Pershing Square Activist Presentation Deck

PSH Board Process ► Quarterly in-person meetings, telephonic meetings as needed ▸ Board Committees (membership limited to independent directors) Audit Committee Management Engagement Committee Nomination Committee Remuneration Committee ► Review and Monitor Investment performance and portfolio Discount to NAV Operational risk management Shareholder register Expenses Regulatory matters ► Investor relations update ► Additional matters 6

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