Pershing Square Activist Presentation Deck

Pershing Square's Varied Approach to Activism Our approach to activism varies depending on the situation. We seek to engage with our portfolio companies in a manner that will maximize the certainty and magnitude of shareholder value creation Range of Activist Engagement... Proxy Contest More Visible Less Visible Board Representation Public Presentation Private Letter Behind-the-Scenes Discussions Ongoing Oversight 23 ✓ Recruit new leadership ✓ ...To Help Effectuate Change ✓ Drive operational improvement Pursue business separation Optimize capital allocation Improve investor communication Highlight 'hidden' value

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