Leading Independent Proxy Advisory Firm ISS Recommends ADP Stockholders Vote ADP's White Proxy Card - Seite 2

• "... the dissident plan does not appear devoid of risk. Although 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."
• "The fact that none of the dissident nominees seems to have direct industry sector expertise also suggests that replacing so much historical perspective on the board may not be the most prudent option for shareholders."
• "... direct support for his [Ackman's] election on the dissident card carries the risk of increasing the likelihood that all three targeted incumbents could be replaced. ISS and shareholders must therefore consider the downside of this scenario, such as losing the historical perspective of three, longstanding directors who have presided over a period of strong long-term TSR, or disrupting a board that has appropriately refreshed itself in recent years."

Protect the Value of Your Investment by Voting the WHITE Proxy Card Today

Shareholders are strongly urged to vote "FOR" ADP's 10 highly qualified and experienced directors. For additional information, visit VoteADP.com.

Your Vote Is Important, No Matter How Many or How Few Shares You Own Please vote today online, by phone or by mail by following the directions on your WHITE proxy card. If you have questions, or need assistance in voting your shares, please contact: INNISFREE M&A INCORPORATED Shareholders Call Toll-Free: [phone] Banks and Brokers Call Collect: [phone] REMEMBER: Discard any Gold proxy card that you may receive from Pershing Square. Returning a Gold proxy card -- even if you "withhold" on Pershing Square's nominees -- will revoke any vote you had previously submitted on ADP's WHITE proxy card.

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