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11/6/2017
Bill Ackman on CNBC with Scott Wapner November 6, 2017

ADP’s 11/7/2017 Annual Meeting

Bill Ackman’s Prepared Remarks
Pershing Square Comments on Election Results

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Meet Pershing Square’s nominees for election to the Board of ADP: Bill Ackman and independent directors Veronica M. Hagen and V. Paul Unruh

Timeline

Pershing Square CEO Bill Ackman Appears on Bloomberg

Pershing Square CEO Bill Ackman appears on Bloomberg Markets with Vonnie Quinn.

Pershing Square Hosts Webcast

Pershing Square hosts a public webcast for ADP shareholders in order to summarize its plan for ADP’s transformation, address misleading information conveyed by ADP, and detail the choice that shareholders have at the November 7th annual meeting.

Pershing Square CEO Bill Ackman Appears on CNBC

Pershing Square CEO Bill Ackman appears on CNBC’s Squawk Box.

Pershing Square Sends Letter to ADP’s Board

Pershing Square sends a letter to ADP’s Board which assures them that Pershing Square is committed to working constructively with the Board and management while expressing disappointment about ADP’s continued misleading statements.

Pershing Square Releases Third in a Series of Videos for Shareholders

Pershing Square’s Nominees for ADP’s Transformation continue their open dialogue with ADP shareholders about the opportunity for improvement at ADP.

Pershing Square Sends Letter to ISS

Pershing Square sends a letter to Institutional Shareholder Services expressing concern that ADP provided ISS with non-public, inaccurate and misleading information, claims, and arguments which were relied upon by ISS in making its recommendation.

Pershing Square Demands that ADP Provide Supporting Details or Immediately Retract its Misleading Claim about its Plans to Improve its Operating Margins

Pershing Square asks ADP to provide support for, or retract, its unsupported claim that its plan will deliver “500 basis points” of margin expansion over the next three years.

Pershing Square Publishes Letter to Shareholders

Pershing Square publishes a letter to ADP shareholders emphasizing the recommendations from independent proxy advisory firms and highlighting ADP’s underperformance. The firm also issues the eighth in a series of public questions for ADP.

Proxy Advisory Firm ISS Supports the Election of Pershing Square’s Bill Ackman to ADP’s Board

ISS supports the election of Bill Ackman to ADP’s board as he offers a strong understanding of the company and a valuable shareholder perspective.

Proxy Advisory Firm Egan-Jones Joins Glass Lewis In Recommending ADP Shareholders Vote FOR ALL Three of Pershing Square’s Nominees For ADP’s Transformation

Egan-Jones joins Glass Lewis in recommending ADP shareholders vote for Bill Ackman, Veronica Hagen, and Paul Unruh on the GOLD proxy card, citing their ability to address operational inefficiencies and strengthen corporate governance.

Proxy Advisory Firm Glass Lewis Recommends ADP Shareholders Vote FOR ALL Three of Pershing Square’s Nominees For ADP’s Transformation

Glass Lewis recommends ADP shareholders vote for Bill Ackman, Veronica Hagen, and Paul Unruh on the GOLD proxy card, citing an independent perspective and real-world experience in achieving operating efficiencies.

Pershing Square Releases Seventh Question for ADP

Pershing Square issued the seventh in a series of public questions for ADP.

Pershing Square’s Nominees for ADP’s Transformation Participate in a Fireside Chat

Pershing Square’s nominees Bill Ackman, Veronica Hagen and Paul Unruh discuss their experience and ideas for ADP in a panel discussion moderated by Sanford C. Bernstein & Co. Senior Analyst Lisa Ellis.

Pershing Square Releases Additional Questions for ADP

Pershing Square issued two additional public questions for ADP.

Pershing Square Announces a Fireside Chat with Its Nominees for ADP’s Transformation

Pershing Square announces a fireside chat with its nominees for ADP's transformation, hosted and moderated by Sanford C. Bernstein & Co. Senior Analyst Lisa Ellis.

Pershing Square Highlights Independent Research Survey Results on ADP

Pershing Square highlights the results of an independent ADP shareholder survey, conducted by Sanford C. Bernstein & Co.

Pershing Square Publishes Presentation to Shareholders

Pershing Square publishes a presentation to shareholders.

Pershing Square Hosts Live Webcast for ALL ADP Shareholders

Pershing Square hosts live webcast for retail and individual investors.

Pershing Square Releases Fourth in a Series of Questions for ADP

Pershing Square issued the fourth in a series of public questions for ADP.

Pershing Square Releases Third in a Series of Questions for ADP

Pershing Square issued the third in a series of unanswered public questions for ADP.

Pershing Square CEO Bill Ackman Appears on CNBC

Pershing Square CEO Bill Ackman appears on CNBC’s Mad Money with Jim Cramer.

