Pershing Square Management, LLC - 29 Apr 2026 Form 3 Insider Report for PERSHING SQUARE INC. (PS)

Footnote F1

The Special Voting Share has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of Issuer common stock over which the Reporting Person ("ManagementCo") then has voting power, to give the ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of Issuer common stock. As the managing member of Pershing Square Partner Group, LLC and holder of an irrevocable voting proxy granted by William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro, and Halit Coussin (collectively, the "ManagementCo Members"), each of whom holds Issuer common stock, ManagementCo holds a majority of the aggregate voting power of, but no economic interest in, Issuer common stock as of the date of this Form 3.

Footnote F2

ManagementCo is governed by the ManagementCo Members. Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro, and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each ManagementCo Member disclaims beneficial ownership of the Special Voting Share, except to the extent of any pecuniary interest therein.