Pershing Square Activist Presentation Deck
UTX Share Price Performance Since Inception
UTX's share price including dividends increased 22% year-to-date in 2019
through our last share sale on June 10, 2019
Share price
UTX share price performance from 2/6/2018 to 6/10/2019
5/17/2018: Pershing Square
releases investor letter
outlining investment thesis
and recommending a three-
way business separation to
unlock fair value
$145
$140
$135
$130
$125
$120
$115
$110
$105
$100
2/28/2018: Rumors of
Pershing Square's
investment first reported
in the media
www
11/26/2018: UTX completes
acquisition of Rockwell Collins
and announces intention to
separate into three independent
companies
6/9/2019: Rumors regarding Raytheon transaction
reported in media and Pershing Square writes
letter to board advocating against the transaction
6/10/2019: UTX
announces merger of
equals with Raytheon
Feb-2018
Apr-2018
Jul-2018
Oct-2018
Dec-2018
Note: The performance of UTX's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
58
Mar-2019
$130*
Jun-2019View entire presentation