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Former CEO of Starbucks and Pathmark – Jim Donald was replaced as CEO of Starbucks
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in January 2008by founder, Howard Schultz– Starbucks share price declined 28% over Jim Donald’s tenure asCEO at Starbucks, while the S&P 500increased 21% during thesame period. Starbucks share price declined48% in Donald’s final year as CEO
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– Pathmark filed for bankruptcy during JimDonald’s six-yeartenure as CEO
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Ownership Culture– Jim Donald purchased 0 additional shares of Starbucks on the open market during histenure as CEO
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– Jim Donald purchased 0 additional shares of Rite Aid on the open market during histenure on the Board– As of May 11, 2009, the value of the stock underlying Jim Donald's options granted bythe Board of Rite Aid was
More Facts You Should Know About Pershing Square’s Nominees:
(Note the footnotes) 
Pershing Square Significant RelevantNomineesExperienceCommentary
Jim Donald
FoodRetailing
 
Richard Vague
Credit Cards
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Private energy company executive
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– Vague has been running a private energyservice company, Energy Plus, since 2007
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Richard Vague left First USA in 1999 followingreported problemsat the credit card issuer
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– “Vague, First USA's founder, retained histitle and most of hismanagement staff when Bank One acquiredFirst Data, butproblems at the card unit led to his oustertwo and a half yearslater.” – February 12, 2004, American Banker(permission to use quote neither sought norobtained)
Michael Ashner 
Real Estate
 
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Michael Ashner has a long-term relationshipwith Bill Ackman– Ashner was part of Pershing Square’sdissident Ceridian slate
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• Real estate investor– Winthrop Realty Trust has a marketcapitalization of $161 millionas of May 11, 2009
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– Winthrop Realty Trust reported EBIT of negative $54 million in 2008
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Pershing Square Significant RelevantNomineesExperienceCommentary
 
Bill Ackman
ShareholderValue
• Founder of Pershing Square• Owner of a 3.3% voting stake in Target and a4.5% stake in the formof options that expire in less than two years
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• Additional facts– Pershing Square IV investors have incurredoutsized losses relative to holders of Targetcommon stock due to Bill Ackman’sleveraged derivative positions
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– Since a Pershing Square partner wasappointed to the Borders Group Board, theBorders Group share price is down 73%;during this same period the S&P Retail Indexdeclined 11.7% and the S&P 500 declined31.8%
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Ron Gilson
CorporateGovernance
 
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Law professor–
 
Professor Gilson has never served on theBoard of a public company–
 
Bill Ackman has indicated that ProfessorGilson will NOT be included in the PershingSquare slate if Target shareholders approvea 12 member Board
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Pershing Square Significant RelevantNomineesExperienceCommentary
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