Pershing Square Activist Presentation Deck

Overview of 2019 Performance 2019 was a productive year for PSH with NAV appreciation of 58.1% and a total share return of 51.2%. Despite strong performance, PSH's discount to NAV widened from 25.2% to 28.9% PSH NAV Performance and Total Share Return Since 12/31/2018 | Discount to NAV: Performance 70% 60% 50% 40% 30% 20% 10% 0% Dec-2018 Jan-2019 Feb-2019 Mar-2019 Apr-2019 May-2019 PSH NAV Performance Jun-2019 Jul-2019 Aug-2019 8 Sep-2019 PSH Total Share Return Oct-2019 /\ Nov-2019 A Dec-2019 Discount to NAV Jan-2020 (20.0%) (22.0%) (24.0%) (26.0%) (28.0%) (30.0%) (32.0%) Year-to-date through February 4, 2020, the discount has narrowed by 2.0% to 26.9% due to strong recent PSH share price performance % Discount to NAV

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