This website contains historical information previously made publicly available by or on behalf of Pershing Square Capital Management, L.P. and certain of its affiliates (collectively “Pershing Square”, “we” or “our”) in connection with the 2017 annual meeting (the “Annual Meeting”) of stockholders of Automatic Data Processing, Inc. (“ADP”). The information contained in this website is provided on an “as is” basis and solely as a source of historical information, which is given as of the specific dates or in respect of the specific periods referenced which, in most cases, is no longer current and has been superseded by subsequent information, events or developments.

No representation or warranty, express or implied, is made as to the accuracy, currency or completeness of any information contained in this website, whether derived or obtained from filings made with regulatory authorities, from any third party or otherwise. The information contained in this website should not be relied upon as an accurate or complete source of current information or events. As a visitor to this website, you acknowledge and agree that any reliance on or use of this website shall be solely at your own risk, and we are not responsible in any manner for any harm, loss or damage whatsoever arising from your use of this website or the information contained herein. Copies of the various documents and other statements issued by or on behalf of Pershing Square or its principals contained in this website have previously been made publicly available in accordance with applicable U.S. corporate and securities laws, and are accessible on the the Securities and Exchange Commission’s (the “SEC”) website at

In addition, this website contains references or links to information published or otherwise made publicly available by the media and other third parties. Pershing Square has not sought or obtained consent from any third party to use any statement or information contained in this website obtained or derived from statements made or published by third parties, and nor has Pershing Square independently verified the accuracy or currency of such information. Any such statements or information should not be viewed as indicating the support of such third party for Pershing Square, the views express herein, or any other information made available in this website, and nor should references or links to such third party information or websites be interpreted as approval or recommendation by us of the services, products or information provided by such third parties. We assume no liability or responsibility for the content, accuracy, currency or appropriateness of the third party links or any material contained on such linked sites.

The information contained in this website is made available exclusively by Pershing Square and not by or on behalf of ADP or its affiliates or subsidiaries or any other person. While (i) certain funds managed by Pershing Square and its affiliates have invested in common shares of, and/or derivatives referencing common shares of, ADP and (ii) certain principals of Pershing Square may stand for election to serve on the board of directors of ADP, Pershing Square is not an affiliate of ADP and neither Pershing Square nor its principals or representatives are authorized to disseminate any information for or on behalf of ADP, and nor do we purport to do so. It is also possible that there will be developments in the future that cause Pershing Square to change its position regarding ADP. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained in this website, except as required by and in accordance with applicable laws.

Forward-Looking Statements

This website contains “forward-looking statements.” Specific forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and can be identified by the use of, without limitation, words such as “may,” “will,” “expects,” “believes,” “anticipates,” “plans,” “estimates,” “projects,” “targets,” “forecasts,” “seeks,” “could” or the negative of such terms or other variations on such terms or comparable terminology. Similarly, statements that describe our objectives, plans or goals are forward-looking. Our forward-looking statements are based on our current intent, belief, expectations, estimates and projections regarding ADP and projections regarding the industry in which it operates. These statements are not guarantees of future performance and involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to differ materially. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and actual results may vary materially from what is expressed in or indicated by the forward-looking statements. This cautionary statement is applicable to all forward-looking statements contained in this website and the material accompanying this website.

Proxy Materials

This website is neither an offer to purchase nor a solicitation of an offer to sell any securities of Pershing Square, ADP or any other person. This website relates to Pershing Square’s solicitation of proxies for the Annual Meeting.

Pershing Square Capital Management, L.P. and certain of its affiliated funds have filed with the SEC a definitive proxy statement and accompanying GOLD proxy card to be used to solicit proxies in connection with the Annual Meeting and the election of a slate of director nominees at the Annual Meeting (the “Solicitation”). Stockholders are advised to read the proxy statement and any other documents related to the Solicitation because they contain important information, including information relating to the participants in the Solicitation. These materials and other materials filed by Pershing Square with the SEC in connection with the Solicitation are available at no charge on the SEC’s website at The definitive proxy statement and other relevant documents filed by Pershing Square with the SEC are also available, without charge, by directing a request to Pershing Square’s proxy solicitor, D.F. King & Co., Inc., 48 Wall Street, 22nd Floor, New York, New York 10005 (Call Collect: (212) 269-5550; Call Toll Free: (866) 342-1635) or email: [email protected].

William A. Ackman, Veronica M. Hagen, V. Paul Unruh, Pershing Square Capital Management, L.P., PS Management GP, LLC (“PS Management”), Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., Pershing Square Holdings, Ltd. and Pershing Square VI Master, L.P. may be deemed “participants” under SEC rules in the Solicitation. William A. Ackman, Pershing Square Capital Management, L.P. and PS Management may be deemed to beneficially own the equity securities of ADP described in Pershing Square’s statement on Schedule 13D initially filed with the SEC on August 7, 2017 (the “Schedule 13D”), as it may be amended from time to time. Except as described in the Schedule 13D or the definitive proxy statement, none of the individuals listed above has a direct or indirect interest, by security holdings or otherwise, in ADP or the matters to be acted upon, if any, in connection with the Annual Meeting.

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