment of Canada or a jurisdiction of Canada to carry on business in Canada or a jurisdiction of Canada.

"<u>eligibility adviser</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a person that is registered as an investment dealer and authorized to give advice with respect to the type of security being distributed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in Saskatchewan or Manitoba, also means a lawyer who is a practicing member in good standing with a law society of a jurisdiction of Canada or a public accountant who is a member in good standing of an institute or
 association of chartered accountants, certified general accountants or certified management accountants in a jurisdiction of Canada provided that the lawyer or public accountant must not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) have a professional, business or personal relationship with the issuer, or any of its directors, executive officers, founders, or control persons (as such term is defined in applicable securities legislation), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have acted for or been retained personally or otherwise as an employee, executive officer, director, associate or partner of a person that has acted for or been retained by the issuer or any of its directors,
 executive officers, founders or control persons (as such term is defined in applicable securities legislation) within the previous 12 months.

For the purposes of the definition of "eligibility adviser" above, the following terms have the following meanings:

"<u>director</u>" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a member of the board of directors of a company or an individual who performs similar functions for a company, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to a person that is not a company, an individual who performs functions similar to those of a director of a company.

"<u>executive officer</u>" means, for an issuer, an individual who is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a chair, vice-chair or president,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a vice-president in charge of a principal business unit, division or function including sales, finance or production, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) performing a policy-making function in respect of the issuer.

"<u>founder</u>" means, in respect of an issuer, a person who,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acting alone, in conjunction, or in concert with one or more persons, directly or indirectly, takes the initiative in founding, organizing or substantially reorganizing the business of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) at the time of the distribution or trade is actively involved in the business of the issuer.

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"<u>person</u>" includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a corporation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a partnership, trust, fund and an association, syndicate, organization or other organized group of persons, whether incorporated or not, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual or other person in that person's capacity as a trustee, executor, administrator or personal or other legal representative.

"<u>financial assets</u>" means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) cash,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) securities, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a contract of insurance, a deposit or an evidence of a deposit that is not a security for the purposes of securities legislation.

"<u>managed account</u>" means an account of a client for which a person makes the investment decisions if that person or company has discretion to trade in securities for the account without requiring the client's express consent to a transaction;

"<u>offering memorandum</u>" means a document, together with any amendments to that document, purporting to describe the business and affairs of an issuer that has been prepared primarily for delivery to and review by a prospective purchaser so as to assist the prospective purchaser to make an investment decision in respect of securities being sold in a distribution to which section 53 of the *Securities Act* (Ontario) would apply but for the availability of one or more exemptions contained in Ontario securities laws, but does not include a document setting out current information about an issuer for the benefit of a prospective purchaser familiar with the issuer through prior investment or business contacts,

"<u>Schedule III bank</u>" means an authorized foreign bank named in Schedule III of the Bank Act (Canada);

"<u>subsidiary</u>" means an issuer that is controlled directly or indirectly by another issuer and includes a subsidiary of that subsidiary.

For the purposes of the definition of "subsidiary" above, a person (first person) is considered to control another person (second person) if

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the first person, directly or indirectly, beneficially owns or exercises control or direction over securities of the second person carrying votes which, if exercised, would entitle the first person to elect a
 majority of the directors of the second person, unless that first person holds the voting securities only to secure an obligation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the second person is a partnership, other than a limited partnership, and the first person holds more than 50% of the interests of the partnership, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the second person is a limited partnership and the general partner of the limited partnership is the first person.

 **END OF SCHEDULE "A"**

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**ANNEX D**

**FOR INVESTORS IN THE EEA OR UNITED KINGDOM**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. AIFMD Information

If the Investor\* is resident in, or has a registered office in, the EEA (other than Belgium, Finland, Luxembourg. Norway, the Netherlands and Sweden), the undersigned should check Section 1(A) and must check one Item in Section 1(B). If the Investor is resident in, or has a registered office in, the United Kingdom, Belgium, Finland, Luxembourg. Norway, the Netherlands or Sweden, the undersigned may skip Section 1(A) and must check one Item in Section 1(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Reverse Solicitation

