Pershing Square Holdings, Ltd. announced the pricing terms for the previously announced cash tender offer for any and all of its 5.500% Senior Notes due 2022. Capitalised terms used and not defined herein shall have the meanings set forth in the Tender Offer Memorandum dated September 22, 2021. The consideration for each $1,000 principal amount of the Notes validly tendered and accepted for purchase pursuant to the Offer was determined in the manner described in the Tender Offer Memorandum by reference to the fixed spread for the Notes specified below plus the yield based on the bid-side price of the Reference Security specified below as of 10.00 a.m., New York City time September 29, 2021, the date on which the Offer is currently scheduled to expire. PSH will also pay Accrued Interest (rounded to the nearest cent, with half a cent rounded upwards) in respect of all Notes validly tendered and accepted for purchase by PSH pursuant to the Offer from (and including) the immediately preceding interest payment date, to (but excluding) the Settlement Date. Notes tendered through the guaranteed delivery procedures will not receive accrued interest from the Settlement Date through the Guaranteed Delivery Settlement Date (if different). The Offer will expire, unless terminated earlier, at 5:00 p.m. (New York time) on September 29, 2021 or at such other date or time to which the Offer may be extended, reopened, amended and/or terminated by PSH as provided in the Tender Offer Memorandum (such applicable date and time, the Expiration Deadline).