Pershing Square Investor Presentation Deck
Additional Disclaimers and Notes to Performance Results
PSH NAV appreciation is calculated with respect to PSH's Public Shares only. Results are presented on a netof-fees basis. Net returns include the reinvestment of all dividends, interest, and capital
gains from underlying portfolio companies and assume an investor has participated in any "new issues" as such term is definedu nder Rules 5130 and 5131 of FINRA. Net returns also reflect the
deduction of, among other things, management fees, brokerage commissions, administrative expenses and performance allocation fees (if any). Performance is based on the dollar return for the
specific period, including any and all divid en ds paid by PSH, calculated from the beginning of such period to the end of such period. Where PSH's performance is presented with that of PSLP,
results also assume that an investor invested in PSLP at its inception on January 1, 2004 and converted to PSH at its incepton on December 31, 2012. Depending on the timing of an individual
investor's specific investment in PSH and/or PSLP, net performance for an individual investor may vary from the net performance as stated herein. Performance data 2020 is estimated and
unaudited. Past performance is not a guarantee of future results.
Total shareholder return for 2020 is calculated based on PSH's Public Shares traded on Euronext Amsterdam. Calculated based on the Public Shares listed in GBP on the London Stock Exchange
over the same periods, PSH's share price increased by 78.5%. Calculated based on the Company's Public Shares listed in USD onth e London Stock Exchange, the Company's share price increased
by 84.2%. Performance is based on the return for the specific period, including any and all dividends paid by the Company, calculated from the beginning of such period to the end of such period.
Past performance is not a guarantee of future results.
PSH's total debt to capital ratio is calculated in accordance with the "Total Indebtedness to Total Capital Ratio" under thePSH Bonds' Indentures. Under the Indentures, the "Total Capital" reflects
the sum of PSH's NAV and its "Total Indebtedness". Total Indebtedness reflects the total "Indebtedness" of PSH and any consoldated subsidiaries (excluding any margin debt that does not exceed
10% of the Company's total capital), plus the proportionate amount of indebtedness of any unconsolidated subsidiary or affiliated special investment vehicle. As defined in the Indenture,
"Indebtedness" reflects indebtedness (i) in respect of borrowed money, (ii) evidenced by bonds, notes, debentures or similarinstruments or letters of credit (or reimbursement agreements in
respect thereof), representing capital lease obligations, (iv) representing the balance deferred and unpaid of the purchase price of any property or services (excluding accrued expenses and trade
payables in the ordinary course of business) due more than one year after such property is acquired or such services are competed or (v) in respect of capital stock that is repayable or redeemable,
pursuant to a sinking fund obligation or otherwise, or preferred stock of any of PSH's future subsidiaries. Indebtedness does not include, among other things, NAV attributable to any management
shares or hedging obligations or other derivative transactions and any obligation to return collateral posted by counterparties in respect thereto.
Since June 20, 2019, PSH has engaged in share repurchases whereby its buyback agent has repurchased Public Shares subject to certain limitations. Any positive impact on performance due to
these share buybacks is reflected herein.
PSLP's net performance results are presented as it is the Pershing Square fund with the longest track record and substantially the same investment strategy to PSH. The inception date for PSLP is
January 1, 2004. PSLP's net returns for 2004 were calculated net of a $1.5 million (approximately 3.9%) annual management feeand performance allocation equal to 20% above a 6% hurdle, in
accordance with the terms of the limited partnership agreement of PSLP then in effect. That limited partnership agreement was later amended to provide for a 1.5% annual management fee and 20%
performance allocation effective January 1, 2005. The net returns PSLP set out in this document reflect the different fee arrangements in 2004, and subsequently. In addition, pursuant to a separate
agreement, in 2004 the sole un affiliated limited partner paid Pershing Square an additional $840,000 for overhead expenses inconnection with services provided unrelated PSLP which have not
been taken into account in determining PSLP's net returns. To the extent such overhead expenses had been included in fund expenses, net returns would have been lower.
