Pershing Square USA, Ltd. (“PSUS” or the “Company”), today announced that it is withdrawing its previously announced Initial Public Offering (the “IPO”) of common shares of beneficial interest. Bill Ackman, Pershing Square CEO, issued the following statement:

“Over the last seven weeks, we have met with many institutions and family offices, and held numerous town halls for Pershing Square USA, Ltd. While we have received enormous investor interest in PSUS, one principal question has remained:

Would investors be better served waiting to invest in the aftermarket than in the IPO?

This question has inspired us to reevaluate PSUS’s structure to make the IPO investment decision a straightforward one. We will report back once we are ready to launch a revised transaction.”

About Pershing Square USA, Ltd.

Pershing Square USA, Ltd. is a closed-end investment management company registered under the Investment Company Act of 1940.

About Pershing Square Capital Management, L.P.

Pershing Square Capital Management, L.P., based in New York City, is a SEC-registered investment advisor to investment funds.

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