<SEC-DOCUMENT>0001193125-17-324605.txt : 20171030
<SEC-HEADER>0001193125-17-324605.hdr.sgml : 20171030
<ACCEPTANCE-DATETIME>20171030133856
ACCESSION NUMBER:		0001193125-17-324605
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171030
DATE AS OF CHANGE:		20171030
EFFECTIVENESS DATE:		20171030

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AUTOMATIC DATA PROCESSING INC
		CENTRAL INDEX KEY:			0000008670
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				221467904
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-05397
		FILM NUMBER:		171161671

	BUSINESS ADDRESS:	
		STREET 1:		ONE ADP BOULVARD
		CITY:			ROSELAND
		STATE:			NJ
		ZIP:			07068
		BUSINESS PHONE:		9739745000

	MAIL ADDRESS:	
		STREET 1:		ONE ADP BOULEVARD
		CITY:			ROSELAND
		STATE:			NJ
		ZIP:			07068

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pershing Square Capital Management, L.P.
		CENTRAL INDEX KEY:			0001336528
		IRS NUMBER:				383694136
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-813-3700

	MAIL ADDRESS:	
		STREET 1:		888 SEVENTH AVENUE
		STREET 2:		42ND FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>d479263ddfan14a.htm
<DESCRIPTION>DFAN14A
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<TITLE>DFAN14A</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule 14a-101) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section&nbsp;14(a) of </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>the Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9744;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a Party other than the
Registrant&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Definitive Additional Materials</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Soliciting material Pursuant to &#167;240.14a-12</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Automatic
Data Processing, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified In Its Charter) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>William A. Ackman </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Veronica M. Hagen </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>V.
Paul Unruh </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square Capital Management, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PS Management GP, LLC </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square II, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square International, Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square Holdings, Ltd. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Pershing Square VI Master, L.P. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Person(s) Filing Proxy Statement, if other than the Registrant) </B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
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<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>

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<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">No fee required.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">5)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total fee paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD HEIGHT="24" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
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<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount Previously Paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filing Party:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date Filed:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<IMG SRC="g479263dsp1.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="right">October&nbsp;30, 2017 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Mr.&nbsp;Cristiano Guerra </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Head of Special Situations Research
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Institutional Shareholder Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">702 King Farm Boulevard,
Suite 400 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Rockville, MD 20850 </P> <P STYLE="margin-top:14pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Dear Cristiano: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">It is clear from a careful reading of ISS&#146;s recent October&nbsp;25, 2017 report (the &#147;Report&#148;) regarding the proxy contest
between ADP and Pershing Square Capital Management, L.P. that, in reaching its voting recommendation, ADP provided <FONT STYLE="white-space:nowrap">non-public,</FONT> inaccurate and misleading information, claims, and arguments which were relied
upon by ISS. By relying on this information in formulating its recommendation, ISS diverged from its stated policy of basing its recommendations &#147;solely upon publicly disclosed information.&#148; Furthermore, it is clear from the Report that
ISS accepted, and in its Report has publicly endorsed, certain misleading or incorrect factual assertions made by ADP management during its engagement with ISS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s attempt to mislead ISS is a serious concern. Notably, many of ADP&#146;s new claims and arguments are responses to critical issues
raised in this proxy contest, and to questions we have publicly asked ADP that have since been privately asked by other shareholders, in each instance without a response from ADP. Rather than respond publicly, ADP appears to have misleadingly
addressed these questions in private with ISS, out of the scrutiny of Pershing Square and other shareholders, in an attempt to win ISS&#146;s support. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We do not expect ISS to have done our job and independently evaluated each of these claims, but rather to have given us an opportunity to
refute these new arguments as is ISS&#146;s customary practice. Had such an opportunity been provided, ISS might have come to a more accurate conclusion about ADP&#146;s performance and its inadequate plans for improvement. Public discourse would
have allowed ISS to properly evaluate both sides of the various arguments, and allowed shareholders and analysts to evaluate the credibility of ADP&#146;s board and management compared with Pershing Square and its candidates. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>ADP&#146;s Misuse of the ISS Process by Providing <FONT STYLE="white-space:nowrap">Non-Public</FONT> Information </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s <FONT STYLE="white-space:nowrap">non-public</FONT> and false and misleading information, provided privately to ISS and not otherwise
made public to shareholders, analysts and the SEC, directly relates to the three key prongs of our case for change at ADP: (1)&nbsp;the Company has lost market share in the Enterprise </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">1 </P>


