Investor Presentaiton

Pershing Square Is Attempting to Replace Strong Leaders With Less Qualified Candidates " Bill Ackman, 51 " Director at Valeant - stock plummeted when company's accounting practices were questioned Director at J.C. Penney - resigned and sold entire position after stock declined materially while on the board Target ran proxy fight for majority of the board and lost Borders - company declared bankruptcy and Pershing Square incurred losses Allegations of insider trading No HCM experience Veronica M. Hagen, 71 Director at Covanta Energy from 2001 - 2004; omitted from bios in various SEC filings over the past 10 years In 2002 Covanta plunged into bankruptcy Director at The Southern Company since 2008 SEC Investigation for potentially deceptive financial reporting Would breach ADP's Director age limit shortly after appointment Approved controversial excessive CEO compensation plan at Newmont, where she serves as chair of the Compensation Committee No HCM experience " V. Paul Unruh, 68 Director at Bechtel Enterprises for 25 years Resigned during a "financial crisis" at the company Director at Symantec Corp. since 2005 Lack of current technology experience / skills Audit experience not additive to ADP's Board skill set In 2013, as Chairman of the Audit Committee, shareholder suit, litigation is ongoing No HCM experience ☐ John Jones, 66 Deep understanding of our HCM business and industry Has overseen different ADP management teams during a period of growth Former CEO of large public company Significant experience in businesses operating within strict/shifting regulatory frameworks Former Chair of our Nominating / Corporate Governance Committee who oversaw evolution of our best-in-class governance Glenn Hubbard, 59 Deep expertise in global macroeconomic conditions and economic, tax, and regulatory policies Deep perspective on financial markets As current Chair of our Nominating / Corporate Governance Committee, continues best-in-class governance Government / regulatory experience Eric Fast, 68 Risk management experience Deep financial, accounting, and transactional expertise Former CEO of large public company Broad managerial and operational expertise Copyright 2017 ADP, LLC. 44 ADP A more human resource.

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