Pershing Square Activist Presentation Deck
PSLP / PSH Cumulative Net Returns Since Inception
PSLP / PSH Net Returns vs. S&P 500
through December 31, 2021
1,800%
1,600%
1,400%
1,200%
1,000%
800%
600%
400%
200%
0%
(200%)
2004
2005
2006
2007
2008
Launch of PSH
December 31, 2012
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
PSLP / PSH:
1,709%
S&P 500:
514%
2021
Data represents returns an investor would have earned by investing in PSLP at its January 1, 2004 inception and converting to PSH at its launch on December 31, 2012.
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.
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