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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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