Investor Presentaiton
Pershing Square and Its Nominees Want to Set Strategy
at ADP - Do They Have Any Relevant Experience?
Pershing Square's Prior Campaigns
Largest Active Investments (Last 10 Years) (1)
Pershing Square's 40 shareholder activism campaigns since
1995: 83% have been at Consumer, Real Estate and
Financial Institutions
Year(2) Company Industry Tech
Year(2) Company Industry Tech
2016
Consumer *
2012
P&G Consumer
*
Pershing Square has no experience in the Technology
sector
2015
VALEANT Healthcare *
2011
CP Industrials
x
Only 1 of Pershing's 3 nominees has any technology
exposure (as the Audit Chair)
2015 Mondelez, Consumer
x
2011
International
GGP
Real
Estate
x
Investment Industry Breakdown (1)
2014 Zoetis Healthcare
*
2011
AB
ALEXANDER & BALDWIN. INC
Real
Estate
*
2014
Allergan Healthcare
*
2010
Natural
Resources
5%
Industrials
5%
Technology
0%
BORDERS
Group
Consumer *
2013
Freddie Mac
We make home possible"
Financial
Institutions
×
2010
Fortune Brands
Home & Security
Consumer x
Healthcare
8%
2013 Fannie Mae.
Financial
Institutions
४
2010 JCPenney Consumer *
Financial
Institutions
20%
Consumer
40 %
2013 JCPenney Consumer x
2010
kraft foods
Consumer *
2013 PRODUCTS
AIR
Natural
Resources
*
2009
000
Landry's
Consumer *
BISTU
Real Estate
23 %
2012 HERBALIFE Consumer
*
2008
GGP
Real
Estate
x
Sources: FactSet, Capital IQ, public release
Reflects Pershing Square active investments involving public activism, excluding activism at funds.
Notes:
1.
2.
Reflects year of campaign announcement.
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