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Press release from Business Wire

Paychex Declares Increase in Quarterly Dividend and Authorizes $350 Million Stock Repurchase

Tuesday, October 23, 2012

Paychex Declares Increase in Quarterly Dividend and Authorizes $350 Million Stock Repurchase11:13 EDT Tuesday, October 23, 2012 ROCHESTER, N.Y. (Business Wire) -- The Board of Directors of Paychex, Inc. (NASDAQ: PAYX) today declared a $.01 increase in the Company's regular quarterly dividend. The $.33 per share dividend is payable November 15, 2012 to shareholders of record November 2, 2012. The Company also announced that the Board has authorized the purchase of up to $350 million of its common stock. The end date for the authorization is May 31, 2014. “The increase in the quarterly dividend and stock repurchase authorization reflect our ongoing commitment to balancing strategic investment in our business with our history of delivering outstanding shareholder value,” said Martin Mucci, Paychex president and chief executive officer. “Our board and executive team are focused on executing the right investments for Paychex's future – including technology innovation – while producing exceptional returns for our shareholders.” During fiscal 2012, Paychex returned $460.5 million, or 84% of net income, to shareholders as dividends. Paychex, Inc. is a leading provider of payroll, human resource, and benefits outsourcing solutions for small- to medium-sized businesses. The company offers comprehensive payroll services, including payroll processing, payroll tax administration, and employee pay services, including direct deposit, check signing, and Readychex®. Human Resource Services include 401(k) plan recordkeeping, section 125 plans, a professional employer organization, time and attendance solutions, and other administrative services for business. A variety of business insurance products, including group health and workers' compensation, are made available through Paychex Insurance Agency, Inc. Paychex, Inc. was founded in 1971. With headquarters in Rochester, New York, the company has more than 100 offices and serves approximately 567,000 payroll clients as of May 31, 2012. For more information about Paychex, Inc. and our products, visit Stay Connected with Paychex Twitter: Paychex, Inc.Investor Relations:Efrain Rivera, 585-385-6666Chief Financial OfficerTerri Allen, 585-383-3406orMedia Inquiries:Laura Saxby Lynch, 585-383-3074Corporate Communications Director