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Pershing Square Capital Management, L.P. (\"Pershing Square\") believes this presentation contains a balanced presentation of the performance of the portfolio it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations. This presentation contains information and analyses relating to all of the publicly disclosed positions over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (\"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. 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. 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. 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Affiliates of Pershing Square will invest a minimum of $500mm and up to $1.0bn at or before the closing of the business combination, with flexibility to increase up to $3.5bn.", "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 13:04:37.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54d859a0-62b1-4766-9097-ad7c4304a03c", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.34 }, "kind": "list", "text": "SPARC will have a flexible exercise price. $10.00 initial Minimum Exercise Price. We may increase the exercise price at announcement of the proposed IBC, allowing SPARC to raise significantly more 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 13:04:37.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ca1ed11-c303-42ee-a79e-bb47f24ae081", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.92, "x": 0.04, "y": 0.68 }, "kind": "list", "text": "Pershing Square and SPARC Directors will not receive conventional sponsor incentive. The Sponsor Warrants will be exercisable for 4.95% of the Public Shares, and the Director Warrants for 0.26%.", "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 13:04:37.118+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4eaaba7-0586-4b03-b680-ff7d1833e515", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "list", "text": "SPARC will distribute SPARs to both PSTH shareholders and warrantholders. 1 SPAR per share of Class 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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 13:04:41.351+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4727ffc3-1bfc-448d-8986-e597bc5829d8", "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 13:04:41.351+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1aed6a7a-7a80-4ee8-af3f-db442c71c49d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Setup", "description": "The cover page, disclaimer, agenda, and chairman's introduction provide a setup for the presentation." }, { "from": 11, "to": 12, "label": "Key Messages", "description": "The key messages on pages 11-12 highlight the firm's competitive advantages and strategies." }, { "from": 13, "to": 20, "label": "Performance Review", "description": "The performance review section, including peer benchmarks and comparison tables, provides an overview of the firm's performance." }, { "from": 22, "to": 24, "label": "Business Update", "description": "The business update section provides an overview of the firm's current activities and developments." }, { "from": 48, "to": 64, "label": "Portfolio Update", "description": "The portfolio update section provides an overview of the firm's current portfolio and investments." } ], "loops": [ { "from": 11, "to": 12, "label": "Cost Of Inaction", "description": "Highlighting the importance of access to low-cost, investment-grade debt" }, { "from": 32, "to": 33, "label": "Quick Win Big Bet", "description": "Highlighting the firm's hedging principles and strategies" } ] }