Annual Investor Presentation

February 9, 2023
Disclaimer
All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned. Pershing Square Capital
Management, L.P. (“Pershing Square”) believes this presentation contains a balanced presentation of the performance of the portfolio it manages, including a general summary of certain
portfolio holdings that have both over and under performed our expectations.

This presentation contains information and analyses relating to all of the publicly disclosed positions over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (“PSH” or the
“Company”) during 2022. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason.
Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing
Square investment.

Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or
investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment
performance of the investments discussed herein. Specific companies or investments shown in this presentation are meant to demonstrate Pershing Square’s active investment style
and the types of industries and instruments in which we invest and are not selected based on past performance.

The analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential
or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square’s
conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated
operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that
are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No
representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials
herein. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. See also “Forward-Looking Statements” in Additional Disclaimers and
Notes to Performance Results at the end of this presentation. All trademarks included in this presentation are the property of their respective owners. This document may not be
distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product.
This presentation is expressly qualified in its entirety by reference to PSH’s prospectus which includes discussions of certain specific risk factors, tax considerations, fees and other
matters, and its other governing documents.

SEE ADDITIONAL DISCLAIMERS AND NOTES TO PERFORMANCE RESULTS AT THE END OF THIS PRESENTATION FOR ADDITIONAL IMPORTANT INFORMATION

2
Agenda

Chairman’s Introduction

2022 PSH Performance Review

Business & Organizational Update

Portfolio Update

Q&A
Chairman’s Introduction
Board of Directors of PSH
All directors are independent of the Manager other than Nicholas Botta
Board Director Summary Experience
‾ Director, Caledonia Investments plc and BlueRiver Acquisition Corp.
Anne Farlow
‾ Former Director, Investec Asset Management
Independent Director
Chairman of the Board ‾ Former Partner, Providence Equity Partners, Electra Private Equity Partners, and JF Electra Ltd
‾ Morgan Stanley (New York), Bain and Company (London)

‾ Director, U.K. Office for Budget Responsibility, Chair, JP Morgan Asia Growth and Income plc, Director, TwentyFour
Bronwyn Curtis, OBE
Income Fund Ltd, Mercator Media, Scottish American Investment Co, and BH Macro Ltd
Senior Independent Director
‾ Former Governor, London School of Economics
‾ Former Head of Global Research, HSBC and Former Head of European Broadcast, Bloomberg LP
‾ Nomura International, Deutsche Bank
‾ President, the Investment Manager
Nicholas Botta
‾ Former CFO, the Investment Manager
Director
‾ Former CFO, Gotham Partners
‾ Former Senior Auditor, Deloitte & Touche
‾ Chairman of the Board, SW7 Holdings Ltd, St John Ambulance, and Butterfield Bank Jersey Ltd
Andrew Henton
‾ Director TaDaweb S.A., Longview Partners (Guernsey) Ltd, and Close Brothers Asset Management (Guernsey) Ltd
Independent Director
‾ Former Chairman of the Board, Boussard & Gavaudan Holding Ltd
‾ Former Director of St John Ambulance, Guernsey
‾ Co-Founder and Managing Partner, Helios Investment Partners
Tope Lawani
‾ Co-CEO and Director, Helios Fairfax Partners Corp (TSX:HFPC)
Independent Director
‾ Director, Helios Towers plc, NBA Africa, Thunes, and Starsight Energy
‾ Member, MIT Corporation (Massachusetts Institute of Technology’s board of trustees)
‾ Harvard Law School Dean’s Advisory Board
‾ Chairman of the Board, Bremont Watch Company
Rupert Morley
‾ Trustee and Chairman of investment advisory group, Comic Relief
Independent Director
‾ Former Chairman and CEO of Rococo Chocolates, Former CEO of Sterling Relocation and [Link]
‾ Former Director of Thistle Hotels, English Welsh & Scottish Railways, and Graham-Field Health Products

‾ Co-Founder and CEO, Social Finance, Inc.

Tracy Palandjian
‾ Vice Chair, U.S. Impact Investing and the Global Steering Group on Impact Investing
Independent Director
‾ Independent Director, Affiliated Managers Group (NYSE:AMG)
‾ Member, Harvard Corporation
‾ Former Managing Director, The Parthenon Group
5
PSH Board Process
 Quarterly meetings; additional meetings as needed
 Review and monitor
 Investment performance and portfolio

 Operational risk management

 Investor relations

 Share price performance

 Expenses

 Regulatory matters

 Board Committees (membership limited to independent directors

except for risk and nomination committees)
 Audit Committee

 Management Engagement Committee

 Nomination Committee

 Remuneration Committee

 Risk Committee

 Additional matters
6
PSH Board Additional Matters Considered in 2022

 2022 bond redemption and debt strategy

 Strategies for addressing discount to NAV

 Share buybacks

 Dividend policy

 ESG considerations

 Pershing Square Tontine Holdings, Ltd. (NYSE:PSTH)

 Netflix investment

 Hedging strategy

7
Overview of 2022 Performance
In 2022, PSH’s NAV declined (8.8%) and total shareholder return was (14.6%)

Annualized Returns

Market Indices HFRX Indices

PSH S&P FTSE MSCI Equity
Period NAV Share Price 500 100 (1) World Activist (2) Hedge (2)

2022 (8.8%) (14.6%) (18.1%) (6.5%) (17.7%) (2.2%) (3.2%)

3-Year 25.3% 23.5% 7.6% 0.0% 5.4% 11.4% 4.3%
5-Year 25.1% 21.9% 9.4% 1.0% 6.7% 8.2% 2.6%
10-Year 12.0% N/A(3) 12.5% 3.2% 9.4% 8.3% 3.3%

PSH’s discount to NAV widened by 4.9% from 28.3% in the beginning of 2022 to
33.2% as of December 31, 2022

Note: PSH share price performance reflects public shares traded on Euronext Amsterdam (PSH:NA) and includes dividend reinvestment. All index returns include dividend reinvestment. Past performance is not necessarily indicative of future
results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) FTSE 100 index reflects USD-denominated returns for consistency with PSH share price and other indices.
(2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative
securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations.
(3) Public shares of PSH commenced trading on Euronext Amsterdam N.V. on October 13, 2014. The annualized return of PSH share price including dividend reinvestment between October 13, 2014 and December 31, 2022 was 4.8%. 8
2022 Corporate Actions: Bond Redemption
PSH redeemed the remaining $631 million balance of its 2022 bonds on
June 15, 2022

PSH Capital Structure - December 31, 2022

($ in mm) 12/31/2022
Total Capital $12,215

Coupon Maturity Issue Date

(1)
 Weighted average
2027 Bonds (Public Offering) | €500mm EUR $535 1.375% Oct-2027 Oct-2021
cost of capital: 3.09%
2030 Bonds (Public Offering) 500 3.250% Nov-2030 Nov-2020
2031 Bonds (Public Offering) 700 3.250% Oct-2031 Oct-2021
 Weighted average
2032 Bonds (Private Placement) 200 3.000% Jul-2032 Aug-2020
maturity: 9.1 years
2039 Bonds (Private Placement) 400 4.950% Jul-2039 Jul-2019
Total Debt $2,335
Total Indebtedness to Total Capital 19.1%

Net Asset Value (Total Capital less Total Debt) $9,880

PSH’s long-term debt management strategy is to manage leverage over time by increasing NAV
through strong performance and laddering its maturities through new issuances

Note: Total Capital and the ratio of Total Debt to Total Capital are calculated in accordance with the PSH Bonds’ Indentures. Total Capital is defined as Net Asset Value plus Total Debt and is net of accrued performance fee.
(1) Assumes a 1.07x EUR/USD exchange rate. 9
Total Debt to Total Capital Ratio Over Time
Regardless of market or portfolio volatility, PSH has continuously
maintained conservative leverage levels and investment grade ratings

Total Debt to Total Capital Ratio | 6/30/2015 to 12/31/2022: 10/4/21: Redeemed

10/1/21: Issued $700mm of $369mm of 5.500%
3.250%, 10-Year Unsecured Unsecured Bonds
7/25/19: Private
6/26/15: Issued Bonds Due 2031 and €500mm Due 2022
24.0%
placement of
$1,000mm of 5.500%, of 1.375%, 6-Year
$400mm of 4.950%,
7-Year Unsecured EUR-Denominated Unsecured
20-Year Unsecured
Bonds Due 2022 Bonds Due 2027
22.0% Bonds Due 2039

20.0%
19.1%(1)

18.0%
6/15/22: Redeemed
$631mm balance of
16.0%
5.500% Unsecured
Bonds Due 2022

8/26/20: Private placement of 11/2/20: Issued $500mm of 3.250%,

14.0%
$200mm of 3.000%, 12-Year 10-Year Unsecured Bonds Due 2030
Unsecured Bonds Due 2032
12.0%
Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22

Total Debt as % of Total Capital

Note: Total Capital and the ratio of Total Debt to Total Capital are calculated in accordance with the PSH Bonds’ Indentures. Total Capital is defined as Net Asset Value plus Total Debt and is net of accrued performance fee.
(1) Assumes a 1.07x EUR/USD exchange rate for €500mm EUR-denominated bonds. 10
Long-Term Debt Financing Strategy
Our ability to access low-cost, investment grade, long-term debt is an
important competitive advantage for PSH

