Pershing Square Holdings Ltd

Transaction in Own Shares • Jul 26, 2019

Pershing Square Holdings, Ltd. Announces Transactions in Own Shares

London, 25 July 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:	25 July 2019
Number of Public Shares purchased:	9,753 Shares
Highest Price Paid Per Share:	1,450 pence / 18.10 USD
Lowest Price Paid Per Share:	1,438 pence / 17.95 USD
Average Price Paid Per Share:	1,446 pence / 18.05 USD
Ticker:	PSHD
Date of Purchase:	25 July 2019
Number of Public Shares purchased:	6,552 Shares
Highest Price Paid Per Share:	18.00 USD
Lowest Price Paid Per Share:	18.00 USD
Average Price Paid Per Share:	18.00 USD
Trading Venue:	Euronext Amsterdam
Ticker:	PSH
Date of Purchase:	25 July 2019
Number of Public Shares purchased:	31,345 Shares
Highest Price Paid Per Share:	18.08 USD
Lowest Price Paid Per Share:	17.96 USD
Average Price Paid Per Share:	18.04 USD

PSH intends to cancel these Public Shares. The net asset value per Public Share related to this buyback is 25.25 USD / 20.30 GBP which was calculated as of 23 July 2019. After giving effect to the above buyback, PSH has 215,145,327 Public Shares outstanding. 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 Contact

Camarco

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