Pershing Square Activist Presentation Deck

Return to Our Roots Drove Substantial Progress We believe our improved recent performance is a direct result of our renewed focus on our core investment strategy and organizational changes we implemented at Pershing Square Opportunistically redeployed capital into two new positions that are well aligned with our core investment principles Agilent BERKSHIRE HATHAWAY Continued to create value with constructive engagement across our entire portfolio Remained fully invested in our high conviction positions Focused, investment-centric organization is performing at a high level 21

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