2019 Performance Review

Pershing Square's Varied Approach to Activism Our approach to activism varies depending on the situation. We seek to engage with our portfolio companies in a manner that will maximize the certainty and magnitude of shareholder value creation Range of Activist Engagement... Proxy Contest Board Representation ...To Help Effectuate Change ✓ Recruit new leadership Less Visible More Visible Drive operational improvement Public Presentation ✓ Pursue business separation Private Letter ✓ Optimize capital allocation Behind-the-Scenes Discussions Ongoing Oversight ✓ Improve investor communication ✓ Highlight 'hidden' value 23 24

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