Pershing Square Holdings, Ltd.: Notification and Public Disclosure of Transactions

*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

1. Obtains access to the information in a personal capacity;
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5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.

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