In the combined offering, investors in the PSUS IPO will receive PSI shares at no additional consideration (20 PSI shares per 100 PSUS shares bought).

Judge when the PSUS IPO and the combined offering close. TRUE: the PSUS IPO was completed and the investors who bought in it received PSI shares at no extra charge, at 20 PSI shares per 100 PSUS shares, as shown by the final prospectus and the closing or allocation announcements. MOSTLY TRUE: investors received PSI shares at no extra charge, but at a ratio slightly different from 20 per 100 (for example because of rounding or a small change to the terms). MOSTLY FALSE: PSI shares were given only to some IPO investors, required extra payment, or were delivered only after a long delay or on substantially changed terms. FALSE: the IPO was completed without any free PSI share distribution, or the combined offering was withdrawn or cancelled so that no investors received PSI shares.

Set before the research began.

1. E1 Pershing Square USA - SEC.gov U.S. Securities and Exchange Commission (filed by Pershing Square; Issuer Free Writing Prospectus, Rule 433) · 10 March 2026 Own record

   “For every 100 shares of PSUS that you purchase in the IPO, you will receive 20 shares of PSI for no additional cost.”

2. E2 Pershing Square Announces the Closing of the Combined IPO of Pershing Square USA and Pershing Square Inc. Business Wire · 30 April 2026 Own record

   “Pershing Square USA, Ltd. (“PSUS”), an investment company managed by Pershing Square Capital Management, L.P. (“PSCM”), and Pershing Square Inc. (“PSI”), the parent company of PSCM, today announced the closing of the combined initial public offering”

3. E3 Pershing Square Completes $5 Billion Combined IPO of Pershing Square USA, Ltd. and Pershing Square Inc. Simpson Thacher & Bartlett LLP · 1 May 2026 Own record

   “The combined offering raised total gross proceeds of $5 billion (inclusive of the gross commitments of $2.974 billion from a private placement of PSUS Shares and PSI Shares which was settled concurrently with the closing of the combined offering).”

4. E4 Issuer Free Writing Prospectus (Rule 433), Pershing Square Holdco, L.P. combined offering letter Pershing Square Holdco, L.P. (filed with the SEC) · 10 March 2026 Own record

   “For every 100 shares of PSUS that you purchase in the IPO, you will receive 20 shares of PSI for no additional cost.”

5. E5 Issuer Free Writing Prospectus (Rule 433), Pershing Square Holdco, L.P. combined offering letter Pershing Square Holdco, L.P. (filed with the SEC) · 10 March 2026 Own record

   “The Registration Statements have not yet become effective.”

6. E6 Pershing Square completes IPO for US$5B gross proceeds Canadian Lawyer (cl-plus deals) · 12 April 2026

   “Investors in the PSUS IPO received, for no additional consideration, one Pershing Square Inc. share for every five PSUS shares purchased;”

7. E7 Pershing Square (NYSE: PS) sets $350M credit lines and $250M PSUS Anchor Investment StockTitan (reproducing Pershing Square Inc. Form 8-K filed with the SEC) · 1 May 2026 Own record

   “the Company delivered to each initial investor in the PSUS IPO, for no additional consideration, 1 share of Common Stock for every 5 PSUS Common Shares purchased in the PSUS IPO.”

The offering letter set the term at 20 PSI shares for every 100 PSUS shares bought in the IPO, at no additional cost (E1, E4). The company's closing announcement and a law firm's note confirm that the combined IPO closed (E2, E3). Pershing Square Inc.'s Form 8-K states that the company delivered to each initial PSUS IPO investor, for no additional consideration, 1 share for every 5 PSUS shares bought, which equals 20 per 100 (E7). An independent deal report says the same (E6).