Pershing Square Holdings, Ltd. the pricing of 500 million aggregate principal amount of Senior Notes due 2027 at a coupon of 1.375% per annum (the Notes). The net proceeds from the offering of the Notes are expected to be used to fund PSHs previously announced tender offer for any and all of its issued and outstanding 5.50% Senior Notes due 2022 and, if such tender offer is not consummated or the full amount of net proceeds are not used to fund such tender offer, for general corporate purposes, including to make investments or hold assets in accordance with PSHs investment policy. This announcement does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in Australia, Brazil, Canada, Germany, Hong Kong, Singapore, South Korea, Spain, the United Arab Emirates and any other jurisdiction where to do so might constitute a violation or breach of any applicable law or regulation or to any national, resident or citizen thereof. The Notes mentioned herein have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the Securities Act). The Notes may not be offered or sold in the United States or to U.S. persons (as defined in Regulation S under the Securities Act) absent registration or an applicable exemption from the registration requirements of the Securities Act. There will be no public offering of the Notes in the United States. PSH has not been and will not be registered under the U.S. Investment Company Act of 1940, as amended (the Investment Company Act), and investors in the Notes mentioned herein will not be entitled to the benefits of the Investment Company Act.