☐ If the Investor is resident in, or has a registered office in, any member state of the EEA other than Belgium, Finland, Luxembourg. Norway, the Netherlands and Sweden, the undersigned (a) represents and warrants that no representative of Pershing Square Capital Management, L.P. (the "<u>Investment Manager</u>") or its affiliates has marketed (within the meaning of EU Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers ("<u>AIFMD</u>")) the Shares to the Investor or its affiliates and the Investor approached the Investment Manager at its own initiative with a request to receive information in respect of the Fund and not as a result of a direct or indirect offer or placement of the Shares initiated by the Investment Manager; and (b) acknowledges that it will not receive any disclosure or reporting that is specifically intended to comply with AIFMD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Professional Investor Status

**RETAIL INVESTOR NOTICE**: In relation to offers in the EEA or the United Kingdom, the Shares are only available to persons capable of being categorized as "professional investors" (within the meaning of AIFMD). No person categorized as (i) a "retail client" (as defined in point (11) of Article 4(1) of EU Directive 2014/65/EU on Markets in Financial Instruments ("**MiFID II**")) or (ii) a "customer" (within the meaning of Directive 2002/92/EC on Insurance Mediation), where such customer does not qualify as a "professional client" (as defined in point (10) of Article 4(1) of MiFID II), may subscribe for the Shares.

<sup>\*</sup> For purposes of this Section, "Investor" means the person that makes the investment decision to invest in the Subscribed Shares, including a beneficial owner making such decision on its own behalf and a discretionary investment manager or other agent making such decision on behalf of such beneficial owner.

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(Please check one)

☐ 1. The undersigned represents and warrants that the Investor is a "professional investor" (within the meaning of AIFMD) because it is any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an entity that is required to be authorized or regulated to operate in the financial markets as: (i) a credit institution; (ii) an investment firm; (iii) any other authorized or regulated financial institution; (iv)
 an insurance company; (v) a collective investment scheme or the management company of such a scheme; (vi) a pension fund or the management company of a pension fund; (vii) a commodity or commodity derivatives dealer; (viii) a local firm; or (ix)
 any other institutional investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a large undertaking meeting two of the following three size requirements: (i) balance sheet total of €20,000,000; (ii) net turnover of €40,000,000; and/or (iii) own funds of €2,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a national or regional government, a public body that manages public debt at a national or regional level, a central bank, an international or supranational institution (such as the World Bank, the International
 Monetary Fund, the European Central Bank or the European Investment Bank) and other similar international organization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) another type of institutional investor whose main activity is to invest in financial instruments, including an entity dedicated to the securitization of assets or other financing transactions.

☐ 2. The undersigned cannot check Item 1 above but wishes to be treated as a "professional investor" (within the meaning of AIFMD) by the Investment Manager in respect of the Investor's investment in the Fund.

If the undersigned checked this Item, please check one of the following:

☐ (a) The undersigned represents and warrants that the Investor is a private individual or other investor not capable of meeting the tests in Item 1 above but capable of being categorized as a "professional client" (within the meaning of MiFID II) because it satisfies at least two of the following three criteria: (i) the Investor has made significant investments in private funds at an average frequency of ten per quarter over the previous four calendar quarters; (ii) the Investor's financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds €500,000 or its equivalent in another currency at the time of subscription; and/or (iii) the Investor works or has worked in the financial sector for at least one year in a professional position that requires knowledge of investment in private funds.

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☐ (b) The undersigned represents and warrants that the Investor is a UK public sector body, local public authority (including local authority pension scheme) or municipality that meets the following criteria: (i) the Investor's financial instrument portfolio, defined as including cash deposits and financial instruments, exceeds £10,000,000 or its equivalent in another currency at the time of subscription; and (ii) at least one of the following tests is met: (A) the Investor has made significant investments in private funds at an average frequency of ten per quarter over the previous four calendar quarters; (B) the person authorized to carry out transactions on behalf of the Investor works or has worked in the financial sector for at least one year in a professional position that requires knowledge of investment in private funds; or (C) the Investor is an "administering authority" of the Local Government Pension Scheme within the meaning of the version of Schedule 3 of The Local Government Pension Scheme Regulations 2014 or (in relation to Scotland) within the meaning of the version of Schedule 3 of The Local Government Pension Scheme (Scotland) Regulations 2014 and is acting in that capacity.

