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Pershing Square Releases Letter to Shareholders

Pershing Square Releases Letter to Shareholders

09/28/2017

Pershing Square Releases Letter to Shareholders

Highlights Second in a Series of Questions for ADP

Pershing Square Capital Management, L.P. (“Pershing Square”) today published 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 (NASDAQ: ADP). After separating from ADP, both CDK and Solera have delivered extraordinary increases in operating margins in only a few years.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170928006161/en/

Question 2

Question 2

By examining the performance of CDK and Solera, investors can better understand the potential for improvement at ADP. The dramatic improvement in these businesses once they were no longer overseen by ADP’s current board and management reflects the value that can be unlocked at ADP, which The Nominees for ADP’s Transformation are committed to achieve.

The full letter can be viewed here: https://adpascending.com/shareholder-materials/

Since our first presentation on August 17, 2017, ADP has yet to respond to the issues we have identified or the questions we have raised, including our first weekly question:

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