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Investor Presentaiton

Agilent Share Price Performance Since Inception Agilent's share price including dividends increased 12% from our average cost at inception to December 31, 2019, and decreased 2% year-to-date in 20201 Agilent share price performance from 9/4/2019 to 2/4/2020 $95 Share price $90 $85 $80 11/25/19: Agilent reports FY '19 earnings with organic revenue growth of 5% and EPS growth of 11% despite a temporary slowdown in instrument sales 12/9/19: Pershing Square announces investment in Agilent $75 $70 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 $84 $76.58* Feb-2020 Note: The performance of Agilent's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/4/2020 35
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