Investor Presentaiton

Pershing Square's New Fee Structure Further Incentivizes Investment Decision- Making That Is Not Aligned With the Interests of Many of Our Shareholders Contrary to ADP's focus on long term value, Pershing's fee structure encourages a "Swing for the Fences" mentality: New Fee Structure (1) Old Fee Structure (1) As Adopted January 1, 2017 More weight on the "Ups" than typical hedge funds (30% vs. 20%)... Positive Returns 20% Performance Fee Charged on Positive Returns And less weight on steady growth (no performance fee <5%) (1) Negative Returns No Performance Fees Due 30% Performance Fee on Returns > 5% No Performance Fees if Returns 5% No Performance Fees Due +5% Return Also subject to a "high-water mark" (1) (cannot charge performance fees for investment gains below previous losses) The effect of Pershing's excessive cost basis of $114 (2) takes the price target even higher "... you know, incentives, I've come to learn, drive all human behavior." * Permission to use quotations neither sought nor obtained. Notes: 1. 2. Bill Ackman, August 17, 2017* "This is like driving a car the wrong way down a one way street... incentive fees are headed toward 10% with the addition of hurdles, not 30. Raising fees at any level of return is unacceptable when you think of the financial condition of our nation's pension funds. The greed and arrogance in this industry just never ceases to amaze me." - Jacob Walthour, CEO of Blueprint Capital Advisors, which works with institutional investors to invest in hedge funds, October 28, 2016* Source: Reuters article "Ackman's Pershing Square shakes up fees amid losses" by Lawrence Delevingne, published on October 28, 2016 Cost basis for options is calculated as disclosed cost to purchase plus strike price, per Pershing Square 13D/A, dated 8/31/2017. Copyright 2017 ADP, LLC. 51 ADP A more human resource."

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