Bill Ackman on Dividend Policy

Having recently trimmed and sold other holdings, we held sufficient cash to move quickly and invest in a business we have long admired that has experienced a significant decline in its share price in recent months due to near-term concerns, which we do not believe will impact the longer-term Meta story. Current Equity Positions: Alphabet (“Google”) Alphabet, the parent company of Google, delivered strong business performance in 2025, highlighting its unique ability to leverage core strengths in data, distribution, infrastructure, and research expertise to successfully capitalize on its vast AI potential. AI is having a profoundly transformative impact on the company’s core advertising platform. Google’s unrivaled digital “real estate” and consumer mindshare allow for the deployment of AI products at a massive scale. In Search, this is most evident in the global roll-out of AI Overviews. Now reaching more than two billion users in more than 200 countries, AI Overviews is the world’s most widely used AI product by a significant margin. Notably, its introduction has accelerated query growth in Search, with the most pronounced effects seen among younger demographics. Similarly, in YouTube, Google’s focus on multi-modal AI, specifically image and video generation, has driven material improvements to recommendation algorithms and creator tools.

The amendment eliminated the Investment Manager’s right to receive the outstanding $36 million of unrecovered costs, and expanded the fee reduction to also include 20% of any management fees earned from any non-PSH Pershing Square funds that invest in public securities (specifically including those that do not have performance fees, which had hitherto been excluded). In August 2025, the Investment Manager and the Board further amended the Company’s IMA to reduce the management fees otherwise payable by the Company with respect to its holding of common stock in Howard Hughes Holdings, Inc. (“HHH”). The reduction will be an amount equal to the fees payable to the Investment Manager by HHH that are attributable to the HHH common stock held by the Company. In January 2022, the Company moved to the North American investment sector of the Association of Investment Companies from the Hedge Fund sector, which more accurately reflects the Company’s investment focus. The Company also amended its dividend policy in 2022 such that dividends increase with the Company’s NAV.quarterly

SECTION 172(1) STATEMENT The Directors have acted in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having regard to its stakeholders and matters set out in s172(1)(a-f) of the Companies Act 2006, in the decisions taken during the year ended December 31, 2025 as described in this Report of the Directors. The following are some examples of how the Directors have discharged their section 172 duties during the year: • The Board approved an amendment to the Company’s IMA that reduces the management fees otherwise payable by the Company with respect to its holding of common stock in HHH. The amendment is discussed in “Discount to NAV” on pages 35-36. • In line with the Company’s dividend policy, the Board authorized a quarterly dividend of $0.1646 per Public Share for 2025, an increase of 13% from the 2024 dividend. The dividend policy is described in “Dividends” on page 37. • The Board has identified shareholders as key stakeholders and actively sought to engage with them. As a closed- ended investment company, PSH has no employees or operations, and its shareholders are both customers and investors. The Board’s approach to engagement with its stakeholders is discussed further in “Shareholder Engagement.”

75 STATEMENT OF CASH FLOWS For the years ended December 31, 2025 and December 31, 2024 (Stated in United States Dollars) Notes 2025 2024 Cash flows from operating activities Profit/(loss) for the year attributable to equity shareholders $ 2,525,375,901 $ 1,173,695,918 Adjustments to reconcile changes in profit/(loss) for the year to net cash flows: Bond interest expense 18 103,268,815 75,087,943 Bond interest paid 18 (72,871,536) (72,495,715) Net (gain)/loss on currency translation of the Bonds 18 93,964,036 (33,706,191) (Increase)/decrease in operating assets: Due from brokers 13 (175,220,331) 206,011,726 Trade and other receivables 9 14,537,462 (12,459,878) Investments in securities 6,7 (2,874,863,535) (2,413,202,260) Derivative financial instruments 6,7,8 11,419,379 223,463,866 Increase/(decrease) in operating liabilities: Due to brokers 13 43,800,000 (276,260,000) Trade and other payables 9 259,882,100 (86,829,160) Deferred tax expense payables 19 6,892,501 (16,941,739) Derivative financial instruments 6,7,8 34,093,323 (31,975,102) Net cash provided by/(used in) operating activities (29,721,885) (1,265,610,592) Cash flows from financing activities Purchase of Public Shares 11 (371,125,605) (119,623,243) Dividend distributions 11 (118,118,040) (107,166,682) Proceeds from issuance of Bonds 18 1,238,008,723 — Expenses relating to issuance of Bonds 18 (14,060,942) — Net cash provided by/(used in) financing activities 734,704,136 (226,789,925) Net change in cash and cash equivalents 704,982,251 (1,492,400,517) Cash and cash equivalents at beginning of year 436,520,113 1,928,920,630 Cash and cash equivalents at end of year 10 $ 1,141,502,364 $ 436,520,113 Supplemental disclosure of cash flow information and non-cash activities Cash paid during the year for interest $ 81,847,101 $ 75,618,209 Cash received during the year for interest $ 44,491,622 $ 89,186,341 Cash received during the year for dividends $ 128,876,353 $ 145,671,679 Cash deducted during the year for withholding taxes $ 28,513,636 $ 29,872,536 Equity securities received from the distribution in-kind of PS VII Master, L.

