Pershing Square Activist Presentation Deck

Total Assets Under Management As of 12/31/2019 ($ in millions) Pershing Square Holdings ("PSH") Pershing Square, L.P. ("PSLP") Pershing Square International ("PSI") Total Core Funds Total AUM¹ $7,121 727 726 $8,573 Equity AUM¹ $5,721 727 726 $7,173 Assets under management are net of any capital redemptions through December 31, 2019 and include crystallized performance fee/allocation. No deductions are made for any capital redemptions if such redemption amounts are to be immediately re-subscribed into the same Pershing Square fund. (1) Total AUM includes $1.4 billion PSH bond proceeds. Equity AUM excludes $1.4 billion PSH bond proceeds 19

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