2019 Performance Review

Pershing Square L.P. ("PSLP") / PSH Annual Net Returns PSH's 58.1% net return in 2019 was the fifth time Pershing Square funds generated net returns of 39% or more (on average, every third year) Year Annual Net Returns S&P 500 PSLP / PSH 2004 10.9% 42.6% 2005 4.9% 39.9% 2006 15.8% 22.5% 2007 5.5% 22.0% 2008 (37.0%) (13.0%) PSLP 2009 26.5% 40.6% 2010 15.1% 29.7% 2011 2.1% (1.1%) 2012 16.0% 13.3% 2013 32.4% 9.6% 2014 13.7% 40.4% 2015 1.4% (20.5%) 2016 11.9% (13.5%) PSH 2017 21.8% (4.0%) 2018 (4.4%) (0.7%) 2019 31.5% 58.1% Compound Annual Return 9.1% 14.3% Data represents returns an investor would have earned if they invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. 15

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