ADP Europe

Milan, Italy – July 28, 2006 – ADP will manage Payroll services for CAAM SGR, Credit Agricole’s savings management company, which promotes and manages investments solutions, both in Italy and abroad. CAAM SGR’s decision to appoint ADP follows Credit Agricole’s experience as a client in several European countries including France and Italy.

CAAM SGR, with 400 employees in Milan, Italy manages a heritage of close to 130 billion euro and 1,4 million clients. Across a range of financial products and services CAAM SGR offers administration and consultancy services for institutional and private clients.

“Out of all the market players we believe that ADP is the right partner for us, based on our demand for innovation and care in services provided,” said Massimo Martinoia, CAAM SGR Director of HR Services. “In addition to having the best technological and administrative competences, ADP demonstrated that it could manage all of CAAM SGR’s various requirements including payroll services for non-resident employees and the management of foreign contacts”.

CAAM SGR and ADP will work together on Payroll Services and on Time & Labour Management, with the objective of expanding the collaboration both in the Administration area and in the Human Resources Management area where ADP’ s support will follow CAAM SGR’s organizational development.

About ADP

ADP (Automatic Data Processing, listed on the NYSE), is the global leader in human resources outsourcing.

For more than 50 years, we have been managing the entire payroll and human resources administration processes of companies, local or multinational, large and small, from diverse business sectors.

With a presence in 29 countries around the world, 13 of which are in Europe, ADP is the best-placed to serve the needs of multinational companies.Our flexible range of outsourcing options are tailored to fit every client's needs and strategy. ADP services are compliant with languages, currencies, social regulations, and adapt seamlessly to companies' changing structural and business needs.