Investor Presentaiton

ADP Share Performance on July 27, 2017 Share Price ($) 120 116 ADP Intraday Share Price and Volume for July 27, 2017 Assumed intraday price of $111.65 at 12:00 PM 112 108 104 $103.50 ADP releases FY17 earnings and FY18 guidance prior to NASDAQ opening Bloomberg publishes article on Pershing Square / ADP at 12:43 PM Bill Ackman Builds a Stake in Automatic Data Processing By Ed Hammond and Scott Deveau July 27, 2017, 12:43 PM EDT Updated on July 27, 2017, 5:34 PM EDT Volume ('000s) 800 $115.63 600 400 200 100 0 9:30 AM 9:59 AM 10:29 AM 10:59 AM 11:29 AM 11:59 AM 12:29 PM 12:59 PM 1:29 PM 1:59 PM 2:29 PM 2:59 PM 3:29 PM 3:59 PM Source: Bloomberg Copyright 2017 ADP, LLC. 61 ADP A more human resource.

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