Bill Ackman on Shareholder Orientation

Pershing Square Holdings, Ltd. 17 Beyond the core rental business, we believe Hertz has the potential to meaningfully grow through high-margin ancillary services. The company is currently building out the infrastructure to sell more used cars directly through its retail channels. The company has partnerships with Amazon and Cox, and a “rent-to-buy” program which is now live in over 100 cities. We believe this retail strategy can evolve into a meaningful profit center, leading to structurally lower depreciation costs and providing a platform to sell additional Finance and Insurance (F&I) products. In addition, we believe Hertz is uniquely positioned to be a critical partner for mobility companies rolling out autonomous vehicle fleets. The company’s expertise in vehicle maintenance and the scale of its parking and service facilities make it an ideal partner to manage these complex fleets. Both of these initiatives have the potential to further leverage Hertz’s fixed-cost base and diversify its revenue streams. The company is also now in a much stronger liquidity position. In September, we helped facilitate a convertible bond issuance by increasing our economic exposure to the company through the purchase of swaps on its shares. Simultaneously with the issuance, the company entered into a capped-call transaction, which ensures the convertible bonds are not dilutive unless the stock nearly triples from current prices.

Pershing Square Holdings, Ltd. 32 BILGE OGUT Independent Director Ms Ogut, a resident of Zurich, Switzerland, has been an independent Director of the Company since August 2025. Ms Ogut has over 25 years of industry experience and currently serves as an investment partner at Groupe Bruxelles Lambert, a publicly listed investment holding company on Euronext Brussels. Ms Ogut served as an advisory partner to Partners Group throughout 2025, concluding this role at the end of the year. From 2013 to 2024, she held several senior leadership roles at the firm, including Head of Technology Investing and Head of Private Equity Europe. After joining the firm, she led a number of strategic investments and played a key role in developing the firm’s technology investing strategy. During her tenure, she served on the Private Equity Investment Committee, the Global Investment Committee, and chaired the Technology Specialist Investment Committee. She served on the boards of Forterro and Unit4, and previously held board roles at Civica, CPA Global, and Vermaat. She also served as an independent board member of PartnerRe, a global reinsurance business. Earlier in her career, Ms Ogut was a Managing Director at Warburg Pincus, focusing on the TMT sector. She co-led Standard Bank’s private equity business and began her career in Goldman Sachs’ TMT group, gaining foundational experience in principal investing and capital markets.

Pershing Square Holdings, Ltd. 59 Ernst & Young LLP (“EY”) has acted as the Company’s auditor since it was appointed to audit the Company’s first financial statements, for the period of December 31, 2012. The Audit Committee last completed a formal audit tender process in 2022 and EY’s audit partner rotated from Jersey to Guernsey for the 2022 audit year, which was an important consideration when the Audit Committee concluded that the auditor was able to evidence continued independence. The Audit Committee also reviewed the scope of the audit and the fee proposal set out by EY in its audit planning report and discussed these with EY at the Audit Committee meeting held on November 6, 2025. The Company regularly undertakes market surveys of auditors’ fees and has found EY’s fees to be in line with the market. The Audit Committee recommended to the Board that it accept EY’s proposed fee of $301,500 (2024 Actual: $265,100) for the audit of the Annual Report and Financial Statements. During the year ended December 31, 2025, the Company also paid $81,700 (2024: $80,000) for fees related to the semi-annual review. The Audit Committee understands the importance of auditor independence. Each year, the Audit Committee reviews the scope and results of the audit, its cost effectiveness, and the independence and objectivity of the external auditor.

Pershing Square Holdings, Ltd. 77 Investment Manager The Company has appointed PSCM as its investment manager pursuant to the Investment Management Agreement (the “IMA”). The Investment Manager has responsibility, subject to the overall supervision of the Board of Directors, for the investment of the Company’s assets in accordance with the Investment Policy of the Company. The Company delegates certain administrative functions relating to the management of the Company to PSCM. PSCM completed an internal reorganization of its ownership structure in July 2024. As a result of the reorganization, PSCM and its general partner are indirectly controlled by PS Holdco GP Managing Member, LLC, a Delaware limited liability company controlled by senior management of PSCM, including William A. Ackman as the largest owner. The reorganization resulted in a deemed assignment of the Company’s IMA for purposes of the U.S. Investment Advisers Act of 1940, which was approved by the Board of Directors in accordance with the terms of the IMA and the Company’s Articles of Incorporation. The reorganization did not have any effect on PSCM’s management team or PSCM’s role in managing the Company, and PSCM’s obligations under the IMA are unchanged by the reorganization. Board of Directors The Company’s Board of Directors is comprised of Halit Coussin, Charlotte Denton, Andrew Henton, Rupert Morley, Bilge Ogut and Jean-Baptiste Wautier, all of whom are non-executive Directors.

