Pershing Square Update on ADP – October 13, 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).

This past Tuesday, October 10, 2017, Pershing Square issued a press release highlighting the fourth in a series of questions for ADP. The press release is available here.

On Tuesday evening, October 10th, at 7:00 PM EDT Pershing Square held a live webcast at to discuss the opportunity for improvement at ADP. The webcast was held in the evening to give all shareholders – particularly retail shareholders and other individual investors – a chance to learn about the opportunity to improve efficiency, innovation and customer service at ADP in order to drive strong and stable growth, greater profits and long-term shareholder value. A replay of the webcast is available here.

On October 11th, Pershing Square published a detailed presentation for shareholders which is available here and supporting materials, available here.

We will continue to update our website,, where you will find all of these and other materials. Should you wish to receive notification of updates to please go to the website and submit your email address.

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.