Pershing Square Activist Presentation Deck

Our Competitive Advantages as an Activist Stable and Long-Term Capital Base PSH represents ~80%¹ of equity of Pershing Square core funds and 83%¹ of assets under management (including PSH bond proceeds) Pershing Square can provide management teams with the required runway and long-term backing to succeed Strong credibility and established track record Significant experience working with management teams, boards, shareholders and various intermediaries in a variety of activist engagements Track record of successful turnarounds and business transformations Economies of size and scale Our size allows us to take influential stakes in mid- and large-cap companies (1) Equity and assets under management as of 2/4/2020 24

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