Pershing Square Investor Presentation Deck

2020 Corporate Actions: Return of Capital In 2020, PSH returned $367 million of capital through its quarterly dividend and opportunistic share buybacks Continued quarterly dividend ■ Quarterly dividend of $0.10 per share, a 1.1% yield at the current PSH share price¹ $81 million of capital returned ▸ Opportunistic share buybacks Executed $286 million of share buybacks Generated $134 million in accretion for a 2.4% contribution to 2020 returns Retired 6.6% of public shares in 2020 ► Factors considered regarding return of capital Other uses of cash and potential return on capital Accretion from share repurchases at a discount Impact on free float Impact on discount (1) PSH:NA share price of $37.80 as of February 16, 2021. 12

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