Notification and Public Disclosure of Transactions

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

William A. Ackman

2.

Reason for the notification

a)

Position / status

CEO of investment manager to issuer

b)

Initial notification / amendment

Initial

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Pershing Square Holdings, Ltd.

b)

LEI

U7LC4KOKCTZ0YWGI2G56

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Public Shares (Shares A)

Identification code (ISIN)

GG00BPFJTF46

b)

Nature of the transaction

Termination of Pledge

c)

Price(s) and volume(s)

Price(s)

Volume(s)

NA

1,000,000

d)

Aggregate information:

- Aggregated volume

- Price

Volume (aggregate)

Price

(aggregate)

1.

1,000,000

NA

e)

Date of transaction

31 March 2021

f)

Place of the transaction

Outside a trading venue

Remarks: As previously reported by Mr. Ackman in MAR 19 filings, Mr. Ackman holds securities, including shares of the issuer, in an account subject to a pledge (the "Original Account"). On 31 March 2021, 1,000,000 shares were transferred from the Original Account to a different account not subject to any pledge (the "New Account"). Mr. Ackman owns both the Original Account and the New Account, and his total share ownership did not change as a result of the transfer of shares between the accounts.