 PSH has attractive credit characteristics

 Simple, transparent and highly liquid investment portfolio

 Significant asset coverage: PSH debt is covered ~5.2x by total assets(1)

 Underlying portfolio companies are diversified across industries and have relatively
low commodity exposure and cyclical risk

 Proven investment strategy with a long-term track record

 Facilitates opportunistic issuances

 Laddered maturities from 2027 to 2039 are well matched with PSH’s
long-term investment horizon

 No margin leverage
 No mark-to-market covenants

(1) Total Assets is defined as Net Asset Value plus Total Debt as of 12/31/2022. 11
Strategies to Address the Discount
 Strong investment performance
 Compound annual net returns above 25% for the last five years(1)

 Global marketing efforts outside of the United States

 Inclusion of PSH in the FTSE 100 index in December 2020

 AIC reclassification from Hedge Funds to US Equity

 Retained Frostrow for increased UK distribution

 Corporate actions
 Premium listing in London in May 2017 to broaden investor base and increase liquidity

 Share buybacks from 2017 through 2022 repurchased 59.1 million shares for $1.1 billion at an
average discount to NAV of 28.1% and reduced shares outstanding by 25%(2)
 Share purchases by PSCM affiliates; now own 26% of shares outstanding(3)

 Initiated quarterly dividend of $0.10 per share in Q1 2019 and revised dividend policy in Q2 2022
whereby dividends will increase with NAV. Quarterly dividend for 2023 is $0.1307 per share

The board continues to believe that the most powerful driver of long-term
shareholder returns will be continued strong absolute and relative NAV performance
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation.
(1) The 1-year, 5-year, and 10-year compound annual net returns for PSH were (8.8%), 25.1%, and 12.0%, respectively. See slide 8 for further details.
(2) Reflects public shares outstanding as of April 30, 2017.
(3) Ownership percentage based on current shares outstanding. Includes Pershing Square employees and affiliates and charitable entities associated with Pershing Square employees or Pershing Square affiliates. 12
PSH and ESG
 PSH is an investment company without employees or physical operations

 The PSH Board has delegated the responsibility for making individual investment
decisions to the Investment Manager and has encouraged the Investment
Manager to:

 Consider ESG best practices within its own organization

 Actively engage on these issues with its portfolio companies when appropriate

 The Investment Manager’s ESG Statement, available on the Company’s website,

further describes its ESG practices

 The Investment Manager has integrated ESG into its investment selection, risk
management, and stewardship processes

 ESG considerations are embedded into its operations

13
The Investment Manager and ESG
 ESG risks are analyzed as part of the Investment Manager’s due diligence process

 A business that has not addressed material ESG risks or that has unsustainable
business practices will not meet the Investment Manager’s investment criteria
unless its investment intent is to use its influence to address these issues

 The following are among factors considered when ESG risk is analyzed:
 Environmental management  Business integrity and avoidance of corruption
 Respect for human rights  Compliance with applicable sanctions, antibribery, anti‐fraud,
anti‐tax evasion and anti-money-laundering laws and regulations
 Safe and healthy working conditions
 Fair treatment of employees
 Strong corporate governance
 Risk management culture
 Collective bargaining issues

 The Investment Manager believes that exceptional management teams:

 Manage ESG risks responsibly
 Integrate ESG into business practices
 Operate sustainably

 ESG risks may present opportunities to engage with boards and management to
improve practices that pose sustainability risks in order to facilitate long-term
value creation

This Presentation seeks to communicate the Investment Manager’s approach to ESG matters and should in no way be taken as implying that PSH or any Pershing Square fund seeks to promote environmental and/or social characteristics or
pursues any environmental and/or social objective within the meaning of Articles 8 and 9 of the SFDR. 14
2022 Performance Review
Substantial Outperformance vs. S&P 500 Benchmark

1
2022 Return: PSH Net of Fees vs. Indices Total Return

(2.2%)
(3.2%)

(6.5%)

(8.8%)

(18.1%) (17.7%)

PSH S&P 500 FTSE MSCI HFRX HFRX Equity

100(1) World Activist Hedge
Index(2) Index(2)

Reflects returns from 12/31/21 through 12/31/22, including dividend reinvestment for indices. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of
principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) FTSE 100 index reflects USD-denominated returns for consistency with other indices.
(2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative
securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. 16
Pershing Square L.P. (“PSLP”) / PSH Annual Net Returns
Annual Net Returns
Year PSLP / PSH S&P 500
2004 42.6% 10.9%
2005 39.9% 4.9%
2006 22.5% 15.8%
2007 22.0% 5.5%
PSLP 2008 (13.0%) (37.0%)
2009 40.6% 26.5%
2010 29.7% 15.1%
2011 (1.1%) 2.1%
2012 13.3% 16.0%
2013 9.6% 32.4%
2014 40.4% 13.7%
2015 (20.5%) 1.4%
2016 (13.5%) 11.9%
2017 (4.0%) 21.8%
PSH
2018 (0.7%) (4.4%)
2019 58.1% 31.5%
2020 70.2% 18.4%
2021 26.9% 28.7%
2022 (8.8%) (18.1%)
Compound Annual Return
(1)
Since Firm Inception (1/1/2004) 15.9% 8.9%
Since PSH Inception (12/31/2012) 12.0% 12.5%

Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation.
(1) PSLP/PSH data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012. 17
PSLP / PSH Cumulative Net Returns

Net Returns vs. S&P 500

through December 31, 2022

PSH PSLP / PSH

1,552.2%

403.3%
206.9% 211.7% 226.1%
96.9% 56.8%
24.7%

(8.8%) (18.1%)
1-Year 3-Year 5-Year Since PSH Inception Since Firm Inception
(12/31/2012) (1/1/2004)

PSLP / PSH S&P 500

Note: PSLP/PSH data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012.
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation. 18
2022 Contributors

(1)
Contributors Gross Net

Interest Rate Swaptions 14.3% 14.2%

Restaurant Brands International 1.4% 1.3%
Accretion from Share Buybacks 1.2% 1.2%
Energy Hedge 0.5% 0.5%
Canadian Pacific 0.5% 0.4%

Total Contributors 17.9% 17.6%

Note: Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated.
Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) Net Contributors is provided solely to comply with Rule 206(4)-1 under the Investment Advisers Act of 1940 (“Advisers Act”) and related Frequently Asked Questions issued by the U.S. Securities and Exchange Commission (“SEC”). Net
Contributors reflects an adjustment to the gross return of each investment for such investment’s allocable portion of PSH’s quarterly management fee, based on PSH’s exposure to such investment. A performance fee was not charged by PSH
in 2022. Please see the additional disclaimers and notes to performance results at the end of this presentation. 19
2022 Detractors

Detractors Gross Net(1)

Lowe's (4.5%) (4.7%)

Netflix (3.9%) (3.9%)
Chipotle Mexican Grill (3.1%) (3.3%)
Domino's Pizza (2.8%) (2.9%)
Universal Music Group (2.5%) (2.8%)
Hilton Worldwide (2.3%) (2.5%)
Howard Hughes Corporation (2.0%) (2.1%)
Pershing Square Tontine Holdings (1.3%) (1.3%)
Currency Options (0.7%) (0.7%)
All Other Positions & Other Income / Expense (1.4%) (1.4%)

Total Detractors - Underlying Portfolio (24.5%) (25.6%)

Bond Interest Expense (0.8%) (0.8%)

Total Detractors - incl. Interest Expense (25.3%) (26.4%)

Note: Positions with contributions to performance of 50 basis points or more are listed above separately, while positions with contributions to performance of less than 50 basis points are aggregated.
Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) Net Detractors is provided solely to comply with Rule 206(4)-1 under the Advisers Act of 1940 and related Frequently Asked Questions issued by the SEC. Net Detractors reflects an adjustment to the gross return of each investment for such
investment’s allocable portion of PSH’s quarterly management fee, based on PSH’s exposure to such investment. A performance fee was not charged by PSH in 2022. Please see the additional disclaimers and notes to performance results at
the end of this presentation. 20
Pershing Square’s Strategy Has Proven to be
Defensive in Down Markets

PSLP / PSH Average Monthly Net Returns vs. S&P 500

through December 31, 2022

Average Monthly Average Return in Average Return in

Return Up Months Down Months
4.0%
3.0% 3.1%
3.0%
2.0% 1.4%
0.8%
1.0%
0.0%
(1.0%)
(2.0%)
(2.0%)
(3.0%)
(4.0%)
(3.9%)
PSLP / PSH S&P 500

Note: Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012. Please see the individual performance results for PSH on the next page.
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation. 21
PSH Average Monthly Net Return vs. S&P 500

PSH Average Monthly Net Returns vs. S&P 500

through December 31, 2022

Average Monthly Average Return in Average Return in

Return Up Months Down Months
4.0%
3.2%
2.9%
3.0%
2.0%
1.1% 1.1%
1.0%
0.0%
(1.0%)
(2.0%)
(3.0%)
(3.1%)
(4.0%)
(3.9%)
PSH S&P 500

Note: Data starting from PSH inception on December 31, 2012.

Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation. 22
Total Assets Under Management

AUM(1) Insider Capital (2)

As of 2/7/2023 ($ in millions) Total Equity Total % of Equity

Pershing Square Holdings ("PSH") $12,916 $10,580 $2,771 26%

Pershing Square, L.P. ("PSLP") 1,316 1,316 573 44%
Pershing Square International ("PSI") 551 551 199 36%
Total Core Funds $14,784 $12,448 $3,543 28%
PS VII Funds (UMG Co-Investment Vehicle) 1,299 1,299 318 24%
Total Firm $16,083 $13,746 $3,861 28%

Note: Total Firm numbers include PS VII Master, L.P. and PS VII A International, L.P. (together, the “PSVII Funds”), which operate as co-investment vehicles investing primarily in securities of (or otherwise seeking to be exposed to the
value of securities issued by) Universal Music Group N.V. without double counting PSH’s investment in PS VII Master, L.P. As of February 7, 2023, PSH’s investment in PS VII Master, L.P. totaled $257.9M. Assets under management are
gross of any accrued performance fees. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers
and notes to performance results at the end of this presentation.
(1) Total AUM includes $1.8 billion and €500 million (translated to USD at the prevailing exchange rate) of PSH bond proceeds. Equity AUM excludes these amounts.
(2) Includes Pershing Square employees and affiliates and charitable entities associated with Pershing Square employees or Pershing Square affiliates. 23
Business and Organizational Update
2022 Key Developments
The funds meaningfully outperformed the S&P 500 in 2022 as our hedging
strategy protected the portfolio from the impact of rising interest rates

 Monetized interest rate hedges initiated in late 2020 and early 2021

 Initiated new hedges related to long-term interest rates, currencies and

energy

 Making progress with regulatory agencies on Pershing Square SPARC

Holdings (“SPARC”) following PSTH’s return of capital to its shareholders

 Bill joined the board of Universal Music Group, our largest investment

 Sold Netflix and Domino’s Pizza, freeing up capital for new opportunities

25
 Pershing Square’s Core Hedging Principles
We seek to opportunistically invest in hedges to protect our portfolio
against specific macroeconomic risks and capitalize on market volatility

 Asymmetric payoff structures

 Limited upfront investment and carrying costs

 Opportunities to generate large (>10x) multiples of capital

 Limited downside in the event potential risk does not transpire

 Monetization provides liquidity during periods of market dislocation

 Hedges often become valuable when equity markets are cheap

 Enables us to increase our exposure to high-quality businesses at deeply

discounted valuations

We believe our selective hedging strategy is a superior alternative to a large cash position or a
continuous hedging program, both of which can be a significant drag on long-term performance

The above is intended to be illustrative and there is no guarantee that Pershing Square will be able to identify the constituent investments or create a portfolio that reflects these characteristics. 26
Overview of Interest Rate Hedge
Beginning in December 2020, we acquired out-of-the-money interest rate swaptions
to protect our portfolio against an unexpected rise in interest rates

Summary of Interest Rate Hedging Program

$ in mm Premium Proceeds / Multiple of Capital

Tenor / Instrument Paid Market Value (1) Gross Net (2)

2YR Swaptions | Acquired 2021 $112 $1,266 11.3x 10.1x

2YR Swaptions | Acquired 2022 196 1,282 6.5x 6.5x

10YR Swaptions $76 $180 2.4x 2.2x

Total Monetized Interest Rate Hedge $384 $2,728 7.1x 6.7x

Retained Interest Rate Hedges 328 367 1.1x 1.1x

Total Interest Rate Hedge $712 $3,095 4.3x 4.1x

Across the Pershing Square funds, the interest rate hedging program generated approximately
$2.7 billion in total proceeds in 2022

Note: The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds.
(1) Represents proceeds realized upon sale for monetized hedges and market value as of February 7, 2023 for retained hedges.
(2) Net Multiple of Capital is provided solely to comply with Rule 206(4)-1 under the Advisers Act and related Frequently Asked Questions issued by the SEC and reflects an adjustment for the respective Pershing Square funds’
(a) quarterly management fee, (b) expenses (calculated using the expense ratio for the applicable time period), and (c) performance fee (if any) charged during relevant time period. 27
Track Record of Defensive Hedging
Pershing Square’s hedging strategy has generated substantial gains
across multiple volatile market environments since the firm’s inception
Hedging Investment / Total Multiple of Capital
Risk Factor Time Period Instrument Carrying Costs Proceeds Gross Net (4)

CDS on Bond
Subprime Insurers
2005 - 2009 $64 million $1.1 billion 17.5x 13.8x
Mortgage Crisis (1)
(Primarily MBIA)

Index CDS on
COVID-19 2020 Investment Grade & $27 million $2.6 billion 93.4x 77.8x
(2)
High Yield Bonds

Out-of-the-money
Rise in Interest Late 2020 -
Interest Rate $384 million $2.7 billion 7.1x 6.7x
Rates 2022 (3)
Swaptions

Note: The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The information on this page includes the investments of the Pershing Square
funds in existence during the relevant time period. PSH’s inception was after the Subprime Mortgage Crisis. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss,
including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) Other bond insurers included Assured Guaranty, Ambac, PMI Group, Financial Securities Assurance, XL Capital Assurance, and Radian Group.
(2) Refers specifically to the CDS index hedges initiated in late February / early March. Subsequent to the February / March hedging program, Pershing Square maintained smaller positions in CDS index hedges throughout various periods in
2020 and 2021.
(3) Reflects monetized interest rate hedges and excludes the value of retained swaptions.
(4) Net Multiple of Capital is provided solely to comply with Rule 206(4)-1 under the Advisers Act and related Frequently Asked Questions issued by the SEC and reflects an adjustment for the respective Pershing Square funds’ (a) quarterly
management fee, (b) expenses (calculated using the expense ratio for the applicable time period), and (c) performance fee (if any) charged during relevant time period. 28
Strong Performance During the Global Financial Crisis

During the Global Financial Crisis, from December 2007 to June 2009(1),
PSLP outperformed the S&P 500 by 3,200 basis points

PSLP Indexed Net Return vs S&P 500 | 11/30/2007 to 6/30/2009:

20% March 2009 peak losses:

S&P 500: 52.9%
10%
PSLP: 18.2%

0%
11/30/07 1/31/08 3/31/08 5/31/08 7/31/08 9/30/08 11/30/08 1/31/09 3/31/09 5/31/09 (3.4)%
(10%)
Returns %

(20%)

(30%)
(35.4)%
(40%)

(50%)

(60%)
PSLP Net Return S&P 500

PSLP’s Indexed Net Return during the Global Financial Crisis is shown for illustrative purposes. PSH’s inception was after the Global Financial Crisis. Past performance is not necessarily indicative of future results. All investments involve the
possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation.
(1) Duration of the Global Financial Crisis as defined by the U.S. National Bureau of Economic Research. 29
Strong Performance During the COVID Crisis

PSH delivered strong 2020 performance with a net return of 70.2%,

outperforming the S&P 500 by 5,180 basis points
PSH Indexed Net Return vs S&P 500 | 12/31/2019 to 12/31/2020:

80%
March 2020 peak losses: 70.2%
70%
S&P 500: 30.4%
60% PSH: 11.2%
50%
40%
Returns %

30%
20% 18.4%
10%
0%
12/31 1/31 2/29 3/31 4/30 5/31 6/30 7/31 8/31 9/30 10/31 11/30 12/31
(10%)
(20%)
(30%)
PSH Net Return S&P 500

Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation. 30
Strong Outperformance in 2022

PSH outperformed the S&P 500 by 930 basis points in 2022, a year marked
by heightened geopolitical uncertainty and record inflation
PSH Indexed Net Return vs S&P 500 | 12/31/2021 to 12/31/2022:
5%

0%
12/31 1/31 2/28 3/31 4/30 5/31 6/30 7/31 8/31 9/30 10/31 11/30 12/31
(5%)

(8.8%)
Returns %

(10%)

(15%)
(18.1%)
(20%)

(25%)

(30%)
PSH Net Return S&P 500

During the three bear markets since the firm’s inception, Pershing Square substantially
outperformed the S&P 500 due to hedging-related gains and opportunistic investments in
high-quality, durable growth companies
Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end
of this presentation. 31
Pershing Square Tontine Holdings (“PSTH”)
and Pershing Square SPARC Holdings (“SPARC”)

 PSTH returned $4 billion of capital to shareholders as we were unable to

consummate a transaction that both met our criteria and was executable
 On July 26, 2022, each shareholder received $20.06 of cash per share

 Favorable outcome compared with other SPACs that completed transactions

 The De-SPAC Index(1) declined 76% in value over the public life of PSTH

 We continue to improve upon SPARC and make progress with regulatory

agencies
 Scaled down the minimum size to $1.5 billion to broaden the universe of targets

 Special purpose acquisition rights (“SPARs”) will not be transferable or quoted until a
deal is announced and the post-effective amendment is distributed to SPAR holders