***This page should be completed by Subscriber and constitutes a part<br> of the Subscription Agreement.***

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| |
|:---|
| SUBSCRIBER: |
| Print Name: |
| By: |
| Name: <br> Title: |

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**&nbsp;&nbsp;&nbsp;&nbsp;**

<br> ------

**ANNEX E**

**INFORMATION and Requirements FOR INVESTORS IN SWITZERLAND** 

**INSTRUCTIONS**

Please provide either a signed **Professional Client Confirmation** *or* a **HNWI Opting-Out Declaration**, as applicable, forms of which are on the following pages.

In addition, please note the following disclosures:

**INFORMATION FOR INVESTORS IN SWITZERLAND** 

**1)** **Qualified investors**

The Subscribed Shares may only be offered in Switzerland to qualified investors within the meaning of Article 10 paragraphs 3 and 3ter CISA.

**2)** **Representative in Switzerland**

The representative is Banque Heritage SA, 61 Route de Chêne, 1208 Geneva, Switzerland.

**3)** **Paying agent in Switzerland**

The paying agent is Banque Heritage SA, 61 Route de Chêne, 1208 Geneva, Switzerland.

**4)** **Location where the relevant documents may be obtained**

The basic documents of PSUS and PS Inc. as well as the annual and, if applicable, semi-annual report may be obtained free of charge from sec.gov or the representative.

**5)** **Place of performance and jurisdiction** 

For units offered in Switzerland, the place of performance is at the registered office of the representative. The place of jurisdiction shall be at the registered office of the representative or at the registered office or domicile of the investor.

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**Professional Client Confirmation**

To: Pershing Square Holdco, L.P. (the **Company**)

Date: _______________

Professional Client Confirmation

To Whom it May Concern,

The undersigned (the **Subscriber**) hereby confirms to Pershing Square Holdco, L.P. (the **Company**) that, at the time of signing this declaration, the Subscriber is a professional client within the meaning of article 4 para. 3 of the Swiss Federal Act on Financial Services (**FinSA**) (**Professional Client**) and, therefore, a qualified investor within the meaning of article 10 para. 3 of the Swiss Federal Act on Collective Investment Schemes (**CISA**) (**Qualified Investor**).

In particular, the Subscriber hereby confirms that it falls under at least one of the following Professional Client categories (tick as appropriate):

☐ Swiss financial intermediary as defined in the Swiss Federal Banking Act, the Swiss Federal Financial Institutions Act or CISA, such as a bank, securities firm, fund management company or asset manager of collective investment schemes;

☐ Swiss insurance company as defined in the Swiss Federal Insurance Act;

☐ a foreign institution that is subject to a prudential supervision in its own country equivalent to the one applied by the Swiss Financial Market Supervisory Authority to Swiss financial intermediaries and Swiss insurance companies mentioned above;

☐ a central bank;

☐ (i) a public entity, (ii) an occupational pension scheme or another institution, whose purpose is to serve occupational pensions, or (iii) a company; in each case under (i) through (iii), which has its own professional treasury operations;

**Note:** Professional treasury operations are given when at least one qualified person—within or outside the relevant entity—with experience in the financial sector is entrusted to manage on a permanent basis the financial assets of the relevant entity.

☐ a large company, which means a company that exceeds at least two of the following parameters: (a) total balance sheet of CHF 20,000,000; (b) turnover of CHF 40,000,000; and (c) equity of CHF 2,000,000 (or an amount with an equal exchange value in another currency); and/or

☐ a private investment structure with professional treasury operations (see explanation above in this regard) created for high-net-worth retail clients.

The classification as Professional Client, respectively as Qualified Investors will allow the Company to market and offer foreign collective investment scheme units, whose distribution in Switzerland has not been approved by the Swiss Financial Market Supervisory Authority (**FINMA**), including foreign collective investment scheme units designed exclusively for Qualified Investors, without having to appoint a Swiss representative and a Swiss paying agent.

