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Bill Ackman and Other Pershing Square Capital Management L.P. Affiliates Have Acquired More Than $100 Million of Additional PSH Public Shares Since July 2018

Bill Ackman and Other Pershing Square Capital Management L.P. Affiliates Have Acquired More Than $100 Million of Additional PSH Public Shares Since July 2018

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PSH Public Shares

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) ("PSH” or the “Company") today notes that Pershing Square Capital Management, L.P. (“PSCM”) CEO Bill Ackman, PSH Board Member Nick Botta, members of the PSCM investment team, other PSCM employees, members of the PSCM advisory board, and their affiliates (together, the “PSCM Affiliates”) have purchased a total of 6,527,729 PSH Public Shares since 10 July 2018, the date of PSH’s most recent press release about the PSCM Affiliates’ ownership of PSH.

Since July 10th, Mr. Ackman and his affiliate purchased a total of 5,751,731 PSH Public Shares at an average price of $15.51 per share for a total additional investment of $89.2 million. Over the same period, Mr. Botta purchased a total of 600,000 Public Shares at an average price of $15.25 per share for a total additional investment of $9.2 million.

If all PSH Management Shares were converted to Public Shares, Mr. Ackman would own approximately 32.4 million Public Shares of the Company, or 14.6% of the Company on a fully diluted basis, and, in total, the PSCM Affiliates would own approximately 36.3 million Public Shares or 16.4% of the Company on a fully diluted basis.

The PSCM Affiliates have increased their investment in PSH because they continue to believe that PSH is substantially undervalued.

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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