 On February 2, 2023, we filed our fifth amendment to the registration statement

with the SEC

 If SPARC’s registration statement becomes effective, we expect to expeditiously

distribute SPARs to former PSTH shareholders and warrant holders and begin the
search for a transaction
Note: SPARC remains subject to SEC review and will take place if and only once the registration statement has been declared effective by the SEC under the Securities Act of 1933. No assurance can be given that SPARC will be
ultimately effectuated on the above outlined terms or at all. This slide is informational and does not constitute an offer of any securities; please see additional disclaimers related to SPARC at the end of the presentation.
(1) De-SPAC Index data per Bloomberg. 32
Pershing Square SPARC Holdings (“SPARC”)
SPARC solves the problems of conventional SPACs and improves upon
PSTH’s structure
 No initial blank check IPO; no cash is held in trust until deal closure
 SPARs are distributed for no consideration to former PSTH shareholders and warrantholders and are initially
not tradable
 Investors opt-in to the initial business combination (“IBC”)
 Reduced opportunity cost with no investor funding until a target is identified and a registration statement
becomes effective that describes in full the proposed business combination
 SPARs will not be transferable or quoted until the post-effective amendment is distributed to SPAR holders

 Flexible exercise price

 Amount of capital raised can be precisely tailored to capital requirements of merger partner

 No “shot clock”
 Up to 10 years to complete a transaction vs. 2 years for a typical SPAC

 Minimal frictional costs

 No underwriting fees or public shareholder warrants

 Increased deal certainty

 Minimum committed sponsor investment of $250mm to $1bn in common stock, with flexibility to increase up
to $3.5bn
 No conventional sponsor incentive
 Pure common stock capital structure other than out-of-the-money warrants on up to 5.17% of shares
outstanding held by Pershing Square funds and SPARC directors

Note: SPARC remains subject to SEC review and will take place if and only once the registration statement has been declared effective by the SEC under the Securities Act of 1933. No assurance can be given that SPARC will be
ultimately effectuated on the above outlined terms or at all. This slide is informational and does not constitute an offer of any securities; please see additional disclaimers related to SPARC at the end of the presentation. 33
Organizational Update
Lean, collaborative, and investment-centric organization continues to
perform at the highest levels

 Ryan Israel promoted to Chief Investment Officer in August 2022

 14 years with Pershing Square since joining from Goldman Sachs in March 2009

 Bill will continue as CEO and Portfolio Manager with ultimate control over decision making

 Open, collaborative office space enabled full return to office in November 2021
 Moved to our new headquarters at 787 11th Avenue in May 2019

 Design and layout of new space have proven to be valuable in a post-COVID world

 Small organization size and long tenure of team are key differentiators
 Concentrated and long-term investment strategy coupled with investment-centric business model
enables lean operating model

 Stable, high-performance team with extensive experience

34
PSCM Organization Chart

Operational Leadership Group Member New Employee

35
Pershing Square Investment Team
Career PSCM
Employee Education and Summary Prior Experience Experience Tenure
(Years) (Years)

Gotham Partners, Co-Founder and Portfolio Manager (1992 - 2003)

Bill Ackman
M.B.A., Harvard Business School, 1992 31 19
CEO / Portfolio Manager
A.B., Harvard College, magna cum laude, 1988

Ryan Israel Goldman Sachs, Analyst (2007 - 2009)

16 14
Chief Investment Officer B.S.E., The Wharton School, summa cum laude, beta gamma sigma, 2007

The Blackstone Group, Senior Managing Director (1999 - 2012)

Ben Hakim 25 11
B.S., Cornell University, 1997

Apollo Global Management, Private Equity Associate (2011 - 2013)

Anthony Massaro Goldman Sachs, Analyst (2009 - 2011) 14 10
B.S.E., The Wharton School, summa cum laude, beta gamma sigma, 2009

KKR, Private Equity Associate (2012 - 2014)

Charles Korn Goldman Sachs, Analyst (2010 - 2012) 13 9
B.A., The University of Western Ontario, Richard Ivey School of Business, Ivey Scholar, 2010

KKR, Private Equity Associate (2015 - 2017)

Bharath Alamanda Goldman Sachs, Analyst (2013 - 2015) 10 6
B.S.E, Princeton University, summa cum laude, phi beta kappa, 2013

Hellman & Friedman, Private Equity Associate (2015 - 2017)

Feroz Qayyum Evercore, Analyst (2013 - 2015) 10 6
B.A., The University of Western Ontario, Richard Ivey School of Business, Ivey Scholar, 2013

Warburg Pincus, Private Equity Associate (2019 - 2021)

Manning Feng Centerview Partners, Analyst (2016 - 2019) 7 2
B.S.E., The Wharton School, summa cum laude, 2016

36
Portfolio Update
Universal Music Group (“UMG”)
UMG is a high-quality, capital-light, rapidly growing royalty on
greater music consumption

Decades-long runway for growth

 Massive addressable market, strong customer value proposition, and dominant
market position
 Continued global consumer adoption of streaming creates long runway of
predictable, recurring revenue growth that is well-insulated from macroeconomic
pressures

Music is very under-monetized today and at the cusp of higher monetization

 Digital Streaming Providers recently began raising prices for the first time
 Recent and future renewals with emerging platforms provide an opportunity for
increased monetization and new form factors

UMG is outperforming its Capital Markets Day outlook

 Revenue growth averaging 15% is meaningfully ahead of targets
 EBITDA margins are poised for expansion in 2023 as business mix normalizes

Bill joined the board in May 2022

Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 38
UMG Share Price Performance Since IPO
UMG’s share price including dividend reinvestment decreased 7% in 2022 and
has increased 3% year-to-date in 2023(1)
UMG Share Price Performance from 9/21/2021 to 2/7/2023 (€EUR):

9/21/21: UMG completes

€ 30 separation from Vivendi and 7/1/22: CRB affirms decision
begins trading on the to increase mechanical
Euronext Amsterdam royalties for streaming from
10/24/22: Apple Music increases its 1/19/23: Amazon
10.5% to 15.1%
€ 27 individual plan pricing by 10% and follows Apple and also
student plan pricing by 20%. announces a 10 to 20%
YouTube increases its premium price increase
family plan’s pricing by 28%
Share price

€ 24
€23.10

€ 21

€ 18
€18.27*

€ 15
Sep-2021 Dec-2021 Apr-2022 Jul-2022 Oct-2022 Jan-2023
Note: The performance of UMG’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only UMG’s share price over time, not the value of
PSH’s investment in UMG, and is provided as context for Pershing Square’s views of UMG. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from UMG’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of UMG purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be (9%).
* Average cost as per negotiated transaction price between Pershing Square and Vivendi. Includes transaction fees. Based on negotiated FX rate of 1.20 EUR to 1.00 USD. Please see the additional disclaimers and notes to performance results
at the end of the presentation.
(1) As of 2/7/2023.
39
Lowe’s (“LOW”)
Lowe’s is a high-quality business with significant long-term earnings
growth potential

Divergent macroeconomic picture creating investor uncertainty

 Rising interest rates pressuring buyer affordability and home sales velocity
 Stable home improvement category supported by an aging housing stock, lack of new
inventory, continued work-from-home, robust home equity (vs. pre-COVID levels), and
continued strong Pro (professional contractor) project backlog

LOW positioned to grow EPS despite uncertain market conditions

 Two-thirds of revenue is critical repair and maintenance activity
 Idiosyncratic revenue opportunities driving share gains with the Pro
 Self-help initiatives catalyzing operating margin expansion
 Best-in-class capital return provides support for earnings growth in the near-term

Business transformation to drive significant long-term earnings upside

 Lowe’s is committed to achieving its structural margin potential of 15%
 Line-of-sight to ~$20 of EPS over the medium term, ~50% above current levels

Lowe’s currently trades at a P/E multiple of 15x, which is cheap on an absolute basis and a 23%
discount to Home Depot despite our views for materially higher prospective EPS growth
Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 40
LOW Share Price Performance Since Inception
LOW’s share price including dividend reinvestment decreased 21% in 2022
and has increased 8% year-to-date in 2023(1)
LOW Share Price Performance From 4/6/2018 to 2/7/2023:
12/7/22: LOW 2022 Analyst Day.
$270 Demonstrates substantial
operational progress across
many fronts. Introduces
$240
structural margin target of 15%

12/9/20: LOW 2020 Analyst Day. $215

$210 Medium-term operating margin
target set at 13%
Share price

$180
12/12/18: LOW 2018 Analyst
Day. Introduces 12%
5/22/18: Lowe’s operating margin target
$150 hires Marvin Ellison
9/15/22: US 30-Year 11/3/22: LOW announces
as CEO
mortgage rates divesture of Canadian
$120 surpass 6% on the business to improve focus
back of tightening US and simplicity; reveals core
interest rate policy US margins are ~13.6%
$90
$86*

