Investor Presentaiton

Our investment of client funds will remain prudent Primary Objectives Safety of Principal • Prudent Investment Guidelines reviewed by ADP's Board Strict credit quality, maturity, and exposure limits • Strict credit guidelines by asset class • All securities are investment grade • Liquidity • Portfolio includes $5 billion of highly liquid U.S. Government Agency and Treasury securities Diversification Exposure limits by rating category and individual issuer Secondary Objectives ✓ Maximize book yield ✓ Minimize interest income volatility by averaging through interest rate cycles Copyright ©2021 ADP, Inc. 53

View entire presentation