The problem of controlling time-invariant linear systems subject to parametric uncertainty and input saturation constraint, is dealt with using a pole placement adaptive controller. It is shown that the resulting adaptive control system can be described by a non-linear feedback scheme. Then, the l(2)-stability condition for the control system turns out to be the positive-realness of a transfer function involving the plant (estimated) model and the specified closed-loop poles. This makes it necessary to adapt on-line the desired closed-loop poles to the time-varying (estimated) model. The proposed adaptive controller keeps bounded all the closed loop sequences, whatever the initial conditions. Furthermore, it ensures a quite interesting output-reference tracking behaviour. More precisely, the quality of the tracking depends on the reference sequence rate: the slower the reference the better the tracking.