$60
Apr-2018 Dec-2018 Aug-2019 Apr-2020 Dec-2020 Sep-2021 May-2022 Jan-2023
Note: The performance of LOW’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only LOW’s share price over time, not the value of
PSH’s investment in LOW, and is provided as context for Pershing Square’s views of LOW. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from LOW’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of LOW purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be 101%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
41
Chipotle Mexican Grill (“CMG”)
Chipotle’s impressive growth continued in 2022 driven by the recovery of
in-store ordering and price increases to offset cost inflation

Industry-leading same-store sales growth and profitability

 Same-store sales (“SSS”) grew 8% in 2022, or 31% from 2019 levels
 While 2022 growth was driven by pricing, traffic is still up materially vs. 2019
 Innovation success continued with pollo asado and garlic guajillo steak

 Attractive unit economic model firmly intact despite inflationary environment

 Chipotle was one of the few businesses to expand margins in 2022, with restaurant
margins up 130bps to 23.9%
 Pricing power remains intact with chicken entrée still priced below $9 on average

Chipotle has a long runway for robust growth

 Near-term opportunity to improve throughput to drive SSS and profitability

 New unit growth of 8% to 10% annually in North America

 Long-term potential for international store growth and daypart expansion

such as breakfast
Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 42
CMG Share Price Performance Since Inception
CMG’s share price decreased 21% in 2022 and has increased 24% year-to-
date in 2023(1)

CMG Share Price Performance From 8/4/2016 to 2/7/2023:

11/16/22: CMG opens 500th
restaurant with a Chipotlane
$2,000 7/20/21: Average digital drive-thru
restaurant sales eclipse
$1,800 2015 peak of $2.5mm
9/6/16: Pershing Square $1,723
during Q2
files 13D after market
$1,600
close with a 9.9% stake
$1,400
12/16/16: CMG
announces four new
Share price

$1,200 11/29/17: CMG

directors added to its announces search for
$1,000 board, including Ali new CEO; founder
Namvar and Matthew Steve Ells to become
$800 Paull from Pershing Executive Chairman
Square
$600

$400 $405*
$200 2/13/18: CMG names
Brian Niccol as CEO
$0
Aug-2016 Jul-2017 Jun-2018 May-2019 Apr-2020 Mar-2021 Feb-2022 Jan-2023
Note: The performance of CMG’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only CMG’s share price over time, not the value of
PSH’s investment in CMG, and is provided as context for Pershing Square’s views of CMG. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment
may differ substantially from CMG’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio
for PSLP was used) were applied to the ownership of a single share of CMG purchased at market price and held over the time period shown above, the imputed net return on that share would be 198%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
43
Restaurant Brands International (“QSR”)
QSR is a high-quality business with significant long-term growth
potential trading at a highly discounted valuation

Comparable sales trends continue to improve

 Tim Hortons Canada same-store sales improved to mid-single-digits above pre-COVID
levels during Q3 despite Canada’s reopening significantly trailing the U.S.
 Burger King U.S. launched $400 million program to “reclaim the flame” and is poised
for a strong recovery in 2023
 Burger King International, Popeyes, and Firehouse continue to generate strong
same-store sales growth relative to pre-COVID levels

Patrick Doyle, who previously led Domino’s turnaround, named Executive Chairman
 Under Mr. Doyle’s eight-year tenure as CEO of Domino’s Pizza, the company’s share
price appreciated by 21x
 Mr. Doyle has purchased $30 million of QSR shares in the open market and the
entirety of his compensation is tied to QSR’s share price

Remains cheap relative to intrinsic value and peers

 Trades at less than 20x our estimate of 2023 free cash flow per share excluding
one-time investments at Burger King U.S.
 Current valuation represents a discount of 24% to peers, which have lower long-term
growth potential
Source: Company filings, PSCM estimates, Wall Street research. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 44
QSR Share Price Performance Since Inception
QSR’s share price including dividend reinvestment increased 11% in 2022
and has increased 5% year-to-date in 2023(1)

QSR Share Price Performance From 6/19/2012 to 2/7/2023:

11/15/21: QSR announces
$80 1/23/19: QSR announces leadership acquisition of Firehouse
transition, elevating Daniel Schwartz to Subs
Executive Chairman and Jose Cil to CEO
$70
$68
2/1/17: QSR announces
$60 acquisition of Popeyes
Share price

$50 8/24/14: QSR

announces
acquisition of Tim
$40 Hortons

11/16/22: QSR appoints

$30 Patrick Doyle as
Executive Chairman

$20
$16*
$10
Jun-2012 Dec-2013 Jun-2015 Dec-2016 Jun-2018 Dec-2019 Jul-2021 Jan-2023
Note: The performance of QSR’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only QSR’s share price over time, not the value of
PSH’s investment in QSR, and is provided as context for Pershing Square’s views of QSR. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from QSR’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of QSR purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be 232%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
45
Hilton Worldwide (“HLT”)
Hilton is a high-quality business with a long runway of strong earnings
growth and an exceptional management team

Industry conditions continue to be supportive

 Average daily revenue per room (“RevPAR”) now above pre-COVID levels despite
occupancy still below pre-COVID levels, as business transient and group are
still recovering
 Average daily rate has stabilized 10% to 15% above pre-COVID levels (3-4% annual growth)

 Industry data indicates continued strong desire for consumers to travel

 Near-term RevPAR growth supported by easy first-half 2022 comparable period
HLT is well positioned for attractive long-term performance
 Best-in-class value proposition drives market share increases over time
 Net unit growth poised to re-accelerate back to historical 6% to 7% growth, aided by
new organic brand development (e.g., Spark by Hilton)
 Non-RevPAR fee earnings (e.g., HGV, AMEX) are an attractive growth tailwind
 Higher long-term structural margins and cash flow following productivity actions
 Substantial capital return over time
Hilton is trading at an inexpensive multiple in light of its long-term earnings growth prospects
Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 46
HLT Share Price Performance Since Inception
HLT’s share price including dividend reinvestment decreased 19% in 2022
and has increased 17% year-to-date in 2023(1)

HLT Share Price Performance From 10/8/2018 to 2/7/2023: 10/26/22: HLT reports first
quarter with systemwide
$170 RevPAR above 2019, despite
occupancy still not having
7/29/21: HLT reports a step-function improvement
fully recovered
in profitability relative to prior recent trending;
$150 fully repays previously drawn credit line
$148
3/10/20: HLT withdraws
2020 outlook given macro
$130
uncertainty; draws down
$1.75bn credit line
Share price

$110
April 2022: Industrywide nightly
rates rise above pre-COVID levels in
$90 response to broad-based inflation
and pent-up demand for travel

$70
$73*

$50
Oct-2018 Mar-2019 Sep-2019 Mar-2020 Aug-2020 Feb-2021 Aug-2021 Jan-2022 Jul-2022 Jan-2023

Note: The performance of HLT’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only HLT’s share price over time, not the value of
PSH’s investment in HLT, and is provided as context for Pershing Square’s views of HLT. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from HLT’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of HLT purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be 64%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
47
Howard Hughes Corporation (“HHC”)
HHC’s uniquely advantaged business model of owning master planned
communities (“MPCs”) drives resilient, long-term value creation

Robust performance amidst a challenging macroeconomic backdrop

 Land sales supported by supply-demand imbalance and low housing inventory
 Substantial NOI growth driven by increase in rental rates and a steady recovery in
leasing back to pre-pandemic levels
 Pace of condo sales remains strong with recent launch of Ward Village’s tenth tower
 Repurchased approximately 8% of its shares in 2022

Well insulated from the impact of rising interest rates

 Approximately 86% of the company’s debt is either fixed or swapped to a fixed rate
and approximately 82% of debt is due in 2026 or later
 Ability to self-fund future development mitigates reliance on external financing
 Despite higher mortgage rates, HHC’s MPCs remain attractive
 HHC’s MPCs are located in low cost-of-living, low-tax states like Texas & Nevada that are
experiencing substantial in-migration

Pershing Square purchased an additional 2.3 million shares of HHC in Q4 2022 at an average price
of $72 per share and now owns 32% of the company
Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 48
HHC Share Price Performance Since Inception
HHC’s share price decreased 25% in 2022 and has increased 14% year-to-
date in 2023(1)
HHC Share Price Performance From 11/9/2010 to 2/7/2023: 11/28/22: Pershing Square
6/27/19: HHC announces 10/21/19: HHC Board purchases 1.6mm shares of HHC
its Board of Directors concludes review via tender offer at a purchase
$170
will be conducting a process and price of $70 per share
detailed review of announces
strategic alternatives transformation plan 12/5-12/29/22: Pershing Square
$145 purchases an additional 0.7mm
shares of HHC at an average
purchase price of $75 per share,
$120 increasing its total ownership
stake in the company to 32%
Share price

$95
$87
12/1/2020: Announces
$70 David O’Reilly as new
3/27/20: HHC raises $600mm of
CEO and Jay Cross
equity at $50 per share, including
as new President
$500mm from Pershing Square, to
$45 stabilize its balance sheet
$37*
$20
Nov-2010 Nov-2012 Nov-2014 Dec-2016 Dec-2018 Dec-2020 Jan-2023

