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Investor Presentaiton

Bill Ackman is the CEO of Pershing Square Capital Management, L.P. ("Pershing Square"), a registered investment adviser. Pershing Square considers inflation and increasing interest rates to be material risks to equity markets and has entered into interest rate swaptions to hedge these risks. Pershing Square may buy, sell, or otherwise change the form of its investments at any time and for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information in this presentation or information regarding the manner or type of any Pershing Square investment. All information provided herein is for information purposes only. The information provided in this presentation should not be considered a recommendation to purchase or sell any particular financial instrument. Disclaimer 29 29
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