Pershing Square Update on ADP

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 Monday, September 25, 2017, Pershing Square issued a press release announcing our detailed response to ADP’s September 12, 2017 presentation. The press release is available here and the detailed response deck is available here.

Yesterday, September 28,2017, Pershing Square issued a press release announcing the publication of a letter to shareholders highlighting the significant margin improvement that CDK Global (NASDAQ: CDK) (“CDK”) and Solera Holdings, Inc. (“Solera”) achieved after their disposition by ADP. The press release also highlights the second in a series of questions for ADP. The press release is available here, the letter to ADP shareholders is available here and the question for shareholders is 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.