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Cunningham Graphics Enters Into In-house Print Contract With Morgan Stanley

Press release from the issuing company

March 25, 2002 -- Cunningham Graphics International (CGI), a division of the Investor Communication Services unit of Automatic Data Processing (NYSE: ADP) announced today that it has entered into a multi-year outsourcing agreement with Morgan Stanley and purchased substantially all of the assets of Morgan Stanley's in-house print facility. This long-term agreement covers a vast array of printed products, primarily the publishing of fixed income and equity research reports and related materials for Morgan Stanley. CGI has taken over Morgan Stanley's 55,000 square foot Long Island City print operation that will continue to serve Morgan Stanley and select other clients. "The assumption of the Morgan Stanley print facility gives CGI additional capacity to serve the graphic communications needs of the financial services industry, and allows us to further cultivate our strong relationship with Morgan Stanley. Both of these items support ADP's ongoing strategic initiative of offering a broad array of solutions to all our financial services clients," said Scott Ades, Senior Vice-President of CGI. CGI is a leader in the graphic communications industry providing time-sensitive graphic communications services and outsourcing solutions to a blue chip client base that includes most of Wall Street's major investment banks, major insurance companies and many Fortune 500 corporations. CGI operates in strategic geographic markets throughout the United States and in Canada, Europe and Asia.