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The Subscriber hereby acknowledges that unless the Company has reason to believe otherwise or unless the Subscriber informs the Company of any change(s) in its status and/or of its relevant circumstances (see below), the Company will assume that the Subscriber continues to be eligible to be classified in the selected category, respectively categories ticked above. If the Subscriber informs the Company of any change(s) to its status and/or of its relevant circumstances (see below) and/or if the Company has reason to believe that the Subscriber no longer fulfils the eligibility requirements to be qualified as a Professional Client, respectively as Qualified Investor, the Subscriber hereby warrants to use its best efforts to supply the Company without delay with any information and/or documents which would allow the Company to verify the above mentioned change(s) in representation. If the Subscriber should not supply such information and/or documents, the Company may be required to reclassify the Subscriber (i.e., downgrade the Subscriber from a Professional Client to a retail client within the meaning of FinSA).

The Company hereby informs the Subscriber that the Subscriber has the duty to inform the Company without delay of any change(s) to its status and/or about any circumstances that may affect the correctness of the ticked category respectively categories (e.g., the loss of a license granted by FINMA or a cessation of the professional treasury operations) by letter to Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9th Floor, New York, NY 10019 or by email to [email address]. In such a case, the Subscriber represents and warrants to refuse any further marketing materials and/or offers, in particular relating to collective investment scheme units intended exclusively for Professional Clients, respectively Qualified Investors.

Moreover, the Company hereby voluntarily informs the Subscriber that, in particular Professional Clients may declare that they wish to be treated as retail clients within meaning of article 4 para. 2 FinSA (opting in). Such a declaration will give the Subscriber a substantial higher level of protection, in particular under CISA and FinSA. In light of the Company's business, most notably, foreign collective investment schemes must not be approved by FINMA before they can be offered in or from Switzerland to Qualified Investors and the founding documents of a foreign collective investment scheme do not need to be reviewed or approved by FINMA and may therefore not be subject to any regulatory supervision, which protects investors. However, at the same time such a declaration may, among other things, restrict the access to certain product offerings and/or product advertisement from the Company.

The Subscriber is aware that the Company will use this declaration to determine its status under FinSA respectively under CISA at the occasion of any investment in and/or marketing for and/or offering of collective investment scheme units.

The Subscriber herewith acknowledges and agrees that neither the Company nor any affiliate, representative and/or distributor of the Company has rendered or will render the undersigned any financial service within the meaning of article 3 lit. c FinSA, including but not limited to any personal investment advice related to an investment in any financial product.

Neither the Company or Pershing Square USA, Ltd. 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**). Pursuant to article 120(4) CISA, Banque Heritage SA, 61 Route de Chêne, 1208 Geneva, Switzerland has been appointed as Swiss representative and Banque Heritage SA, 61 Route de Chêne, CH-1208 Geneva, Switzerland has been appointed as Swiss paying agent. Accordingly, the common shares of the Company and the common stock of Pershing Square USA, Ltd. 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 the Offering Memorandum and any other offering documents relating to the Company or Pershing Square USA, Ltd. may only be made available in or from Switzerland to qualified investors as defined in article 10(3) and (3ter) CISA. Subscribers in the common shares of the Company and the common stock of Pershing Square USA, Ltd. do not benefit from the specific investor protection provided by CISA and the supervision by the FINMA in connection with the approval for offering.

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The Offering Memorandum, Memorandum and Articles of Association of the Company and Pershing Square USA, Ltd. and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares offered or distributed in or from Switzerland is the registered office of the Swiss representative.

Subscriber:________________________________

    <br> Name: Name: <br> Function: Function:

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**HNWI Opting-Out Declaration**

To: Pershing Square Holdco, L.P.

Date: _______________

**HNWI Opting Declaration**

To Whom it May Concern,

The Subscriber (the **Subscriber**) hereby confirms to Pershing Square Holdco, L.P. (the **Company**), that he/she/it requests to be treated as a professional client within the meaning of article 5 para. 1 of the Swiss Federal Act on Financial Services (**FinSA**) (**Professional Client**) and accepts that, in consequence, the Company shall classify and consider him/her/it as a qualified investor within the meaning of article 10 para. 3 of the Swiss Federal Act on Collective Investment Schemes (**CISA**) (**Qualified Investor**).