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marketplace due to its lack of a competitive product offering, (2)&nbsp;the Company is inefficiently operated, a fact which is made clear by benchmarking ADP versus its direct competitors, and
(3)&nbsp;ADP is unwilling to change its status quo approach and has set insufficient long-term goals. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Pershing Square was not offered the
opportunity by ISS to respond to this <FONT STYLE="white-space:nowrap">non-public</FONT> information or to rebut the false and misleading information shared by ADP with ISS that led to the ISS recommendation, nor have other shareholders or
third-party ADP analysts been given a chance to review and evaluate ADP&#146;s <FONT STYLE="white-space:nowrap">non-public</FONT> information. As is ISS&#146;s common practice, ISS met first with Pershing Square on October 11<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>, and then with ADP on October 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. We were not made aware of or provided the opportunity to respond to ADP&#146;s new, <FONT
STYLE="white-space:nowrap">non-public</FONT> information, claims, and arguments until the Report was issued. The Report is the first and only time that this previously <FONT STYLE="white-space:nowrap">non-public</FONT> information has been
disclosed. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In the course of all of our activist engagements over more than a decade, ISS has always offered us an opportunity to
participate in an extensive and productive dialogue. This is the first time in our experience that ISS&#146;s approach has varied from its established precedent and rules of engagement where we were not offered the opportunity to address new facts
or issues raised by the subject company subsequent to our meeting with ISS in the midst of a proxy contest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ISS&#146;s policy is to rely
only on publicly disclosed information in reaching the recommendations it circulates to its clients. Indeed, in the Report itself, in the section labeled &#147;Engagement,&#148; the following language appears: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">ISS engages in ongoing dialogue with issuers in order to ask for additional information or clarification, but not to engage on behalf of its
clients. Any draft review which may occur as part of this process is done for purposes of data verification only. All ISS recommendations are based solely upon publicly disclosed information.<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">ISS&#146;s Proxy Voting Policies and Procedures similarly state that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:6%; font-size:10pt; font-family:Times New Roman">ISS research and recommendations are based exclusively on public information, so any fact which an issuer would like to see reflected in our
report should be publicly disclosed to all shareholders in a timely fashion; even in markets where such disclosure is not ordinarily required. Where an issuer discusses previously <FONT STYLE="white-space:nowrap">non-public</FONT> information during
an engagement with ISS, or makes a commitment with respect to future actions or behavior, that should be promptly disclosed in a Form <FONT STYLE="white-space:nowrap">8-K</FONT> or equivalent public filing or disclosure. In proxy contests and
similar situations, we expect both management and dissidents to publicly file any materials presented to ISS. <B><U>Any material <FONT STYLE="white-space:nowrap">non-public</FONT> information that is disclosed, intentionally or unintentionally, will
not be considered or included in our research reports</U></B>. [Emphasis added.] </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">This policy makes sense as it lays the groundwork for a
fair process. Among other things, ISS&#146;s sole reliance on publicly available information ensures that each side in a proxy contest has the ability to respond to and react to the factual assertions made by the other side in full view of
shareholders. As a result, neither side can attempt to gain an unfair tactical advantage by selectively disclosing certain facts and arguments only to ISS. One of the principal tenets of ISS&#146;s Global Voting Principles is transparency, the
belief that &#147;Companies should </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> Report, at 2. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
provide sufficient and timely information that enables shareholders to understand key issues, make informed vote decisions, and effectively engage with companies on substantive matters that
impact shareholders&#146; long-term interests in the company.&#148;<SUP STYLE="font-size:85%; vertical-align:top">2</SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ISS is an extremely influential factor in shareholder voting in proxy contests. In fact, a meaningful percentage of ADP shares are voted
automatically according to the ISS recommendation, and many other ADP shareholders consider ISS recommendations in formulating their voting decision. As such, it is critical that ISS recommendations and proxy advisory reports meet ISS&#146;s stated
policies and standards so that the corporate voting mechanism is not inadvertently biased causing votes to be miscast. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In the pages that
follow, we address in detail each new fact, argument and error disclosed in the Report. In light of the <FONT STYLE="white-space:nowrap">non-public</FONT> and false and misleading information that was incorporated into your recommendation, and in
accordance with longstanding ISS policy, we ask that ISS reconsider its voting recommendation and issue a Proxy Alert to its clients, both to correct factual errors in its Report which were put forth by ADP without an opportunity for public
dialogue, and to ensure that ISS&#146;s final recommendation in this contest appropriately reflects consideration of the counter-arguments Pershing Square would have made (and has made below) had it been given the opportunity to respond to the new
information presented by ADP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>The ISS Report Contains <FONT STYLE="white-space:nowrap">Non-Public</FONT> Information and Arguments, and Factual
Errors, which Result in Erroneous Conclusions </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Prior to making our substantial investment in ADP, we engaged in a thorough review
of the Company&#146;s public filings, conference call transcripts, and other public statements, and have continued to carefully monitor the Company&#146;s public statements and filings during the proxy contest. Accordingly, upon reviewing the ISS
Report, we were surprised to read about <FONT STYLE="white-space:nowrap">non-public</FONT> information and new arguments that have not previously been made by ADP. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Many of these new <FONT STYLE="white-space:nowrap">non-public</FONT> facts and arguments are intended to be responsive to questions we have
publicly asked ADP, which ADP has been unwilling to answer for its shareholders. It appears, therefore, that ADP&#146;s private and selective engagement with ISS on these points is part of a deliberate strategy to persuade ISS of certain facts and
justifications in an effort to receive more favorable conclusions from ISS based upon non-public information, without giving Pershing Square, other shareholders, and research analysts the opportunity to respond to and/or ask critical <FONT
STYLE="white-space:nowrap">follow-up</FONT> questions that would demonstrate the false and misleading nature of ADP&#146;s assertions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In
stark contrast to ADP&#146;s approach in this regard, Pershing Square has throughout this proxy contest engaged in an open and public dialogue with ADP and other shareholders and stakeholders concerning its views, in part by asking public questions
of ADP. We believe that </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP> <FONT STYLE="font-family:Times New Roman" COLOR="#33338b"><U><FONT STYLE="white-space:nowrap">https://www.issgovernance.com/policy-gateway/iss-global-voting-principles/</FONT></U></FONT><FONT
STYLE="font-family:Times New Roman">. </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">3 </P>


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this open exchange is in the interest of all shareholders and is consistent with the Council of Institutional Investors&#146; Corporate Governance Policies. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>ADP&#146;s Supposed New Product For The Enterprise Segment </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The Report notes that &#147;the upcoming release of [ADP&#146;s] new Vantage 2.0 platform for large clients will offer better service and help
revert [ADP&#146;s slowing growth and lost market share in the Enterprise business.]&#148;<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> The Report is the first public disclosure by ADP that the release of a new Vantage 2.0 platform is
&#147;upcoming&#148; and will represent an improved service offering for its clients in the Enterprise segment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We therefore question what
exactly ADP said to ISS regarding its potential new product offering, which is not clear from the Report. Did the Company provide details about the product offering? Did it provide a specific timetable for the rollout of Vantage 2.0? How are
analysts and other market participants able to ascertain whether this product offering has the potential (or not) to truly shift the competitive dynamics in the market? The answers to these questions are regrettably unclear as ADP has only shared
this information privately with ISS. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The disclosure that ADP is close to releasing a Vantage 2.0 product offering for the Enterprise
segment is material, even more so in the context of this proxy contest. One of Pershing Square&#146;s principal critiques of ADP&#146;s board and management has been that the Company is losing market share in the Enterprise market due in principal
part to its failure to innovate and develop a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT> product offering. Disclosure by the Company to ISS that ADP is close to releasing an improved Enterprise
product offering appears to have caused ISS to conclude that the Company is aware of and is addressing this issue, and consequently influenced ISS&#146;s analysis and recommendation. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">If indeed ADP were shortly going to release a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">best-in-class</FONT></FONT>
Enterprise product that offered a competitive level of functionality, reliability and ease of use compared with existing offerings from Workday, Ultimate Software, and Ceridian Dayforce, this would indeed be highly material information that the
Company should be required to disclose in its SEC filings, or it would be in violation of Reg FD. Furthermore, under the SEC proxy rules, ADP is required to file all written material information that it directly or indirectly uses to solicit
investors, which we believe include any written materials provided to ISS. Unless the Company did not file these materials in violation of the proxy rules, it appears that ADP&#146;s representations about the release of Vantage 2.0 must, therefore,
have only been made orally to ISS. How can ISS rely on ADP&#146;s unverified oral statements about the release of a future product and its functionality and service quality? </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP has lost thousands of Enterprise customers to competitors. If, in fact, it was about to release a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">best-in-class</FONT></FONT> product, it would likely be in the best interests of the Company to let its clients know about the new product, its features, and functionality to help stem client defections </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> Report, at 21. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">4 </P>


