Bill Ackman and Other Pershing Square Capital Management Affiliates Have Acquired More Than $300 Million of PSH Public Shares Since May 2018

Regulatory News:

LONDON–(BUSINESS WIRE)–Pershing Square Holdings, Ltd. (“PSH” or the “Company”) (LN:PSH) (NA:PSH) today announces that the Company has been advised by Pershing Square Capital Management, L.P. (“PSCM”) that CEO Bill Ackman, PSH Board Member Nick Botta, all members of the Pershing Square investment team, other PSCM employees and members of the PSCM advisory board (together, the “PSCM Affiliates”) have purchased a total of 20,659,629 PSH public shares since they began acquiring shares subsequent to the 10 May 2018 closure of the $300 million Company Tender Offer.

Since 29 May 2018, Mr. Ackman has purchased a total of 19,650,471 public shares at an average price of $14.87 per share for a total additional investment in PSH shares of $292 million, and Mr. Botta has purchased a total of 850,000 public shares at an average price of $14.88 per share for a total additional investment in PSH shares of $12.6 million. In total, assuming all PSH management shares are converted to public shares, the PSCM Affiliates would currently own 29,742,154 public shares of the Company, or approximately 13.4% of the Company on a fully diluted basis. The PSCM Affiliates have increased their investment in PSH because they believe that PSH is substantially undervalued.

As a result of the Company Tender Offer and the recent purchases by the PSCM Affiliates over the last three months, the Company’s free float has been effectively reduced by 42,931,343 public shares, or 18.3%.

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.