Pershing Square Activist Presentation Deck
Additional Disclaimers Related to SPARC
Whether and when a SPARC Distribution may take place remains subject to the approval of amendments to the stock exchange listing rules permitting the listing of the SPARCS and the SEC review
process and declaration of effectiveness of an SEC registration statement registering the SPARC Distribution under the Securities Act of 1933. The decision to make the SPARC Distribution as well
as the final terms and conditions of any SPARCS is subject to the review and approval of the Board of Directors of Pershing Square SPARC Holdings. The terms, if any, of SPARCS that are
ultimately distributed may be materially different from those described in or implied by this summary.
No assurance can be given that SPARC will be ultimately effectuated on the outlined terms in this presentation or at all. This material is for informational purposes and does not constitute an offer
of any securities. The receipt of this document by any recipient is not to be taken as investment advice and all recipients are strongly advised to consult their own independent advisors on any
investment, legal, tax or accounting issues relating to these materials.
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