In particular, the Subscriber hereby represents and warrants that, at the time of signing this opting-out declaration, he/she/it either:

a) fulfills at least one of the following two eligibility requirements pursuant to article 5 para. 2 FinSA:

☐ On the basis of his/her/its personal education/training and professional experience or as a result of a comparable experience in the financial sector, he/she/it possesses the necessary knowledge to recognize and understand the risks connected to his/her/its investments. In addition and at the same time, he/she/it directly or indirectly holds eligible assets within the meaning of article 5 of the Swiss Federal Ordinance on Financial Services (**FinSO**) in the form of financial assets amounting to at least CHF 500,000 (or an amount with an equal exchange value in another currency); and/or

**Note**: Direct investments in real estate and claims from social insurance schemes as well as occupational pension assets **do not qualify as eligible assets**. Direct financial investments are investments, which are formally held in the own name and for the own account, *i.e*., the formal and beneficial owner are identical. In the case of indirect financial investments, the formal and beneficial owner are not the same entity/person.

☐ He/she/it directly or indirectly holds eligible assets within the meaning of article 5 FinSO in the form of financial assets amounting to at least CHF 2,000,000 (or an amount with an equal exchange value in another currency).

**Note**: Direct investments in real estate and claims from social insurance schemes as well as occupational pension assets **do not qualify as eligible assets**. Direct financial investments are investments, which are formally held in the own name and for the own account, *i.e*., the formal and beneficial owner are identical. In the case of indirect financial investments, the formal and beneficial owner are not the same entity/person.

OR:

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b)

☐ It is a private investment structure without professional treasury operations which was created for high-net worth clients that satisfy all the criteria of at least one of the two categories listed under (a), pursuant to Art. 5 para. 1 FinSA.

The Subscriber hereby represents and warrants that, at the time of signing this opting-out declaration, the eligible assets within the meaning of article 5 para. 1 FinSO, which were considered by the Subscriber in order to reach or exceed either the threshold of CHF 500,000 or CHF 2,000,000 above are not jointly held together with any other person and/or entity.

Furthermore, the Subscriber hereby confirms that:

☐ He/she/it **is** in a long-standing, pre-existing investment advisory- or investment management relationship with a prudentially supervised financial institution, and the Subscriber acknowledges that for this reason the fund would be allowed to be marketed or offered to him/her/it without the fund having appointed a Swiss representative or a Swiss paying agent and that therefore the Subscriber would also not benefit from the investor protection offered by the appointment of a Swiss representative or Swiss paying agent; or

☐ he/she/it **is not** in a long-standing, pre-existing investment advisory- or investment management relationship with a prudentially supervised financial institution, and the Subscriber acknowledges that for this reason the fund would only be allowed to be marketed or offered to him/her/it if the fund has appointed a Swiss representative and a Swiss paying agent.

The Subscriber hereby acknowledges that unless the Company has a reason to believe otherwise or unless the Subscriber informs the Company of any change(s) in his/her/its wealth situation or circumstances (see below), the Company will assume that the Subscriber continues to be eligible to be classified as a Professional Client or as a Qualified Investor respectively. If the Subscriber informs the Company of any change(s) to his/her/its wealth situation or circumstances as set out below and/or if the Company has reason to believe that the Subscriber no longer fulfils the eligibility requirements to be qualified as a Professional Client, respectively as a Qualified Investor, the Subscriber hereby warrants to use its best efforts to supply the Company with any information and/or documents (including, without limitation, account/portfolio statements) without delay, which would allow the Company to verify the above mentioned change(s) in representation. If the Subscriber does not supply such information and/or documents, the Company may be required to reclassify the Subscriber (*i.e*., downgrade the Subscriber from a Professional Client to a retail client within the meaning of FinSA).

The Subscriber understands that, in particular due to the size of his/her/its wealth, Qualified Investors', respectively Professional Clients' need for protection is considered by the Swiss financial market regulation to be significantly lower than the protection required for retail clients, respectively for non-qualified investors. In light of the Company's business, most notably, foreign collective investment schemes need not be approved by the Swiss Financial Market Supervisory Authority (**FINMA**) before they can be offered in or from Switzerland to Qualified Investors and the founding documents of a foreign collective investment scheme do not need to be reviewed or approved by FINMA and may therefore not be subject to any regulatory supervision and/or investor protection. Moreover, the Subscriber hereby acknowledges that, whereas he/she/it has the right to receive more detailed information from the Company in relation to the risks and opportunities of being classified as Professional Client, respectively as Qualified Investor before signing this opting-out declaration, he/she/it hereby expressly declares that his/her/its information needs in that regard were fully satisfied by the Company at the time of signing this opting-out declaration.

