FORM OF SUBSCRIPTION AGREEMENTSubscription Agreement • March 10th, 2026 • Pershing Square Holdco, L.P. • Investment advice
Contract Type FiledMarch 10th, 2026 Company IndustryThis SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into by and among Pershing Square USA, Ltd. (“PSUS”), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Pershing Square Holdco, L.P. (the “Partnership”), a Delaware limited partnership that will convert into a Nevada corporation by means of a statutory conversion (the “Corporate Conversion”) and change its name to “Pershing Square Inc.” (“PS Inc.”) and the undersigned subscriber (“Subscriber”). The Subscription Agreement shall become effective upon its execution by PS Inc. and PSUS as of the date set forth on such parties’ signature page hereto (the “Effective Date”). As used in this Subscription Agreement and as the context requires, “PS Inc.” refers to the Partnership prior to the consummation of the Corporate Conversion and to PS Inc. following the Corporate Conversion.
FORM OF SUBSCRIPTION AGREEMENTSubscription Agreement • March 10th, 2026 • Pershing Square USA, Ltd.
Contract Type FiledMarch 10th, 2026 CompanyThis SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into by and among Pershing Square USA, Ltd. (“PSUS”), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Pershing Square Holdco, L.P. (the “Partnership”), a Delaware limited partnership that will convert into a Nevada corporation by means of a statutory conversion (the “Corporate Conversion”) and change its name to “Pershing Square Inc.” (“PS Inc.”) and the undersigned subscriber (“Subscriber”). The Subscription Agreement shall become effective upon its execution by PS Inc. and PSUS as of the date set forth on such parties’ signature page hereto (the “Effective Date”). As used in this Subscription Agreement and as the context requires, “PS Inc.” refers to the Partnership prior to the consummation of the Corporate Conversion and to PS Inc. following the Corporate Conversion.
FORM OF SUBSCRIPTION AGREEMENTSubscription Agreement • February 17th, 2026 • Pershing Square Holdco, L.P. • Investment advice
Contract Type FiledFebruary 17th, 2026 Company IndustryThis SUBSCRIPTION AGREEMENT (this “Subscription Agreement”) is entered into by and among Pershing Square USA, Ltd. (“PSUS”), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), Pershing Square Holdco, L.P. (the “Partnership”), a Delaware limited partnership that will convert into a Nevada corporation by means of a statutory conversion (the “Corporate Conversion”) and change its name to “Pershing Square Inc.” (“PS Inc.”) and the undersigned subscriber (“Subscriber”). The Subscription Agreement shall become effective upon its execution by PS Inc. and PSUS as of the date set forth on such parties’ signature page hereto (the “Effective Date”). As used in this Subscription Agreement and as the context requires, “PS Inc.” refers to the Partnership prior to the consummation of the Corporate Conversion and to PS Inc. following the Corporate Conversion.