Pershing Square Holdings Ltd

Transaction in Own Shares • Dec 29, 2017

Pershing Square Holdings, Ltd. Announces Transactions in Own Shares

London, 28 December 2017 //- Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) today announces that it has purchased, through PSH's agent, Jefferies International Limited ("Jefferies"), the following number of PSH's ordinary shares of no par value (ISIN Code: GG00BPFJTF46) (the "Shares"):

Trading Venue:	London Stock Exchange
Date of purchase:	28 December 2017
Number of Shares purchased:	11,282 Shares
Highest price paid per Share:	1,014 pence / 13.64 USD
Lowest price paid per Share:	1,011 pence / 13.60 USD
Average price paid per Share:	1,013.18 pence / 13.63 USD
Trading Venue:	Euronext Amsterdam
Date of purchase:	28 December 2017
Number of Shares purchased:	46,130 Shares
Highest price paid per Share:	13.60 USD
Lowest price paid per Share:	13.56 USD

PSH intends to cancel these Shares. The net asset value per Share related to this Share buyback is USD 17.71 / GBP 13.24 which was calculated as of 26 December 2017. After giving effect to the above Share buyback, PSH has outstanding 234,769,413 Shares. The prices per share in USD were calculated by Jefferies.

The number of PSH Management Shares and the 1 special voting share (held by PS Holdings Independent Voting Company Limited) has not been affected.

About Pershing Square Holdings, Ltd.:

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

Media Contact: Maitland James Devas, +44 20 7379 5151, Media-pershingsquareholdings1@maitland.co.uk