Market Overview

Pershing Square's Nominees for ADP's Transformation to Participate in a Fireside Chat


Pershing Square Capital Management, L.P. ("Pershing Square") today
announced that Pershing Square CEO Bill Ackman, Veronica Hagen and Paul
Unruh ("The Nominees for ADP's Transformation") will participate in a
fireside chat hosted and moderated by Sanford C. Bernstein & Co.
("Bernstein") Senior Analyst Lisa Ellis in Chicago on October 19, 2017,
at 1:00 PM EDT / 12:00 PM CDT to discuss ADP (NASDAQ:ADP).

All shareholders and interested parties can watch the conversation live

"We look forward to shareholders having the opportunity to get to know
our independent director nominees," said Bill Ackman. "Veronica has
extensive global CEO experience in competitive industries where her
focus on operational efficiency and productivity were paramount to her
long-term success. Paul recently served as member of a board committee
at Symantec which oversaw a business transformation and efficiency
initiative. As shareholders continue to learn more about Veronica and
Paul, I'm confident they will see the substantial value they would bring
to ADP's board."

Participant Bios:
Lisa Ellis – Bernstein
Ellis is the Senior Analyst at Bernstein covering Payments, Processors,
and IT Services, a position she has held since 2013. Bernstein is widely
recognized as Wall Street's premier sell-side research and brokerage
firm. Prior to joining Bernstein, Lisa spent 12 years at McKinsey &
Company, where she was a Partner in the Technology, Media, and Telecom
practice. At McKinsey, Lisa advised leading hardware, software, IT
services, telecom, and defense communications companies on a range of
strategic topics. Lisa holds an MBA with Honors from the Darden Graduate
School of Business, an MS in Materials Science and Engineering from the
University of Virginia, and a BS in Physics and Mathematics from the
College of William & Mary. In 2017, Lisa was ranked No. 1 in
Institutional Investor's annual analyst poll.

Bill Ackman – Nominee for ADP's Transformation
Ackman is the founder, chief executive officer and portfolio manager of
Pershing Square Capital Management, L.P., an SEC-registered investment
adviser founded in 2003. Pershing Square is a concentrated
research-intensive, fundamental value investor in long and occasionally
short investments in publicly traded companies. Mr. Ackman has served as
Chairman of the Board of The Howard Hughes Corporation (NYSE:HHC) since
November 2010. Mr. Ackman served as a director of Valeant
Pharmaceuticals International, Inc. (NYSE:VRX) (TSX:VRX) between March
2016 and May 2017 and as a director of Canadian Pacific Railway Ltd.
(NYSE:CP) (TSX:CP) between May 2012 and September 2016. Mr. Ackman
served as a director of J.C. Penney Company, Inc. (NYSE:JCP) from
February 2011 through August 2013 and as a director of Justice Holdings
Limited (LSE: JUSH) from April 2011 to June 2012 when it merged with
Burger King Worldwide, Inc. (NYSE:BKW), now Restaurant Brands
International Inc. (NYSE:QSR)(TSX:QSR). From June 2009 to March 2010,
Mr. Ackman served as a director of General Growth Properties, Inc.
(NYSE:GGP). Mr. Ackman is a Trustee of the Pershing Square Foundation,
a member of the Board of Trustees at The Rockefeller University and a
member of the Board of Dean's Advisors of the Harvard Business School.

Mr. Ackman has extensive management, financial, and investment
experience through his prior service on boards of directors of public
companies and his investments in public and private companies across a
variety of industries. Mr. Ackman has experience, as an investor and
director, with business transformations similar to the transformation
opportunity at ADP. Pershing Square is one of ADP's largest shareholders
and intends to be a long-term investor in the Company.

Veronica Hagen – Nominee for ADP's Transformation
M. Hagen served as Chief Executive Officer of Polymer Group, Inc. from
2007 until her retirement in 2013 and served from 2007 to 2015 as a
director. Polymer Group, Inc. is a leading producer and marketer of
engineered materials. Prior to joining Polymer Group, Inc., Ms. Hagen
was the President and Chief Executive Officer of Sappi Fine Paper, a
division of Sappi Limited, the South African-based global leader in the
pulp and paper industry, from November 2004 until 2007. Ms. Hagen also
served as Vice President and Chief Customer Officer at Alcoa Inc. (NYSE: AA). She serves on the Compensation Committee and the
Nominating/Corporate Governance Committee of the Board of Directors of
American Water Works Company, Inc. (NYSE:AWK). Ms. Hagen also serves as
the Chair of the Compensation Committee and a member of the Nominating
and Governance Committee of the Board of Directors of Newmont Mining
Corporation (NYSE:NEM). Since 2008, Ms. Hagen has served as a director
of Southern Company (NYSE:SO) on the Nuclear/Operations Committee and
as chair of the Nominating and Governance Committee. She also served as
lead director of Southern Company for two years. Ms. Hagen is a member
of the Committee of 200, Women Corporate Directors, and the National
Association of Corporate Directors.

