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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-02-11 00:00:00",
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  "pageNumber": 18,
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  "notes": "The slide details the transition of HHH into a holding company managed by Pershing Square leadership.",
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      "text": "Post-transaction, we will eliminate the management fees PSH pays to PSCM on HHH shares owned by PSH",
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      "text": "Pershing Square’s proposal is fundamentally to transform HHH into a diversified holding company that purchases controlling interests in public and private companies",
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      "text": "The full resources of Pershing Square Holdco, including the Investment Manager’s investment team, accounting, finance, technology and other teams and resources are made available to HHH. In consideration for services, Pershing Square Holdco will receive a fee of 1.5 percent per annum of the equity market capitalization of the company, paid quarterly. HHH will not pay any promote or performance fees to Pershing Square Holdco or its employees.",
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      "text": "Pershing Square’s senior leadership becomes the management team of HHH, the holding company. Pershing Square’s senior leadership includes Bill Ackman – Chairman & CEO, Ryan Israel – Chief Investment Officer, and Ben Hakim – President. Pershing Square senior leadership will not receive any cash or stock compensation as employees of HHH.",
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      "text": "The Howard Hughes Corporation (“HHC”) will remain unchanged as the principal subsidiary of HHH. Current HHC senior leadership team, led by David O’Reilly as CEO, will continue in their roles managing HHC. HHC will continue to develop its core MPC business line with no change in strategy or employees.",
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      "text": "Post-Transaction HHH Business Plan",
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