Pershing Square Update on ADP – October 6, 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 ADP (NASDAQ: ADP).

This past Tuesday, October 3, 2017, Pershing Square issued a press release announcing a live webcast to ADP shareholders on October 10th and unveiling the second in a series of videos for shareholders. The webcast will be held in the evening to give all shareholders – particularly retail shareholders and other individual investors – a chance to understand the significant opportunity for improvement at ADP. The press release and second video is available here.

On Wednesday, October 4th, Bill Ackman appeared on CNBC with Jim Cramer. Subsequently, Mr. Cramer appeared on CNBC to discuss the interview. To access the interview and subsequent segments, click the links below:

Bill Ackman on CNBC with Jim Cramer, October 4, 2017

CNBC’s Jim Cramer on Why Bill Ackman Deserves a Board Seat at ADP

CNBC’s Jim Cramer on ADP and Bill Ackman

Yesterday, October 5, 2017, Pershing Square issued a press release highlighting the third in a series of questions for ADP. The press release is available here.

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.

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.