Note: The performance of HHC’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only HHC’s share price over time, not the value of
PSH’s investment in HHC, and is provided as context for Pershing Square’s views of HHC. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment
may differ substantially from HHC’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio
for PSLP was used) were applied to the ownership of a single share of HHC purchased at market price and held over the time period shown above, the imputed net return on that share would be 42%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
49
Fannie Mae (“FNMA”) and Freddie Mac (“FMCC”)

Despite unsuccessful outcomes in the courts, we believe Fannie and

Freddie remain valuable perpetual options on exit from conservatorship

Adverse court rulings have effectively ended shareholder litigation

 Supreme Court denied certiorari in Court of Federal Claims litigation
(“Takings Cases”) on January 9th, 2023
 Follows June 2021 Supreme Court ruling in Collins litigation that found the Third
Amendment to the PSPAs(1) to be authorized under the HERA statute

 On January 30th, 2023, Pershing Square agreed to drop its remaining

claims in the Takings Cases as we did not see a viable path forward

We remain confident in the long-term value of Fannie and Freddie

 Both entities continue to build capital through retained earnings from

the current base of $94 billion

 We believe re-privatization is an eventuality, but may take some time

 Potential new presidential administration in 2024 may be catalyst

Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein.
(1) Preferred Stock Purchase Agreement. 50
FNMA and FMCC Share Price Performance Since Inception

FNMA and FMCC share prices both declined 57% in 2022 and have
increased 32% and 31%, respectively, year-to-date in 2023(1)
FNMA and FMCC Share Price Performance from 10/7/2013 to 2/7/2023:

9/6/19: Fifth Circuit

5/5/14: Pershing Square ruling in Collins
$6
presents investment thesis litigation that net
at Ira Sohn conference 1/18/19: Press reports worth sweep was
re. FHFA plan to end beyond FHFA’s
$5
conservatorships statutory authority 6/23/21: Supreme Court
11/8/16: Donald Trump issues opinion in Collins 1/9/23: Supreme Court
$4 wins presidential election appeal, largely siding denies certiorari in
with the government Court of Federal
Share price

against shareholders Claims litigation

$3

$2.29*
$2 $2.14*

$1 9/30/14: US District 2/21/17 US Court of

Court ruling in Perry Appeals ruling in 1/14/21: Letter agreements $0.46
litigation Perry litigation suspending net worth sweep $0.46
$0
Oct-2013 Oct-2014 Oct-2015 Oct-2016 Oct-2017 Oct-2018 Oct-2019 Oct-2020 Oct-2021 Oct-2022
FNMA FMCC
Note: The performance of FNMA’s and FMCC’s share prices is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only FNMA’s and FMCC’s share
prices over time, not the value of PSH’s investment in FNMA and FMCC, and is provided as context for Pershing Square’s views of FNMA and FMCC. For a variety of potential reasons, such as timing of purchases and sales, use of derivative
instruments, and others, PSH’s return on its investment may differ substantially from FNMA’s and FMCC’s change in share prices. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for
each year except that for years prior to PSH’s inception, the expense ratio for PSLP was used) were applied to the ownership of a single share of FNMA and FMCC purchased at market price and held over the time period shown above, the
imputed net return on that share would be (82%) and (81%), respectively.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023. 51
Canadian Pacific (“CP”)
CP’s pending acquisition of Kansas City Southern (“KCS”) will create
a unique North American railroad led by a superb management team

High-quality business model

 Operates in an oligopolistic industry with significant barriers to entry

 Large bulk franchise (grain, coal, potash) is resilient to economic headwinds

Pricing power underpins growth and provides inflation protection

 Rail transportation is often the cheapest or only viable method for transporting
heavy freight over long distances

 CP is renewing contracts with high-single-digit percentage price increases

Pending acquisition of KCS will create significant shareholder value

 CP-KCS will have the only direct route from Canada to Mexico

 Significant revenue and cost synergies drive earnings accretion

 Likely beneficiary of deglobalization and North American onshoring

CP is trading at a meaningful discount to its intrinsic value and long-term growth potential

Source: Company filings. This slide contains Pershing Square’s own views and opinions, based on publicly available information, to illustrate Pershing Square’s thinking on the matters therein. 52
CP Share Price Performance Since Inception
CP’s share price including dividend reinvestment increased 12% in 2022
and has increased 3% year-to-date in 2023(1)

CP Share Price Performance From 10/11/2021 to 2/7/2023 ($CAD):

1/27/23: Surface Transportation Board
$115 releases final Environmental Impact
Statement on the CP-KCS merger
11/23/21: Surface Transportation
$110 Board accepts CP-KCS merger
application as complete and sets
procedural schedule
$105 C$104
12/14/21: CP closes KCS
Share price

$100 acquisition into voting trust

$95

$90
C$91*

$85 3/22/22: CP reaches

agreement with TCRC union
to end two-day strike
$80
Oct-2021 Dec-2021 Mar-2022 Jun-2022 Aug-2022 Nov-2022 Jan-2023

Note: The performance of CP’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only CP’s share price over time, not the value of
PSH’s investment in CP, and is provided as context for Pershing Square’s views of CP. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from CP’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of CP purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be 15%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) As of 2/7/2023.
53
Exited Positions
NFLX Share Price Performance Since Inception
NFLX’s share price decreased 44% since inception through our last share sale on
April 20, 2022(1)

NFLX Share Price Performance From 1/21/2022 to 4/20/2022(1):

$500

$400
$395*
Share price

$300

4/19/22: NFLX reports Q1’22

earnings, including a
decline in net subscribers $226
$200

$100
Jan-2022 Feb-2022 Mar-2022 Apr-2022
Note: The performance of NFLX’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only NFLX’s share price over time, not the value of
PSH’s investment in NFLX, and is provided as context for Pershing Square’s views of NFLX. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment
may differ substantially from NFLX’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense
ratio for PSLP was used) were applied to the ownership of a single share of NFLX purchased at market price and held over the time period shown above, the imputed net return on that share would be (44%).
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation.
(1) Based on opening price on 1/21/2022. 55
DPZ Share Price Performance Since Inception
DPZ’s share price including dividend reinvestment decreased 31% in 2022 through
our last share sale on July 25, 2022

DPZ Share Price Performance From 3/8/2021 to 7/25/2022:

1/11/22: DPZ transitions $7.99
$600 national carryout offer to
online-only and reduces
4/9/21: DPZ completes chicken wing count in
recapitalization transaction an order from 10 to 8
$550
and announces a $1bn
accelerated share 3/1/22: DPZ announces
repurchase program appointment of Russell
$500
Weiner as CEO and increases
Share price

national delivery offer pricing

from $5.99 to $6.99
$450

7/22/21: DPZ reports strong Q2 earnings, with

$400
U.S. 2-Year SSS accelerating from 15% to 20% $388
$359*
$350

$300
Mar-2021 May-2021 Jul-2021 Sep-2021 Nov-2021 Jan-2022 Mar-2022 May-2022 Jul-2022

Note: The performance of DPZ’s share price is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only DPZ’s share price over time, not the value of
PSH’s investment in DPZ, and is provided as context for Pershing Square’s views of DPZ. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others, PSH’s return on its investment may
differ substantially from DPZ’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to PSH’s inception, the expense ratio for
PSLP was used) were applied to the ownership of a single share of DPZ purchased at market price, including dividends without reinvestment, and held over the time period shown above, the imputed net return on that share would be 7%.
*Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. 56
PSTH Price Performance Since IPO
PSTH’s share price increased 2% in 2022 through end of trading on July 25, 2022(3)

PSTH Price Performance from 7/21/2020 to 7/25/2022(3):

$36
7/21/20: PSTH prices IPO
6/4/21: PSTH confirms 7/19/21: PSTH’s board of
at $20.00 per unit. Each
$34 discussions to acquire 10% directors announces decision
unit consists one share,
stake in Universal Music not to proceed with the UMG
one-ninth of a
$32 Group (“UMG”) transaction, and to assign
Distributable
Redeemable Warrant, PSTH’s share purchase
$30 and the right to receive agreement to Pershing Square’s
core funds
Share price

additional Tontine
$28 Warrants(1)
7/11/22: PSTH redeems
its outstanding shares
$26 for $20.06 per share
effective July 26, 2022
$24

