Pershing Square Holdings Ltd

Transaction in Own Shares • May 18, 2020

National Storage Mechanism | Additional information

Pershing Square Holdings, Ltd. Announces Transactions in Own Shares

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) (“PSH”) today announced that it has purchased, through PSH’s agent, Jefferies International Limited (“Jefferies”), the following number of PSH’s Public Shares of no par value (ISIN Code: GG00BPFJTF46) (the "Shares"):

Trading Venue:	London Stock Exchange
Ticker:	PSH
Date of Purchase:	15 May 2020
Number of Public Shares purchased:	50,763 Shares
Highest Price Paid Per Share:	1,668 pence / 20.22 USD
Lowest Price Paid Per Share:	1,616 pence / 19.59 USD
Average Price Paid Per Share:	1,649 pence / 20.00 USD
Ticker:	PSHD
Date of Purchase:	15 May 2020
Number of Public Shares purchased:	13,299 Shares
Highest Price Paid Per Share:	20.10 USD
Lowest Price Paid Per Share:	20.10 USD
Average Price Paid Per Share:	20.10 USD
Trading Venue:	Euronext Amsterdam
Ticker:	PSH
Date of Purchase:	15 May 2020
Number of Public Shares purchased:	55,554 Shares
Highest Price Paid Per Share:	20.40 USD
Lowest Price Paid Per Share:	19.70 USD
Average Price Paid Per Share:	20.05 USD

PSH will hold these Public Shares in Treasury. The net asset value per Public Share related to this buyback is 31.30 USD / 25.48 GBP which was calculated as of 12 May 2020 (the “Relevant NAV”). After giving effect to the above buyback, PSH has 198,076,737 Public Shares outstanding, or 203,913,401 Public Shares calculated on a fully diluted basis (assuming that all Management Shares had been converted into Public Shares at the Relevant NAV). Excluded from the shares outstanding are 12,880,013 Public Shares held in Treasury. The prices per Public Share were calculated by Jefferies.

The number of PSH Management Shares and the one special voting share (held by PS Holdings Independent Voting Company Limited) have not been affected.

**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 that makes concentrated investments principally in North American companies.

Media

Camarco

Ed Gascoigne-Pees / Hazel Stevenson +44 020 3757 4989, media-pershingsquareholdings@camarco.co.uk

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Pershing Square Holdings, Ltd.