Pershing Square Investor Presentation Deck

Board of Directors of PSH All directors are independent of Manager other than Nicholas Botta Board Director Summary Experience Director Blue River Acquisition Corp. Former Director Investec Asset Management Former Partner, Providence Equity Partners, Electra Private Equity Partners, JF Electra Ltd Morgan Stanley, New York Bain and Company, London Anne Farlow Independent Director Chairman of the Board Chairman, Nomination Committee Bronwyn Curtis, OBE Senior Independent Director Chairman, Management Engagement Committee Richard Battey Independent Director Chairman, Audit Committee Nicholas Botta Director Chairman, Risk Committee Andrew Henton, KS JC Independent Director Richard Wohanka, CBE Independent Director Chairman, Remuneration Committee Director of U.K. Office of Budget Responsibility, JP Morgan Asia Growth and Income plc, Mercator Media, Australia-United Kingdom Chamber of Commerce, Scottish American Investment Co and BH Macro Ltd Former Governor, London School of Economics Former Head of Global Research, HSBC and Former Head of European Broadcast, Bloomberg LP Nomura International, Deutsche Bank Director of Princess Private Equity Holding Ltd, Better Capital PCC Ltd, AXA Property Trust Ltd, Juridica Investments Ltd, Sniper Macau Fund Heritage Properties II Ltd and former Director NB Global Floating Rate Income Fund Ltd Former CFO, Can Argo Energy Corporation Former COO and Finance Director, Schroder Investment Management President of the Investment Manager Former CFO, the Investment Manager Former CFO, Gotham Partners Former Senior Auditor, Deloitte & Touche Chair of the Board of Boussard & Gavaudan Holding Ltd Chair of the Board of SW7 Holdings Ltd Chair of St John Ambulance, Guernsey Director Butterfield Bank Guernsey Limited, Longview Partners (Guernsey) Ltd Chairman of Nuclear Liabilities Fund and Pension Super Fund Director Ransom Group Companies and Trustee of the James Neill Pension Fund Former Director of Julius Baer International, Old Mutual Global Investors and Union Bancaire Privée, Japan and Banque Paribas European Banking Corporation Former CEO, Union Bancaire Privée Asset Management, Fortis Investments, West LB Asset Management, Institutional and Mutual Fund Division, Baring Asset Management and Paribas A M 5

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