Pershing Square Holdings Ltd

Transaction in Own Shares • Jul 23, 2019

Pershing Square Holdings, Ltd. Announces Transactions in Own Shares

London, 22 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"):

London Stock Exchange
PSH
22 July 2019
12,221 Shares
1,450 pence / 18.11 USD
1,440 pence / 17.98 USD
1,446 pence / 18.06 USD
PSHD
22 July 2019
6,744 Shares
18.00 USD
17.96 USD
17.98 USD
Euronext Amsterdam
PSH
22 July 2019
31,372 Shares
18.10 USD
17.98 USD
18.04 USD

PSH intends to cancel these Public Shares. The net asset value per Public Share related to this buyback is 25.68 USD / 20.70 GBP which was calculated as of 16 July 2019. After giving effect to the above buyback, PSH has 215,293,969 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