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Investor Presentaiton

ADP Continues to be Focused on Innovation Since FY11, Total Spend on Acquisitions Has Declined as Focus Shifted to Organic Innovation Pershing Square's Claim That ADP's Innovation Has Come Only Through Acquisitions Is Incorrect ADP Global Acquisitions vs. R&D Spend ($M) 1000 ■ Acquisitions ■R&D Spend 900 800 700 600 500 400 300 200 100 0 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Number of 5 3 2 4 5 1 1 5 6 6 2 2 1 0 2 Acquisitions Copyright 2017 ADP, LLC. 67 ADP A more human resource.

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