Pershing Square Activist Presentation Deck

2021 Contributors (Gross Returns) Contributors Lowe's Universal Music Group Interest Rate Swaptions Hilton Worldwide Domino's Pizza Chipotle Mexican Grill Agilent Technologies Howard Hughes Corporation Total Contributors PSH 10.8% 8.7% 7.7% 5.7% 4.2% 3.9% 3.8% 2.3% 47.1% Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. 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. Please see the additional disclaimers and notes to performance results at the end of this presentation. 18

View entire presentation