Stanley Druckenmiller on Corporate Governance

I was lucky enough to start Duquesne in 1981 and those were the era of Boone Pickens and Carl Icahn changing corporate governance, and just multiply that times 10X what's going on in Japan. It's an amazing situation. They've been in deflation for 20 years, not unlike Argentina, they've been through the ringer so much that they're willing to try something much more capless. It's funny I'm going over there in a couple weeks and I told the brokerage firm that's helping me arrange meetings, make sure they know I'm not an activist, and they said, oh, no, no, they really like activists. They want you over there and they really like activists. That's all you need to know, that and -- that and the fact that pricing has returned. It's a lot cheaper than here and if you believe in change, there you go. Copper is a pretty simple story, takes about 12 years, greenfield to produce copper, and you got EVs, the grid, data centers, and believe it or not munitions. These missiles all got enough copper in them and the world's getting hot that we just think the supply-demand situation is incredible for the next five or six years.KERNEN: And you'd invest in China, when? There's no -- there's never too strong a word?DRUCKENMILLER: We exited China in 2018. We haven't made a single trade in security there other than their currency once in a while, I won't say which way. I will never invest in China as long as the current leader is there.

The Economic Club of New York ______________________________________ Stanley Druckenmiller Chairman and Chief Executive Officer Duquesne Family Office, LLC ______________________________________ Impact of COVID-19 on Board Governance and Litigation Webinar May 12, 2020 Moderator: Scott Bessent Founder and CIO Key Square Capital Management, LLC

The Economic Club of New York – Stanley Druckenmiller – May 12, 2020 Page 25 I know that our members are looking forward, would have loved hearing more from you, but unfortunately, I have to interrupt this conversation. Thank you, Stan, for being as candid as always and so insightful. And thank you, Scott, for leading a really informative conversation. Thanks again to all our members for being here. Going forward, events such these will continue to be scheduled. There’s an event that’s scheduled next week with Marty Lipton where we’ll discuss governance in this era of Covid-19 and also ESG- related regulations. And just please keep monitoring our website and we’ll continue to communicate with you also by email. So thank you. Stay safe, stay tuned, and hope to have you all soon with us.