PAYCHEX INC

Ticker: PAYX CUSIP: 704326107 Class: COM

Laffer Tengler Investments, Inc.'s Holding History (CIK: 0001307878)

Note: Option positions (PUT/CALL) are excluded.

Q1 2019

Shares 36,004 Value ($000) $2,887,520 Avg Close $60.45 Range $51.63 - $66.34

Q4 2018

Shares 46,841 Value ($000) $3,051,691 Avg Close $55.05 Range $49.99 - $61.44

Q3 2018

Shares 46,976 Value ($000) $3,459,782 Avg Close $57.93 Range $53.90 - $61.20

Q2 2018

Shares 47,517 Value ($000) $3,247,786 Avg Close $51.54 Range $47.31 - $56.42

Q1 2018

Shares 47,733 Value ($000) $2,939,875 Avg Close $52.37 Range $47.16 - $57.65

Q4 2017

Shares 39,883 Value ($000) $2,715,235 Avg Close $51.63 Range $46.43 - $55.51

Q3 2017

Shares 41,132 Value ($000) $2,466,274 Avg Close $44.58 Range $42.41 - $47.62

Q2 2017

Shares 43,813 Value ($000) $2,494,712 Avg Close $45.43 Range $43.85 - $47.78

Q1 2017

Shares 43,865 Value ($000) $2,583,649 Avg Close $46.69 Range $43.94 - $48.53

Q4 2016

Shares 46,489 Value ($000) $2,830,250 Avg Close $43.92 Range $40.33 - $47.52

Q3 2016

Shares 16,756 Value ($000) $969,669 Avg Close $45.34 Range $43.20 - $46.70

Q2 2016

Shares 15,956 Value ($000) $949,382 Avg Close $40.17 Range $38.40 - $44.78

Q1 2016

Shares 47,329 Value ($000) $2,556,239 Avg Close $37.48 Range $33.83 - $40.71

Q4 2015

Shares 45,952 Value ($000) $2,430,401 Avg Close $38.55 Range $34.02 - $40.50

Q3 2015

Shares 65,259 Value ($000) $3,108,302 Avg Close $34.10 Range $30.50 - $35.69

Q2 2015

Shares 76,338 Value ($000) $3,578,716 Avg Close $35.43 Range $33.81 - $36.83

Q1 2015

Shares 334,279 Value ($000) $16,585,274 Avg Close $34.95 Range $32.10 - $37.30

Q4 2014

Shares 328,490 Value ($000) $15,166,383 Avg Close $32.95 Range $29.84 - $34.48

Q3 2014

Shares 55,346 Value ($000) $2,446,293 Avg Close $29.74 Range $28.45 - $31.56

Q2 2014

Shares 55,271 Value ($000) $2,297,062 Avg Close $28.79 Range $27.74 - $30.17

Q1 2014

Shares 55,271 Value ($000) $2,354,544 Avg Close $29.49 Range $27.78 - $31.75

Q4 2013

Shares 55,271 Value ($000) $2,516,488 Avg Close $29.42 Range $26.88 - $31.75

Q3 2013

Shares 53,262 Value ($000) $2,164,567 Avg Close $27.01 Range $24.67 - $28.27

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2019	36,004	$2,887,520	$60.45	$51.63 - $66.34
Q4 2018	46,841	$3,051,691	$55.05	$49.99 - $61.44
Q3 2018	46,976	$3,459,782	$57.93	$53.90 - $61.20
Q2 2018	47,517	$3,247,786	$51.54	$47.31 - $56.42
Q1 2018	47,733	$2,939,875	$52.37	$47.16 - $57.65
Q4 2017	39,883	$2,715,235	$51.63	$46.43 - $55.51
Q3 2017	41,132	$2,466,274	$44.58	$42.41 - $47.62
Q2 2017	43,813	$2,494,712	$45.43	$43.85 - $47.78
Q1 2017	43,865	$2,583,649	$46.69	$43.94 - $48.53
Q4 2016	46,489	$2,830,250	$43.92	$40.33 - $47.52
Q3 2016	16,756	$969,669	$45.34	$43.20 - $46.70
Q2 2016	15,956	$949,382	$40.17	$38.40 - $44.78
Q1 2016	47,329	$2,556,239	$37.48	$33.83 - $40.71
Q4 2015	45,952	$2,430,401	$38.55	$34.02 - $40.50
Q3 2015	65,259	$3,108,302	$34.10	$30.50 - $35.69
Q2 2015	76,338	$3,578,716	$35.43	$33.81 - $36.83
Q1 2015	334,279	$16,585,274	$34.95	$32.10 - $37.30
Q4 2014	328,490	$15,166,383	$32.95	$29.84 - $34.48
Q3 2014	55,346	$2,446,293	$29.74	$28.45 - $31.56
Q2 2014	55,271	$2,297,062	$28.79	$27.74 - $30.17
Q1 2014	55,271	$2,354,544	$29.49	$27.78 - $31.75
Q4 2013	55,271	$2,516,488	$29.42	$26.88 - $31.75
Q3 2013	53,262	$2,164,567	$27.01	$24.67 - $28.27