Pershing Square Sends Communication to Investors Regarding Press Release to ADP Shareholders

AMSTERDAM–(BUSINESS WIRE)–Pershing Square Holdings, Ltd. (LN:PSH) (NA:PSH) today released an email sent from Pershing Square Capital Management, L.P. to its investors. The text of the email is set forth below:

Dear Pershing Square Investor,

We want to provide some updates about one of our largest positions, ADP (NASDAQ: ADP). This past Wednesday, September 20, 2017, Pershing Square issued a press release that:

  • Announced the publication of a letter to fellow ADP shareholders emphasizing the significant opportunity for improvement at the company. The full letter may be viewed here: Letter to ADP shareholders.
  • Highlighted the first in a weekly series of unanswered questions for ADP. The question is available here: Question
  • Unveiled the first in a series of videos for shareholders. The video may be viewed here: Video

The complete press release is available here: press release. We will continue to update our web site where you will find all of these and other materials. Should you wish to receive notification of updates to, please go to the web site and submit your email address.

In addition, on Wednesday, Bill appeared on CNBC to discuss our views on ADP. To watch the video please click here:

If you have any questions, please feel free to contact us.

Best Regards,

Pershing Square IR

[email protected]

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.