Pershing Square Holdings, Ltd. 110 Manager will notify the relevant entity (or an independent representative of that entity) in writing of the transaction and obtain the consent of that entity (or an independent representative of that entity), and any other applicable law or regulation. No rebalancing transactions occurred during the year ended December 31, 2025. During the year ended December 31, 2024, the Investment Manager effected one rebalancing transaction between the Company and PSINTL with a fair value of $38,099,020. PS VII Master, L.P. PS VII Master, an affiliated investment fund that commenced operations on August 9, 2021, operated as a co-investment vehicle invested primarily in securities of UMG. The Company held an investment in PS VII Master from its inception until December 31, 2024 (the “Cessation Date”). In connection with the wind-down of the fund, PSVII Master’s general partner elected to distribute each limited partner’s pro- rata share of UMG stock and cash, subject to a 1% holdback. Immediately prior to the Cessation Date, the Company held a 28% economic interest in PS VII Master. PS VII Master distributed to the Company 10,624,789 shares of UMG, valued at $272,060,600 as of the Cessation Date, along with $10,601,403 in cash. The Company was not subject to any management or performance fees in connection with its investment in PS VII Master. 17.

Pershing Square Holdings, Ltd. 111 The Bonds rank equally in right of payment with each other and contain substantially the same covenants. Each of the Bonds is callable at par plus a customary make whole premium until a certain date (the “Par Call Date”) and thereafter becomes callable at 100% of Par. The Par Call Date for each of these Bonds is as follows: Bond Par Call Date 2027 €500m Bonds August 1, 2027 2030 €650m Bonds March 29, 2030 2030 $500m Bonds August 15, 2030 2031 $700m Bonds July 1, 2031 2032 $200m Bonds July 15, 2030 2032 $500m Bonds August 28, 2032 2039 $400m Bonds July 15, 2034 If a key man event (Mr Ackman’s death, permanent disability or withdrawal as managing member of the general partner to the Investment Manager) occurs, the specified debt to capital ratio in the Bonds’ debt covenants is reduced from 1.0 to 3.0 to 1.0 to 4.0. If, at the time of the key man event, the Company’s debt to capital ratio is above 1.0 to 4.0, the Company will be required to either reduce its debt or issue additional equity within 180 days. In the event the Company elects to reduce its debt, the Bonds become callable at 101% of par plus accrued interest in the amount necessary to achieve the required debt to capital ratio and the Company may select which Bonds to redeem.

The performance is also provided to you on the understanding that you will understand and accept the inherent limitations of such results, and will not rely on them in making any investment decision with respect to an investment with Pershing Square. 2. PSLP’s net performance results are presented as it is the Pershing Square fund with the longest track record and substantially the same investment strategy to the Company. The inception date for PSLP is January 1, 2004. In 2004, Pershing Square earned a $1.5 million (approximately 3.9%) annual management fee and PSLP’s general partner earned a performance allocation equal to 20% above a 6% hurdle from PSLP, in accordance with the terms of the limited partnership agreement of PSLP then in effect. That limited partnership agreement was later amended to provide for a 1.5% annual management fee and 20% performance allocation effective January 1, 2005. The net returns for PSLP presented herein reflect the different fee arrangements in 2004, and subsequently. In addition, pursuant to a separate agreement, in 2004 the sole unaffiliated limited partner of PSLP paid Pershing Square an additional $840,000 for overhead expenses in connection with services provided unrelated to PSLP, which have not been taken into account in determining PSLP’s net returns. To the extent that such overhead expenses had been included as fund expenses of PSLP, net returns would have been lower. 3. Please refer to Endnote ii of the Chairman’s Statement. 4.