Pershing Square Update on ADP – November 3, 2017

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 write to update you on this week’s activity related to our position in Automatic Data Processing, Inc. (NASDAQ: ADP).

Pershing Square Highlights 15 Irrefutable Facts about ADP’s Opportunity for Improvement – November 3, 2017

Pershing Square Responds to ADP’s Fiscal Year 2018 Q1 Results – November 2, 2017
Pershing Square states that ADP’s underwhelming results highlight the need for change.

Presentation to Shareholders – November 1, 2017
Pershing Square summarizes its plan to transform ADP to drive meaningfully higher margins and growth and addresses certain misleading information that ADP has communicated to shareholders.

Letter to ADP’s Board – November 1, 2017
Bill Ackman sends a letter to ADP’s Board which assures them that Pershing Square is committed to working constructively with the Board and management while expressing disappointment about ADP’s continued misleading statements.

Pershing Square Releases Third in a Series of Videos for Shareholders – October 31, 2017
Pershing Square releases a video in which Pershing Square’s nominees to the ADP Board discuss their plans for ADP’s future and answer questions from an independent third-party analyst.

Letter to ISS – October 30, 2017
Pershing Square sends a letter to Institutional Shareholder Services expressing concern that ADP provided ISS with non-public, inaccurate and misleading information, claims, and arguments which were relied upon by ISS as it made its recommendation.

Press Release Regarding ADP’s Misleading Margin Claims – October 30, 2017
Pershing Square asks ADP to provide support for, or retract, its unsupported claim that its plan will deliver “500 basis points” of margin expansion over the next three years.

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

Kind regards,

Pershing Square Investor Relations

[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.