Pershing Square Activist Presentation Deck

Jarden's Platform Strategy Franklin has successfully implemented The Outsiders principles at Jarden "Capital allocation is a CEO's most important job" - The Outsiders ► Value-creating acquisition and capital allocation strategy Maintains high standards for quality and valuation of acquired businesses Focus on shareholder value creation not reported GAAP earnings ■ Intelligent use of debt and equity to finance acquisitions ■ Capital allocation and acquisitions are a core competency and a significant focus of senior management and the board "Decentralized organizations release entrepreneurial energy and keep both costs and 'rancor' down" - The Outsiders ▸ Small corporate staff; business unit managers are given autonomy ► Budgeting process and performance reviews ensure business units are setting and achieving strong goals ► Compensation program rewards strong business unit performance

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