Pershing Square Activist Presentation Deck
Pershing Square Tontine Holdings ("PSTH")
We remain disciplined in seeking a potential transaction for PSTH that
meets our core investment principles
► Pershing Square assumed PSTH's obligations to Vivendi
■ Completed the purchase of UMG shares ahead of schedule and on original terms
■ Preserved Pershing Square's reputation for doing what we say we're going to do
Pershing Square funds reimbursed PSTH for its broken deal costs and assumed Vivendi
indemnity to enable PSTH to immediately pursue another transaction
Disappointing outcome for PSTH investors, but large opportunity set remains
■ PSTH is a highly attractive merger partner with up to $7bn in deployable cash
Unique scale and favorable structural features differentiate PSTH from other SPACs
Well-positioned as an alternative to an IPO given current market volatility
We are highly economically and reputationally motivated to consummate a
transaction that creates value for PSTH shareholders
We remain disciplined on both business quality and valuation
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