PAYCHEX INC

Ticker: PAYX CUSIP: 704326107 Class: COM

St. James Investment Company, LLC's Holding History (CIK: 0001504492)

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

Q4 2014

Shares 4,910 Value ($000) $227 Avg Close $32.95 Range $29.84 - $34.48

Q3 2014

Shares 4,710 Value ($000) $208 Avg Close $29.74 Range $28.45 - $31.56

Q1 2014

Shares 5,243 Value ($000) $223 Avg Close $29.49 Range $27.78 - $31.75

Q4 2013

Shares 5,730 Value ($000) $262 Avg Close $29.42 Range $26.88 - $31.75

Q3 2013

Shares 815,905 Value ($000) $33,158 Avg Close $27.01 Range $24.67 - $28.27

Q2 2013

Shares 1,159,742 Value ($000) $42,342 Avg Close $25.02 Range $23.54 - $26.26

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	4,910	$227	$32.95	$29.84 - $34.48
Q3 2014	4,710	$208	$29.74	$28.45 - $31.56
Q1 2014	5,243	$223	$29.49	$27.78 - $31.75
Q4 2013	5,730	$262	$29.42	$26.88 - $31.75
Q3 2013	815,905	$33,158	$27.01	$24.67 - $28.27
Q2 2013	1,159,742	$42,342	$25.02	$23.54 - $26.26