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(\"PSH\" or the \"Company\") during 2021. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing Square investment.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:05.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3760222f-b866-4f7e-b300-53fbf1429aed", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.92, "x": 0.04, "y": 0.4 }, "kind": "disclaimer", "text": "Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the investments discussed herein. Specific companies or investments shown in this presentation are meant to demonstrate Pershing Square's active investment style and the types of industries and instruments in which we invest and are not selected based on past performance.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:05.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47c46c2f-33e4-4645-be81-ec47a9069e01", "parentComponentId": null }, { "bbox": { "h": 0.32, "w": 0.92, "x": 0.04, "y": 0.54 }, "kind": "disclaimer", "text": "The analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square's conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. See also \"Forward-Looking Statements\" in Additional Disclaimers and Notes to Performance Results at the end of this presentation. All trademarks included in this presentation are the property of their respective owners. This document may not be distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. This presentation is expressly qualified in its entirety by reference to PSH's prospectus which includes discussions of certain specific risk factors, tax considerations, fees and other matters, and its other governing documents.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:05.215+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61898346-4943-48e3-bf31-dfcb92f81011", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "disclaimer", "text": "All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned. 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All investments involve risk, including the loss of principal. Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) Bond interest expense includes a one-time bond extinguishment expense of $12.1 million in connection with the partial cancellation of the 2022 Bonds.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:10.267+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e9ece292-5f9a-4332-bb68-f2c138758b21", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Returns: (13.2%)", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:52:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee3b-7248-a198-5af44bc8dd02", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.63, "x": 0.18, "y": 0.265 }, "kind": "table", "text": "Detractors PSH Pershing Square Tontine Holdings (6.5%) Fannie Mae & Freddie Mac (4.0%) Index CDS (1.1%) All Other Positions (0.3%) Total Detractors - Underlying Portfolio (11.9%) Bond Interest Expense(1) (1.3%) Total Detractors - incl. 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Preserved reputation; Reimbursed PSTH for broken deal costs.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:08.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92ee71b1-49ae-42fe-bf77-de277e3d167e", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.0078 }, "kind": "list", "text": "We are highly economically and reputationally motivated to consummate a transaction that creates value for PSTH shareholders; We remain disciplined on both business quality and valuation", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:08.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ff94efaa-cb89-4acf-845e-6eef3d63fad8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square Tontine Holdings (\"PSTH\")", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:08.153+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a9f26f5-9b7f-46db-8535-b72fe8959617", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 64, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 21, "name": "Visualization", "beatId": "dafb31f1-8f67-403f-b88a-d90ff3829387", "matchId": "57f26ec6-0736-4477-a4fb-3d94961380eb", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "Business Update, Portfolio Update, and Exited Positions", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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If no IBC, distribution occurs with return of PSTH capital.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:07.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6db948c3-cffe-46b6-bbd1-83704fe663b9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square SPARC Holdings (\"SPARC\")", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:07.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ad7ed3ba-9b6a-4a47-bd2e-9af66f43d871", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.14, "y": 0.0068 }, "kind": "title", "text": "Timing of SPARC distribution assuming receipt of regulatory approval:", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:07.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1ab876d7-c4b2-4538-ac4f-cf724a8033c1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.14, "y": 0.00285 }, "kind": "title", "text": "SPARC seeks to improve upon PSTH's structure", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:07.645+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57c480e3-9d16-4083-b72e-e3e5f78af9f7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 64, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 21, "name": "Visualization", "beatId": "dafb31f1-8f67-403f-b88a-d90ff3829387", "matchId": "57f26ec6-0736-4477-a4fb-3d94961380eb", "beatType": { "name": "Visualization", "slug": "monroes-sequence-visualization", "status": "active", "canonId": "019dd9b8-1786-777e-b185-480585cc47fd", "version": 1, "description": null }, "evidence": "Business Update, Portfolio Update, and Exited Positions", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). 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No assurance can be given that SPARC will be ultimately effectuated on the above outlined terms or at all. 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"2026-05-02 20:00:08.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "611edc2b-7362-4dbe-88d8-d8d9c3559866", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.07, "y": 0.51 }, "kind": "list", "text": "Pershing Square funds have committed to a large Forward Purchase Agreement", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:08.551+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, 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"disclaimer", "text": "Whether and when a SPARC Distribution may take place remains subject to the approval of amendments to the stock exchange listing rules permitting the listing of the SPARCs and the SEC review process and declaration of effectiveness of an SEC registration statement registering the SPARC Distribution under the Securities Act of 1933. The decision to make the SPARC Distribution as well as the final terms and conditions of any SPARCs is subject to the review and approval of the Board of Directors of Pershing Square SPARC Holdings. The terms, if any, of SPARCs that are ultimately distributed may be materially different from those described in or implied by this summary.\n\nNo assurance can be given that SPARC will be ultimately effectuated on the outlined terms in this presentation or at all. This material is for informational purposes and does not constitute an offer of any securities. The receipt of this document by any recipient is not to be taken as investment advice and all recipients are strongly advised to consult their own independent advisors on any investment, legal, tax or accounting issues relating to these materials.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:12.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5dbbc4d1-2c60-4771-b509-024ecb7b554a", "parentComponentId": null }, { "bbox": { "h": 0.032, "w": 0.666, "x": 0.042, "y": 0.098 }, "kind": "title", "text": "Additional Disclaimers Related to SPARC", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:00:12.029+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49b21e51-8a87-4ee5-b12b-4860d43d1207", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 4, "to": 5, "label": "Attention", "description": "Chairman's Introduction and Board of Directors" }, { "from": 8, "to": 10, "label": "Need", "description": "2021 Performance Review and Overview of 2021 Performance" }, { "from": 11, "to": 20, "label": "Satisfaction", "description": "Strategies to Address the Discount and 2021 Performance Ahead of Most Market Indices" }, { "from": 21, "to": 64, "label": "Visualization", "description": "Business Update, Portfolio Update, and Exited Positions" } ], "loops": [ { "from": 20, "to": 20, "label": "Before After", "description": "Highlighting defensive performance in down markets" } ] }