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during the interim period before the product&#146;s release. If such a product existed and could be demonstrated to shareholders, it would of course be in ADP&#146;s interest for it to have done
so during this proxy contest. In fact, ADP released a detailed presentation on September 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> and voluminous additional materials in the course of this proxy contest, and has made no such
disclosures about a new Enterprise HCM product. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">It is directly against ISS policy for it to consider
<FONT STYLE="white-space:nowrap">non-public</FONT> information in formulating its recommendations. In light of the materiality of the apparent Vantage 2.0 disclosure, it is particularly troubling that this
<FONT STYLE="white-space:nowrap">non-public,</FONT> unverifiable fact, apparently provided orally by ADP, was relied upon by ISS, deemed a mitigating factor to ADP&#146;s loss of competitive position in Enterprise, and included in the formulation of
ISS&#146;s voting recommendation. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>Labor Productivity and Operational Benchmarking</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The Report states that: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">&#147;[I]n addressing the dissident&#146;s criticism of employee productivity, ADP notes that employees are required to obtain and service PEO
clients which generate pass-through revenues. When factoring in all revenue (including pass-throughs), ADP&#146;s GAAP revenue/employee (averaging the starting and ending employee count in a fiscal year) was just over $215,000 in FY 2017, having
grown at a 2.7&nbsp;percent CAGR over the past three years. Those figures do not appear out of line with comparable figures from competitors offering payroll; ISS excluded those with a benefit focus to improve comparability.&#148;<SUP
STYLE="font-size:85%; vertical-align:top">4</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s weak relative labor productivity versus competitors is a key critique
Pershing Square has levied against the Company. We publicly asked the Company on October 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> why its labor productivity is materially below that of its competitors as one of our Questions of the
Week. The Company has never publicly responded to our question, nor do we believe it has responded privately to shareholders asking the same question. We are not aware of any prior statements by the Company in which it suggested that PEO
pass-throughs should be factored into the labor productivity calculation, or that these pass-throughs somehow provide a justification for the fact that ADP&#146;s labor productivity meaningfully lags behind that of its competitors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s misleading private response directly to ISS appears to have persuaded ISS to conclude that ADP&#146;s labor productivity
&#147;figures do not appear out of line with comparable figures from competitors offering payroll.&#148;<SUP STYLE="font-size:85%; vertical-align:top">5</SUP> ISS appears to have accepted this misleading argument as a mitigating factor in forming
its recommendation. The labor productivity analysis as presented is highly misleading, as we would have explained if we had been given the opportunity to respond to this new and disingenuous argument. We believe ADP chose not to make this argument
publicly because it is intellectually indefensible and dishonest. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:5%; font-size:12pt; font-family:Times New Roman">PEO pass-throughs exist only because of the technical legal requirement
that a PEO must be the <FONT STYLE="white-space:nowrap">&#147;co-employer&#148;</FONT> of a client company&#146;s employees in order to negotiate certain health-care </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> Report, at 21. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> Report, at 21. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
and other benefits using the group purchasing power of all of the PEO&#146;s clients. As a <FONT STYLE="white-space:nowrap">co-employer,</FONT> PEOs receive health insurance premiums from their
clients which are &#147;passed through,&#148; <I>i.e</I>., paid to the PEO and then immediately paid out to health insurers. PEO pass-throughs are recognized in GAAP revenues and expenses, but are excluded from analysts&#146; and investors&#146;
determination of a HCM business&#146;s profitability because PEO pass-throughs are <FONT STYLE="white-space:nowrap">non-economic</FONT> in nature. For this reason, Pershing Square has excluded pass-throughs in its operational benchmarking of ADP, a
practice which both the Company and the analyst community have broadly accepted and adopted. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Had we been given an opportunity to respond
to ADP&#146;s new argument on its relative labor productivity &#150; that the comparability of ADP&#146;s labor productivity numbers to those of its competitors is improved when one factors in the PEO pass-through revenue &#150; we would have
explained that PEO pass-through revenues and costs are <FONT STYLE="white-space:nowrap">non-economic</FONT> in nature and should not be included for purposes of operational benchmarking. If one properly excludes PEO pass-through revenue and costs,
as we did in our analysis, ADP&#146;s labor productivity trails that of its competitors by 28%. Alternatively, had we been given an opportunity to respond to ADP&#146;s argument, we would have also shown that if one were to accept the Company&#146;s
proposed methodology (<I>i.e.,</I> including PEO pass-through revenue), the underperformance becomes even more significant when properly benchmarked against the appropriate competitor set as described below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">When benchmarking ADP, one must consider that approximately 28% of ADP&#146;s reported revenue comes from ADP&#146;s PEO. More significantly,
21% of ADP&#146;s reported revenue consists of <FONT STYLE="white-space:nowrap">non-economic</FONT> pass-throughs related directly to the PEO. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="50%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #cecece; BORDER-TOP:1px solid #cecece; padding-left:8pt"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">ADP REVENUE COMPOSITION</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #cecece">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #cecece; BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B><U>2017A</U></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B><U>%&nbsp;of&nbsp;Total</U></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"><B></B><B><I><U>Revenue</U></I></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Employer Services</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$8,518</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">69%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;PEO Revenue (Net)</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>836</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>7%</U></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Net Operational Revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$9,354</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>76%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;PEO Pass-Throughs</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>2,628</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>21%</U></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Operational Revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$11,982</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>97%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Client Funds</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>397</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>3%</U></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #cecece; BORDER-BOTTOM:1px solid #cecece; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Reported
Revenue</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cecece"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cecece" ALIGN="right"><B>$12,380</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cecece"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #cecece">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cecece"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #cecece" ALIGN="right"><B>100%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #cecece; BORDER-BOTTOM:1px solid #cecece; padding-right:2pt"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP is unique amongst the competitor group that ISS selected on page 21 of the Report in that it has a sizable
PEO, including outsized PEO pass-throughs, while the others do not. While Paychex has a small PEO, it has a smaller amount of PEO pass-throughs due to its differential accounting and the relative size of this business compared with ADP. The other
competitors presented in the table do not have PEOs at all. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">6 </P>


