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Investor Presentaiton

Is Pershing Square Looking at the Right Margin? ADP Margin Comparisons for Most Recent Fiscal Year ($M) Fiscal Year-end Total Revenue ADP CDK(1) June 2017 June 2017 PAYX(1) May 2017 ULTI(1) WDAY(1)(2) December 2016 January 2017 12,379.8 2,220.2 3,151.3 781.3 1,569.4 Pass-Throughs 2,628.4 Revenue w/o Pass-throughs 9,751.4 2,220.2 3,151.3 781.3 1,569.4 GAAP Net Earnings including Noncontrolling Interest 1,733.4 302.5 817.3 30.3 (408.3) Net Earnings Margin / Total Revenue. 14.0% 13.6% 25.9% 3.9% (26.0%) Net Earnings Margin / Revenue w/o Pass-Throughs 17.8% 13.6% 25.9% 3.9% (26.0%) Income Taxes Net Interest Expense (Gain) on Sale of a Business One-time Restructuring Total EBIT Adjustments 797.7 132.8 427.5 11.2 (0.8) 36.9 57.2 (7.4) 0.7 18.8 (205.4) 85.0 18.4 714.2 208.4 420.1 11.9 18.0 Adjusted EBIT (as defined by ADP) 2,447.6 510.9 1,237.4 42.2 (390.3) Adjusted EBIT Margin / Total Revenue 19.8% 23.0% 39.3% 5.4% (24.9%) - Adjusted EBIT Margin / Revenue w/o Pass-Throughs 25.1% 23.0% 39.3% 5.4% (24.9%) Depreciation & Amortization 316.1 70.3 126.9 27.1 115.9 Stock Compensation 138.9 55.4 35.4 113.9 378.6 Transformation / Other Additional EBITDA Adjustments 47.7 77.0 0.8 502.7 202.7 162.3 141.8 494.5 Adjusted EBITDA 2,950.3 713.6 1,399.7 184.0 104.2 Adjusted EBITDA Margin / Revenue w/o Pass-Throughs 30.3% 32.1% 44.4% 23.6% 6.6% Most Recent Fiscal Year Comments +6% ES client growth ~ -1% DMSNA client decline ~+9% DMSNA avg. client revenue ~ 0% payroll service client growth +15% client growth ~ +25% client growth Notes: 1. Pro forma analysis based on externally reported documents. 2. Excludes $14 million of employer tax-related items on employee stock transactions per non-GAAP Operating Expenses in January 2017 10-K. Copyright 2017 ADP, LLC. ADP A more human resource." 49
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