Form SCHEDULE 13G PERSHING SQUARE INC. Filed by: ISRAEL RYAN

Comment for Type of Reporting Person:  Represents (a) 9,144,214 shares of Common Stock directly held by Mr. Israel, (b) 21,955,663 shares of Common Stock underlying Mr. Israel's unvested M Units (which, upon vesting, may be redeemed by Mr. Israel, subject to certain conditions, for shares of Common Stock held by Pershing Square Partner Group, LLC ("PSPG") initially on a one-for-one basis, subject to certain adjustments pursuant to the terms of the M Units). Pershing Square Management, LLC ("ManagementCo") has sole voting power with respect to all of the foregoing shares of Common Stock as the managing member of PSPG and pursuant to a voting proxy agreement (the "Voting Proxy Agreement"). Pursuant to the Voting Proxy Agreement, Mr. Israel has provided an irrevocable proxy to ManagementCo with respect to any shares of Common Stock that he, now or in the future, owns (directly or indirectly) or otherwise holds the power to vote (directly or indirectly). Control over ManagementCo is shared among its members: William A. Ackman, Mr. Israel, Ben Hakim, Michael Gonnella, Anthony Massaro, and Halit Coussin (collectively, the "ManagementCo Members"). Mr. Ackman owns 24.9% of the voting interests in ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro, and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of the ManagementCo Members expressly disclaims, for purposes of Section 13(d) of the Exchange Act, beneficial ownership in shares of Common Stock beneficially owned by any other ManagementCo Member. The percent of the class is based on 400,000,000 shares of Common Stock outstanding as of August 10, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.