Pershing Square Activist Presentation Deck

Portfolio Developments Since the beginning of 2021, we initiated four new investments and exited two highly successful investments UNIVERSAL UNIVERSAL MUSIC GROUP Position 2021 Agilent Undisclosed Position (1) Represents return on capital invested. Initiated Positions Domino's Exited Positions Capital Invested ($ mm) $609 $946 2022 NETFLIX Realized Value at Exit ($ mm) $1,103 $1,867 Cumulative Return(¹) 81% 97% 32

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