Investor Presentaiton

Our capital structure approach is balanced Commitment to Strong Investment Grade Rating · Currently $3 billion in gross debt • Prudent use of debt within AA ratings category Ongoing enhancement reflecting growth in debt capacity Key ADP considerations for credit rating: • Access to the A1/P1/F1 commercial paper market to implement the extended investment strategy • Extended strategy has generated $2.5+ billion in incremental interest income from FY01 through FY21 • Client extended portfolio requires overnight borrowing 200+ days per year to avoid selling fixed income securities and generating realized gains or losses; $9.7 billion commercial paper program is primary mechanism Copyright ©2021 ADP, Inc. 51

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