9/11/20: Each PSTH unit

$22
separated into one share and
one-ninth of a Distributable
IPO Price = NAV of $20 per share
$20 Redeemable Warrant, which $20.17
began trading separately(2)
$18
Jul-2020 Oct-2020 Jan-2021 Apr-2021 Jul-2021 Oct-2021 Jan-2022 Apr-2022 Jul-2022
PSTH incl. Pro Rata Warrant PSTH Share (post-Warrant Distribution)
Note: The performance of PSTH unit, share, and warrant prices is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. The graph above shows only PSTH’s share and warrant
prices over time, not the value of PSH’s investment in PSTH, and is provided as context for Pershing Square’s views of PSTH. For a variety of potential reasons, such as timing of purchases and sales, use of derivative instruments, and others,
PSH’s return on its investment may differ substantially from PSTH’s change in share price. If PSH’s management fees, performance fees and fund expenses (calculated using PSH’s expense ratio for each year except that for years prior to
PSH’s inception, the expense ratio for PSLP was used) were applied to the ownership of a single share of PSTH purchased at market price and held over the time period shown above, the imputed net return on that share would be (10%).
(1) Right to receive additional Tontine Warrants remains with the shares.
(2) Reflects the PSTH unit price prior to September 11, 2020 and the PSTH share price plus the price of one-ninth of one distributable redeemable warrant from that date onwards.
(3) Public shares ceased trading as of the close of business on July 25, 2022.
57
Q&A
Additional Disclaimers and Notes to Performance Results
PSH NAV appreciation is calculated with respect to PSH’s Public Shares. Results are presented on a net-of-fees basis. Net returns include the reinvestment of all dividends, interest, and capital gains from
underlying portfolio companies and assume an investor has participated in any “new issues” as such term is defined under Rules 5130 and 5131 of FINRA. Net returns also reflect the deduction of, among other
things, management fees, brokerage commissions, administrative expenses and performance allocation/fees (if any). Performance is based on the dollar return for the specific period, including any and all
dividends paid by PSH, calculated from the beginning of such period to the end of such period. Where PSH’s performance is presented with that of PSLP, results also assume that an investor invested in PSLP at its
inception on January 1, 2004 and converted to PSH at its inception on December 31, 2012. Depending on the timing of an individual investor’s specific investment in PSH and/or PSLP, net performance for an
individual investor may vary from the net performance as stated herein. 2022 Performance data is estimated and unaudited. Past performance is not a guarantee of future results.

Total shareholder return for 2022 is calculated based on PSH’s Public Shares traded on Euronext Amsterdam. Over the same period, the total shareholder return for Public Shares listed in Sterling and USD on the
London Stock Exchange was (12.3%) and (11.6%), respectively. Total shareholder return for Public Shares reflects USD-denominated returns and includes dividend reinvestment.

PSH’s total debt to capital ratio is calculated in accordance with the “Total Indebtedness to Total Capital Ratio” under the PSH Bonds’ Indentures. Under the Indentures, the “Total Capital” reflects the sum of PSH’s
NAV and its “Total Indebtedness”. Total Indebtedness reflects the total “Indebtedness” of PSH and any consolidated subsidiaries (excluding any margin debt that does not exceed 10% of the Company’s total
capital), plus the proportionate amount of indebtedness of any unconsolidated subsidiary or affiliated special investment vehicle. As defined in the Indenture, “Indebtedness” reflects indebtedness (i) in respect of
borrowed money, (ii) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof), representing capital lease obligations, (iv) representing the
balance deferred and unpaid of the purchase price of any property or services (excluding accrued expenses and trade payables in the ordinary course of business) due more than one year after such property is
acquired or such services are completed or (v) in respect of capital stock that is repayable or redeemable, pursuant to a sinking fund obligation or otherwise, or preferred stock of any of PSH’s future subsidiaries.
Indebtedness does not include, among other things, NAV attributable to any management shares or hedging obligations or other derivative transactions and any obligation to return collateral posted by
counterparties in respect thereto.

Since May 1, 2017, PSH has, from time to time, engaged in share repurchases whereby its buyback agent has repurchased Public Shares subject to certain limitations. Any positive impact on performance due to
these share buybacks is reflected herein.

In certain slides, PSLP’s net performance results are presented as it is the Pershing Square fund with the longest track record and substantially the same investment strategy to PSH. The inception date for PSLP is
January 1, 2004. PSLP’s net returns for 2004 were calculated net of a $1.5 million (approximately 3.9%) annual management fee and performance allocation equal to 20% above a 6% hurdle, in accordance with the
terms of the limited partnership agreement of PSLP then in effect. That limited partnership agreement was later amended to provide for a 1.5% annual management fee and 20% performance allocation effective
January 1, 2005. The net returns PSLP set out in this document reflect the different fee arrangements in 2004, and subsequently. In addition, pursuant to a separate agreement, in 2004 the sole unaffiliated limited
partner paid Pershing Square an additional $840,000 for overhead expenses in connection with services provided unrelated to PSLP which have not been taken into account in determining PSLP’s net returns. To
the extent such overhead expenses had been included in fund expenses, net returns would have been lower.

The market indices shown in this presentation have been selected for purposes of comparing the performance of an investment in PSH with certain broad-based benchmarks. The statistical data regarding these
indices has been obtained from Bloomberg and the returns are calculated assuming all dividends are reinvested. The S&P 500 Index, FTSE 100 Index, and MSCI World Index are not subject to any of the fees or
expenses to which PSH is subject, while the HFRX ED: Activist Index and HFRX Equity Hedge Fund Index are net of fees and expenses and reflect USD-denominated returns. The funds are not restricted to
investing in those securities which comprise any of these indices, their performance may or may not correlate to any of these indices and the portfolio of the funds should not be considered a proxy for any of these
indices. The volatility of an index may materially differ from the volatility of the Pershing Square funds’ portfolio. The S&P 500 is comprised of a representative sample of 500 U.S. large-cap companies. The index is
an unmanaged, float-weighted index with each stock's weight in the index in proportion to its float, as determined by Standard & Poors. The S&P 500 index is proprietary to and is calculated, distributed and
marketed by S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), its affiliates and/or its licensors and has been licensed for use. S&P® and S&P 500® are registered trademarks of Standard & Poor's
Financial Services LLC. © 2021 S&P Dow Jones Indices LLC, its affiliates and/or its licensors. All rights reserved. PSH gained entry to the FTSE 100 Index (“FTSE 100”) in December 2020. The FTSE 100 is a
capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. The equities use an investibility weighting in the index calculation. The MSCI World Index is a
broad global equity index that represents large and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each country.
The HFRX ED: Activist Index is composed of hedge fund strategies with greater than 50% of the portfolio in activist positions. Activist strategies included in the index may obtain or attempt to obtain representation
of the company's board of directors in an effort to impact the firm's policies or strategic direction and in some cases may advocate activities such as division or asset sales, partial or complete corporate divestiture,
dividend or share buybacks, and changes in management. The HFRX Equity Index is composed of hedge fund strategies typically investing at least 50% of the portfolio in long or short equity positions. Hedge Fund
Research, Inc. is the sponsor and the source of the information on HFRX indices provided in this presentation. The HFRX ED Activist Index and the HFRX Equity Index are being used under license from Hedge
Fund Research, Inc., which does not approve of or endorse the contents of this presentation.

Pages 19-20 of this presentation reflect the contributors and detractors to the performance of the portfolio of PSH. Other than share buyback accretion and bond interest expense, positions with contributions or
detractions to performance of 50 basis points or more are listed separately, while positions with contributions or detractions to performance of less than 50 basis points are aggregated. The Gross Contributors and
Gross Detractors to performance presented herein are based on gross returns which do not reflect deduction of certain fees or expenses charged to PSH, including, without limitation, management fees and
accrued performance allocation/fees (if any). Inclusion of such fees and expenses would produce lower returns than presented in those columns. The Net Contributors and Net Detractors columns reflect an
adjustment to the gross return of each investment for such investment’s allocable portion of PSH’s quarterly management fee, based on PSH’s exposure to such investment. A performance fee was not charged by
PSH in 2022. In addition, at times, Pershing Square may engage in hedging transactions to seek to reduce risk in the portfolio, including investment-specific hedges that do not relate to the underlying securities of
an issuer in which PSH is invested. For each issuer, the gross returns reflected herein (i) include only returns on the investment in the underlying issuer and the hedge positions that directly relate to the securities
that reference the underlying issuer (e.g., if PSH was long Issuer A stock and also purchased puts on Issuer A stock, the gross return reflects the profit/loss on the stock and the profit/loss on the put); (ii) do not
reflect the cost/ benefit of hedges that do not relate to the securities that reference the underlying issuer (e.g., if PSH was long Issuer A stock and short Issuer B stock, the profit/loss on the Issuer B stock is not
included in the gross returns attributable to the investment in Issuer A); and (iii) do not reflect the cost/ benefit of portfolio hedges. Performance with respect to currency hedging related to a specific issuer is
included in the overall performance attribution of such issuer. For all other currency derivatives, the long/short classification is determined by the non-USD leg of the derivative. For example, a long USD call/GBP
put option position would be considered a short exposure, and a long USD put/GBP call option would be considered a long exposure. The contributors and detractors to the gross returns presented herein are for
illustrative purposes only. The securities on this list may not have been held by PSH for the entire calendar year. All investments involve risk including the loss of principal. It should not be assumed that
investments made in the future will be profitable or will equal the performance of the securities on this list. Past performance is not indicative of future results. Please refer to the net performance figures presented
on page 8.

59
Additional Disclaimers and Notes to Performance Results
Share price performance data for a portfolio company reflects the reinvestment of the issuer’s dividends, if any. Share price performance data is provided for illustrative purposes only and is not an indication of
actual returns of PSH over the periods presented or future returns of PSH. Additionally, it should not be assumed that any of the changes in shares prices of the investments listed herein indicate that the
investment recommendations or decisions that Pershing Square makes in the future will be profitable or will generate values equal to those of the companies discussed herein. All share price performance data
calculated “to date” is calculated through February 7, 2023.

