Pershing Square Activist Presentation Deck

2019 Corporate Actions: Initiated Dividend Beginning in Q1 2019, PSH initiated a quarterly dividend of $0.10 per share, a 2.0% yield at the current PSH share price¹ PSH's current dividend yield is similar to that of the S&P 500 Expands the universe of potential PSH investors who prefer or require dividends as part of their investment strategy Dividend represents a return of capital at NAV which can be reinvested in PSH shares at a discount to NAV Further emphasizes that PSH is an attractive alternative to an S&P 500 portfolio (1) As of February 4, 2020 9

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