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Pershing Square Responds to ADP Presentation

Pershing Square Capital Management, L.P. ("Pershing Square") today issued the following statement in response to ADP's (NASDAQ: ADP) September 12, 2017, presentation to investors:

On September 12th, ADP unveiled its so-called "Focused Transformation Strategy." This presentation followed ADP's September 7th press release in which ADP's Board and management commented that it has been "highly focused on investing in and transforming the business" for the past six years.

ADP's "Focused T

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