September 20, 2024

The companies on this page reflect all portfolio companies (long and short) as of March 19, 2024 in which (“A”) Pershing Square or any Pershing Square Fund, as applicable, has designated board representatives, has Files a Schedule 13D, Form 4 or similar non-U.S. filing or has filed a Hart-Scott Rodino filing; (‘B’) Pershing Square publicly proposes a change in the Company’s strategy in a white paper, letter or presentation on a specific investment.

Past performance is not a guarantee of future performance. All investing involves risk, including loss of principal.

Limitations of performance data

Past performance is not necessarily indicative of future results. All investing involves risk, including loss of principal. This report does not constitute a recommendation, an offer to sell, or a solicitation of an offer to buy any security or investment product. This report contains information and analysis related to all publicly disclosed positions in the company’s portfolio in 2022 that were greater than 50 basis points. Pershing Square may currently or in the future purchase, sell, cover or otherwise change the form of its investments in the companies discussed in this report for any reason. Pershing Square hereby disclaims any obligation to make any updates or changes to the information contained herein, including without limitation any method or type of Pershing Square investments.

forward-looking statements

This report also contains forward-looking statements that reflect Pershing Square’s views. These forward-looking statements can be identified by words such as “believe,” “expect,” “potential,” “continue,” “may,” “will,” “should,” “seek,” “approximately,” “may” and other words . “forecast”, “intend”, “plan”, “estimate”, “anticipate” or other similar words. These forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be circumstances that may cause actual results or outcomes to differ materially from those indicated in these statements. If any assumptions underlying the forward-looking statements contained herein prove to be incorrect, actual results or results may differ materially from those projected in these statements. The Company, Pershing Square or any of their respective affiliates undertake no obligation to update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law or regulation.