Pershing Square Update on ADP – October 20, 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 Monday, October 16, 2017, Pershing Square issued a press release highlighting the results of an independent research survey conducted by Sanford C. Bernstein & Co. which indicates that ADP shareholders support Pershing Square’s involvement in ADP. The press release is available here.

On Thursday, October 19, 2017, Pershing Square’s nominees for ADP’s board of directors participated in a fireside chat hosted and moderated by Sanford C. Bernstein & Co. Senior Analyst Lisa Ellis in Chicago. The press release announcing the event is available here. To access the video of the fireside chat please go to our website,

Also on October 19, 2017, Pershing Square released the fifth in a series of questions for ADP. The press release is available here.

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.