Pershing Square Investor Presentation Deck

Pershing Square Tontine Holdings ("PSTH") 더 In July, PSCM launched Pershing Square Tontine Holdings (“PSTH”), the world's largest special purpose acquisition company ("SPAC") Pershing Square Tontine Holdings Publicly traded company with $5 billion to $7 billion of equity capital Raised $4 billion in its July 22nd IPO on the New York Stock Exchange The Pershing Square funds entered into a forward purchase agreement ("FPA") to invest a minimum of $1 billion at the IPO price Additional FPA to invest a further $2 billion at the option of the funds PSTH creates a unique opportunity for the Pershing Square funds Enables the funds to purchase a large stake in a previously private business The Sponsor Warrants are 100% owned by the Pershing Square funds Unlike other SPACs, no founder shares accrue to individual promoters ■ Pershing Square's management team and affiliates are the largest investors in its funds, and will indirectly own roughly one-fourth of the funds' investment in PSTH 32

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