Average cost basis is determined using a methodology that takes into account not only the cost of outright purchases of stock (typically over a period of time) but also a per share cost of the shares underlying
certain derivative instruments acquired by Pershing Square to build a long position. "Average Cost" reflects the average cost of the position that has been built over time as of the “Announcement Date” which is
the date the position was first made public and does not reflect the cost of acquisitions after the Announcement Date, if any.

The average cost basis for long positions has been calculated based on the following methodology:
(a) the cost of outright purchase of shares of common stock is the price paid for the shares on the date of acquisition divided by the number of shares purchased;
(b) the cost of an equity swap is the price of the underlying share on the date of acquisition divided by the number of underlying shares;
(c) the cost of an equity forward is the reference price of the forward on the date of acquisition divided by the number of underlying shares;
(d) the cost of call options that were in the money at the time of announcement is (except when otherwise noted) (i) the option price plus the strike price less any rebates the Pershing Square funds would receive
upon exercise divided by (ii) the number of shares underlying the call options;
(e) call options that are out of the money at the time of announcement are disregarded for purposes of the calculation (i.e., the cost of the options acquired are not included in the numerator of the calculation and
the underlying shares are not included in the denominator of the calculation);
(f) the cost of shares acquired pursuant to put options sold by the Pershing Square funds, where the underlying stock was put to the Pershing Square funds prior to the time of announcement, is (i) the strike price
of the put options paid when the shares were put to the Pershing Square funds less the premium received by the Pershing Square funds when the put was sold divided by (ii) the number of shares received upon
exercise of the put options; and
(g) premium received from put options written by the Pershing Square funds where the underlying stock was not put to the Pershing Square funds, and the option was out-of-the money at the time of announcement
are included in the numerator of the calculation.

Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. This presentation does not constitute a
recommendation, an offer to sell or a solicitation of an offer to purchase any security or investment product. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in
making an investment or other decision. All information is current as of the date hereof and is subject to change in the future.

Forward-Looking Statements

This presentation also contains forward-looking statements, which reflect Pershing Square’s views. These forward-looking statements can be identified by reference to words such as “believe”, “expect”,
“potential”, “continue”, “may”, “will”, “should”, “seek”, “approximately”, “predict”, “intend”, “plan”, “estimate”, “anticipate” or other comparable words. These forward-looking statements are subject to various
risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Should any
assumptions underlying the forward-looking statements contained herein prove to be incorrect, the actual outcome or results may differ materially from outcomes or results projected in these statements. None of
the Pershing Square funds, Pershing Square or any of their respective affiliates undertakes any obligation to update or review any forward-looking statement, whether as a result of new information, future
developments or otherwise, except as required by applicable law or regulation.

Certain performance information herein reflects the returns an investor would have earned if it invested in PSLP at its January 1, 2004 inception and converted to PSH as its launch on December 31, 2012. Such
performance information does not reflect either the performance of PSLP since its inception or PSH since its inception and no individual fund has actually achieved these results. The information is presented to
illustrate how Pershing Square's core strategy has performed over a longer time horizon beyond the inception of PSH and is not necessarily, and does not purport to be, indicative, or a guarantee, of future results.
This performance provided is calculated based on certain inputs and underlying assumptions, but not all considerations may be reflected therein and such performance is subject to various risks and inherent
limitations that are not applicable to the presentation of the performance of either PSH or PSLP alone. Although Pershing Square believes the performance calculations described herein are based on reasonable
assumptions, the use of different assumptions would produce different results. The performance set forth in these materials is provided to you on the understanding that you will understand and accept the
inherent limitations of such results, will not rely on them in making any investment decision with respect to an investment with Pershing Square, and will use them only for the purpose of discussing your
preliminary interest in making an investment with Pershing Square.

It should not be assumed that there will be a correlation between this performance and any future returns. No representation is being made that any fund or account will or is likely to achieve profits or losses
similar to that being shown. Pershing Square may or may not, in its sole discretion, make similar investments as the prior investments that form the basis of this performance. There can be no assurance that
Pershing Square will achieve results comparable to those of any prior or existing fund or product managed by Pershing Square or its management team. Nothing herein shall be deemed to limit the investment
strategies or investment opportunities to be pursued by Pershing Square. Prospective investors are urged to consider the information contained herein in conjunction with the offering materials of the fund and
other materials provided by Pershing Square, and are encouraged to ask questions of Pershing Square and to conduct further due diligence.

60
Additional Disclaimers and Notes to Performance Results
An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below:

Speculative Investment and High Degree of Risk. The investment strategies PSH pursues are speculative and entail substantial risks. Investors should be prepared to bear a substantial loss of capital. There can
be no assurance that the investment objectives of PSH will be achieved.

Relevance of Past Performance. There can be no assurance that PSH will realize returns comparable to those achieved by PSH, any Pershing Square fund or Pershing Square, in the past.

Business and Regulatory Risks of Funds. Legal, tax and regulatory changes could occur and may adversely affect PSH. Pershing Square and PSH may be the subject of litigation or regulatory investigation.

Concentration of Investments. PSH may accumulate significant positions in particular investments and PSCM intends to invest the substantial majority of PSH’s capital in typically 8 to 12 core investments.
Concentrating investment positions increases the volatility of investment results over time and may exacerbate the risk that a loss in any such position could have a material adverse impact on PSH’ s assets, and,
in turn, the value of any investment in PSH.

Engaged Investing. Engaged investment strategies may not be successful. They may result in significant costs and expenses. PSCM may pursue an activist role and seek to effectuate corporate, managerial or
similar changes with respect to an investment. The costs in time, resources and capital involved in such activist investments depend on the circumstances, which are only in part within PSCM’s control, and may
be significant, particularly if litigation against PSCM and/or PSH ensues. In addition, the expenses associated with an activist investment strategy will be borne by the applicable Pershing Square fund. Such
expenses may reduce returns or result in losses.

Derivatives, Hedging, and Currency. PSH may invest in derivative instruments or maintain positions that carry particular risks. PSH has in the past and may continue to use derivative instruments as a means of
hedging its investments or as a means to gain market exposure, and may also use various derivative instruments, including futures, forward contracts, swaps and other derivatives, which may be volatile and
speculative. Certain positions may be subject to wide and sudden fluctuations in market value. Short selling exposes PSH to the risk of theoretically unlimited losses. Derivatives used for hedging purposes may
not correlate strongly with the underlying investment sought to be hedged. Derivative instruments may not be liquid in all circumstances. Derivatives may not be available to PSH upon acceptable terms. As a
result, PSH may be unable to use derivatives for hedging or other purposes. Non-U.S. currency investments may be affected by fluctuations in currency exchange rates.

Investment Opportunities. PSH’s investment strategy depends on the ability PSCM to successfully identify attractive investment opportunities. Any failure to identify appropriate investment opportunities and
make appropriate investments would increase the amount of PSH’s assets invested in cash or cash equivalents and, as a result, may reduce their rates of return. PSH will face competition for investments. There
can be no assurance that Pershing Square will be able to identify and make investments that are consistent with PSH’s investment objectives.

Control Investments. The Pershing Square funds may take a controlling stake in certain companies. These investments may involve a number of risks, such as the risk of liability for environmental damage,
product defect, failure to supervise management, violation of governmental regulations and other types of liability. In connection with the disposition of these investments, the Pershing Square funds may make
representations about such investments’ business and financial affairs and may also be required to indemnify the purchasers of such investments or underwriters to the extent that any such representations turn
out to be incorrect, inaccurate or misleading. All of these risks or arrangements may create contingent or actual liabilities and materially affect the Pershing Square funds and any investment in the Pershing
Square funds. Pershing Square may participate substantially in the affairs of portfolio companies, which may result in PSH’s inability to purchase or sell the securities of such companies.

THIS GENERAL INVESTMENT FUND RISK DISCLOSURE IS NOT COMPLETE. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING
IN PSH AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN PERSHING SQUARE’S FORM ADV PART 2A AND IN PSH’S PROSPECTUS, WHICH MUST BE REVIEWED CAREFULLY.

Additionally, investors should be aware:

• PS Holdings Independent Voting Company Limited controls a majority of the voting power of all of PSH’s shares;
• PSH shares may trade at a discount to NAV and their price may fluctuate significantly and potential investors could lose all or part of their investment; and
• PSH is dependent on William A. Ackman.

61
Additional Disclaimers Related to SPARC
Whether and when a SPARC Distribution may take place remains subject to the SEC review process and effectiveness of an SEC registration statement registering the SPARC Distribution under the Securities Act
of 1933. The decision to make the SPARC Distribution as well as the final terms and conditions of any SPARCs is subject to the review and approval of the Board of Directors of Pershing Square SPARC Holdings.
The terms, if any, of SPARCs that are ultimately distributed may be materially different from those described in or implied by this summary.

No assurance can be given that SPARC will be ultimately effectuated on the outlined terms in this presentation or at all. This material is for informational purposes and does not constitute an offer of any securities.
The receipt of this document by any recipient is not to be taken as investment advice and all recipients are strongly advised to consult their own independent advisors on any investment, legal, tax or accounting
issues relating to these materials.

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