Pershing Square Holdings, Ltd. announced that it has commenced a cash tender offer for any and all of its 5.500% senior notes due 2022 and launched an offering of new senior notes denominated in Euros and Dollars (the new notes). The offer is being made on the terms and subject to the conditions set forth in the tender offer memorandum dated September 22, 2021 (the tender offer memorandum). 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 the company as provided in the tender offer memorandum (such applicable date and time, the expiration deadline). Notes tendered may be withdrawn at any time prior to or at 5:00 p.m. (New York City time) September 29, 2021, as may be extended or otherwise amended by the company in accordance with the tender offer memorandum (such applicable date and time, the withdrawal deadline) but not thereafter. holders of notes that validly tender (and do not validly withdraw) their notes prior to or on the expiration deadline and have their tenders accepted by the company will be eligible to receive the consideration plus accrued interest. Notes tendered prior to the withdrawal deadline may be withdrawn at any time prior to or at the withdrawal deadline, which is contemporaneous with the expiration deadline. If the offer is extended, the company will amend the withdrawal deadline applicable to the offer such that notes validly tendered in respect of the offer prior to or at the original withdrawal deadline (including notes validly tendered pursuant to the guaranteed delivery procedures) may be validly withdrawn at any time before the earlier of the expiration deadline (as so extended) and the tenth business day after the launch date. The notes may also be validly withdrawn at any time in the event the offer has not been consummated within 60 business days after the launch date. The amount in cash in US dollars to be paid for each USD 1,000 principal amount of the notes validly tendered pursuant to the offer and not validly withdrawn at or prior to the expiration deadline and accepted for purchase by the company will be equal to an amount (rounded to the nearest cent, with half a cent rounded upwards) that would reflect, as of the settlement date, a yield to maturity of the notes calculated at a discount rate equal to the sum of the reference yield, plus the fixed spread. Specifically, the consideration will equal the value of all remaining payments of principal and interest on the notes assuming they matured on the par call date, discounted to the settlement date at a discount rate equal to the sum of the reference yield plus the fixed spread, minus accrued interest. The company will also pay accrued interest (rounded to the nearest cent, with half a cent rounded upwards) on all notes validly tendered and accepted for purchase by the company. The company 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 the company pursuant to the offer from (and including) the immediately preceding interest payment date, to (but excluding) the settlement date. Unless the company defaults in making such payment, any note accepted for payment pursuant to the offer will cease to accrue interest after 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). Any note not tendered or accepted for payment pursuant to the offer will continue to accrue interest in accordance with its terms. A holder who desires to tender its notes but either cannot comply with the applicable procedures for book-entry transfer or time will not permit such notes to be tendered on or before the expiration deadline, may effect a tender pursuant to the guaranteed delivery procedures set out in the tender offer memorandum. The delivery of notes tendered by the guaranteed delivery procedures must be made no later than 5:00 p.m. (New York City time) on the second business day after the expiration deadline, expected to be October 1, 2021 (such applicable date and time, the guaranteed delivery deadline).