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

Pershing Square HoldingsAnnouncement

Today 07:00

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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

 

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
(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Finvestor.howardhughes.com%2Fnews-releases%2Fnews-release-details%2Fpershing-square-invest-900-million-acquire-nine-million-newly&esheet=54249363&newsitemid=20250505282301&lan=en-US&anchor=https%3A%2F%2Finvestor.howardhughes.com%2Fnews-releases%2Fnews-release-details%2Fpershing-square-invest-900-million-acquire-nine-million-newly&index=1&md5=d8dd4e634fadfb3176b0d8d804bd89b7)
. 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.

Category: (PSH:Other)

Media Contact 

Camarco 

Ed Gascoigne-Pees / Julia Tilley +44 (0)20 3781 8339,
media-pershingsquareholdings@camarco.co.uk
(mailto:media-pershingsquareholdings@camarco.co.uk)



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Pershing Square Holdings, Ltd.


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