The Special Voting Share and the Management Shares may not vote on certain matters specified in the UK Listing Rules. Specified Matters The UK Listing Rules permit only holders of Public Shares to vote on certain matters (the “Specified Matters”). Each of the Specified Matters is set forth in the UK Listing Rules. Distributions The Board may at any time declare and pay dividends (or interim dividends) based upon the financial position of the Company. No dividends shall be paid in excess of the amounts permitted by the Companies (Guernsey) Law, 2008 and without the prior consent of the Board and the Investment Manager. The Company’s quarterly dividend is determined by multiplying the average NAV per Public Share of all trading days in December of the prior year by 0.25%, subject to a cap on the total dividends paid for the year of 125% of the average of the total dividends paid in each of the previous three years.not

Winding-Up The assets available for distribution upon the winding up of the Company, after payment of all creditors of the Company, shall be allocated among each class of shares then in issue in proportion to the NAV of such class of shares at the relevant winding- up date. Within each share class, the assets will be distributed among the shareholders of that class in proportion to the number of shares held at the winding-up date. Capital Management The Company’s general objectives for managing capital are: • To maximize its total return primarily through the capital appreciation of its investments; • To minimize the risk of an overall permanent loss of capital; and • To continue as a going concern To the extent the Investment Manager deems it advisable and provided that there are no legal, tax or regulatory constraints, the Company is authorized to manage its capital through various methods, including, but not limited to: (i) repurchases of Public Shares and (ii) further issuances of shares, provided that the Board only intends to exercise its authority to issue new shares if such shares are issued at a value not less than the estimated prevailing NAV per share (or under certain other specified circumstances). At the 2025 AGM, shareholders renewed the Company’s authority to engage in share buybacks up to a maximum of 14.99% of the Public Shares then outstanding.

Equity Prices % Change in Equity Price (+) Change in Net Assets % Change in Equity Price (-) Change in Net Assets 2025 11% $ 2,004,498,751 11% $ (2,004,498,751) 2024 10% $ 1,507,706,607 10% $ (1,507,706,607) The following table analyzes the Company’s concentration of equity price risk in the Company’s equity portfolio by geographical distribution (based on issuer’s place of primary listing or, if not listed, place of domicile). As of December 31 2025 2024 North America 89% 80% Europe 11% 20% Total 100% 100% The following table analyzes the Company’s concentration of equity price risk in the Company’s equity portfolio by industry sectors. As of December 31 2025 2024 Technology 31% 13% Financial Services 26% 17% Consumer Services 13% 0% Media 11% 20% Restaurant 8% 18% Real Estate Development and Operating 7% 8% Hospitality 4% 8% Consumer Products — 8% Transportation — 7% Leisure & Hospitality — 1% Special Purpose Acquisition Rights Company — — Total 100% 100% If the Company holds a short position, it represents obligations of the Company to deliver the specified securities and, thereby, creates a liability to purchase the security in the open market at prevailing prices.in

1R as PSCM is a related party of the Company, and PSCM’s parent company, Holdco, is able to exercise or control the exercise of 30% or more of the votes able to be cast at HHH’s general meetings on all, or substantially all, matters of HHH. The Company’s Board (comprising for these purposes all directors with the exception of Ms Coussin and Mr Wautier) considered the investment to be fair and reasonable as far as shareholders of the Company are concerned and confirmed that the Board had been so advised by N.M. Rothschild & Sons Limited in its role as the Company’s sponsor in connection with this investment. Seaport Entertainment Group Inc. On July 31, 2024, HHH separated into two independent publicly-traded companies by distributing one share of Seaport Entertainment Group Inc. (“SEG”) common stock at no charge to HHH stockholders for every nine shares of HHH held by such stockholder. The Company received 1,835,424 shares of SEG common stock as part of this distribution. HHH and SEG also announced that subsequent to the distribution of SEG common stock, SEG would conduct a rights offering by distributing subscription rights to SEG shareholders to purchase on a pro-rata basis up to 7,000,000 of SEG common stock at a price of $25.00 per share (the “Rights Offering”).