Pershing Square Announces Live Webcast for ALL ADP Shareholders on October 10, 2017

Pershing Square announces that it will hold a live webcast on the evening of October 10th for all shareholders. The firm also released the second in a series of videos for shareholders.

Pershing Square Releases Letter to Shareholders

Pershing Square releases a letter to shareholders highlighting margin improvement at CDK and Solera after being disposed of by ADP. The firm also issued the second in a series of public questions for ADP.

Pershing Square Releases Detailed Response to ADP’s Presentation

Pershing Square responds to ADP’s September 12th presentation noting that ADP overstated total shareholder return during CEO Carlos Rodriguez’s tenure.

ADP denies Pershing Square’s Request for the Use of a Universal Proxy Card

Pershing Square had previously proposed the use of a universal proxy card, one of the hallmarks of good corporate governance in contested elections. ADP rejected Pershing Square’s request.

September 20, 2017 Pershing Square Issues Press Release

Pershing Square issues a press release announcing the release of: a letter to shareholders, the first in a series of unanswered questions for ADP, and the first in a series of videos for shareholders.

Pershing Square CEO Bill Ackman Appears on CNBC

Pershing Square CEO Bill Ackman appears on CNBC’s Halftime Report with Scott Wapner:

Pershing Square Sends Letter to ADP

Pershing Square sends a letter to ADP’s Board requesting the use of a universal proxy card.

Pershing Square Responds to ADP Presentation

Pershing Square responds to ADP’s September 12, 2017, presentation noting that ADP’s “Focused Transformation Strategy” demonstrates a lack of recognition for the enormous value-creation opportunity that exists at ADP.

ADP Files Investor Presentation

ADP Files Investor Presentation

Pershing Square Sends Letter to ADP

Pershing Square thanks ADP’s Board for meeting on September 5th and notes that a substantial number of shareholders have told Pershing Square that they strongly prefer that the company embrace its significant potential for improvement and that it work together with Pershing Square in the best interest of the company and all of its stakeholders.

Pershing Square Reminds Investors of the ADP Record Date for Voting at the 2017 Annual Meeting

Pershing Square Reminds Investors that the record date for voting at ADP’s 2017 annual meeting is September 8, 2017

Pershing Square Comments on September 5th Meeting with ADP Board

Pershing Square Comments September 5th on Meeting with ADP Board and Reminds Investors of the ADP Record Date for Voting at the 2017 Annual Meeting

Pershing Square Files Definitive Proxy Materials for ADP 2017 Annual Meeting

Pershing Square files a definitive proxy statement with the SEC for the election of William A. Ackman, Veronica M. Hagen and V. Paul Unruh to the ADP Board.

Pershing Square Files an Amended 13 D

Pershing Square files an amended 13 D showing that as of August 31, 2017, Veronica M. Hagen and V. Paul Unruh each beneficially own 3,000 shares of Common Stock of ADP.

Pershing Square Sends Letter to ADP

Pershing Square asks ADP to identify any specific areas of interest for discussion at the upcoming September 5th meeting.

Pershing Square Issues Statement Regarding ADP

Pershing Square responds to ADP’s decision not to nominate Pershing Square’s candidates for election to the Board and notes that ADP has failed to respond to any of the issues raised in Pershing Square’s August 17, 2017 presentation.

ADP Board Rejects Pershing Square Nominees

ADP's board of directors votes against the nomination of Pershing Square’s three candidates for election.

ADP Comments on Pershing Square Investor Presentation

ADP comments on Pershing Square’s presentation without responding to any of the issues raised by Pershing Square.

Pershing Square Presents “ADP: The Time is Now”

Pershing Square details its investment thesis on ADP in a webcast for investors and analysts.

Pershing Square Announces Details for Webcast

Pershing Square provides access details for its webcast on Thursday, August 17, 2017, at 9:00 AM EDT.

Pershing Square Files its
Preliminary Proxy Statement

Pershing Square files its preliminary proxy statement with the SEC which provides a detailed background of communications between Pershing Square and ADP.

ADP Comments on Pershing Square Capital Management's Nomination of Directors

ADP issues a statement in response to Pershing Square’s nomination of three directors.

Pershing Square Announces Nominees for Election to the Board of Directors of ADP

Pershing Square proposes Bill Ackman and independent nominees Veronica M. Hagen and V. Paul Unruh for election to the Board of ADP. It also announces it will hold a webcast
on August 17, 2017.

Pershing Square Announces
Investment in ADP

Pershing Square confirms it has acquired an 8% stake in ADP and expresses disappointment regarding ADP’s decision not to extend the nominating deadline, which could have facilitated constructive discussions.

ADP Says Pershing Square Capital Management Seeking Control of ADP

ADP incorrectly claims that Pershing Square is seeking five seats and effective control of its Board and denies Pershing Square’s request for an extension to ADP’s nominating deadline.