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Confidential
Annual Investor Dinner
January 22, 2009
Pershing Square Capital Management, L.P.
Confidential
2
Welcome to our Annual Investor Dinner
2008 Core Fund Performance Review
A Review of Our Investment Strategy
Largest Realized Investments in 2008
Target / Pershing Square IV
Select Portfolio Investments
Lessons Learned in 2008
Organizational Update
Business and Operations Update
Thoughts on 2009
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