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The Subscriber hereby confirms that he/she/it is aware of and understands the risks associated with a classification as a Professional Client, respectively as a Qualified Investor and expressly declares his/her/its request to be classified as such by the Company in relation to all current and future business relationships with the Company. This classification will, among other things, allow the Company to offer him/her/it Swiss collective investment scheme units designed exclusively for Qualified Investors and foreign collective investment scheme units whose offering in Switzerland has not been approved by FINMA, including foreign collective investment scheme units designed exclusively for Qualified Investors.

The Subscriber is aware and understands that the Company will use this declaration to determine his/her/its status as a Professional Client, respectively as a Qualified Investor at the occasion of any investment in and/or marketing for and/or offering of collective investment scheme units. The Company hereby informs the Subscriber that he/she/it has the duty to inform the Company without delay of any change(s) with regard to any circumstances that may affect the correctness of the ticked opting-out eligibility requirement(s) (e.g. the eligible financial assets fall below the minimum thresholds specified above or the eligible financial assets, which were considered by the Subscriber in order the reach or exceed either the threshold of CHF 500,000 or CHF 2,000,000 in this declaration will be held jointly by the Subscriber with any other person or entity after he/she/it has signed this declaration) by letter to Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9th Floor, New York, NY 10019 or by email to [email address]. In such a case, the Subscriber represents and warrants to refuse any further marketing material and/or offers relating, in particular to collective investment scheme units intended exclusively for Professional Clients resp. Qualified Investors.

This opting-out declaration may be withdrawn from the Subscriber at any point in time in the future by sending an opting-in declaration by letter to Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9th Floor, New York, NY 10019 or an email to [email address] expressly declaring the wish of the Subscriber to no longer be treated as Professional Client, respectively as Qualified Investor by the Company. However, such a withdrawal may restrict the access of the Subscriber, in particular with regard to the financial product offerings and advertisements for financial products from the Company.

The Subscriber herewith acknowledges and agrees that neither the Company nor any affiliate, representative and/or distributor of the Company has rendered or will render the Subscriber any financial service within the meaning of article 3 lit. c FinSA, including but not limited to any personal investment advice related to an investment in any financial product.

Neither the Company or Pershing Square USA, Ltd. has 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**). Pursuant to article 120(4) CISA, Banque Heritage SA, 61 Route de Chêne, 1208 Geneva, Switzerland has been appointed as Swiss representative and Swiss paying agent. Accordingly, the common shares of the Company and the common stock of Pershing Square USA, Ltd. 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 the Offering Memorandum and any other offering documents relating to the Company or Pershing Square USA, Ltd. may only be made available in or from Switzerland to qualified investors as defined in article 10(3) and (3ter) CISA. Subscribers in the common shares of the Company and the common stock of Pershing Square USA, Ltd. do not benefit from the specific investor protection provided by CISA and the supervision by the FINMA in connection with the approval for offering.

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The Offering Memorandum, Memorandum and Articles of Association of the Company and Pershing Square USA Ltd. and audited financial statements can be obtained free of charge from the Representative. The place of performance with respect to shares offered or distributed in or from Switzerland is the registered office of the Swiss representative.

______________________________<br> Name:

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**ANNEX F**

**FOR INVESTORS IN MEXICO**

☐The undersigned represents and warrants that Subscriber is an institutional investor (*inversionista institucional*) as defined in the Mexican Securities Market Law (*Ley del Mercado de Valores*) and is a retirement funds manager (*administradora de fondos para el retiro*) governed by the Retirement Systems Law (*Ley de los Sistemas de Ahorro para el Retiro*).

☐ The undersigned represents and warrants that Subscriber is a qualified investor (*inversionista calificado*) as defined in the Mexican Securities Market Law (*Ley del Mercado de Valores*) and the Rules Applicable to Securities Issuers and other Market Participants (*Disposiciones de Carácter General Aplicables a las Emisoras de Valores y a Otros Participantes del Mercado de Valores*) issued by the National Banking and Securities Commission (*Comisión Nacional Bancaria y de Valores*).

