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Pershing Square Capital Management, L.P. (\"Pershing Square\") believes this presentation contains a balanced presentation of the performance of the portfolio it manages, including a general summary of certain portfolio holdings that have both over and under performed its expectations.\n\nThis presentation contains information and analyses relating to all of the publicly disclosed positions representing over 50 basis points in the portfolio of Pershing Square Holdings, Ltd. (\"PSH\" or the \"Company\") during 2024. Pershing Square may currently or in the future buy, sell, cover or otherwise change the form of its investments discussed in this presentation for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained herein including, without limitation, the manner or type of any Pershing Square investment.\n\nPast performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. It should not be assumed that any of the transactions or investments discussed herein were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the investments discussed herein. Specific companies or investments shown in this presentation are meant to demonstrate Pershing Square's active investment style and the types of industries and instruments in which we invest and are not selected based on past performance.\n\nThe analyses and conclusions of Pershing Square contained in this presentation are based on publicly available information. Pershing Square recognizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation and others that could lead these companies to disagree with Pershing Square's conclusions. The analyses provided include certain statements, assumptions, estimates and projections prepared with respect to, among other things, the historical and anticipated operating performance of the companies. Such statements, assumptions, estimates, and projections reflect various assumptions by Pershing Square concerning anticipated results that are inherently subject to significant economic, competitive, legal, regulatory, and other uncertainties and contingencies and have been included solely for illustrative purposes. No representations, express or implied, are made as to the accuracy or completeness of such statements, assumptions, estimates or projections or with respect to any other materials herein. Any forward-looking statement contained in this presentation is subject to various risks and uncertainties. See also \"Forward-Looking Statements\" in Additional Disclaimers and Notes to Performance Results at the end of this presentation. 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All index returns include dividend reinvestment. Past performance is not necessarily indicative of future results. All investments involve the possibility of profit and the risk of loss, including the loss of principal. Please see the additional disclaimers and notes to performance results at the end of this presentation. (1) Year-to-date returns as of 2/10/25. (2) HFRX Equity Hedge Index and HFRX Activist Index are constructed and maintained by Hedge Fund Research, Inc. HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process. HFRX Activist Index includes funds with activist strategies and 50%+ of portfolio in activist situations. 2025 data not available as of 2/10/25. 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"parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.75, "x": 0.21, "y": 0.18 }, "kind": "list", "text": "World’s leading rideshare (mobility) and delivery (Uber Eats) marketplace\nUber’s business model has strong network effects that reinforce supply and demand growth\n170mm monthly customers and 8mm drivers across 70 countries\nLarge demand increases driver utilization; Large driver supply decreases wait times and user prices\nGross bookings (trip value) of ~$160bn is split between mobility and delivery\nFast-growing international business accounts for more than half of bookings\nIndustry-leading management team, led by Dara Khosrowshahi, has vastly improved operational discipline and capital allocation\nManagement targets imply +30% annual EPS growth over the next several years driven by mid-to-high-teens revenue growth, robust margin expansion, and share repurchases\nCurrently trading at 29x P/E due to concerns regarding the potential long-term threat from autonomous vehicles (AVs)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:52.233+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cc98532d-6f1f-4ff2-980f-79f167c3b59b", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.15, "x": 0.04, "y": 0.215 }, "kind": "paragraph", "text": "Uber\nTicker: UBER\nStock Price: $79\nMarket Cap: $168bn", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": 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}, "links": { "slide": "/slides/019de077-8089-70a8-af4b-7abc3eaa282b/75", "deck": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b", "deckAnchor": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b#slide-75", "deckJson": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.66 }, "kind": "disclaimer", "text": "THIS GENERAL INVESTMENT FUND RISK DISCLOSURE IS NOT COMPLETE. THE ABOVE SUMMARY IS NOT A COMPLETE LIST OF THE RISKS AND OTHER IMPORTANT DISCLOSURES INVOLVED IN INVESTING IN PSH AND IS SUBJECT TO THE MORE COMPLETE DISCLOSURES CONTAINED IN PERSHING SQUARE'S FORM ADV PART 2A AND IN PSH'S PROSPECTUS, WHICH MUST BE REVIEWED CAREFULLY.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:57.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0e0a7725-6fcf-459f-b575-ce1fac1dd1e4", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "disclaimer", "text": "An investment in PSH will entail substantial risks, including, but not limited to, those listed below, and a prospective investor should carefully consider the following summary of certain risk factors below:", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:57.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80ae0ed3-65b1-4d4b-ba59-150abc671fbe", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "list", "text": "Speculative Investment and High Degree of Risk. Relevance of Past Performance. Business and Regulatory Risks of Funds. Concentration of Investments. Engaged Investing. Derivatives, Hedging, and Currency. Investment Opportunities. Control Investments.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:57.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f1371f1-af1d-448e-a8f0-3115952a5abb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.71 }, "kind": "list", "text": "PS Holdings Independent Voting Company Limited controls a majority of the voting power of all of PSH's shares; PSH shares may trade at a discount to NAV and their price may fluctuate significantly and potential investors could lose all or part of their investment; and PSH is dependent on William A. Ackman.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:57.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7e5079f2-267f-4aa5-8446-719e49852919", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.11 }, "kind": "title", "text": "Additional Disclaimers and Notes to Performance Results", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 10:48:57.63+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ca3070f-2be1-4b04-a321-ecf99a94ad0d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 4, "label": "Setup", "description": "The document begins with an introduction, disclaimer, and agenda." }, { "from": 8, "to": 10, "label": "Key Messages", "description": "The document presents key messages on PSH's competitive advantage and performance overview." }, { "from": 11, "to": 19, "label": "Proposed Solution", "description": "The document outlines strategies to address the discount and proposed transactions." }, { "from": 15, "to": 19, "label": "Before-After Analysis", "description": "The document presents before-after analyses of various transactions and portfolio companies." } ], "loops": [ { "from": 11, "to": 19, "label": "Cost Of Inaction", "description": "Highlighting the cost of inaction in addressing the discount to NAV" }, { "from": 15, "to": 19, "label": "Before After", "description": "Illustrating the impact of proposed transactions on PSH's portfolio" } ] }