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Disclaimer

All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned.

Pershing Square Capital Manageme nt, L.P. (“Pershing Square”) believes this presentation contains a balanced presentation of t

he performance of the portfolios it manages, including a general summary of certain portfolio holdings that have both over and under performed our expectations.

This presentation contains informatio n and analyses relating to some of the Pershing Square funds’ positions . Pershing Squar

e may currently or in the future buy, sell, cover or otherwise chan ge the form of its investment in the companies discussed in this presentation for any reason. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained here including, without limitation, the manner or type of any Pershing Square investment. Past performance is not nece ssarily indicative of future results. All investmen ts involve risk including the loss of principal. It should not be assumed that any of the securities transactions or holdings 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 securities discussed herein. Specific companies or securities

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. The analyses and conclusion s of Pershing Square contained in this presentation are based on publicly available information. Pershing Square recog nizes that there may be confidential or otherwise non-public information in the possession of the companies discussed in the presentation 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 concern ing anticipated results that are inherently subject to significant economic, competitive, and other uncertainties and contingenc ies and have been included solely for illustrative purpos es. No representatio ns, 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. All trademarks included in this presentation are the property of their respective owners. In addition, this presentation includes forward-looking statements with respect to future events and financial performance, which are subject to various risks and uncertainties. There are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Neither Pershing Square , nor any entity managed by Pershing Square or any of its affiliates undertake to update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. This document may not be distributed without the express written consent of Pershing Square and does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. This presentation is expressly qualified in its entirety by reference t

o PSH’s prospectus which