Pershing Square Sends Communication to Investors Regarding Developments at ADP and Herbalife

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Pershing Square Holdings, Ltd. PSH 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,

Today, Bill Ackman appeared on CNBC to discuss Pershing Square's positions in Automatic Data Processing, Inc. ADP and Herbalife HLF. The link to the clip can be found here: www.ADPascending.com.

If you have any questions, please feel free to contact us.

Kind regards,

Pershing Square Investor Relations

ir@persq.com

About Pershing Square Holdings, Ltd.

Pershing Square Holdings, Ltd. PSH PSH is an investment holding company structured as a closed-ended fund that makes concentrated investments principally in North American companies.

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