Pershing Square Activist Presentation Deck

Organizational Update Initiatives we took in 2017 and 2018 to restructure Pershing Square into a smaller, investment-centric organization have created a strong foundation for a stable path forward ► Moved to our new headquarters at 787 11th Avenue in May 2019 ►Highly effective and focused team with limited headcount changes ■ David Klafter transitioned from the investment team in January 2020 to join Table Management (Bill's family office) ■ Michael Chamberlain assumed the role of assistant trader, replacing Rob Unger, in July 2019 Mary Seo joined our accounting team in July 2019 We have the right team in place to compound our capital for years to come 26

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