Pershing Square Activist Presentation Deck
Strategies to Address the Discount
► Strong investment performance
■ Compound annual net returns above 50% for the last three years
► Marketing
■ Inclusion of PSH in the FTSE 100 index in December 2020
■ AIC reclassification from Hedge Funds to US Equity
■ Portfolio transparent and easy to value
■ Efforts in UK - Frostrow, increased platform visibility
Corporate actions
■ Premium listing in London in May 2017 to broaden investor base and increase liquidity
Share buybacks from 2017 through 2020 repurchased 50.8m shares for $837m at an average
discount to NAV of 26.5% and reduced shares outstanding by 21% (1)
■ Share purchases by PSCM affiliates; now own 25% of shares outstanding (2)
Initiation of quarterly dividend of $0.10 per share in Q1 2019
The board continues to believe that the most powerful driver of long-term
shareholder returns will be continued strong absolute and relative NAV performance
(1) Reflects public shares outstanding as of April 30, 2017.
(2) Ownership percentage based on current shares outstanding.
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