The issuer advises that the following replaces the Pershing Square Holdings, Ltd. "Affiliate of Pershing Square Holdings, Ltd. to Acquire Additional Stake in Universal Music Group" announcement released at 13:49 GMT today.

Update the final sentence of this press release to read “Citigroup Global Markets Inc. served as placement agent for PSVII.”

Affiliate of Pershing Square Holdings, Ltd. to Acquire Additional Stake in Universal Music Group

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) today announced that PS VII Master, L.P. (“PSVII”), an affiliated co-investment vehicle, has notified Vivendi S.E. that it intends to exercise its option to acquire 52,769,098 Ordinary Shares of Universal Music Group (“UMG”), representing 2.9% of the company, for approximately $21.78 per share (or €18.40 per share at today’s exchange rate). The total cash consideration of $1.1 billion represents an equity value for UMG of €33 billion. PSVII’s purchase will not increase PSH’s ownership of UMG.

Following PSVII’s purchase, PSH and its affiliates will own 10% of the Ordinary Shares of UMG. Citigroup Global Markets Inc. served as placement agent for PSVII.

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) is an investment holding company structured as a closed-ended fund.

Category: (PSH:Investments)

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

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