2019 Performance Review

PSH Corporate Action History December 31, 2012 ➤ Launched as private fund October 13, 2014 ► Listed on Euronext Amsterdam February 13, 2019 June 19, 2019 June 26, 2015 ▸ Issued $1 billion of Senior Notes due 2022 at an interest rate of 5.50% per annum, rated investment grade by S&P and Fitch July 25, 2019 April 19, 2017 ▸ Announced buyback program of up to 5% of outstanding PSH Public Shares ▸ Announced ongoing quarterly dividend of $0.10 per share, a 2.5% yield to the PSH share price at the time² ▸ Announced share buyback program of $100 million Issued $400 million of Unsecured Bonds due 2039 at interest rate of 4.95% per annum, rated investment grade by S&P and Fitch May 2, 2017 Gained premium listing on the Main Market of the London Stock Exchange October 29, 2019 Announced additional share buyback program of $100 million May 2, 2017 to January 2, 2018 ▸ Repurchased $77 million at an average cost per share of $14.10 (average discount to NAV of 20.1%); program ended in anticipation of company tender offer May 10, 2018 $300 million company tender executed at $13.47 per share (20.5% discount to NAV) reducing effective free float by 9.5%¹ December 13, 2019 Announced additional share buyback program of $100 million June 20, 2019 to February 4, 2020 ► Under the 2019 share buyback programs, PSH has executed share buybacks totaling $224 million at an average cost per share of $18.84 (average discount to NAV of 28.0%) (1) Effective free float refers to the number of Public Shares not owned by affiliates of Pershing Square. (2) PSH share price at close ($15.70) on the London Stock Exchange as of February 12, 2019 7

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