Pershing Square Holdings Ltd

Net Asset Value • Sep 5, 2018

Pershing Square Holdings, Ltd. Releases Monthly Net Asset Value and Performance Report for August 2018

London, 4 September 2018 //- Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) today released the following regular monthly Net Asset Value (NAV) and Performance Report for the month of August 2018. The information has also been posted to the PSH website, www.pershingsquareholdings.com. Monthly net asset value and performance are calculated at the close of business on the last business day of the month.

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	August	YTD 2018
Gross Performance	3.2%	15.4%
Net Performance	3.1%	14.4%
NAV/Share (in USD)	\$19.92
NAV/Share (in GBP)	£15.36

Equity & Debt Exposure Composition By Market Cap $^{(3)}$ (4)
	Net Portfolio	Long	Short
Large Cap	97%	97%	0%
Mid Cap	10%	10%	0%
Small Cap	0%	0%	0%
Total	107%	107%	0%
Note: Large Cap >= $$5b$ ; Mid Cap >= $$1b$ ; Small Cap < $$1b$
Assets Under Management
Pershing Square Holdings, Ltd. AUM (6)		Ŧ.	4.411.8M

mber of Positions (2)
Long	10
Short
Total	10

Portfolio Composition by Sector (5)
Business Services	Restaurant
Financials	Retail
Industrials/Chemicals	Undisclosed
RE Corp.

Notional Credit Default Swap Exposure
Single Name & Sovereign CDS	0.0M
Total CDS	0.OM

PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All investments involve the possibility of profit and the risk of loss, including the loss of principal. This document does not constitute an offer to sell or the solicitation of an offer to purchase any security or investment product. All information is current as of the date hereof and is subject to change in the future.

(1) Performance results are presented on a gross and net-of-fees basis. Net returns reflect the deduction of, among other expenses, management fees, brokerage commiss ions , administrative fees, and accrued and/or crystalli zed performance fees, if any, and incl ude the reinvestment of all di vidends , interest, and capital gai ns . Net returns reflect the performance of the Company's Public Shares. Depending on the ti ming of an individual i nvestor's specifi c inves tment, net performance for an individual i nvestor may vary from the net performance as stated herein. Gros s returns reflect the performance of the Company's shares in the aggregate and are pres ented before the deduction of management fees and performance fees, if any. In May 2018, the Company purchased and cancelled 22,271,714 Public Shares pursuant to the tender offer announced on April 25, 2018 (the "Tender Offer"). The positi ve impact on performance of the Tender Offer is reflected herein. Performance data and other information contained herein are estimated and unaudi ted. Net performance is a geometricall y linked, time-weighted calculation.

(2) Reflects the number of pos itions in iss uers in which the Company has previ ously publicly disclosed an inves tment, which occurs after the Company has completed i ts accumulation. Cash, cas h equivalents , direct or indirect currency or other hedges and income/expense i tems are excluded. Multi ple financial i ns truments (for example, common stock and derivati ves on common stock) as sociated wi th one (1) is suer count as one (1) position. A pos ition that is included in the number of posi tions will be removed from the table onl y if the inves tment becomes 0.0% of the portfolio.

(3) For the purpose of determining the equity and debt exposures, investments are valued as fol lows : (a) equity or debt is valued at market value, (b) options referencing equi ty or debt are val ued at market value, (c) long call options and s hort put options (or vice-versa, s hort call options and long put options) held on the s ame underlying issuer and with the s ame strike and same expiry are grouped together and treated as synthetic equity positi ons, and are valued at the market value of the equivalent long equity posi tion (or vi ce-versa, the equivalent short equity positi on), and (d) swaps or forwards referencing equity or debt are valued at the market value of the notional equity or debt underlying the swaps or forwards. Whether a positi on is deemed to be long or short is determined by whether an investment has positive or negative exposure to price i ncreases or decreases. For example, long puts are deemed to be short exposure.

(4) Incl udes all is suer equi ty, debt, and derivatives rel ated to iss uer equity and debt, and associated currency hedges. Cash, cash equivalents, di rect or indirect currency or other hedges and income/expense items are excluded. The market values of associated currency hedges are included as part of the ass ociated investment. In the event that there is a change in market cap category wi th respect to any non-publicly dis closed position, this i nformation is not updated until such positi on is publicly dis closed.