<p Style='page-break-before:always'>
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<TR>
<TD WIDTH="63%"></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" COLSPAN="12" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-TOP:1px solid #d8d8d8; padding-left:8pt" BGCOLOR="#000000"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">ISS TABLE - ADP EMPLOYEE PRODUCTIVITY RELATIVE TO PEERS OFFERING
PAYROLL</FONT></B></FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #d8d8d8; BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt" BGCOLOR="#000000">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>ISS&nbsp;Observation:</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pershing&nbsp;Square&nbsp;Observation:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Revenue&nbsp;/&nbsp;Average</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>PEO&nbsp;as&nbsp;%&nbsp;of</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B><FONT STYLE="white-space:nowrap">PEO&nbsp;Pass-Thoughs</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Employee</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>as % of Revenue</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:6pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>ADP</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$215,304</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>28%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"><B></B><B><I><U>Competitor</U></I></B><B></B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Paychex</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$231,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Ultimate Software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$234,745</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Paycom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$186,143</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Paylocity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$151,402</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;Workday</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right">$266,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Because GAAP PEO revenues include pass-through revenues, the labor productivity of a HCM company which owns a
PEO, and whose revenues include PEO pass-throughs, will appear artificially high if analyzed on this basis &#150; the greater the percentage of PEO pass-throughs in total revenues, the more the company&#146;s revenue productivity will be overstated.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In its Report, ISS claims to have excluded &#147;benefit focus[ed]&#148; competitors from the group to &#147;improve comparability.&#148;
Rather than improving comparability, such an approach reduces comparability. The competitors excluded are not &#147;benefit focus[ed]&#148; competitors but rather PEOs, and thus this methodology excludes other competitors with PEO pass-throughs,
which dramatically distorts these productivity metrics. As a result, ISS compared ADP&#146;s labor productivity, including the gross revenues from its PEO, against competitors which are not in the PEO business, or in the case of Paychex, whose PEO
pass-throughs are substantially smaller as a percentage of its GAAP revenues than for ADP (5% vs. 21%). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We suspect that ISS used this
approach because the revenue productivity per employee is so much greater for PEO providers than &#147;payroll&#148; competitors; however, that is precisely the reason why either (1)&nbsp;these pass-throughs should be excluded from the productivity
calculations, or (2)&nbsp;PEO competitors must be included in the comparable set to accurately assess ADP&#146;s relative labor productivity. ADP&#146;s proposed framework for ISS does neither because it includes the pass-throughs to inflate
productivity, but then excludes competitors which have pass-through revenues. This misleading approach led ISS to a false conclusion, namely, that ADP&#146;s labor productivity is similar to that of its competitors. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In our analysis throughout the proxy contest, we have excluded ADP&#146;s (and competitors&#146;) PEO pass-throughs from the labor productivity
calculation to generate an accurate, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">apples-to-apples</FONT></FONT> comparison. Alternatively, one could do the same calculation using gross revenues including pass-throughs
(<I>i.e.</I> the ISS methodology), but adjusting for the relative size of the PEO business within each of ADP&#146;s competitors. We do this in the table below by including all of ADP&#146;s competitors, including the PEO competitors. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
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<TR>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="12" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-TOP:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT
 COLOR="#ffffff"><B><FONT COLOR="#ffffff">PERSHING SQUARE - LABOR PRODUCTIVITY (INCLUDING PASS-THROUGH REVENUE)</FONT></B></FONT></P></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #d8d8d8; BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD COLSPAN="2" VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pershing&nbsp;Square&nbsp;Observation:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;Revenue&nbsp;/&nbsp;Average&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;PEO&nbsp;as&nbsp;%&nbsp;of&nbsp;&nbsp;&nbsp;&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B><FONT STYLE="white-space:nowrap">&nbsp;&nbsp;&nbsp;&nbsp;PEO&nbsp;Pass-Thoughs&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Employee</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Revenue</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>as % of Revenue</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>ADP</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$215,301</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>28%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B></B><B><I></I></B><I><U>Competitor</U></I><B><I></I></B><B></B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Paychex</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$231,713</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Ultimate Software</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$235,790</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Paycom</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$186,166</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Paylocity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$157,900</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Workday</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$266,001</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Cornerstone
OnDemand</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$244,016</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Insperity</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$1,176,539</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">~76%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">TriNet</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,200,123</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">100%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">79%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #000000; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Payroll / HCM Average</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">$220,264</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">NM</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">PEO Average</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>$1,188,331</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>NM</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>NM</U></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>Average of <U>ALL</U> Competitors</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$462,281</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>26%</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>20%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:4pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><B>ADP Revenue Weighted Average (1)</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$491,163</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL"><I></I><B><I>ADP vs. Weighted
Average</I></B><I></I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I><B><I></I></B><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I></I><B><I>(56%</I></B><I></I></TD>
<TD NOWRAP VALIGN="bottom"><I></I><B><I>)</I></B><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="12" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">Note: Certain values have minor
irreconcilable variances with ISS&#146;s reported labor productivity.</P></TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" COLSPAN="12" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-left:8pt">(1): Revenue weighted average assigns a 28% weighting to the PEO competitors and a 72% weighting to the payroll / HCM competitors,
commensurate with ADP&#146;s revenue composition.</TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Under this methodology, we show that a revenue-weighted average of the competitors &#150; weighing the PEO
competitors at 28% and the Payroll/HCM competitors at 72%, commensurate with ADP&#146;s revenue exposures &#150; yields a revenue-weighted average of $491,163 as compared to ADP&#146;s revenue per employee of $215,301, suggesting ADP&#146;s relative
labor productivity is <I>56% below a composite of its competitors</I>. This analysis includes <I>all</I> of ADP&#146;s competitors adjusted appropriately for PEO pass-throughs, and arrives at a dramatically different and accurate conclusion
regarding ADP&#146;s relative productivity. Under either methodology (excluding PEO pass-throughs on a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">like-for-like</FONT></FONT> basis, or including PEO pass-throughs and including
PEO competitors in the competitor set), it is clear that ADP massively trails its competitors&#146; labor productivity, despite the Company&#146;s enormous scale advantages. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>ADP Explains Three Reasons Why Its Margins Are Lower Than Paychex&#146;s</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The Report notes that &#147;[d]uring engagement with ISS, the board stated that several items lead its operating margin to be lower than
Paychex&#146;s,&#148; including: (1) &#147;Paychex does not have customers who are large businesses &#150; this customer base has significantly lower structural margins than do small and <FONT STYLE="white-space:nowrap">mid-sized</FONT>
businesses;&#148; (2) &#147;ADP has higher client growth, with the incremental selling and implementation expense of adding a new client (above recurring costs) being 1 to 1.25x that client&#146;s annual revenue;&#148; and (3) &#147;ADP has raised
prices at 0.5 to 1&nbsp;percent per year since FY 2015, slower than Paychex&#146;s 2 to 4&nbsp;percent annual price increases.&#148;<SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Once again, ADP puts forth various arguments which it has not previously argued in the public domain. Since the very beginning of this
campaign, we have asked ADP to disclose sub- </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP> Report, at 16. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">8 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
segment margins within Employer Services, and have directly asked the Company (including on September 20<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> as our inaugural Question of the
Week) whether or not the Company is earning comparable margins to Paychex in its comparable business segments. The Company has never publicly answered this question. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We were not provided with an opportunity to respond to this new three-part justification provided by the Company for its significant margin
deficit. We note from the Report that ISS was not fully persuaded that these assertions adequately explain why &#147;ADP&#146;s margins fall far short of Paychex&#146;s.&#148;<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> It does appear from
the Report, however, that ISS accepted the factual validity of these arguments, but concluded that the arguments were not sufficient to account for the extent of the gap between ADP&#146;s and Paychex&#146;s margins. Below, we address each of these
false and/or misleading responses by ADP. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">With respect to argument (1), Pershing Square has never suggested comparing ADP&#146;s overall
margins to Paychex directly. We of course recognize that Paychex competes with some, but not all, of ADP&#146;s business. That said, Paychex has both a small and <FONT STYLE="white-space:nowrap">medium-size</FONT> customer base. Pershing Square
noted on page 16 of our October&nbsp;12, 2017 presentation <I>ADP Ascending</I> that we believe <I>at least</I> ~$3bn of ADP&#146;s Employer Services revenue (~35%) is <I>directly comparable</I> to Paychex, and perhaps more. If ADP earned
Paychex-like margins of ~41% on the directly comparable revenue, it would imply that the balance of ADP&#146;s Employer Services business earns a ~6% margin on ~$5.5bn of revenue. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Furthermore, while Paychex does not serve large enterprises or have a sizable international business, we strongly disagree with ADP&#146;s
assertion that those business segments have &#147;significantly lower structural margins.&#148; Pershing Square has published an extensive body of research which demonstrates that Enterprise / international <I>should</I> have structurally high
margins based on labor productivity benchmarking versus competitors,<SUP STYLE="font-size:85%; vertical-align:top">8</SUP> gross profit margin benchmarking,<SUP STYLE="font-size:85%; vertical-align:top">9</SUP> a careful analysis of Ultimate
Software&#146;s profitability,<SUP STYLE="font-size:85%; vertical-align:top">10</SUP> and other various public data points identifying competitors with 30% - 45% margins competing in Enterprise and/or international.<SUP
STYLE="font-size:85%; vertical-align:top">11</SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">With respect to argument (2), namely that the relative growth rate between ADP and
Paychex explains the margin differential, Pershing Square largely addressed this argument on page 25 of our September&nbsp;25, 2017 presentation <I>Pershing Square&#146;s Response to ADP&#146;s September 12</I><I><SUP
STYLE="font-size:85%; vertical-align:top">th</SUP></I><I> Investor Presentation</I>, although ADP appears to have further elaborated on this argument with ISS. In our presentation, we noted that the difference in growth rate between ADP and Paychex
is not meaningful enough to explain the vast margin differential. If anything, ADP should have <I>higher</I> margins than Paychex due to its higher relative retention rate. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> Report, at <FONT STYLE="white-space:nowrap">22-23.</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> See page 54, <I>ADP: The Time is Now</I> (August
17<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, 2017). </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP> <I>Id</I>., at 56. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP> <I>Id</I>., at 62 &#150; 73. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> <I>Id</I>., at 74 &#150; 75. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">9 </P>


