Pershing Square Holdings, Ltd. Notes Share Conversions

Regulatory News:

LONDON–(BUSINESS WIRE)–Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) (“PSH” or the “Company”) today noted that Pershing Square Capital Management, L.P. (“PSCM”) CEO Bill Ackman has converted 27,634,814 PSH Management Shares to 29,640,496 PSH Public Shares. PSH Board Member Nick Botta also converted 229,971 PSH Management Shares to 246,661 PSH Public Shares. PSH also noted that certain PSCM Affiliates (as defined in the 26 October 2018 PSH press release) converted 508,300 PSH Public Shares to PSH Management Shares.

These conversions do not represent a change in ownership of PSH Shares.

Assuming all PSH Management Shares held by Mr. Ackman, Mr. Botta and the other PSCM Affiliates are converted to PSH Public Shares, Mr. Ackman, Mr. Botta and the other PSCM Affiliates would own a total of approximately 44.2 million PSH Public Shares or 20.0% of the Company on a fully diluted basis.

Pursuant to these share conversions, the Company also announced that application will be made for 29,887,157 PSH Public Shares of no par value in the Company (“Shares”) to be admitted to the Official List of the FCA and to trading on the Main Market of the London Stock Exchange and Euronext Amsterdam. When issued, these Shares will rank pari passu with the existing PSH Public Shares.

It is expected that Admission of these shares will become effective, and dealings will commence at 8:00 a.m. GMT on 7 November 2018. Following Admission, the number of PSH Public Shares that the Company has in issue will be 216,616,094.

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.