(5) Portfolio composition is reflective of the publicly dis cl os ed portfol io positions as of the date of this report. A position i n an iss uer is only assigned to a s ector once i t has been publicly disclosed. (6) "Pershing Square Holdings, Ltd. AUM" equals the ass ets under management of Pers hing Square Holdings , Ltd. Any performance fees crystalli zed as of the end of the year will be reflected in the followi ng period's AUM.

(7) "Total Strategy AUM" equals the aggregate assets under management of Pers hi ng Square, L.P., Pershing Square International, Ltd., Pershing Square II, L.P. and Pershing Square Holdings, Ltd. (coll ectively, the "Core Funds "). Redemptions effective as of the end of any period (includi ng redempti ons attributable to crystallized performance fees /allocations , i f any) will be reflected in the followi ng period's AUM.

(8) "Total Firm AUM" is the aggregate of Total Strategy AUM and the ass ets under management of Pers hi ng Square VI Master, L.P. which operates as a co-investment vehi cle i nvesting primaril y i n securities of (or otherwise seeking to be exposed to the value of securities i ssued by) Automatic Data Processing, Inc. ("PSVI") without double counting investments by any Core Fund in PSVI.

Note: Each Public Share in the Company carries at all times one vote per s hare. The total voting rights in the Company ("Total Voting Rights ") may vary over time given the capital and voting structure of the Company. As of August 31, 2018, Total Voting Rights were 443,896,018. After giving effect to a convers ion from Public Shares to Management Shares by certain management s hareholders (as provided in Pershing Square Holdings, Ltd.'s Articles of Incorporation) effective as of Augus t 31, 2018, there are 188,029,152 Public Shares, 31,278,075 Management Shares and 1 Special Voting Share (held by VoteCo) outstanding (the s hare cl as ses have 1 vote, 1.0702 votes and 222,391,905 votes per s hare, respectivel y).

Under the Dutch Financial Supervisi on Act (Wet op het financieel toezicht), anyone who, directly or indi rectly, acquires or disposes of shares i n the Company and holds voting rights reachi ng, exceeding or falli ng below certain thresholds (including 3%, 5% and 10%) of the Total Voting Ri ghts is required to notify the Netherlands Authority for the Financial Markets (Stichti ng Autoriteit Financële Markten).

In addi tion, under the Company's Articles of Incorporation, a person i s requi red to notify the Company of the number of the Publi c Shares it hol ds or is deemed to hold (through such pers on's direct or indirect hol ding of financial instruments) if this number reaches, exceeds or falls below 3%, 4%, 4.25%, 4.50%, 4.75% or 5% of the total number of outs tanding Public Shares.

As of the date of the placing of the Publ ic Shares, the total offs et amount, which is part of the performance fee cal culation, was \$120M. As of June 30, 2018, the offset amount was reduced by approximately \$19.2M to \$100.8M. The performance fee that may be charged from ti me to time on fee-beari ng shares equal s 16% of NAV appreciation minus the "additional reduction." The additional reduction is equal to 20% of the aggregate performance allocations/fees earned by the investment manager on the gains of certai n other funds managed by the inves tment manager plus any amount of additional reduction carried forward from the previous period (\$2.9M as of June 30, 2018), and is calculated after giving effect to the offset amount. The offset amount offsets the additional reduction until it is fully reduced to zero. As of the date of the placing, the total offset amount was set by reference to the sum of the fees and other cos ts of the pl acing and admiss ion of the Publi c Shares, as well as commiss ions paid to pl acement agents and other formation and offering expens es prior to admis sion that had been borne by the inves tment manager. The investment management agreement between PSH and the investment manager was amended on December 1, 2016 to remove any accretion in the computation of the offs et amount.

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) is an investment holding company structured as a closed-end fund that makes concentrated investments principally in North American companies.

MEDIA CONTACT

Maitland

Seda Ambartsumian/Sam Turvey +44 20 7379 5151, Media-pershingsquareholdings@maitland.co.uk