Pershing Square Capital Management, L.P. (“Pershing Square”) today announced a settlement with the U.S. Securities and Exchange Commission (“Commission”) regarding a previously reported campaign contribution by a former employee made in violation of the Commission's rules governing political contributions by investment adviser employees and Pershing Square’s own compliance policies. Pershing Square has determined that agreeing to this settlement is in the best interest of the firm. Without admitting or denying liability, Pershing Square has agreed to pay $75,000 to resolve this matter.