Investor Presentaiton
Pershing Square's Ever-Changing Engagement With ADP
Ackman's Last Minute Approach, Ever-Changing Demands and Refusal to Engage Demonstrate a
Clear Disregard for Responsible and Effective Shareholder / Corporate Engagement
Snapshot
Pershing Square
Research Begins
February/March
Pershing begins
research 6
months ahead of
nomination
deadline
Ackman's Initial
Approach
August 1
Ackman contacts
CEO Rodriguez
regarding its ~8%
stake in ADP 8 days
before nomination
deadline
Pershing Meets CEO
& Chairman
August 3
Ackman sits down
with Rodriguez and
Jones
Pershing Challenges Pershing Presents 167
ADP Communication
August 6
Ackman accuses
ADP of misleading
communications
Page Thesis
August 17
Pershing Discloses
Current Holdings
September 11
Ackman presents his
thesis publicly over 3
hours and 167 pages
Pershing is a 2%
shareholder and has not
exercised the call
options
Ackman's Evolving Stance
CEO
Confidence
Board Seats
Lack of confidence
Work together if
shared visions
Willingness to work
with Rodriguez
Suggests CEO
change necessary
Willingness to work
with Rodriguez
5 Seats
Fewer than 5
conditional on
extension and
acceptance of plan
3 Seats
3 Seats
3 Seats
Proxy
Extension
30-45 Days
7 days
Copyright 2017 ADP, LLC.
46
Extension not
necessary
Launches proxy fight
Ongoing proxy fight
ADP
A more human resource.View entire presentation