Letter to Shareholders in the 2024 Annual Report

Citations · 6

• “In 2024, Pershing Square Holdings generated solid but not spectacular NAV performance of 10.2%”

  p#2 · confidence 95%

• “have grown their equity investment at a 15.9% compounded annual NAV return over the last 21 years, compared with a 10.0% return had they invested in the S&P 500”

  p#3 · confidence 95%

• “Over the last seven years of the Permanent Capital Era, we have generated a 22.2% compound annual return.”

  p#5 · confidence 95%

• “This lower return reflects the 30.9% discount to NAV at which PSH's stock currently trades.”

  p#3 · confidence 95%

• “While we do not expect the HHH-related management fee reduction to PSH to initially be particularly large (about an 11% reduction in management fees assuming the transaction is consummated on the terms we have proposed)”

  p#34 · confidence 95%

• “The Pershing Square funds acquired a position in early 2025 as the decline in Uber's share price at the end of 2024 provided an opportunity to acquire Uber at an extremely attractive valuation.”

  p#56 · confidence 95%