ADP announces new Variable Rate Processing module

New York, NY - April 7, 2003 - ADP Brokerage Services Group, a division of Automatic Data Processing, Inc. (NYSE: ADP), announced today that its ICI/ADP division is launching Variable Rate Processing, a new module for its impact(tm) fixed-income trade processing system. Variable Rate Processing provides wide-ranging additional support for traders and managers of variable-rate and factored securities. The impact(tm) product is the premier solution providing comprehensive fixed-income support to the financial services marketplace.

impact provides trading support for all major fixed-income securities, including foreign debt instruments, mortgage-backed and asset-backed securities. Its straight through processing capabilities provide deal capture and editing facilities, constant tracking of the effects of market changes on positions, on-line pricing, and an integrated collateral management and funding module. All this information flows seamlessly to back office operations including a customizable general ledger and regulatory compliance reporting.

The new Variable Rate Processing module will enable clients to automatically process changes to current and previous rates and factors on variable rate and factored securities, as well as the revaluation of principal money and accrued income on related trades and inventories. Clients will also be able to fully pay down securities that have paid off in advance of their maturity dates and correctly settle transactions of factorable securities for which factor changes have occurred between trade and settlement dates.

Doug Politi, senior vice president and general manager of ICI/ADP commented, "I am pleased to announce the Variable Rate Processing module which enables our clients to trade very sophisticated debt instruments more accurately."

Several ADP clients are currently in the process of implementing this new module.

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