Pershing Square Holdings Ltd

Transaction in Own Shares • Nov 21, 2019

Pershing Square Holdings, Ltd. Announces Transactions in Own Shares and Weekly Summary of Transactions in Own Shares

London, 20 November 2019 //‐ 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:	20 November 2019
Number of Public Shares purchased:	22,820 Shares
Highest Price Paid Per Share:	1,424 pence / 18.40 USD
Lowest Price Paid Per Share:	1,420 pence / 18.35 USD
Average Price Paid Per Share:	1,422 pence / 18.38 USD
Ticker:	PSHD
Date of Purchase:	20 November 2019
Number of Public Shares purchased:	21,436 Shares
Highest Price Paid Per Share:	18.34 USD
Lowest Price Paid Per Share:	18.34 USD
Average Price Paid Per Share:	18.34 USD
Trading Venue:	Euronext Amsterdam
Ticker:	PSH
Date of Purchase:	20 November 2019
Number of Public Shares purchased:	21,369 Shares
Highest Price Paid Per Share:	18.42 USD
Lowest Price Paid Per Share:	18.32 USD
Average Price Paid Per Share:	18.37 USD

PSH will hold these Public Shares in Treasury. The net asset value per Public Share related to this buyback is 24.99 USD / 19.33 GBP which was calculated as of 19 November 2019 (the "Relevant NAV"). After giving effect to the above buyback, PSH has 209,753,616 Public Shares outstanding, or 214,920,224 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 1,647,982 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.

PSH also announces that it has published to its website, in accordance with the EU Commission Delegated Regulation (EU) 2016/1052, details of transactions in its own shares for the past week. Information is available at https://pershingsquareholdings.com/company-reports/other-materials/.

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.

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