Pershing Square Update on ADP – October 27, 2017

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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 23, 2017, Pershing Square issued a press release highlighting the seventh in a series of questions for ADP. The press release is available here.

Additionally, during the week, proxy advisory firms announced their recommendations for the proxy vote at the ADP annual meeting on Tuesday, November 7, 2017.

On Monday, October 23, 2017, Glass, Lewis & Co., LLC recommended that ADP shareholders vote FOR Pershing Square’s three nominees on the GOLD proxy card at ADP’s annual meeting. Our press release is available here.

On Tuesday, October 24, 2017, Egan-Jones Proxy Services recommended that ADP shareholders vote FOR Pershing Square’s three nominees on the GOLD proxy card at ADP’s annual meeting. Our press release is available here.

On Wednesday, October 25, 2017, Institutional Shareholder Services recommended that ADP shareholders elect Pershing Square’s Bill Ackman at ADP’s annual meeting. Our press release is available here.

Finally, today October 27, 2017, Pershing Square released the eighth in a series of questions for ADP and a letter to shareholders. The press release is available here and the letter to shareholders is available is 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.