CDK Global Announces Plan to Return $1B of Capital to Shareholders by End of 2017

CDK Global, Inc.

today announced a plan to return $1 billion in capital to its shareholders by the end of calendar year 2017. The new return of capital plan may be executed through a combination of dividends and share repurchases and includes an authorization by the Board to purchase up to $1 billion of CDK shares which supersedes the January 2015 authorization to purchase 10 million CDK shares. In connection with the return of capital plan, CDK has also entered into an accelerated share repurchase (ASR) agreement to repurchase $250 million of CDK's common shares. The total number of shares of common stock to be repurchased pursuant to the ASR will be determined by reference to the daily volume-weighted average price of CDK's common stock, less a fixed discount, over the term of the ASR. The ASR is expected to be completed approximately six months following execution and will