Ms. Hagen has extensive global executive leadership experience in
competitive industries where her focus on operational efficiency and
productivity were paramount to her long-term success. Ms. Hagen has
experience overseeing cyber security through her role on the Southern
Company Nuclear / Operations Committee. Ms. Hagen's experience as an
executive and public company director will provide valuable skills and
insights to ADP Board. Ms. Hagen has personally invested over $300,000
in ADP common stock.

V. Paul Unruh – Nominee for ADP's Transformation
Paul Unruh is presently director and Chairman of the Audit Committee at
Symantec Corporation (NASDAQ:SYMC). Mr. Unruh serves as director and
Chairman of the Audit and Risk Committee at Aconex Limited (ASX: ACX)
and previously served as a director and member of the Audit and Finance
Committee at Heidrick & Struggles International Incorporated (NASDAQ: HSII). Mr. Unruh is a member of the National Association of Corporate
Directors as well as the KPMG Audit Committee Institute. Mr. Unruh
previously served on the Board of London Continental Railways Limited,
Move, Inc. and URS Corporation. Mr. Unruh is a Certified Public
Accountant. Mr. Unruh retired from his 25-year tenure with Bechtel Group
("Bechtel") in 2003. Mr. Unruh served in numerous senior leadership
roles at Bechtel, including Chief Financial Officer from 1992-1996,
Controller from 1987-1991, Treasurer from 1983-1986 and Manager of
Financial Systems Development from 1978-1982. He served as the President
of Bechtel Enterprises Holdings, Inc. from 1997-2001. Mr. Unruh served
as the Vice Chairman at Bechtel Group, Inc. from 2001-2003.

Mr. Unruh has obtained technology, project development, finance, human
resources, legal, and strategic planning expertise through his 30 years
of professional experience as a senior executive. As a member of the
Symantec board subcommittee overseeing their transformation initiative,
Mr. Unruh has recent experience helping to oversee a business
transformation initiative at a large technology company. Mr. Unruh's
executive experience, along with his public company board experience,
will make him a valuable addition to the ADP Board. Mr. Unruh has
personally invested over $300,000 in ADP common stock.

Pershing Square published its most recent ADP presentation on October
11, 2017. Shareholders can access that presentation here
and additional supporting materials here.

For additional information, visit our website:
Follow ADPascending on Facebook,
and YouTube.

To vote for Pershing Square's Nominees for ADP's Transformation, please
vote the GOLD Proxy Card or GOLD Voting Instruction Form.

You can vote by Internet, telephone or by signing and dating the GOLD
Proxy Card or Voting Instruction Form and mailing it in the postage paid
envelope provided. We urge you NOT to vote using any white proxy card or
voting instruction form you receive from ADP. Please discard the white
proxy card.

If you have any questions about how to vote your shares, please contact
our proxy solicitor, D.F. King & Co., Inc., at (866) 342-1635.

About Pershing Square Capital Management, L.P.
Square Capital Management, L.P., based in New York City, is a
SEC-registered investment advisor to investment funds.

This press release relates to Pershing Square's solicitation of proxies
in connection with the 2017 annual meeting of stockholders of ADP.

The information contained in this press release (the "Information") is
based on publicly available information about Automatic Data Processing,
Inc. ("ADP" or the "Company"), which has not been independently verified
by Pershing Square Capital Management, L.P. ("Pershing Square").
Pershing Square recognizes that there may be confidential or otherwise
non-public information in the possession of ADP or others that could
lead ADP or others to disagree with Pershing Square's conclusions. This
press release and the Information is not a recommendation or
solicitation to buy or sell any securities.

The analyses provided may include certain forward-looking statements,
estimates and projections prepared with respect to, among other things,
general economic and market conditions, changes in management, changes
in board composition, actions of ADP and its subsidiaries or
competitors, the ability to implement business strategies and plans and
pursue business opportunities in the human capital management industry.
Such forward-looking statements, estimates, and projections reflect
various assumptions by Pershing Square concerning anticipated results
that are inherently subject to significant uncertainties and
contingencies and have been included solely for illustrative purposes,
including those risks and uncertainties detailed in the continuous
disclosure and other filings of ADP with the Securities and Exchange
Commission at
No representations, express or implied, are made as to the accuracy or
completeness of such forward-looking statements, estimates or
projections or with respect to any other materials herein. Actual
results may vary materially from the estimates and projected results
contained herein.

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