Pershing Square Activist Presentation Deck
Automatic Data Processing ("ADP")
ADP
Pershing Square remained actively engaged with ADP following the 2017
proxy contest, holding ADP accountable for achieving its potential
ADP embraced a comprehensive Business Transformation
✓ Accelerated next-generation platforms
Broadened and accelerated the company's Service Alignment Initiative
✓ Executed an early retirement program
✓ Implemented a broad-based workforce optimization effort focused on spans of
control and management layers
✓ Launched an accelerated procurement transformation effort
In response to these and other transformation initiatives ADP realized
accelerated margin expansion and earnings growth in 2019
Valuation at exit more accurately priced ADP's prospects for success
PS VI, L.P., our co-investment vehicle in ADP, realized a net return¹ of 49.7% since
inception, and a compound annual net return of 22.1% over a two year period
Pershing Square exited our investment as prospective returns became more modest as the
market more accurately priced ADP's prospects for continued success
(1) Net of all fees and expenses
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