The market indices shown in this presentation have been selected for purposes of comparing the performance of an investment in PSH with certain broad-based benchmarks. The statistical data
regarding these indices has been obtained from Bloomberg and the returns are calculated assuming all dividends are reinvested The S&P 500 Index is not subject to any of the fees or expenses to
which PSH is subject, while the H FRX ED: Activist Index and HFRX Equity Hedge Fund Index are net of fees and expenses. The funds are not restricted to investing in those securities which
comprise any of these indices, their performance may or may not correlate to any of these indices and the portfolio of the funds should not be considered a proxy for any of these indices. The
volatility of an index may materially differ from the volatility of the Pershing Square funds' portfolio. The S&P 500 is comprised of a representative sample of 500 U.S. large-cap companies. The
index is an unmanaged, float-weighted in dex with each stock's weight in the index in proportion to its float, as determined by Standard & Poors. The S&P 500 index is proprietary to and is
calculated, distributed and marketed by S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC), its affiliates and/or its licensors and has been licensed for use. S&P® and S&P 500Ⓡ are
registered trademarks of Standard & Poor's Financial Services LLC. 2021 S&P Dow Jones Indices LLC, its affiliates and/or its licensors. All rights reserved. The MSCI World Index is a broad global
equity index that represents large and mid-cap equity performance across 23 developed markets countries, covering approximately 85% of the free float-adjusted market capitalization in each
country. The HFRX ED: Activist Index is composed of hedge fund strategies with greater than 50% of the portfolio in activistpositions. Activist strategies included in the index may obtain or attempt
to obtain representation of the company's board of directors in an effort to impact the firm's policies or strategic direction and in some cases may advocate activities such as division or asset sales,
partial or complete corporate divestiture, dividend or share buybacks, and changes in management. The HFRXEquity Index is composed of hedge fund strategies typically investing at least 50% of
the portfolio in long or short equity positions. Hedge Fund Research, Inc. is the sponsor and the source of the information on HFRX indices provided in this presentation. The HFRXED Activist
Index and the HFRX Equity Index are being used under license from Hedge Fund Research, Inc., which does not approve of or endorse the contents of this presentation.
Pages 20-21 of this presentation reflect the contributors and detractors to the performance of the portfolio of PSH. Other than share buyback accretion and bond interest expense, positions with
contributions or detractions to performance of 50 basis points or more are listed separately, while positions with contributo ns or detractions to performance of less than 50 basis points are
aggregated. The contributions and detractions to performance presented herein are based on gross returns which do not reflectdeduction of certain fees or expenses charged to PSH, including,
without limitation, management fees and accrued performance allocation /fees (if any). Inclusion of such fees and expenses would pro duce lower returns than presented here. In addition, at times,
Pershing Square may engage in hedging transactions to seek to reduce risk in the portfolio, including investment-specific hedges that do not relate to the underlying securities of an issu er in which
PSH is invested. For each issuer, the gross returns reflected herein (i) include only returns on the investment in the underlying issuer and the hedge positions that directly relate to the securities
that reference the underlying issuer (e.g., if PSH was long Issuer Astock and also purchased puts on Issuer Astock, the gross return reflects the profit/loss on the stock and the profit/loss on the
put); (ii) do not reflect the cost/ benefit of hedges that do not relate to the securities that reference the underlying issuer (e.g., if PSH was long Issuer Astock and short Issuer B stock, the profit/loss
on the Issuer B stock is not included in the gross returns attributable to the investment in Issuer A); and (iii) do not reflect the cost/benefit of portfolio hedges. Performance with respect to currency
hedging related to a specific issuer is included in the overall performance attribution of such issuer. For all other currency derivatives, the long/short classification is determined by the non-USD leg
of the derivative. For example, a long USD call/GBP put option position would be considered a short exposure, and a long USDput/GBP call option would be considered a long exposure. The
contributors and detractors to the gross returns presented herein are for illustrative purposes only. The securities on this list may not have been held by PSH for the entire calendar year. All
investments involve risk including the loss of príncipal. It should not be assumed that investments made in the future will be profitable or will equal the performance of the securities on this list.
Past performance is not indicative of future results. Please refer to the net performance figures presented on page 18.
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