February 18, 2026

2025 Annual Report

February 11, 2026

Annual Investor Presentation

Governance

The Board meets regularly throughout the year, at least on a quarterly basis, and maintains regular contact between meetings with the investment manager, Pershing Square Capital Management, L.P. (“PSCM,” the “Investment Manager” or “Pershing Square”) and Northern Trust International Fund Administration Services (Guernsey) Limited, the Company’s Administrator. The Directors are kept informed of investments and other matters relevant to the operation of the Company that would be expected to be brought to the Board’s attention.

Board of Directors

Rupert Morley

Independent Director, Chair of the Board, Chair of the Management Engagement Committee and Nomination Committee

Charlotte Denton

Senior Independent Director

Halit Coussin

Pershing Square Chief Legal Officer and Chief Compliance Officer

Andrew Henton

Independent Director, Chair of the Audit Committee and Risk Committee

Jean-Baptiste Wautier

Independent Director

Julian Ide

Independent Director

Ranjani Kearsley

Independent Director, Chair of the Remuneration Committee

For Additional Information Download the Monthly Fact Sheet

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