Pershing Square Investor Presentation Deck

2020 Key Developments Our ability to act quickly and decisively on key insights throughout the year resulted in the strongest annual returns in Pershing Square's history Initiated a hedging program in the index CDS markets in late February Invested hedging gains at deeply discounted prices Launched Pershing Square Tontine Holdings ("PSTH”) Continued constructive engagement across our portfolio Focused investment-centric organization is performing at highest levels 27

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