Pershing Square Activist Presentation Deck

Projected Net Unit Growth We forecast high-single-digit revenue growth underpinned by ~7% annual net unit growth led by China as well as other underpenetrated regions Projected Unit Count at Year-End 29.3 11.1 3.5 14.6 2018E Source: Pershing Square estimates. 31.1 12.1 4.0 15.0 2019E U.S. 33.2 13.1 4.6 15.5 2020E China 38 '18E-'22E Net Unit CAGR U.S. China Rest of World Consolidated Rest of World 35.4 14.2 5.3 16.0 2021E 3% 14% 8% 7% 37.8 15.4 6.0 16.4 2022E

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