Bill Ackman and Nick Botta Have Acquired an Additional $116 Million of PSH Shares

Since May 29, 2018, Pershing Square’s Management and Affiliates Have Purchased More Than $520 Million of PSH Shares

Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) ("PSH” or the “Company") today noted that on 25 October 2018, Pershing Square Capital Management, L.P. (“PSCM”) CEO Bill Ackman purchased a total of 7,165,000 PSH Public Shares at a price of $14.96 per share, and PSH Board Member Nick Botta purchased a total of 335,000 PSH Public Shares at a price of $14.96 per share. On 24 October 2018, Mr. Botta also purchased 57,493 PSH Management Shares. Taken together, these purchases by Mr. Ackman, his affiliate and Mr. Botta total $116 million.

Assuming all PSH Management Shares are converted to PSH Public Shares, Mr. Ackman and his affiliate would own approximately 39.9 million Public Shares, or 18.0% of the Company on a fully diluted basis. In total, Mr. Ackman, Mr. Botta, members of the PSCM investment team, other PSCM employees, members of the PSCM advisory board, and their affiliates (together, the “PSCM Affiliates”) would own approximately 44.5 million Public Shares or 20.0% 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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