Pershing Square Investor 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 >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 11

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