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Ironically, the argument which ADP puts forth as a cause for ADP to have lower margins than Paychex is the <I>exact argument </I>we put forward to explain why ADP&#146;s faster-growth <FONT
STYLE="white-space:nowrap">mid-market</FONT> and Enterprise competitors have lower margins<I> today,</I> but when appropriately adjusted for growth (and scale), demonstrate that HCM is a structurally high-margin business across all client sizes. ISS
apparently accepts that &#147;structural margins for large companies are 15 to 25 percentage points lower than for small and <FONT STYLE="white-space:nowrap">mid-sized</FONT> companies,&#148; a conclusion which is undermined by ADP&#146;s own
arguments about the significant upfront costs of new client wins. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">With respect to argument (3), we note that this is the first time the
Company has argued that differential pricing policies is an explanation for ADP&#146;s lower margins than Paychex. We note that ADP and Paychex are both mature and scaled competitors who have competed against each other for decades. To the extent
ADP had lower prices, it should have grown materially faster than Paychex over time. As noted by ADP in its September 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> presentation, ADP and Paychex have grown at an 8% and 7% CAGR
respectively since FY 2011, not a material enough difference to explain any meaningful margin differential between the two. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">To the extent
Paychex has a different pricing strategy, it has not negatively impacted Paychex&#146;s competitive position as both companies have similar growth rates, and there has been no observable market share shift between the two companies over longer
periods of time. Paychex has enjoyed superior operating margins in the <FONT STYLE="white-space:nowrap">mid-to</FONT> high 30% range for over a decade. They are not a recent phenomenon. In any case, our research suggests that ADP and Paychex
products are similarly priced.<SUP STYLE="font-size:85%; vertical-align:top">12</SUP> Given that ADP&#146;s RUN product is higher rated by market participants,<SUP STYLE="font-size:85%; vertical-align:top">13</SUP> to the extent Paychex has a
different pricing strategy, which produces similar growth yet higher margins, ADP should adopt it as its own. Simply put, we do not think this is a credible argument to explain the vastly different structural margins between the two businesses. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>ADP&#146;s Pricing Explanation for its Gross Margin Deficit</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">From the Report, it appears that ADP made a <I>new</I> <I>and <FONT STYLE="white-space:nowrap">non-public</FONT></I> argument to ISS about its
Gross Margin deficit relative to competitors, which is both inaccurate and highly misleading: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">The dissident may be correct that ADP&#146;s
gross margins are below competitors, but that is not necessarily troubling. Lower gross margins can be due to a company offering its products or services more cheaply, to gain scale and build customer loyalty. They may also reflect a company&#146;s
choice to set up its business model to have a higher percentage of costs in COGS and a lower percentage in SG&amp;A.<SUP STYLE="font-size:85%; vertical-align:top">14</SUP> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">12</SUP> See G2 Crowd, where <I>both</I> RUN and Paychex Flex score in the 77<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> percentile amongst user-reported pricing data measuring the &#147;perceived cost&#148; as reported by 1,929 user reviews. (<FONT STYLE="font-family:Times New Roman" COLOR="#33338b"><U><FONT
STYLE="white-space:nowrap">https://www.g2crowd.com/products/adp-run/pricing</FONT></U></FONT><FONT STYLE="font-family:Times New Roman"> and
</FONT><FONT STYLE="font-family:Times New Roman" COLOR="#33338b"><U>https://www.g2crowd.com/products/paychex-flex/pricing</U></FONT><FONT STYLE="font-family:Times New Roman">) </FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">13</SUP> Supported by our broad market research but also easily observable on such websites as G2 Crowd where
RUN by ADP scores a 4.5/5.0 stars while Paychex Flex scores a 2.9/5.0 stars. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">14</SUP> Report, at 22. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">10 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">It is incorrect that ADP&#146;s lower gross margins are due to its decision to offer products and
services at a lower price point in order to gain scale and build customer loyalty (<I>e.g</I>., like Amazon). In fact, ADP has taken the exact opposite approach. ADP is the mature and scaled industry incumbent with leading, but declining, market
share. The above claim would imply that competitors are &#147;higher-priced&#148; yet still gaining share, which could only explain that ADP&#146;s product and service offering must be highly inferior. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">It is empirically false that ADP&#146;s products are broadly offered at a discount to its competitors. This purported explanation for the gross
margin differential between ADP (58% gross margins in ES) and its competitors (74% recurring gross margins) would be true only if ADP&#146;s products were priced at a ~20% or more discount to competitors. Such a pricing discount to &#147;gain
scale&#148; or market share should have driven significant market share gains, yet ADP is losing share as shown in our analysis and acknowledged by ISS. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">If anything, the market share gains of ADP&#146;s competitors would imply the opposite, that competitors are offering products at lower price
points to gain share from ADP, and that ADP&#146;s competitors should therefore have <I>lower</I> gross margins. Based on our research, competitors are not pricing at a discount, but rather are gaining share versus ADP because they have better
technology and service offerings. In fact, competitors and industry observers note that pricing is a very small consideration in selecting vendors as we have previously explained.<SUP STYLE="font-size:85%; vertical-align:top">15</SUP> ADP&#146;s
gross margins are lower than competitors&#146; not due to price, but because the Company is extremely inefficient as we have explained in detail. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Moreover, ADP&#146;s lower margins are demonstrably not the result of the Company&#146;s &#147;choice&#148; to allocate a higher percentage of
costs to COGS and a lower percentage to SG&amp;A. Pershing Square&#146;s analysis adjusted ADP&#146;s and its competitors&#146; gross margins to improve their comparability in our benchmarking analysis. ADP&#146;s GAAP actual gross margins (as
reported in its financial statements) are 41%. We adjusted ADP&#146;s gross margins <U>upward</U> so that they can be appropriately compared to competitors. After these comparability adjustments, ADP&#146;s adjusted gross margins are ~60% (and ~58%
in Employer Services), which still significantly trail competitors&#146; 74% recurring gross margins. In all instances, we attempted to isolate gross profit and other cost line items below gross profit in order to enable a proper comparison across
all competitors.<SUP STYLE="font-size:85%; vertical-align:top">16</SUP> While it is possible that companies may classify costs differently, we have made appropriate adjustments to account for this issue. Moreover, this would only provide an
explanation for ADP&#146;s lower margins if its operating margins were in fact the same as </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">15</SUP> See page 26 &#150; 27, <I>ADP Ascending: Detailed Supporting Materials</I> (October 11, 2017). Note
that amongst new Ultimate Software clients, when asked the question &#147;What factors are allowing Ultimate to win versus incumbent providers?&#148; only 16% identified &#147;cost savings&#148; as an influential factor. It ranked lowest amongst
disclosed reasons for switching from an incumbent vendor to Ultimate Software. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">16</SUP> As noted in our
original presentation <I>ADP: The Time is Now</I>, gross profit margins were adjusted to improve comparability amongst competitors and ADP. For ADP specifically, gross margins were adjusted to exclude float income (-$397m) but <FONT
STYLE="white-space:nowrap">add-back</FONT> Systems Development and Programming Costs (+$628m) and Depreciation and Amortization (+$226m). In all instances, gross profit margins were presented as a percentage of adjusted net operational revenue,
excluding float income and reporting the PEO net of pass-through costs. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">11 </P>


