Bill Ackman on Cash Reserves

Pershing Square Holdings, Ltd. 82 Amounts Due To and Due From Brokers Due from brokers consists of cash held at the Company’s Prime Brokers, cash and securities pledged in connection with derivative contracts and amounts receivable for securities transactions that have not settled at the reporting date, if any. Due to brokers consists of cash received from counterparties to collateralize the Company’s derivative contracts and amounts payable for securities transactions that have not settled at the reporting date, if any. Cash and Cash Equivalents The Company considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. Cash and cash equivalents in the statement of financial position is comprised of U.S. Treasury Bills and/or money market funds which are invested in U.S. Treasury obligations. Investment Income/Expense Dividend income is recognized on the date on which the investments are quoted ex-dividend and presented gross of withholding taxes, which are disclosed separately in the statement of comprehensive income. Interest income and expense related to cash and cash equivalents and collateral cash received/posted by the Company are recognized when earned/ incurred. Net Gain or Loss on Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss The Company records its security transactions and the related revenue and expenses on a trade date basis.

Pershing Square Holdings, Ltd. 93 9. TRADE AND OTHER RECEIVABLES/PAYABLES The following is a breakdown of the Company’s trade and other receivables/payables as reflected in the statement of financial position. As of December 31 2025 2024 Trade and other receivables Dividends receivable $ 9,717,602 $ 15,152,991 Interest receivable 2,884,642 1,772,235 Prepayments and other receivables 1,632,393 1,265,661 Receivable from PS VII Master, L.P. — 10,581,212 $ 14,234,637 $ 28,772,099 As of December 31 2025 2024 Trade and other payables Performance fees payable $ 486,622,392 $ 225,356,173 Settlement of share buybacks 2,363,439 4,409,741 Other payables 1,181,804 2,666,827 Interest payable 139,675 37,010 $ 490,307,310 $ 232,469,751 10. CASH AND CASH EQUIVALENTS The following is a breakdown of the Company’s cash and cash equivalents as reflected in the statement of financial position. As of December 31 2025 2024 Cash and cash equivalents U.S. Treasury money market funds $ 1,104,637,085 $ 436,520,113 U.S. Treasury Bills 36,865,279 — $ 1,141,502,364 $ 436,520,113 As of December 31, 2025, money market fund investments in Goldman Sachs Financial Square Treasury Instruments Fund and BlackRock Liquidity Funds Treasury Trust Fund had fair values of $687,011,385 (2024: $377,786,506) and $417,625,700 (2024: $58,733,607), respectively. 11.

8 billion at an average discount of 29.3%. The Company intends to propose that shareholders renew its general share buyback authority at the 2026 Annual General Meeting to allow the Company to engage in share buybacks for up to a maximum of 14.99% of the Public Shares then outstanding. If approved by shareholders and depending on market conditions and the Company’s available capital, the Company may decide to utilize the share buyback authority to make further acquisitions of Public Shares in the market. Jefferies International Limited is the Company’s buyback agent for its share buyback programs. Beginning on October 24, 2019, all Public Shares repurchased in the share buyback programs are held in Treasury. The Public Shares, Special Voting Share and Treasury Shares transactions for the years ended December 31, 2025 and December 31, 2024 were as follows: Public Shares Special Voting Share Treasury Shares As of December 31, 2023 185,461,146 1 25,495,604 Share Buybacks (2,505,136) — 2,505,136 As of December 31, 2024 182,956,010 1 28,000,740 Share Buybacks (6,573,519) — 6,573,519 As of December 31, 2025 176,382,491 1 34,574,259 12. INTEREST INCOME AND EXPENSE The following is a breakdown of the Company’s interest income and expense as reflected in the statement of comprehensive income. Interest Income Year Ended 2025 Year Ended 2024 U.S. Treasury Bills $ 23,980,563 $ 29,162,532 U.S.85,936,817

S. Treasury Bills with daily liquidity as disclosed in Note 10. The Company’s prime brokers are required to provide custody services for the Company’s securities. The prime brokers are not permitted under U.S. law to lend out (or “re-hypothecate”) the Company’s securities if these securities are fully paid for unless the Company enters into a securities lending agreement. If the Company uses margin leverage, the prime brokers may lend out the Company’s securities to fund the prime brokers’ business, but are restricted under U.S. law; that is, the prime brokers may only lend out an amount of the Company’s securities that is less than or equal to 140% of the debit balance that the prime broker extends to the Company as credit. The Company monitors its accounts to avoid running a debit balance. Additionally, the Company has processes in place that allow it to quickly move securities from its prime brokers into a regulated bank entity which is not legally permitted to re-hypothecate client securities.