Pershing Square intends to begin an expanded marketing program for PSH to help narrow the NAV discount.

The claim is a statement of intent with no deadline, so it is judged at the date of assessment. True: after 2026-08-12, Pershing Square or PSH began a marketing program for PSH that is new or larger than before. Evidence could be investor roadshows, advertising, new investor-relations or distribution efforts, broker engagement, retail-investor campaigns, or events. It must be documented in PSH reports, RNS announcements, investor letters or credible press, and must be described as expanded marketing of PSH. Whether the discount actually narrows is not part of the test. Mostly true: an expanded program clearly began, but in a narrower form than described, for example limited to one channel. Mostly false: only preparatory steps are documented (such as hiring a firm or announcing plans) with no sign the program started, or the marketing described is no more than PSH's existing investor relations. False: later PSH reports or credible reporting show the plan was dropped, or show that no expanded marketing took place in a period when it would be expected. Not finding a record leaves the claim unresolvable; it does not make it false.

Set before the research began.

1. E1 A Guide to Understanding Our Business and Long-Term Goals Pershing Square Inc. (PS Inc.) · 2 November 2026 Own record

   “During the Q&A event, we will take questions from a broader group of shareholders which will give us an opportunity to provide further detail on our portfolio companies.”

2. E2 A Guide to Understanding Our Business and Long-Term Goals Pershing Square Inc. (PS Inc.) · 2 November 2026 Own record

   “We will be hosting a conference call at 9:30 AM ET tomorrow to answer questions from research analysts, institutional investors and retail investors.”

3. E3 Q3 2026 Letter to Shareholders (PDF; no title in page metadata) Pershing Square Inc. · 2 November 2026 Own record

   “Immediately after the call, we will also host a Q&A event on X and on our website at 10:30 AM ET. During the Q&A event, we will take questions from a broader group of shareholders”

4. E4 Pershing Square Holdings, Ltd. Public Class USD Accum.Shs (PSH) Earnings Call Transcripts roic.ai (transcript of Pershing Square 2026 Second Quarter Earnings Call) · 13 August 2026 Own record

   “There are no restrictions on marketing PSUS. We're going to get much more forward-leaning.”

5. E5 Pershing Square Q2 Earnings Call Highlights MarketBeat (via Yahoo Finance) · 14 August 2026

   “Pershing Square intends to address PSUS's discount to NAV through expanded marketing, with NAV near $50 per share versus trading in the high-$30s.”

6. E6 Pershing Square Q2 Earnings Call Highlights MarketBeat (via Yahoo Finance) · 14 August 2026

   “The firm plans a broader marketing effort aimed at financial advisors and other investors.”

7. E7 Pershing Square Holdings Ltd. Releases Third Quarter 2026 Portfolio Review | Pershing Square Holdings Pershing Square Holdings, Ltd. (Business Wire release on company website) · 2 November 2026 Own record

   “today released the Investment Manager’s third quarter portfolio review.”

The independent press summaries of the Q2 call (E5, E6) report only a plan for broader marketing aimed at financial advisors and other investors. E5 ties this to PSUS's discount, not PSH's, and neither source says any campaign had started. The call transcript (E4) also refers to marketing PSUS. The November 2026 materials (E1–E3, E7) announce a conference call and a Q&A event from Pershing Square Inc. and a portfolio-review release for PSH, but none describes them as expanded marketing of PSH. No evidence documents that an expanded PSH marketing program began or that the plan was dropped, so the claim cannot be resolved.