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competitors. In this case, ADP&#146;s gross profit <I>and</I> operating margins massively trail those of its competitors (<I>e.g</I>. Paychex). </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>ADP Claims Our Plan Includes &#147;Drastic&#148; Headcount Reductions And Creates &#147;Risk&#148;</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The Report notes that &#147;the board argues that the dissident has not been forthcoming about the fact that its plans to raise margins would
involve a drastic reduction in the number of ADP employees. Such a large headcount reduction, the board states, could disrupt client relationships and customer service, which would put margin improvements at risk.&#148;<SUP
STYLE="font-size:85%; vertical-align:top">17</SUP> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">The Report then further reflects on this assertion as part of its determination for
the question &#147;Is Change Warranted,&#148; noting &#147;[a]lthough the dissident has not explicitly called for headcount reductions, it appears unlikely that substantial margin improvements, such as those promoted by the dissident, could be
achieved without such cuts.&#148;<SUP STYLE="font-size:85%; vertical-align:top">18</SUP> ISS appears to have heavily weighted this line of reasoning and accepted it as support for the Company&#146;s claim that our plan is not &#147;devoid of
risk.&#148; Pershing Square notes that ADP had not raised this argument directly prior to our meeting with ISS, nor was it discussed in our meeting with ISS. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">First, the claim that we have &#147;not been forthcoming&#148; about the need for &#147;drastic&#148; headcount reductions is due to the fact
that this claim is not true. The HCM industry is a high-growth industry &#150; ADP&#146;s own plan calls for <FONT STYLE="white-space:nowrap">top-line</FONT> growth of 7% to 9%. The benefit of growth is that it provides an opportunity for ADP to
&#147;grow into&#148; its labor productivity, as Paychex has done over the past six years. In FY 2009, Paychex had 12,500 employees and generated $2bn of revenue. In FY 2017, Paychex employee count had risen to 13,700 (+10%) and its revenue has
grown to $3.1bn (+54%). Paychex&#146;s labor productivity has expanded from $161k per employee in FY 2009 to $226k today, despite its headcount <I>growing</I> over the period as revenue has grown far in excess of headcount. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Similarly, if ADP were to achieve the growth rates we believe it should, it would grow into its headcount over the coming years. Furthermore,
ADP has a relatively high associate turnover &#150; we understand that ADP&#146;s associate attrition rate is &gt;10%. As such, ADP needs to <I>hire</I> ~6,000 associates every year simply to keep headcount <I>flat</I>. ADP could drastically
accelerate labor productivity by simply hiring fewer new associates and allowing the Company&#146;s natural attrition to run its course. If ADP simply held its net headcount flat, it would achieve competitor-level labor productivity within ~five
years (consistent with Pershing Square&#146;s FY 2022 margin target) based on the Company&#146;s stated 7% to 9% revenue growth goals. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">17</SUP> Report, at 17. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">18</SUP> <I>Id.</I> at 25. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">12 </P>


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<TD VALIGN="top" COLSPAN="24" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-TOP:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#ffffff"><B><FONT COLOR="#ffffff">ILLUSTRATIVE ADP LABOR PRODUCTIVITY</FONT></B></FONT></P></TD>
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #d8d8d8; BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#ffffff"><B><FONT COLOR="#ffffff">&nbsp;</FONT></B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>FY&nbsp;2017</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year 1</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year 2</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year 3</B></TD>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year 4</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Year 5</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
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<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Net Operational Revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$9,354</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$10,102&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$10,911&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$11,783&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$12,726&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$13,744&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Growth (%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>8.0%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>8.0%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>8.0%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">8.0%&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>8.0%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I></I>&nbsp;</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="19" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD HEIGHT="19" COLSPAN="4"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD>
<TD HEIGHT="19" COLSPAN="4"></TD>
<TD HEIGHT="19" COLSPAN="4" STYLE="BORDER-RIGHT:1px solid #d8d8d8">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">Starting Employees</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,000&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,200&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,380&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,542&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58,688&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(-)&nbsp;Natural&nbsp;Attrition&nbsp;(~10%)</P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,800)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,820)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,838)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,854)</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,869)</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">(+) New Hires</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>6,000</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>6,000</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>6,000</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>6,000</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><U></U>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><U>6,000</U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Ending Employees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,000</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,200&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,380&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,542&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,688&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>58,819&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Growth (%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>0.3%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>0.3%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>0.3%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>0.2%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I></I>&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><I>0.2%</I>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I></I>&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Labor
Productivity</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$161</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$174&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$187&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$201&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$217&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>$234&nbsp;</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Alternatively, if ADP <I>hired</I> ~4,000 new employees a year (vs. 6,000 shown above), ADP&#146;s headcount
would decrease modestly, and ADP would achieve competitor-level labor productivity levels within three years. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Notably, CDK has managed to
achieve enormous margin gains while keeping headcount relatively flat &#150; which further supports our views on the opportunity to improve labor productivity and margins without drastic headcount reductions. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="65%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="91%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#000000" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-TOP:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><FONT
 COLOR="#ffffff"><B><FONT COLOR="#ffffff">CDK LABOR PRODUCTIVITY</FONT></B></FONT></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #d8d8d8; BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>FY 2014</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>FY 2015</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>FY 2016</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>FY 2017</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:6pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Revenue</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>$1,977</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$2,064</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$2,115</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$2,220</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Reported Growth (%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>4.4%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>2.5%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>5.0%</I></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I>&nbsp;</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Organic Revenue Growth
(%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>7.5%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>6.8%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>5.8%</I></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I>&nbsp;</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:3pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Employees</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>~9,000</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,900</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,700</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>8,900</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Growth (%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>(1.1%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>)&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>(2.2%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>)&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>2.3%</I></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I>&nbsp;</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:3pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Labor Productivity</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right"><B>$220</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$232</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$243</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$249</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><I>Growth (%)</I></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>5.6%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>4.8%</I></TD>
<TD NOWRAP VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"><I>&nbsp;</I></TD>
<TD VALIGN="bottom" ALIGN="right"><I>2.6%</I></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt"><I>&nbsp;</I></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:3pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #d8d8d8; padding-left:8pt">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; padding-right:2pt">&nbsp;</TD></TR>
<TR BGCOLOR="#bfbfbf" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL"><B>Adj. EBITA
Margin (%)</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>16%</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>18%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>22%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #d8d8d8">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #d8d8d8" ALIGN="right"><B>26%</B></TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-RIGHT:1px solid #d8d8d8; BORDER-BOTTOM:1px solid #d8d8d8; padding-right:2pt"><B>&nbsp;</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s claim that our plan includes &#147;drastic&#148; headcount reductions is a disingenuous argument
put forth by ADP management to scare employees and shareholders into supporting the status quo and to cause others to reject our plan as &#147;risky.&#148; This argument is not supported by the facts and, therefore, should not have been considered
by ISS in formulating its recommendation. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><I><U>ADP&#146;s Purported Plans for 500 to 600 Basis Points of Margin Expansion</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP has recently made a series of public statements that its plan will lead to net operational margin improvements of &#147;500 to 600 basis
points&#148; by FY 2020. This is a new and inaccurate disclosure that we believe is demonstrably false, and is intended to mislead shareholders and others about the lack of progress implied by ADP&#146;s plan. Although ADP did not emphasize its <FONT
STYLE="white-space:nowrap">so-called</FONT> plans for 500 to 600 basis points of margin expansion at the start of this proxy contest, after recognizing significant shareholder support for our view that ADP is
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">13 </P>


