Pershing Square Activist Presentation Deck

Introduction to Pershing Square PERSHING SQUARE Pershing Square manages approximately $13 billion in capital ■ Concentrated, research-intensive, value investor ■ We seek to own high-quality businesses, often with a catalyst to unlock value ■ Pershing Square has a track record as an active, long-term, value-creating shareholder o Our target holding period for our active investments is generally four to six years ■ Pershing Square owns a 9.7% stake in Allergan 7

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