Lumi Casanova

Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: businesswire.com/news/home/2026….   I wrote a letter to explain the combined offering in detail that can be found here: sec.gov/Archives/edgar…   You can review the S-1 here: sec.gov/Archives/edgar…   And the N-2 here: sec.gov/ix?doc=/Archiv… This communication has been made available to you with the consent of Pershing Square USA, Ltd. (“PSUS”) and Pershing Square Inc. (“PSI”). PSUS, a closed-end investment company managed by Pershing Square Capital Management, L.P. (“PSCM”), has filed a registration statement (including a preliminary prospectus available at sec.gov/ix?doc=/Archiv…) on Form N-2 (File Nos. 811-23932; 333-294164) with the Securities and Exchange Commission (the “SEC”) for the initial public offering (the “PSUS IPO”) of its common shares of beneficial interest. PSI, the prospective parent company of PSCM, has filed a registration statement (including a preliminary prospectus available at sec.gov/Archives/edgar…) on Form S-1 (File No. 333-294165) with the SEC for the initial public offering (the “PSI IPO”, and together with the PSUS IPO, the “Combined Offering”) of the common stock of PSI. This presentation relates to the Combined Offering. The registration statements have not yet become effective. Before you invest, you should read the preliminary prospectuses in the registration statements and other documents that PSUS and PSI have filed with the SEC for more complete information about PSUS, PSI and the Combined Offering. Alternatively, copies of the preliminary prospectuses may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9145; UBS Securities LLC, Attention: Equity Syndicate, 11 Madison Avenue, New York, NY 10010, by telephone at (888) 827-7275, or by email at ol-prospectus-request@ubs.com; BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255, by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; or Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at (800) 645-3751 (option #5), or by email at WFScustomerservice@wellsfargo.com. Investors are advised to carefully consider the investment objectives, risks, charges and expenses of PSUS before investing.   This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This communication has been distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product.