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inefficiently operated, the Company has focused almost exclusively in recent weeks on its purported claim that its plan will deliver &#147;500 basis points&#148; of net operational margin
expansion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP included only a small reference, as a <FONT STYLE="white-space:nowrap">sub-header</FONT> to one slide, to its purported
500 basis points of net operational margin expansion over the next three years in its investor presentation released on September 12<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. ADP otherwise had said nothing about this 500 basis points
until October 18<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, at which point, the Company made its <FONT STYLE="white-space:nowrap">so-called</FONT> plans for 500 basis points of margin improvement a centerpiece of its argument that
shareholders should support the current board and management. We believe that ADP has done this to mislead investors about the lack of progress in its plan, and that this pivot in message is in direct response to shareholder support for our views.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Pershing Square asked ADP to provide support for this 500 basis points figure in our Question of the Week on October 19<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP>. We are aware that numerous shareholders and sell-side analysts have contacted ADP&#146;s Investor Relations team and management to clarify this figure to no avail. Again, today, we have publicly
asked ADP either to support its &#147;500 basis points&#148; claim or retract it. ADP should be required by ISS to immediately provide support for its 500 to 600 basis point claim. Such a response should be immediately made public so that all
shareholders and ISS can determine its validity. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:12pt; font-family:Times New Roman">ISS seems to have accepted ADP&#146;s 500 to 600 basis points claim: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman"><U>&#147;<B>The company expects its operational EBIT margin to improve by 500 to 600 basis points by FY 2020</B></U>, with <FONT
STYLE="white-space:nowrap">two-thirds</FONT> of that gain coming from operating leverage, and the rest resulting from initiatives such as migrating customers away from older IT platforms and reducing the number of corporate offices. <B><U>These
plans suggest that the board and management may not be content with the current situation</U></B>.&#148; [Emphasis added.]<SUP STYLE="font-size:85%; vertical-align:top">19</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Unfortunately, and inexcusably, in all of ADP&#146;s recent public statements, ADP has failed to make clear to shareholders and analysts that
its plan contemplates overall margin improvement of only 100 to 200 basis points, and net operational margin improvement of just ~300 basis points. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Pershing Square addressed this misleading 500 basis points claim on pages 21 and 22 of our September 27<SUP
STYLE="font-size:85%; vertical-align:top">th</SUP> presentation (which was further included at pages 62 and 63 in the detailed supplement to our October 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> presentation, <I>ADP Ascending</I>).
Net operational margin is calculated as (EBIT &#150; client funds interest &#150; corporate extended income net) / (total revenue &#150; PEO pass-through revenue &#150; client funds interest).<SUP STYLE="font-size:85%; vertical-align:top">20</SUP>
This calculation can be determined with just five figures, which are all reasonably estimable from ADP&#146;s September 12th plan. When </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">19</SUP> <I>Id.</I> at 23. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">20</SUP> Consistent with ADP&#146;s financial reporting, both client funds interest and corporate extended
investment income are deducted from EBIT in the numerator, while the interest on client funds deducted from revenue in the denominator does not include the effects of the extended investment strategy.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">14 </P>


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one does the math, one learns that ADP&#146;s announced plan implies not 500 to 600 basis points of improvement, but rather just ~300 basis points of net operational margin expansion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s current net operational margins are 21.6%. The Company&#146;s current plan provides revenue guidance of <FONT
STYLE="white-space:nowrap">$15-$16bn</FONT> by FY 2020 ($15.5bn at the midpoint) and margin guidance of <FONT STYLE="white-space:nowrap">21-22%</FONT> (implying ~$3.3bn of EBIT at the midpoint). Given other known variables, including the
Company&#146;s guidance for its HRBPO business (including its &#147;PEO&#148;) to grow at a 12 &#150; 14% rate, it is effectively a mathematical impossibility for the Company&#146;s current plan to produce 500 basis points of net operational
margins, but only deliver an actual margin increase of <FONT STYLE="white-space:nowrap">100-200</FONT> basis points. By our calculation, ADP&#146;s plan delivers net operational margins of ~24.5%, or just ~300 basis points of net operational margin
expansion. Our detailed deconstruction of ADP&#146;s announced September 12th plan shows this ~300 basis points of operational margin expansion (of which ~2/3rd is from Employer Services), which can be found on page 63 in the detailed supplement of
our October 11th presentation, <I>ADP Ascending</I>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Rather than clarifying this claim for shareholders, ADP has continued to prominently
feature this misleading claim in an attempt to win support from shareholders and to help persuade influential observers such as the proxy advisory firms. We note that Glass Lewis correctly saw through ADP&#146;s misleading claim: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">Upon closer scrutiny, ADP&#146;s three-year plan calls for only approximately 300 basis points in net operating margin expansion, and only 220
basis points of margin expansion in Employer Services, which is consistent with ADP&#146;s historical performance and long-term plan of delivering 50 to 100 basis points per year. Upon review, we find the Company&#146;s plan to be underwhelming in
this regard, as does Pershing Square, other ADP shareholders we spoke with and certain analysts who follow the Company.<SUP STYLE="font-size:85%; vertical-align:top">21</SUP> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In its Report, ISS relied on ADP&#146;s unsupported claim of 500 to 600 basis points of future margin improvement and concluded that &#147;the
board and management may not be content with the current situation.&#148; ISS appears to have accepted this false margin claim which allowed ISS to discount our claims that ADP is complacent with the status quo. That is among other reasons why we
and other shareholders believe real change in the form of partial board turnover is needed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>ISS&#146;s Recommendation to Facilitate My Election to
ADP&#146;s Board Is Unprecedented</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We note that ISS recommended my election to the board, but did so in an unprecedented manner.
Namely, ISS recommended that shareholders who wished to support my candidacy according to your recommendation do so by withholding their votes for Eric Fast on management&#146;s white card. ISS did not recommend that shareholders submit their votes
on the GOLD card, the only place where Pershing Square&#146;s nominees appear. </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">21</SUP> Glass Lewis report, October 23<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>, at 23. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">A withhold vote for Mr.&nbsp;Fast is not a vote for me. I will be elected to the board only if
the votes I receive on the GOLD card exceed the votes Mr.&nbsp;Fast receives on the white card. In other words, ISS is apparently attempting, in ISS&#146;s own words, to &#147;facilitate&#148; my election by relying on the votes of shareholders who
<I>reject </I>ISS&#146;s recommendation, and instead vote on the GOLD card. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman"><U>Our proxy advisor has reviewed all of ISS&#146;s
historical recommendations and cannot find one precedent where a similar approach was used by ISS to achieve this recommended outcome.</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Alternatively, ISS could simply have recommended that shareholders vote for me on the GOLD card, and withhold votes for our other candidates.
Not only is this the simpler, customary, and more straightforward approach, it is more likely to achieve ISS&#146;s recommended outcome. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">In the Report, you note that the use of a universal proxy card would have been optimal for shareholders: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:7%; font-size:10pt; font-family:Times New Roman">For shareholders, the optimal solution would likely have been &#150; as the dissident suggested &#150; for the board to adopt a universal
proxy card for this contest, which would have allowed them to cast unfettered votes for the candidates of their choice regardless of the slates. Given the timing of the dissident&#146;s request, however, it is difficult to assert that the
board&#146;s response to this was unreasonable in this case.<SUP STYLE="font-size:85%; vertical-align:top">22</SUP> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We met with
ADP&#146;s full board on September 5<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> to present our views on the Company and to outline the value our directors would bring to the board. ADP subsequently rejected our candidates and proposals
on September 7<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. On September 15<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>, eight days after our candidates and proposals were rejected by ADP, we proposed to the Company that it use
a universal proxy card in the ongoing proxy contest. With more than 55 days to go to the election, there was no reason the parties could not have worked together to utilize a universal proxy card. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">While ADP publicly claimed that using a universal proxy card would have &#147;confused&#148; shareholders, nothing could be further from the
truth. The current U.S. system of two proxy cards with different slates is inherently confusing to shareholders. A universal proxy card is more easily understood by all investors, as it is the approach used for all other political or other elections
of which we are aware. Many investors we have spoken with have expressed serious concerns with ISS&#146;s proposed mechanism to &#147;facilitate&#148; my election to the board. These investors note that such an approach is extremely confusing and
will disadvantage my candidacy while advantaging the incumbent directors when compared with the more straightforward and customary approach of directly voting for me on the dissident proxy card. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">ADP&#146;s rejection of the universal proxy card had nothing whatsoever to do with timing or any concerns about confusing shareholders.
Rather, ADP viewed a universal proxy card as a tactical disadvantage and therefore rejected it. It is disappointing that ISS accepted the board&#146;s </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">22</SUP> Report, at 26. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">16 </P>


