2019 Performance Review

Total Assets Under Management As of 12/31/2019 ($ in millions) 1 Total AUM Equity AUM Pershing Square Holdings ("PSH") $7,121 $5,721 Pershing Square, L.P. ("PSLP") 727 727 Pershing Square International ("PSI") 726 726 Total Core Funds $8,573 $7,173 Assets under management are net of any capital redemptions through December 31, 2019 and include crystallized performance fee/allocation. No deductions are made for any capital redemptions if such redemption amounts are to be immediately re-subscribed into the same Pershing Square fund. (1) Total AUM includes $1.4 billion PSH bond proceeds. Equity AUM excludes $1.4 billion PSH bond proceeds 19

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