Pershing Square Holdings, Ltd. Announces Ongoing Dividend for Shareholders


Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (NA:PSH) (“PSH” or the
“Company”) today announced that PSH has initiated a quarterly dividend
of $0.10 per Public Share, representing a current yield of 2.5% based on
the closing price of $15.70 of PSH Public Shares on 12 February 2019.
PSH believes that instituting a quarterly dividend will expand PSH’s
investor base by attracting shareholders who prefer or require
dividend-paying equities. Expanding the PSH investor base may over time
assist in narrowing the discount to Net Asset Value at which PSH shares

For the calendar year 2019, the dividend will be paid according to the
following table.1 A proportionate quarterly dividend will be
paid per Management Share and the Special Voting Share, based on their
respective net asset values per share.

Record Date   Payment Date   USD Dividend Per Share   DRIP Enrollment Deadline   Currency Election Deadline
22/2/2019   22/3/2019   $0.10   1/3/2019   1/3/2019
24/5/2019   21/6/2019   $0.10   31/5/2019   31/5/2019
23/8/2019   20/9/2019   $0.10   30/8/2019   30/8/2019
22/11/2019   20/12/2019   $0.10   29/11/2019   29/11/2019

Dividend Reinvestment Programme

Shareholders may automatically reinvest cash dividends into PSH Public
Shares through a Dividend Reinvestment Programme (“DRIP”), which will
acquire shares in the market to fulfill DRIP demand. Shareholders who
would like to participate in the DRIP should follow the instructions
found here

PSH has appointed an affiliate of PSH’s Registrar, Link Market Services
Limited (“Link”), to act as the DRIP agent. PSH advises shareholders
that they will become clients of Link’s affiliate(s) upon participation
in the DRIP, and should review Link’s terms and conditions (including
fees, settlement, and other terms) available at
Each shareholder is encouraged to speak to its advisor(s) when making a
decision as to whether to participate in the DRIP.

Dividend Currency

Dividends will be paid in US dollars unless a shareholder elects to be
paid in GBP. Interested shareholders must elect GBP no later than the
Currency Election Deadline. Further details about the currency election,
including how to select GBP, are available at Pershing Square Holdings’
website here

Additional Information

Each dividend is subject to the Company being satisfied that the
following conditions are met:

• the Company will meet the solvency requirements under Companies
(Guernsey) Law, immediately after the payment of the dividend;

• the Company’s total indebtedness will be less than one third of the
Company’s total capitalisation after the payment of the relevant interim

1 The dates in the table may change at the Board’s discretion
and each dividend will be subject to certain conditions being satisfied.

The Company’s Investment Management Agreement (“IMA”) did not
contemplate that a dividend would be paid. It did however contemplate a
redemption of capital, which is economically equivalent to the payment
of a dividend. Therefore, the IMA has been amended so that the effect of
a dividend on fees is exactly the same as that of a redemption. Since
this amendment of the IMA constitutes a small related-party transaction,
it is exempt from the requirements of Chapter 11 of the Listing Rules.
The amendment to the IMA has been approved by the independent directors
of PSH.

The decision as to whether PSH pays a dividend in the future will be
made by the PSH Board with the consent of the Investment Manager. While
PSH intends to pay a $0.10 quarterly dividend going forward, there is no
guarantee that PSH will continue to do so. PSH’s Board’s decision to pay
a dividend should not be interpreted to mean that PSH will be profitable
in the future.

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.

This announcement contains Inside Information as defined under the
Market Abuse Regulation (EU) No. 596/2014.


Media Contact
Ed Gascoigne-Pees / Hazel
Stevenson +44 020 3757 4989,

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