Pershing Square Activist Presentation Deck

PSH Board Process ► Quarterly meetings; additional meetings as needed ► Review and Monitor ■ Investment performance and portfolio ■ Operational risk management Investor relations ■ Share price performance ■ Expenses ■ Regulatory matters ▸ Board Committees (membership limited to independent directors except for risk committee) ■ Audit Committee Management Engagement Committee Nomination Committee Remuneration Committee ■ Risk Committee ►Additional matters 6

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