**The undersigned acknowledges and agrees that the Subscribed Shares are not, and will not be, registered with the National Banking and Securities Commission (*Comisión Nacional Bancaria y de Valores*) and that they are not and cannot be publicly offered in Mexico.**

***This page should be completed by Subscriber and constitutes a part<br> of the Subscription Agreement.***

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| |
|:---|
| SUBSCRIBER: |
| Print Name: |
| By: |
| Name: <br> Title: |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'?

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**Exhibit 107**

**CALCULATION OF FILING FEE TABLES**

**Form N-2**

(Form Type)

**Pershing Square USA, Ltd.**

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1: Newly Registered and Carry Forward Securities</u>**

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee Calculation or Carry Forward Rule** | **Amount Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum Aggregate Offering Price<sup>(1)</sup>** | **Fee Rate** | &nbsp;&nbsp; **Amount of Registration Fee** | &nbsp;&nbsp; **Carry Forward Form Type** | &nbsp;&nbsp; **Carry Forward <br>File Number** | &nbsp;&nbsp; **Carry Forward Initial Effective Date** | **Filing Fee Previously Paid in Connection with Unsold Securities to be Carried Forward** |
| &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** | &nbsp;&nbsp; **Newly Registered Securities** |
| &nbsp;&nbsp; Fees to be Paid  | Equity | Common Shares of Beneficial Interest, no par value per share | Rule 457(o) |  |  | $1000000.00 | 0.00013810 | $138.10 |  |  |  |  |
|  | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** | &nbsp;&nbsp; **Total Offering Amounts** |  | $1000000.00 |  | $138.10 |  |  |  |  |
|  | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** | &nbsp;&nbsp; **Total Fees Previously Paid** |  |  |  |  |  |  |  |  |
|  | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** | &nbsp;&nbsp; **Total Fee Offsets** |  |  |  | $138.10 |  |  |  |  |
|  | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** | &nbsp;&nbsp; **Net Fee Due** |  |  |  | $0.00 |  |  |  |  |

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(1) Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(o) under the Securities Act of 1933, as amended. Includes any Common Shares acquired by the underwriters in connection with the exercise of their option to purchase additional Common Shares, as described in the prospectus of the registrant included in this registration statement.

**<u>Table 2: Fee Offset Claims and Sources</u>**

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Registrant or Filer Name** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | **Security Type Associated with Fee Offset Claimed** | &nbsp;&nbsp; **Security Title Associated with Fee Offset Claimed** | &nbsp;&nbsp; **Unsold Securities with Fee Offset Claimed** | &nbsp;&nbsp; **Unsold Aggregate Offering Amount Associated with Fee Offset Claimed<sup>(1)</sup>** | &nbsp;&nbsp; **Fee Paid with Fee Offset Source** |
| &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** | &nbsp;&nbsp; **Rule 457(p)** |
| &nbsp;&nbsp; Fee Offset Claims  | Pershing Square USA, Ltd. | N-2 | 333-276926 | February 7, 2024 |  | $138.10 | Equity | Common Shares of Beneficial Interest, no par value per share | N/A | $1000000.00 |  |
| &nbsp;&nbsp; Fee Offset Sources | Pershing Square USA, Ltd. | N-2 | 333-276926 |  | February 7, 2024 |  | Equity | Common Shares of Beneficial Interest, no par value per share |  |  | &nbsp;&nbsp;$147.60 |

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(1) A filing fee of $147.60 was previously paid in connection with the initial filing of the registration statement on Form N-2 (File Nos. 333-276926 and 811-23932) (the "Prior Registration Statement") by the registrant on February 7, 2024. The registrant withdrew the Prior Registration Statement by filing a Form RW on August 1, 2024. As the Prior Registration Statement was not declared effective, no securities were sold thereunder. The registrant paid an aggregate of $339,332.40 in filing fees under the Prior Registration Statement prior to its withdrawal. In accordance with Rule 457(p) of the Securities Act, $138.10 of the $147.60 of the filing fees previously paid with the initial filing of the Prior Registration Statement will offset the filing fee of currently due pursuant to this registration statement and the remaining $339,194.30 of fees paid under the Prior Registration Statement shall remain available for future use by the registrant.

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