Pershing Square Investor Presentation Deck
PSTH Price Performance Since IPO
Including pro-rata distributed warrants, PSTH appreciated 44% from its
IPO through December 31, 2020, and increased 21% year-to-date in 20211
PSTH price performance from 7/21/2020 to 2/16/2021:
$36
$34
Share price
$32
$30
$28
$26
$24
$22
$20
$18
7/21/20: PSTH prices IPO
at $20.00 per unit. Each
unit consists one share,
one-ninth of a
Distributable Redeemable
Warrant, and the right to
receive additional Tontine
Warrants
7/21/2020
9/11/20: Each PSTH unit
separated into one share
and one-ninth of a
Distributable Redeemable
Warrant, which began
trading separately²
8/21/2020
11/21/2020
PSTH Share (post-Warrant Distribution)
Note: The performance of PSTH unit, share, and warrant prices is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds.
(1) As of 2/16/2021.
10/21/2020
9/21/2020
3
-PSTH incl. Pro Rata Warrant ³
IPO Price:
$20 per unit
12/21/2020
$35
1/21/2021
(2) Right to receive additional Tontine Warrants remains with the shares.
(3) Reflects the PSTH unit price prior to September 11, 2020 and the PSTH share price plus the price of one-ninth of one distributable redeemable warrant from that date onwards.
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