Pershing Square Activist Presentation Deck

New Idea Generation Remains Robust In 2019, Pershing Square established two new investment positions that reflect our core investment principles Agilent BERKSHIRE HATHAWAY TM Analytical measurement company with a leading market position in an attractive industry with strong secular growth tailwinds Substantial margin improvement and capital allocation opportunity World's largest insurance business and a collection of high- quality, market-leading industrial businesses ■ Significant opportunity to productively deploy excess capital Potential to improve operations at its larger businesses ADP Exited Positions 22 United Technologies PLATFORM SPECIALTY PRODUCTS CORPORATION

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