2019 Performance Review

New Idea Generation Remains Robust In 2019, Pershing Square established two new investment positions that reflect our core investment principles Agilent BERKSHIRE HATHAWAY ■ Analytical measurement company with a leading market position in an attractive industry with strong secular growth tailwinds Substantial margin improvement and capital allocation opportunity World's largest insurance business and a collection of high- quality, market-leading industrial businesses Significant opportunity to productively deploy excess capital Potential to improve operations at its larger businesses Exited Positions ADP TM 22 United Technologies PLATFORM SPECIALTY PRODUCTS CORPORATION

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