How You Can Help Unlock ADP’s Potential

Proxy Materials

William A. Ackman, Veronica M. Hagen, V. Paul Unruh, Pershing Square Capital Management, L.P., PS Management GP, LLC (“PS Management”), Pershing Square, L.P., Pershing Square II, L.P., Pershing Square International, Ltd., Pershing Square Holdings, Ltd. and Pershing Square VI Master, L.P. may be deemed “participants” under SEC rules in the Solicitation. William A. Ackman, Pershing Square Capital Management, L.P. and PS Management may be deemed to beneficially own the equity securities of ADP described in Pershing Square’s statement on Schedule 13D initially filed with the SEC on August 7, 2017 (the “Schedule 13D”), as it may be amended from time to time. Except as described in the Schedule 13D or the definitive proxy statement, none of the individuals listed above has a direct or indirect interest, by security holdings or otherwise, in ADP or the matters to be acted upon, if any, in connection with the Annual Meeting.

[lililiu]

should add another video to guid retail investors how to vote.

[dakotahayden]

I voted my 4000+ shares in favor of Pershing and Bill Ackman. As a former employee of ADP in IT middle management I agree with Pershings assessment. Not saying these are easy to accomplish, some are definitely not, but if Bill and Pershing can get half of them done with others moving in the right direction - notably more nimble and flexible software architectures and platforms - it will be a huge win for ADP. Another factor for me quite honestly is Carlos Rodriguez's arrogance. Calling Bill a spoiled brat left a bad impression of Carlos on me. That kind of behavior and language would not be tolerated if it were made by a middle manager who are viewed as expendable. He needs to set a much better example.

[acmotifs]

Hey Bill, how many people do you want to fire?