Pershing Square Investor Presentation Deck

2020 Detractors (Gross Returns) Detractors Berkshire Hathaway Fannie Mae & Freddie Mac Bond Interest Expense All Other Positions & Other Income and Expense Total Detractors PSH (3.1%) (2.5%) (1.5%) (0.6%) (7.7%) Past performance is not a guarantee of future results. All investments involve risk, including the loss of principal. Positions with de tractions to performance of 50 basis points or more are listed above separately, while positions with de tractions to performance of less than 50 basis points are aggregated, except for bond interest expense. Please see the additional disclaimers and notes to performance results at the end of this presentation. 21

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