Investor Presentaiton

Organizational Update Initiatives we took in 2017 and 2018 to restructure Pershing Square into a smaller, investment-centric organization have created a strong foundation for a stable path forward ► Moved to our new headquarters at 787 11th Avenue in May 2019 ► Highly effective and focused team with limited headcount changes ■ David Klafter transitioned from the investment team in January 2020 to join Table Management (Bill's family office) ■Michael Chamberlain assumed the role of assistant trader, replacing Rob Unger, in July 2019 ■ Mary Seo joined our accounting team in July 2019 We have the right team in place to compound our capital for years to come 26

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