Murphy & Durieu Signs Agreement with ADP Clearing and Outsourcing Services for Brokerage Clearing Services

New York, NY - November 15, 2004 - ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), today announced it has inked a long term agreement to provide correspondent clearing services to Murphy & Durieu. Murphy & Durieu is the first client signed by ADP Clearing and Outsourcing Services (ADP Clearing) since the acquisition of U.S. Clearing and BrokerDealer Services from Bank of America.

Murphy & Durieu, based in New York, NY, has chosen ADP Clearing and Outsourcing Services to provide a full range of clearing and settlement services for equities and fixed income transactions on behalf of Murphy & Durieu, for both its retail and institutional business.

Murphy & Durieu is already self-clearing some of its transactions on ADP's service bureau, Brokerage Processing Services (BPS) and chose ADP Clearing for its correspondent business in order to consolidate its transaction processing with a single outsourcing partner.

"We are delighted Murphy & Durieu has chosen to take advantage of all the options ADP has to offer by adding a fully disclosed relationship with ADP to their existing self-clearing partnership," said John Hogan, co-President, ADP Brokerage Services Group.

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