Pershing Square Holdings, Ltd. (“PSH”) Notes the Transaction Announced Today by Howard Hughes Holdings (“HHH”) and PSH’s Investment Manager

PSH’s Management Fees to Be Reduced by Fees Paid to Pershing Square by HHH

LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) today noted that its investment manager, Pershing Square Capital Management, L.P. (the “Investment Manager”), the Investment Manager’s holding company, Pershing Square Holdco, L.P. (“Holdco”, and together with the Investment Manager, “Pershing Square”), and Howard Hughes Holdings, Inc. jointly issued the following release announcing Holdco’s investment of $900 million to acquire nine million newly issued shares of HHH: https://investor.howardhughes.com/news-releases/news-release-details/pershing-square-invest-900-million-acquire-nine-million-newly. After giving effect to the acquisition, Holdco, PSH and other Pershing Square funds will collectively own approximately 46.9% of HHH common stock outstanding. Pershing Square has generally agreed to limit its voting power to 40% and its beneficial ownership to 47%.

PSH Fee Reduction
In connection with the acquisition, HHH has entered into a Services Agreement with the Investment Manager, pursuant to which the Investment Manager will provide investment, advisory, and other ancillary services to HHH, and HHH will pay the Investment Manager a quarterly fee further described in the joint press release. In connection with the foregoing, the Investment Manager will reduce the management fees paid by PSH by an amount equal to the fees paid by HHH to the Investment Manager that are attributable to the HHH common stock held by PSH.

This press release does not constitute an offer to sell or buy or the solicitation of an offer to buy or sell any securities.

About Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) is an investment holding company structured as a closed‐ended fund that makes concentrated investments principally in North American domiciled companies.

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