Dear Pershing Square Investor,

To clarify and provide further detail concerning certain performance data provided on the call, the year-to-date contribution to returns from our equity investments (as of 11/15/22) was negative 1900 to 2200 basis points depending on the fund. The corresponding year-to-date gains from hedges was 1100 to 1400 basis points, which when combined generated a negative net return to date of 8% to 9% depending on the fund.

Pershing Square Capital Management, L.P.

Third Quarter 2022 Investor Call
Event Date: Thursday, November 17th 2022
Event Time: 16:00 GMT (11:00 EST)


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