AUTOMATIC DATA PROCESSING IN

Ticker: ADP CUSIP: 053015103 Class: COM

DELPHI MANAGEMENT INC /MA/'s Holding History (CIK: 0000767684)

Note: Option positions (PUT/CALL) are excluded.

Q3 2014

Shares 19,105 Value ($000) $1,587 Avg Close $56.27 Range $54.11 - $58.19

Q2 2014

Shares 19,047 Value ($000) $1,510 Avg Close $52.86 Range $49.83 - $54.58

Q1 2014

Shares 19,152 Value ($000) $1,480 Avg Close $52.44 Range $48.53 - $56.01

Q4 2013

Shares 19,152 Value ($000) $1,547 Avg Close $51.46 Range $46.89 - $56.22

Q3 2013

Shares 19,257 Value ($000) $1,394 Avg Close $48.32 Range $45.84 - $50.27

Q2 2013

Shares 23,577 Value ($000) $1,624 Avg Close $45.09 Range $41.94 - $47.70

Q1 2013

Shares 23,779 Value ($000) $1,546 Avg Close $40.41 Range $38.00 - $43.14

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	19,105	$1,587	$56.27	$54.11 - $58.19
Q2 2014	19,047	$1,510	$52.86	$49.83 - $54.58
Q1 2014	19,152	$1,480	$52.44	$48.53 - $56.01
Q4 2013	19,152	$1,547	$51.46	$46.89 - $56.22
Q3 2013	19,257	$1,394	$48.32	$45.84 - $50.27
Q2 2013	23,577	$1,624	$45.09	$41.94 - $47.70
Q1 2013	23,779	$1,546	$40.41	$38.00 - $43.14