Pershing Square Activist Presentation Deck
Long-Term Debt Financing Strategy
Our ability to access low-cost, investment grade, long-term debt is an
important competitive advantage for PSH
✓ PSH has attractive credit characteristics
■ Simple, transparent and highly liquid investment portfolio
■ Significant asset coverage: PSH debt is covered ~4.5x by assets
■ Underlying portfolio companies are diversified across industries and have relatively
low commodity exposure and cyclical risk
Proven investment strategy with a long-term track record
■ Facilitates opportunistic issuances
✓ Laddered maturities ranging from 2022 to 2039 are well matched with
PSH's long-term investment horizon
✓ No margin leverage
No mark-to-market covenants
The spread on PSH USD-denominated debt has declined from 337bps at its inaugural
issuance to 175bps at its most recent issuance
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