PS - SEC Form 4 insider transactions

Director Pershing Square Management, Llc was granted 99,657,680 units of Common Shares of Beneficial Interest, disposed of $4,800,000,000 worth of Common Shares of Beneficial Interest (96,000,000 units at $50.00) and was granted 1,000,000 units of 7.50% Series A Cumulative Preferred Shares (SEC Form 4)

Director Pershing Square Partner Group Llc returned 13,603,657 shares to the company, decreasing direct ownership by 7% to 184,289,699 units (SEC Form 4)

Chief Financial Officer Gonnella Michael acquired 20,000 shares and returned 192,426 shares to the company, decreasing direct ownership by 6% to 2,626,804 units (SEC Form 4)

CLO; CCO Coussin Halit acquired 40,000 shares and returned 197,771 shares to the company, decreasing direct ownership by 5% to 2,719,219 units (SEC Form 4)

President Hakim Ben was granted 75,000 shares, returned 231,388 shares to the company and acquired 20,000 shares, decreasing direct ownership by 4% to 3,229,632 units (SEC Form 4)

Chief Investment Officer Israel Ryan returned 667,614 shares to the company and acquired 100,000 shares, decreasing direct ownership by 6% to 9,144,214 units (SEC Form 4)

Director Lamotte Nicholas M was granted 600,000 shares and acquired 304,000 shares (SEC Form 4)

Director Coppel Calvo David was granted 900,000 shares (SEC Form 4)

Director Pershing Square Capital Management, L.P. disposed of $22,460,433 worth of shares (341,033 units at $65.86) and acquired $22,460,433 worth of shares (341,033 units at $65.86) (SEC Form 4)

Director Pershing Square Capital Management, L.P. disposed of $2,021,969 worth of shares (90,875 units at $22.25) and acquired $2,021,969 worth of shares (90,875 units at $22.25) (SEC Form 4)

SEC Form 4: K Karenann Terrell exercised 235,385 units of Class A Common Stock at a strike of $8.41 and disposed of $0 worth of Class A Common Stock (87,951 units at $0.00), decreasing direct ownership by 100% to 0 units

SEC Form 4: I Timothy Maudlin exercised 326,309 units of Class A Common Stock at a strike of $3.71 and disposed of $0 worth of Class A Common Stock (53,814 units at $0.00), decreasing direct ownership by 100% to 0 units

SEC Form 4: L Gary Crittenden exercised 260,479 units of Class A Common Stock at a strike of $4.65 and disposed of $0 worth of Class A Common Stock (53,814 units at $0.00), decreasing direct ownership by 100% to 0 units

SEC Form 4: Bradley Rencher exercised 288,891 units of Class A Common Stock at a strike of $4.19 and disposed of $0 worth of Class A Common Stock (53,814 units at $0.00), decreasing direct ownership by 100% to 0 units

SEC Form 4: C. Bonita Stewart decreased direct ownership by 100% to 0 units

SEC Form 4: Frederick Onion exercised 9,961,071 units of Class A Common Stock at a strike of $0.00

SEC Form 4: Arne Duncan disposed of $0 worth of Class A Common Stock (102,120 units at $0.00) and exercised 486,187 units of Class A Common Stock at a strike of $4.73, decreasing direct ownership by 100% to 0 units

SEC Form 4: C. Leah Johnson decreased direct ownership by 100% to 0 units

SEC Form 4: D Scott Dorsey exercised 280,822 units of Class A Common Stock at a strike of $5.83 and disposed of $0 worth of Class A Common Stock (72,740 units at $0.00), decreasing direct ownership by 100% to 0 units

SEC Form 4: Matthew Forkner decreased direct ownership by 100% to 0 units

SEC Form 4: Ross Meyercord decreased direct ownership by 100% to 0 units

SEC Form 4: James Budge exercised 150,080 units of Class A Common Stock at a strike of $0.00, decreasing direct ownership by 100% to 0 units

SEC Form 4: Aaron Skonnard gifted 46,189 units of Class A Common Stock, disposed of $0 worth of Class A Common Stock (1,275,382 units at $0.00) and exercised 15,074,573 units of Class A Common Stock at a strike of $1.56, decreasing direct ownership by 100% to 0 units

SEC Form 4: Matthew Forkner disposed of $136,784 worth of Class A Common Stock (6,101 units at $22.42), decreasing direct ownership by 3% to 186,028 units

SEC Form 4: James Budge disposed of $32,980 worth of Class A Common Stock (1,471 units at $22.42), decreasing direct ownership by 0.82% to 178,871 units

SEC Form 4: Aaron Skonnard disposed of $65,937 worth of Class A Common Stock (2,941 units at $22.42), decreasing direct ownership by 0.97% to 299,324 units

SEC Form 4: James Budge exercised 200,000 units of Class A Common Stock at a strike of $15.00 and sold $4,406,000 worth of Class A Common Stock (200,000 units at $22.03)

SEC Form 4: Matthew Forkner disposed of $6,094 worth of Class A Common Stock (297 units at $20.52), decreasing ownership by 0.15% to 192,129 units

SEC Form 4: Ross Meyercord sold $138,020 worth of Class A Common Stock (6,700 units at $20.60), decreasing ownership by 2% to 304,328 units

SEC Form 4: James Budge disposed of $20,561 worth of Class A Common Stock (1,002 units at $20.52), decreasing ownership by 0.55% to 180,342 units

SEC Form 4: Aaron Skonnard disposed of $46,293 worth of Class A Common Stock (2,256 units at $20.52), decreasing ownership by 0.74% to 302,265 units

SEC Form 4: James Budge disposed of $46,520 worth of Class A Common Stock (2,210 units at $21.05), decreasing ownership by 1% to 181,344 units

SEC Form 4: Matthew Forkner was granted 71,112 units of Class A Common Stock, increasing ownership by 59% to 192,426 units

SEC Form 4: Ross Meyercord was granted 61,697 units of Class A Common Stock, increasing ownership by 25% to 311,028 units

SEC Form 4: James Budge was granted 53,106 units of Class A Common Stock, increasing ownership by 41% to 183,552 units

SEC Form 4: Aaron Skonnard was granted 153,664 units of Class A Common Stock, increasing ownership by 102% to 304,521 units

SEC Form 4: Ross Meyercord disposed of $151,172 worth of Class A Common Stock (7,303 units at $20.70) and sold $139,025 worth of Class A Common Stock (6,700 units at $20.75), decreasing ownership by 5% to 249,331 units

SEC Form 4: Matthew Forkner gifted 4,440 units of Class A Common Stock, decreasing ownership by 4% to 121,314 units

SEC Form 4 filed by Aaron Skonnard