Pershing Square Activist Presentation Deck

Why Detailed Growth Disclosure is Important The market does not do a good job valuing a business comprised of segments with materially different growth prospects ► Consider a company with the following growth characteristics ■ 75% of revenue grew at 10% ■ 25% of revenue grew at -30% Consolidated revenue growth = 0% ▸ Analysts would likely assign a multiple to the this business based on its 0% consolidated growth rate We believe valuing this business as a 0% grower is wrong ►As the negative growth business shrinks, consolidated growth will increase to the growth rate of the growing business 48

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