Pershing Square Activist Presentation Deck

2021 Performance Ahead of Most Market Indices 26.9% PSH 2021 Return: PSH Net of Fees vs. Indices Total Return 28.7% S&P 500 17.4% FTSE 100(1) 22.3% MSCI World 19.8% HFRX Activist Index (2) 12.1% HFRX Equity Hedge Index (2) Reflects returns from 12/31/20 through 12/31/21, including dividend reinvestment for indices. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) FTSE 100 index reflects USD-denominated returns for consistency with other indices. (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. 14

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