PERSHING SQUARE INC.

Code

G

Shares

10,000,000

Price

$0.00

Footnotes

7

Reflects a bona fide gift by the Reporting Person for no consideration to The Ackman Oxman Institute ("AOI"), a charitable foundation of which the Reporting Person and his spouse serve as directors and whose shares over which the Reporting Person and his spouse share voting and investment power, which will continue to be reported on the Reporting Person's Section 13 filings. The gift is intended to support the long-term operations and charitable activities of AOI. As required by the lock-up agreement between the Reporting Person and the representatives of the underwriters in connection with the initial public offering of Issuer common stock, AOI agreed in writing to be bound by the same restrictions set forth therein. The transfer restrictions under the Issuer's Articles of Incorporation were released with respect to, and no longer apply to, these gifted shares. The Reporting Person does not have any pecuniary interest in, and disclaims beneficial ownership of, shares of Issuer common stock held by AOI for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Reflects shares directly held by WAA Management LLC, of which the Reporting Person is the sole manager. Reflects shares directly held by a grantor retained annuity trust, of which the Reporting Person is the trustee. Reflects shares directly held by a limited liability company that is wholly owned by the Reporting Person's spouse. Reflects shares directly held by trusts for the benefit of, or whose beneficiaries include, the Reporting Person's family members. The Reporting Person may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a) under the Exchange Act. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.