ADP is a global leader in payroll services and isresponsible for paying 26 million people in the US, equal to one in every sixworkers, and 26 million more outside the US. It offers outsourced payrollmanagement as well as time and attendance, benefits administration andcompliances services. Client retention is impressive at over 90%. The companywas founded in 1949 and today has revenue of over US$14 billion and a marketcapitalisation of US$74 billion. We see ADP as a leader in its market, earningattractive profitability and a management mindset to invest in the business andcontinuing to drive attractive earnings growth.