Pershing Square Activist Presentation Deck

2021 Key Developments 2021 was another strong year for the funds driven by new investments, existing portfolio holdings, and our hedging strategy Purchased 10% of Universal Music Group ("UMG") for $4 billion (¹) prior to its separation from Vivendi Continued to seek merger partner for Pershing Square Tontine Holdings ("PSTH") Filed initial registration statement for Pershing Square SPARC Holdings ("SPARC") Invested in Domino's Pizza and an undisclosed new position Monetized highly successful investments in Agilent and Starbucks Initiated an interest rate hedge in late 2020 and early 2021 (1) Total investment across PSH, PSLP, PSI and PSVII. 23

View entire presentation