AUTOMATIC DATA PROCESSING IN

Ticker: ADP CUSIP: 053015103 Class: COM

Empirical Finance, LLC's Holding History (CIK: 0001572838)

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

Q4 2025

Shares 13,958 Value ($000) $3,590 Avg Close $264.83 Range $245.59 - $291.75

Q3 2025

Shares 14,579 Value ($000) $4,279 Avg Close $297.80 Range $280.46 - $312.33

Q2 2025

Shares 14,440 Value ($000) $4,453 Avg Close $302.36 Range $268.13 - $324.50

Q1 2025

Shares 14,347 Value ($000) $4,383 Avg Close $295.41 Range $279.29 - $315.84

Q4 2024

Shares 14,142 Value ($000) $4,140 Avg Close $287.90 Range $266.14 - $301.35

Q3 2024

Shares 14,335 Value ($000) $3,967 Avg Close $253.49 Range $223.96 - $274.02

Q2 2024

Shares 14,061 Value ($000) $3,356 Avg Close $236.61 Range $228.77 - $245.17

Q1 2024

Shares 15,089 Value ($000) $3,768 Avg Close $234.26 Range $221.78 - $245.61

Q4 2023

Shares 14,588 Value ($000) $3,399 Avg Close $222.04 Range $195.57 - $239.12

Q3 2023

Shares 14,527 Value ($000) $3,495 Avg Close $231.16 Range $204.74 - $243.17

Q2 2023

Shares 13,175 Value ($000) $2,896 Avg Close $203.27 Range $189.64 - $210.89

Q1 2023

Shares 11,725 Value ($000) $2,610 Avg Close $211.47 Range $197.72 - $230.89

Q4 2022

Shares 11,189 Value ($000) $2,673 Avg Close $228.99 Range $203.81 - $257.33

Q3 2022

Shares 10,357 Value ($000) $2,343 Avg Close $219.07 Range $190.70 - $242.63

Q2 2022

Shares 8,671 Value ($000) $1,821 Avg Close $202.51 Range $182.36 - $222.13

Q1 2022

Shares 8,215 Value ($000) $1,869 Avg Close $196.92 Range $176.60 - $227.31

Q4 2021

Shares 7,342 Value ($000) $1,810 Avg Close $207.28 Range $180.16 - $228.68

Q3 2021

Shares 5,417 Value ($000) $1,083 Avg Close $187.71 Range $179.33 - $197.68

Q2 2021

Shares 4,381 Value ($000) $772 Avg Close $176.27 Range $167.48 - $182.39

Q1 2021

Shares 4,381 Value ($000) $772 Avg Close $156.66 Range $143.60 - $175.27

Q4 2020

Shares 4,381 Value ($000) $772 Avg Close $147.45 Range $121.14 - $161.77

Q3 2020

Shares 3,617 Value ($000) $505 Avg Close $125.00 Range $114.15 - $135.97

Q2 2020

Shares 2,881 Value ($000) $429 Avg Close $126.99 Range $112.18 - $142.82

Q1 2020

Shares 2,527 Value ($000) $345 Avg Close $141.95 Range $91.30 - $160.44

Q4 2019

Shares 1,632 Value ($000) $278 Avg Close $145.09 Range $134.54 - $151.18

Q4 2016

Shares 212 Value ($000) $22 Avg Close $76.76 Range $70.20 - $85.82

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2025	13,958	$3,590	$264.83	$245.59 - $291.75
Q3 2025	14,579	$4,279	$297.80	$280.46 - $312.33
Q2 2025	14,440	$4,453	$302.36	$268.13 - $324.50
Q1 2025	14,347	$4,383	$295.41	$279.29 - $315.84
Q4 2024	14,142	$4,140	$287.90	$266.14 - $301.35
Q3 2024	14,335	$3,967	$253.49	$223.96 - $274.02
Q2 2024	14,061	$3,356	$236.61	$228.77 - $245.17
Q1 2024	15,089	$3,768	$234.26	$221.78 - $245.61
Q4 2023	14,588	$3,399	$222.04	$195.57 - $239.12
Q3 2023	14,527	$3,495	$231.16	$204.74 - $243.17
Q2 2023	13,175	$2,896	$203.27	$189.64 - $210.89
Q1 2023	11,725	$2,610	$211.47	$197.72 - $230.89
Q4 2022	11,189	$2,673	$228.99	$203.81 - $257.33
Q3 2022	10,357	$2,343	$219.07	$190.70 - $242.63
Q2 2022	8,671	$1,821	$202.51	$182.36 - $222.13
Q1 2022	8,215	$1,869	$196.92	$176.60 - $227.31
Q4 2021	7,342	$1,810	$207.28	$180.16 - $228.68
Q3 2021	5,417	$1,083	$187.71	$179.33 - $197.68
Q2 2021	4,381	$772	$176.27	$167.48 - $182.39
Q1 2021	4,381	$772	$156.66	$143.60 - $175.27
Q4 2020	4,381	$772	$147.45	$121.14 - $161.77
Q3 2020	3,617	$505	$125.00	$114.15 - $135.97
Q2 2020	2,881	$429	$126.99	$112.18 - $142.82
Q1 2020	2,527	$345	$141.95	$91.30 - $160.44
Q4 2019	1,632	$278	$145.09	$134.54 - $151.18
Q4 2016	212	$22	$76.76	$70.20 - $85.82