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self-interested justification for the rejection of a universal proxy card in light of the benefits to all shareholders which would have resulted. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Furthermore, you did not note in your Report, but could have noted, that shareholders of record or shareholders who hold legal proxies who
attend the meeting or send an authorized representative on their behalf could use the Company&#146;s ballot at the meeting to accomplish what could have been accomplished if a universal proxy card had been used. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman"><B><U>Conclusion</U> </B></P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">It is regrettable,
and unusual in our experience, that Pershing Square was not provided with an opportunity to address ADP&#146;s <FONT STYLE="white-space:nowrap">non-public</FONT> and false and misleading assertions with ISS in advance of the issuance of the Report
and its voting recommendation. ISS&#146;s own policies and procedures favor the kind of engagement that was lacking here: </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;Our goals are to facilitate productive and informative dialogue&#133;.&#148; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;ISS&#146; research teams interact regularly with company representatives, institutional shareholders, shareholder proponents and other parties in order to gain deeper insight into many issues and to check material
facts relevant to our research.&#148; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="6%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#9679;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">&#147;As a research organization, we encourage constructive dialogue among stakeholders on critical governance issues to ensure a fuller understanding of the facts and circumstances, which in turn will enrich and inform
our analysis and recommendations.&#148;<SUP STYLE="font-size:85%; vertical-align:top">23</SUP> </TD></TR></TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We had a productive meeting
with ISS representatives on October 11<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. Thereafter, we offered to make ourselves available as needed for any questions and further discussion. We did not hear from ISS again, including after
ISS&#146;s meeting with ADP on October 13<SUP STYLE="font-size:85%; vertical-align:top">th</SUP>. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Had we had the opportunity to discuss
ADP&#146;s <FONT STYLE="white-space:nowrap">non-public</FONT> information, claims, and arguments that it shared with ISS before the issuance of the Report, ISS might have reached a materially more favorable conclusion for Pershing Square, and
supported all three of our nominees on the GOLD card. At a minimum, ISS might not have made the unprecedented voting recommendation it did. ISS&#146;s support for nine of the ten incumbent directors clearly seems to have been based in significant
part on the belief &#150; which in turn was supported by <FONT STYLE="white-space:nowrap">non-public</FONT> information and erroneous calculations and conclusions based on misinformation provided by ADP &#150; that the current board is aware of the
issues Pershing Square has highlighted and is already proactively and effectively taking steps to address them. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We understand that ISS
strives to be as accurate as possible in its research and its publications. As ISS&#146;s policies note: &#147;Significant factual errors are rare in our reports but ISS always strives to be as accurate as possible. If you believe our report
contains an error, please notify us immediately. If we agree that there is a material error that should be brought to our </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">&nbsp;&nbsp;</P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">23</SUP> <FONT STYLE="font-family:Times New Roman" COLOR="#33338b"><U><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">https://www.issgovernance.com/contact/faqs-engagement-on-proxy-research/</FONT></FONT></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">17 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">
clients&#146; attention, we will promptly issue an &#147;Alert&#148; and revised report to all our relevant clients.&#148;<SUP STYLE="font-size:85%; vertical-align:top">24</SUP> </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We ask therefore that you carefully reconsider your Report and its conclusions in light of the issues that we have identified above and
promptly issue an &#147;Alert&#148; report with any updated conclusions and voting recommendations. To the extent that ADP has responses to our responses, we are available to promptly address any rebuttals that it raises. In reconsidering your
recommendation in light of the issues we have raised in this letter, we also ask that you reconsider the voting mechanism for my election and recommend the more traditional and customary approach of voting for the preferred candidate on the
dissident proxy card to better facilitate my election. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We believe that it is critically important that ISS live up to its own published
standards of doing business that are designed to facilitate its ability to arrive at an independent conclusion following a public exchange of facts and arguments by both sides. The <FONT STYLE="white-space:nowrap">non-public</FONT> nature of the
information and arguments ISS appears to have relied upon in preparing its Report in this proxy contest, along with the unprecedented nature of its recommendation, raise serious concerns that this particular engagement did not live up to those
standards. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">We note that the election is one week from tomorrow. It is critical that ISS immediately issue a corrective report and a proxy
advisory so that investors, particularly those using ISS&#146;s automated systems, have the ability to make changes to their votes in advance of the election. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; text-indent:7%; font-size:12pt; font-family:Times New Roman">Thank you for your consideration of these critically important issues. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:65%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:65%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">/s/ William A. Ackman </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:65%; text-indent:-2%; font-size:12pt; font-family:Times New Roman">William A. Ackman </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Copy: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman">Gary Retelny, President and CEO of Institutional Shareholder Services </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:26%">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><SUP STYLE="font-size:85%; vertical-align:top">24</SUP> <FONT STYLE="font-family:Times New Roman" COLOR="#33338b"><U><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">https://www.issgovernance.com/contact/faqs-engagement-on-proxy-research/</FONT></FONT></U></FONT><FONT STYLE="font-family:Times New Roman"> </FONT></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center">18 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
