Investor Presentaiton

Shareholders Should Ask - Does Pershing Square Actually Understand ADP's Business? Pershing Assertion × ADP's Sales Force Productivity Is Declining * ADP Inflates New Business Bookings by Including Zero Margin Pass-Throughs * ADP Has Lost Significant Market Share With Enterprise Clients × ADP's Innovation Has Come Only Through Acquisitions × ADP's Corporate Structure Is Inefficient Fact FACT: ADP's Sales Force productivity is actually increasing ADP has been very transparent regarding sales force productivity in FY17 ✓ Following a very difficult ACA-related comparable, ADP's new business bookings grew at a 7% CAGR from FY11 to FY17 while its salesforce only grew at 4% FACT: ADP has never stated that new business bookings included zero-margin pass-throughs ADP has grown new business bookings while driving efficiencies through more inbound sales ADP saw $1.65B in new business bookings in FY17 FACT: ADP's total number of comparable up-market clients between FY09 and FY17 has remained largely consistent ✓ Today ADP serves approximately 3,000 HCM clients with more than 1,000 employees FACT: Under Carlos Rodriguez's tenure, ADP shifted its strategy to organic, innovation driven growth ADP has set up four strategic Innovation Labs each with a unique area of focus ADP Mobile, ADP DataCloud, ADP Marketplace, Accountant Connect products were all born organically in one of these techno-hubs FACT: ADP proactively recognized the opportunity to streamline its corporate structure several years ago and launched its Service Alignment Initiative in FY16 in response To date, ADP has exited a net 29 service locations for a reduction of 1/3 in total service locations ✓ ADP expects to exit 68 service locations by the end of the Service Alignment Initiative Copyright 2017 ADP, LLC. 48 ADP A more human resource.

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